Document:

Exhibit 4.1

 

Execution Version

 

PENNYMAC
FINANCIAL SERVICES, INC.

 

as Issuer,

 

THE GUARANTORS
PARTY HERETO,

 

and

 

U.S.
Bank national association

 

as Trustee,

 

INDENTURE

 

Dated
as of September 29, 2020

 

$500,000,000
5.375% Senior Notes Due 2025

 

    	 	 	 

     

    

 

Table of Contents

 

Page

 

	Article One

                                                

                                               DEFINITIONS AND OTHER PROVISIONS

                                               OF GENERAL APPLICATION

	 
	SECTION 1.01.   Rules of Construction	1
	SECTION 1.02.   Definitions	2
	SECTION 1.03.   Compliance Certificates and Opinions	53
	SECTION 1.04.   Form of Documents Delivered to Trustee	53
	SECTION 1.05.   Acts of Holders	54
	SECTION 1.06.   Notices, Etc., to Trustee, Issuer, any Guarantor and Agent	55
	SECTION 1.07.   Notice to Holders; Waiver	56
	SECTION 1.08.   Effect of Headings and Table of Contents	56
	SECTION 1.09.   Successors	56
	SECTION 1.10.   Severability Clause	56
	SECTION 1.11.   Benefits of Indenture	56
	SECTION 1.12.   Governing Law; Submission to Jurisdiction	56
	SECTION 1.13.   Legal Holidays	57
	SECTION 1.14.   No Personal Liability of Directors, Managers, Officers, Employees and Stockholders	57
	SECTION 1.15.   [Reserved]	57
	SECTION 1.16.   Counterparts	57
	SECTION 1.17.   USA PATRIOT Act	57
	SECTION 1.18.   Waiver of Jury Trial	57
	SECTION 1.19.   Force Majeure	57
	 	 
	Article Two

                                                

                                               NOTE FORMS

	 
	SECTION 2.01.   Form and Dating	58
	SECTION 2.02.   Execution, Authentication, Delivery and Dating	58
	 	 
	Article Three

                                                

                                               THE NOTES

	 
	SECTION 3.01.   Title and Terms	59
	SECTION 3.02.   Note Registrar, Transfer Agent and Paying Agent	60
	SECTION 3.03.   Denominations	61
	SECTION 3.04.   Temporary Notes	61
	SECTION 3.05.   Registration of Transfer and Exchange	61
	SECTION 3.06.   Mutilated, Destroyed, Lost and Stolen Notes	62
	SECTION 3.07.   Payment of Interest; Interest Rights Preserved	63
	SECTION 3.08.   Persons Deemed Owners	64
	SECTION 3.09.   Cancellation	64
	SECTION 3.10.   Computation of Interest	64
	SECTION 3.11.   Transfer and Exchange	64
	SECTION 3.12.   CUSIP and ISIN Numbers	64
	SECTION 3.13.   Issuance of Additional Notes	65

 

    	 	-i-	 

     

    

 

	Article Four

                                                

                                               SATISFACTION AND DISCHARGE

	 
	SECTION 4.01.   Satisfaction and Discharge of Indenture	65
	SECTION 4.02.   Application of Trust Money	66
	 	 
	Article Five

                                                

                                               REMEDIES

	 
	SECTION 5.01.   Events of Default	67
	SECTION 5.02.   Acceleration of Maturity: Rescission and Annulment	68
	SECTION 5.03.   Collection of Indebtedness and Suits for Enforcement by Trustee	70
	SECTION 5.04.   Trustee May File Proofs of Claim	70
	SECTION 5.05.   Trustee May Enforce Claims Without Possession of Notes	71
	SECTION 5.06.   Application of Money Collected	71
	SECTION 5.07.   Limitation on Suits	71
	SECTION 5.08.   Right of Holders to Bring Suit for Payment	72
	SECTION 5.09.   Restoration of Rights and Remedies	72
	SECTION 5.10.   Rights and Remedies Cumulative	72
	SECTION 5.11.   Delay or Omission Not Waiver	72
	SECTION 5.12.   Control by Holders	73
	SECTION 5.13.   Waiver of Past Defaults	73
	SECTION 5.14.   Waiver of Stay or Extension Laws	73
	SECTION 5.15.   Undertaking for Costs	73
	 	 
	Article Six

                                                

                                               THE TRUSTEE

	 
	SECTION 6.01.   Duties of the Trustee	73
	SECTION 6.02.   Notice of Defaults	74
	SECTION 6.03.   Certain Rights of Trustee	75
	SECTION 6.04.   Trustee Not Responsible for Recitals or Issuance of Notes	77
	SECTION 6.05.   May Hold Notes	77
	SECTION 6.06.   Money Held in Trust	77
	SECTION 6.07.   Compensation and Reimbursement	77
	SECTION 6.08.   Corporate Trustee Required; Eligibility	78
	SECTION 6.09.   Resignation and Removal; Appointment of Successor	78
	SECTION 6.10.   Acceptance of Appointment by Successor	79
	SECTION 6.11.   Merger, Conversion, Consolidation or Succession to Business	80
	SECTION 6.12.   Appointment of Authenticating Agent	80

 

    	 	-ii-	 

     

    

 

	Article Seven

                                                

                                               HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUER

	 
	SECTION 7.01.   Issuer to Furnish Trustee Names and Addresses	81
	SECTION 7.02.   Reports by Trustee	81
	 	 
	Article Eight

                                                

                                               MERGER, CONSOLIDATION, AMALGAMATION OR SALE

                                               OF ALL OR SUBSTANTIALLY ALL ASSETS

	 
	SECTION 8.01.   Issuer May Consolidate, Etc., Only on Certain Terms	82
	SECTION 8.02.   Guarantors May Consolidate, Etc., Only on Certain Terms	83
	SECTION 8.03.   Successor Substituted	84
	SECTION 8.04.   Division	84
	 	 
	Article Nine

                                                

                                               SUPPLEMENTAL INDENTURES

	 
	SECTION 9.01.   Amendments or Supplements Without Consent of Holders	84
	SECTION 9.02.   Amendments, Supplements or Waivers with Consent of Holders	85
	SECTION 9.03.   Execution of Amendments, Supplements or Waivers	86
	SECTION 9.04.   Effect of Amendments, Supplements or Waivers	87
	SECTION 9.05.   [Reserved]	87
	SECTION 9.06.   Reference in Notes to Supplemental Indentures	87
	SECTION 9.07.   Notice of Supplemental Indentures	87
	 	 
	Article Ten

                                                

                                               COVENANTS

	 
	SECTION 10.01.   Payment of Principal, Premium, if any, and Interest	87
	SECTION 10.02.   Maintenance of Office or Agency	87
	SECTION 10.03.   Money for Notes Payments to Be Held in Trust	88
	SECTION 10.04.   Organizational Existence	89
	SECTION 10.05.   Payment of Taxes and Other Claims	89
	SECTION 10.06.   [Reserved]	89
	SECTION 10.07.   [Reserved]	89
	SECTION 10.08.   Statement by Officer as to Default	89
	SECTION 10.09.   Reports and Other Information	90
	SECTION 10.10.   Limitation on Restricted Payments	92
	SECTION 10.11.   Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock	101
	SECTION 10.12.   Limitation on Liens	109
	SECTION 10.13.   Limitation on Transactions with Affiliates	109
	SECTION 10.14.   Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	112
	SECTION 10.15.   Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	114
	SECTION 10.16.   Change of Control	115
	SECTION 10.17.   Asset Sales	117
	SECTION 10.18.   Suspension of Covenants	120

 

    	 	-iii-	 

     

    

 

	Article Eleven

                                                

                                               REDEMPTION OF NOTES

	 
	SECTION 11.01.   Right of Redemption	122
	SECTION 11.02.   [Reserved.]	123
	SECTION 11.03.   Applicability of Article	123
	SECTION 11.04.   Election to Redeem; Notice to Trustee	123
	SECTION 11.05.   Selection by Trustee of Notes to Be Redeemed	123
	SECTION 11.06.   Notice of Redemption	124
	SECTION 11.07.   Deposit of Redemption Price	125
	SECTION 11.08.   Notes Payable on Redemption Date	125
	SECTION 11.09.   Notes Redeemed in Part	125
	SECTION 11.10.   Mandatory Redemption; Open Market Purchases	126
	 	 
	Article Twelve

                                                

                                               GUARANTEES

	 
	SECTION 12.01.   Guarantees	126
	SECTION 12.02.   Severability	127
	SECTION 12.03.   Restricted Subsidiaries	127
	SECTION 12.04.   Limitation of Guarantors’ Liability	128
	SECTION 12.05.   Contribution	128
	SECTION 12.06.   Subrogation	128
	SECTION 12.07.   Reinstatement	128
	SECTION 12.08.   Release of a Guarantor	128
	SECTION 12.09.   Benefits Acknowledged	129
	SECTION 12.10.   Effectiveness of Guarantees	129
	 	 
	Article Thirteen

                                                

                                               LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	 
	SECTION 13.01.   Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance	129
	SECTION 13.02.   Legal Defeasance and Discharge	129
	SECTION 13.03.   Covenant Defeasance	130
	SECTION 13.04.   Conditions to Legal Defeasance or Covenant Defeasance	130
	SECTION 13.05.   Deposited Money and Government Securities To Be Held in Trust Other Miscellaneous Provisions	132
	SECTION 13.06.   Reinstatement	132

 

    	 	-iv-	 

     

    

 

APPENDIX & EXHIBITS

 

ANNEX I ― Rule 144A / Regulation S

 

EXHIBIT 1 to Rule 144A / Regulation S —
Form of Initial Note

 

EXHIBIT A — Form of Supplemental Indenture to Be
Delivered by Subsequent Guarantors

 

EXHIBIT B — Form of Incumbency Certificate

 

    	 	-v-	 

     

    

 

INDENTURE, dated as of September 29, 2020
(this “Indenture”), among PENNYMAC FINANCIAL SERVICES, INC. (the “Issuer”), a Delaware corporation,
the Guarantors (as defined below) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee (as defined below).

 

RECITALS OF THE ISSUER

 

The Issuer has duly authorized the creation
of an issue of $500,000,000 aggregate principal amount of its 5.375% Senior Notes Due 2025 (the “Initial Notes”),
issued on the date hereof and to provide therefor the Issuer has duly authorized the execution and delivery of this Indenture.

 

All things necessary have been done to
make the Notes (as defined below), when executed by the Issuer and authenticated and delivered hereunder and duly issued by the
Issuer, the valid and legally binding obligations of the Issuer and to make this Indenture a valid and legally binding agreement
of the Issuer, in accordance with their and its terms.

 

Each of the parties hereto is entering into
this Indenture for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined below) of
(i) the Issuer’s Initial Notes and (ii) any Additional Notes (as defined below) that may be issued from time to
time under this Indenture.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and
the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of all
Holders, as follows:

 

Article
One

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

SECTION 1.01.                        
Rules of Construction.

 

(a)              For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(1)              the terms defined in this Article have the meanings assigned to them in this Article, and words in the singular
include the plural and words in the plural include the singular;

 

(2)              all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP (as
herein defined);

 

(3)              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;

 

(4)              all references to Articles, Sections, Exhibits and Appendices shall be construed to refer to Articles and
Sections of, and Exhibits and Appendices to, this Indenture;

 

(5)              “or” is not exclusive;

 

    	 	-1-	 

     

    

 

(6)              “including”
means including without limitation; and

 

(7)              all references to the date the Notes were originally issued shall refer to the Issue Date.

 

SECTION 1.02.                        
Definitions.

 

“Acceptable Commitment”
has the meaning specified in Section 10.17(b) of this Indenture.

 

“Acquired Indebtedness”
means, with respect to any specified Person,

 

(1) Indebtedness of any other
Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a Restricted Subsidiary
of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging,
consolidating or amalgamating with or into or becoming a Restricted Subsidiary of such specified Person; and

 

(2) Indebtedness secured
by a Lien encumbering any asset acquired by such specified Person.

 

“Act,” when used with respect
to any Holder, has the meaning specified in Section 1.05(a) of this Indenture.

 

“Additional Notes” means
any Notes issued by the Issuer pursuant to Section 3.13 of this Indenture.

 

“Adjusted Net Assets” has
the meaning specified in Section 12.05 of this Indenture.

 

“Advance Offer” has the
meaning specified in Section 10.17(c) of this Indenture.

 

“Advance Portion” has the
meaning specified in Section 10.17(c) of this Indenture.

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For 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, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

“Affiliate Transaction”
has the meaning specified in Section 10.13(a) of this Indenture.

 

“Agent” means any Note
Registrar, Transfer Agent, co-registrar, Paying Agent or other agent appointed in accordance with this Indenture to perform
any function that this Indenture authorized such agent to perform.

 

“Appendix” has the meaning
specified in Section 2.01 of this Indenture.

 

“Applicable Calculation Date”
means the applicable date of calculation for (1) the Consolidated Total Indebtedness to Consolidated Tangible Net Worth Ratio,
(2) the Fixed Charge Coverage Ratio, (3) Consolidated EBITDA or (4) Consolidated Tangible Net Worth.

 

    	 	-2-	 

     

    

 

When calculating the availability under any
basket or ratio under this Indenture, in each case in connection with a Limited Condition Acquisition and any actions or transactions
related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Stock or Preferred
Stock and the use of proceeds thereof, the incurrence of Liens, repayment and the making of Restricted Payments), the date of determination
of such basket or ratio and of the determination as to the absence of any Default or Event of Default shall, at the option of the
Issuer (which election may be made on the date of such acquisition), be the date the definitive agreements for such Limited Condition
Acquisition are entered into and such baskets or ratios shall be calculated with such pro forma adjustments as are appropriate
and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio after giving
effect to such Limited Condition Acquisition and any actions or transactions related thereto as if they occurred at the beginning
of the applicable period for purposes of determining the ability to consummate any such Limited Condition Acquisition, and, for
the avoidance of doubt, (x) if any of such baskets or ratios are exceeded as a result of fluctuations in such basket or ratio
(including due to fluctuations in Consolidated EBITDA or Consolidated Tangible Net Worth of the Issuer or the target company for
the Applicable Measurement Period) subsequent to such date of determination and at or prior to the consummation of the relevant
Limited Condition Acquisition and any actions or transactions related thereto, such baskets or ratios will not be deemed to have
been exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition is
permitted hereunder, (y) such baskets or ratios shall not be tested at the time of consummation of such Limited Condition
Acquisition and any actions or transactions related thereto and (z) any condition requiring the absence of a Default or Event of
Default shall be deemed to be satisfied so long as there is no Default or Event of Default as of such date of determination; provided,
further, that if the Issuer elects to have such determinations occur at the time of entry into such definitive agreement, any such
transactions (including any incurrence of Indebtedness and the use of proceeds thereof) shall be deemed to have occurred on the
date the definitive agreements are entered and outstanding thereafter for purposes of calculating any baskets or ratios under this
Indenture after the date of such agreement and before the consummation of such Limited Condition Acquisition unless and until such
Limited Condition Acquisition has been abandoned, as determined by the Issuer, prior to the consummation thereof.

 

“Applicable Measurement Period”
means the most recently completed four consecutive fiscal quarters of the Issuer immediately preceding the Applicable Calculation
Date for which internal financial statements are available.

 

“Applicable Premium” means
with respect to any Note on any Redemption Date, the greater of:

 

(1)            1.0%
of the principal amount of such Note; and

 

(2)            the
excess, if any, of (a)(i) the sum of the present values at such Redemption Date of (A) the redemption price of such Note at October
15, 2022 (such redemption price being set forth in the table appearing in Section 11.01(a)), plus (B) all required remaining scheduled
interest payments due on such Note through October 15, 2022, discounted to the date of redemption on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate as of such Redemption Date plus 50 basis points, minus
(ii) accrued but unpaid interest to, but excluding, the Redemption Date over (b) the principal amount of such Note.

 

Calculation of the Applicable Premium will
be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation or
the correctness thereof shall not be a duty or obligation of the Trustee.

 

    	 	-3-	 

     

    

 

“Applicable Premium Deficit”
has the meaning specified in Section 4.01 of this Indenture.

 

“Asset Sale” means:

 

(1)       the
sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property
or assets (including by way of a Sale and Lease-Back Transaction) of the Issuer or any Restricted Subsidiary (each referred to
in this definition as a “disposition”); or

 

(2)       the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock of Restricted Subsidiaries issued
in compliance with Section 10.11), whether in a single transaction or a series of related transactions;

 

in each case, other than:

 

(a)       any
disposition of cash, Cash Equivalents or Investment Grade Securities or obsolete, damaged, unnecessary, unsuitable or worn out
property or equipment or other assets in the ordinary course of business or any disposition of inventory or goods (or other assets),
property or equipment held for sale or no longer used or useful, or economically practicable to maintain, in the conduct of the
business of the Issuer and its Subsidiaries;

 

(b)       the
disposition of all or substantially all of the assets of the Issuer or any Restricted Subsidiary in a manner permitted pursuant
to Article Eight or any disposition that constitutes a Change of Control pursuant to this Indenture;

 

(c)       any
disposition, issuance or sale in connection with the making of any Restricted Payment that is permitted to be made, and is made,
under Section 10.10 or any Permitted Investment;

 

(d)       any
disposition of property or assets, or issuance of securities by a Restricted Subsidiary, to the Issuer or by the Issuer or a Restricted
Subsidiary to another Restricted Subsidiary;

 

(e)       to
the extent allowable under Section 1031 of the Code, or any comparable or successor provision, any exchange of like property (excluding
any boot thereon) for use in a Similar Business, which may be in connection with an Asset Sale;

 

(f)        the
lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business or consistent
with past practice;

 

(g)       any
issuance, sale or pledge of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(h)       foreclosures,
condemnation, expropriation, forced dispositions, eminent domain or any similar action (whether by deed of condemnation or otherwise)
with respect to assets or the granting of Liens not prohibited by this Indenture, and transfers of any property that have been
subject to a casualty to the respective insurer of such property as part of an insurance settlement or upon receipt of the net
proceeds of such casualty event;

 

    	 	-4-	 

     

    

 

(i)       any
financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the Issue Date,
including Sale and Lease-Back Transactions;

 

(j)       any
surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or other litigation claims
in the ordinary course of business or consistent with past practice;

 

(k)      the
sale, conveyance or other disposition of advances, MSRs, mortgages, other loans, customer receivables, mortgage related securities
or derivatives or other assets (or any interests in any of the foregoing) in the ordinary course of business, the sale, transfer
or discount in the ordinary course of business of accounts receivable or other assets that by their terms convert into cash, any
sale of MSRs in connection with the origination of the associated mortgage loan in the ordinary course of business or any sale
of securities in respect of additional fundings under reverse mortgage loans in the ordinary course of business;

 

(l)       the
sale, conveyance or other disposition of Investments or other assets and disposition or compromise of mortgages, other loans or
receivables, in each case, in connection with the workout, compromise, settlement or collection thereof or exercise of remedies
with respect thereto, in the ordinary course of business or bankruptcy, foreclosure or similar proceedings, including foreclosure,
repossession and disposition of REO Assets and other collateral for mortgages or other loans serviced and/or originated by the
Issuer or any of its Subsidiaries;

 

(m)     the
modification of any mortgages or other loans owned or serviced by the Issuer or any of its Restricted Subsidiaries in the ordinary
course of business;

 

(n)      assets
sold, conveyed or otherwise disposed of pursuant to the terms of Permitted Funding Indebtedness or Non-Recourse Indebtedness;

 

(o)      a
sale, conveyance or other disposition (in one or more transactions) of Securitization Assets or Residual Interests in the ordinary
course of business;

 

(p)      a
sale, conveyance or other disposition (in one or more transactions) of Servicing Advances, mortgage loans or MSRs or any part thereof
(x) in connection with the transfer or termination of the related MSRs or (y) in connection with any Excess Spread Sales;

 

(q)      sales,
transfers or contributions of Securitization Assets to Securitization Entities, Warehouse Facility Trusts and MSR Facility Trust
in connection with Securitizations in the ordinary course of business;

 

(r)       a
sale, conveyance or other disposition of Securitization Assets in the ordinary course of business in connection with the origination,
acquisition, securitization and/or sale of loans that are purchased, insured, guaranteed, or securitized;

 

(s)      a
sale, contribution, assignment or other transfer of MSRs in connection with MSR Facilities or a sale, conveyance or other disposition
in the ordinary course of business of MSRs in connection with Warehouse Facilities or REO Assets;

 

(t)       transactions
pursuant to repurchase agreements entered into in the ordinary course of business;

 

    	 	-5-	 

     

    

 

(u)      any
Co-Investment Transaction;

 

(v)      the
licensing, sub-licensing or cross-licensing of intellectual property or other general intangibles in the ordinary course of business
or consistent with past practice or that is immaterial;

 

(w)     the
settlement, unwinding or termination of any Hedging Obligations, Permitted Equity Derivatives or Cash Management Obligations;

 

(x)      sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(y)     the
lapse, abandonment or invalidation of intellectual property rights, which in the reasonable determination of the Board of the Issuer
or the senior management thereof are not material to the conduct of the business of the Issuer and its Restricted Subsidiaries
taken as a whole or are no longer used or useful or economically practicable or commercially reasonable to maintain;

 

(z)      the
issuance of directors’ qualifying shares and shares issued to foreign nationals or other third parties as required by applicable
law;

 

(aa)    the disposition of any
assets (including Equity Interests) (i) acquired in a transaction permitted under this Indenture, which assets are not used or
useful in the core or principal business of the Issuer and its Restricted Subsidiaries or (ii) made in connection with the approval
of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of the Issuer to consummate
any acquisition permitted under this Indenture;

 

(bb)   any disposition of property
or assets of a Foreign Subsidiary or a Domestic Subsidiary owned by a Foreign Subsidiary the Net Proceeds of which the Issuer has
determined in good faith that the repatriation of such Net Proceeds (i) is prohibited or subject to limitations under applicable
law, orders, decrees or determinations of any arbitrator, court or governmental authority or (ii) would have a material adverse
tax consequence (taking into account any foreign tax credit or benefit actually realized in connection with such repatriation);
provided that when the Issuer determines in good faith that repatriation of any of such Net Proceeds (i) is no longer prohibited
or subject to limitations under such applicable law, orders, decrees or determinations of any arbitrator, court or governmental
authority or (ii) would no longer have a material adverse tax consequence (taking into account any foreign tax credit or benefit
actually realized in connection with such repatriation), such amount at such time shall be considered the Net Proceeds in respect
of an Asset Sale;

 

(cc)    dispositions of property
to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii)
an amount equal to the Net Proceeds of such disposition are promptly applied to the purchase price of such replacement property;
and

 

(dd)   the sales or dispositions
of property or assets, or issuance or sale of Equity Interests of any Restricted Subsidiary, for an aggregate fair market value
not to exceed the greater of (x) $50.0 million and (y) 2.0% of Consolidated Tangible Net Worth.

 

    	 	-6-	 

     

    

 

In the event that a transaction (or any portion
thereof) meets the criteria of a permitted Asset Sale and would also be a permitted Restricted Payment or Permitted Investment,
the Issuer, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset
Sale and/or one or more of the types of permitted Restricted Payments or Permitted Investments.

 

“Asset Sale Offer” has
the meaning specified in Section 10.17(c) of this Indenture.

 

“Asset Sale Proceeds Application
Period” has the meaning specified in Section 10.17(b) of this Indenture.

 

“Bankruptcy Law” means
Title 11, United States Bankruptcy Code of 1978, as amended, or any similar United States federal or state law and the law
of any other jurisdiction relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief
of debtors or any amendment to, succession to or change in any such law.

 

“Board” with respect to
a Person means the board of directors (or similar body) of such Person or any committee thereof duly authorized to act on behalf
of such board of directors (or similar body).

 

“Board Resolution” means
a duly adopted resolution of the Board.

 

“Business Day” means each day
that is not a Legal Holiday.

 

“Capital Stock” means:

 

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

 

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

 

(3)      in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

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

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in
accordance with GAAP as in effect on December 15, 2018, regardless of any change in GAAP following December 15, 2018.

 

“Capitalized Software Expenditures”
means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted
Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that,
in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of a Person
and its Restricted Subsidiaries.

 

“Cash Equivalents” means:

 

(1)      U.S.
dollars;

 

    	 	-7-	 

     

    

 

(2)      (a)    Canadian dollars,
euros, pounds sterling or any national currency of any participating member state of the EMU; or

 

(b)    other
currencies held by the Issuer and the Restricted Subsidiaries from time to time in the ordinary course of business;

 

(3)      securities
issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or instrumentality
thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of the U.S. government with
average maturities of 24 months or less from the date of acquisition;

 

(4)      certificates
of deposit, time deposits and eurodollar time deposits with average maturities of one year or less from the date of acquisition,
demand deposits, bankers’ acceptances with average maturities not exceeding one year and overnight bank deposits, in each
case with any commercial bank having capital and surplus of not less than $100.0 million (or the foreign currency equivalent thereof);

 

(5)      repurchase
obligations for underlying securities of the types described in clauses (3), (4) and (10) entered into with any financial
institution meeting the qualifications specified in clause (4) above;

 

(6)      commercial
paper rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time, neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another Rating Agency) and variable and fixed rate notes issued by any financial
institution meeting the qualifications specified in clause (4) above, in each case with average maturities of 36 months after
the date of creation thereof;

 

(7)      marketable
short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating
Agency);

 

(8)      investment
funds investing at least 90% of their assets in securities of the types described in clauses (1) through (7) above and (9)
through (12) below;

 

(9)      securities
issued or directly and fully and unconditionally guaranteed by any state, commonwealth or territory of the United States or any
political subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof having
average maturities of not more than 36 months from the date of acquisition thereof;

 

(10)    readily
marketable direct obligations issued or directly and fully and unconditionally guaranteed by any foreign government or any political
subdivision or public instrumentality thereof, in each case (other than in the case of such securities issued or guaranteed by
any participating member state of the EMU) having an Investment Grade Rating from either Moody’s or S&P (or, if at any
time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with
average maturities of 36 months or less from the date of acquisition;

 

(11)    Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from
another Rating Agency) with average maturities of 36 months or less from the date of acquisition;

 

    	 	-8-	 

     

    

 

(12)     Investments
with average maturities of 36 months or less from the date of acquisition in money market funds rated A (or the equivalent
thereof) or better by S&P or A2 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s
nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency);

 

(13)     in
the case of Investments by any Foreign Subsidiary of the Issuer, Investments for short-term cash management purposes of comparable
tenor and credit quality to those described in the foregoing clauses (1) through (12) customarily utilized in countries in
which such Foreign Subsidiary operates; and

 

(14)     Investments,
classified in accordance with GAAP as current assets, in money market investment programs that are registered under the Investment
Company Act of 1940 or that are administered by financial institutions meeting the qualifications specified in clause (4) above,
and, in either case, the portfolios of which are limited such that substantially all of such Investments are of the character,
quality and maturity described in clauses (1) through (13) of this definition.

 

Notwithstanding the foregoing, Cash Equivalents
shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above; provided
that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in
any event within ten Business Days following the receipt of such amounts.

 

For the avoidance of doubt, any items identified
as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under this Indenture regardless
of the treatment of such items under GAAP.

 

“Cash Management Obligations”
means (1) obligations in respect of any overdraft and related liabilities arising from treasury, depository, cash pooling
arrangements and cash management or treasury services or any automated clearing house transfers of funds, (2) other obligations
in respect of netting services, employee credit or purchase card programs and similar arrangements and (3) obligations in respect
of any other services related, ancillary or complementary to the foregoing (including any overdraft and related liabilities arising
from treasury, depository, cash pooling arrangements and cash management services, corporate credit and purchasing cards and related
programs or any automated clearing house transfers of funds).

 

“CFC” means a “controlled
foreign corporation” within the meaning of Section 957 of the Code.

 

“Change of Control” means
the occurrence of one or more of the following events after the Issue Date:

 

(1)       the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Issuer and
its Subsidiaries, taken as a whole, other than any Required Asset Sale, to any Person other than any Permitted Holders; or

 

(2)       the
Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) the acquisition by any Person or group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), including any group acting for the purpose of
acquiring, holding or disposing of Equity Interests of the Issuer (within the meaning of Rule 13d-5(b)(1) under the
Exchange Act), other than the Permitted Holders, in a single transaction or in a related series of transactions, by way of
merger, consolidation or other business combination or purchase, of beneficial ownership (within the meaning of
Rule 13d-3 under the Exchange Act) of 50% or more of the total voting power of the Voting Stock entitled to vote for the
election of directors of the Issuer having a majority of the aggregate votes on the Board of the Issuer, unless the Permitted
Holders otherwise have the right (pursuant to contract, proxy or otherwise), directly or indirectly, to designate, nominate
or appoint a majority of the directors of the Issuer.

 

    	 	-9-	 

     

    

 

Notwithstanding the preceding or any provision
of Section 13d-3 of the Exchange Act, (i) a Person or group shall not be deemed to beneficially own Voting Stock subject to a stock
or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or
similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection with the transactions
contemplated by such agreement and (ii) a Person or group will not be deemed to beneficially own the Voting Stock of a Person (the
 “Subject Person”) held by a parent of such Subject Person unless it owns 50% or more of the total voting power
of the Voting Stock entitled to vote for the election of directors of such parent entity having a majority of the aggregate votes
on the Board of such parent.

 

“Change of Control Offer”
has the meaning specified in Section 10.16(a) of this Indenture.

 

“Change of Control Payment”
has the meaning specified in Section 10.16(a) of this Indenture.

 

“Change of Control Payment Date”
has the meaning specified in Section 10.16(a) of this Indenture.

 

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

 

“Co-Investment Transaction”
means a transaction pursuant to which a portion of MSRs or the right to receive fees in respect of MSRs are transferred for fair
value to another Person.

 

“consolidated” or “Consolidated”
means, with respect to any Person, such Person on a consolidated basis in accordance with GAAP, but excluding from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.

 

“Consolidated Depreciation and Amortization
Expense” means with respect to any Person for any period, the total amount of depreciation and amortization expense,
including the amortization of deferred financing fees or costs, debt issuance costs, commissions, fees and expenses, capitalized
expenditures (including Capitalized Software Expenditures), customer acquisition costs and incentive payments, conversion costs
and contract acquisition costs of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise
determined in accordance with GAAP.

 

“Consolidated EBITDA” means,
with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such
period, determined on a consolidated basis, plus:

 

(1)          without
duplication, and, other than with respect to clause (1)(l) of this definition of “Consolidated EBITDA,” to the extent
already deducted (and not added back) in arriving at the Consolidated Net Income of such Person, the sum of the following amounts
for such period:

 

(a)       Fixed
Charges of such Person for such period (including (x) net losses on Hedging Obligations or other derivative instruments entered
into for the purpose of hedging interest rate risk and (y) bank and letter of credit fees and costs of surety bonds in connection
with financing activities, in each case, to the extent included in Fixed Charges) together with items excluded from the definition
of “Consolidated Interest Expense” pursuant to clauses (a) through (j) thereof, plus

 

    	 	-10-	 

     

    

 

(b)    provision
for taxes based on income, profits, revenue or capital gains, including federal, foreign and state income, franchise and similar
taxes and foreign withholding taxes of such Person paid or accrued during such period (including in respect of repatriated funds),
including any penalties and interest relating to such taxes or arising from any tax examinations, and any payments to a direct
or indirect parent company pursuant to Section 10.10(b)(13)(B) in respect of such taxes, plus

 

(c)    Consolidated
Depreciation and Amortization Expense of such Person for such period (other than, for the avoidance of doubt, amortization related
to MSRs), plus

 

(d)    any
other non-cash charges, including any write-offs, write-downs, expenses, losses or items (other than any non-cash charges related
to (i) the change in fair value of mortgage loans held for sale and economic hedges related thereto and (ii) the capitalization
of MSRs) (provided, in each case, that if any such non-cash charges represent an accrual or reserve for potential cash items in
any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such
extent, and excluding amortization of a prepaid cash item that was paid in a prior period), plus

 

(e)    the
amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties in any non-Wholly-Owned
Subsidiary deducted (and not added back) in such period in calculating Consolidated Net Income, plus

 

(f)     the
amount of payments made to option, phantom equity or profits interests holders of such Person or any of its Parent Entities in
connection with, or as a result of, any distribution made to equityholders of such Person or its Parent Entities, which payments
are being made to compensate such option, phantom equity or profits interests holders as though they were equityholders at the
time of, and entitled to share in, such distribution, in each case, to the extent permitted under this Indenture (including expenses
relating to distributions made to equityholders of such Person or any of its Parent Entities resulting from the application of
FASB Accounting Standards Codification Topic 718—Compensation—Stock Compensation), plus

 

(g)    cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Net
Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA
pursuant to paragraph (2) below for any previous period and not added back, plus

 

(h)    any
costs or expense incurred by such Person or any of its Restricted Subsidiaries pursuant to any management equity plan or
stock option plan or phantom equity plan or any other management or employee benefit plan or agreement, any severance
agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are non-cash or
otherwise funded with cash proceeds contributed to the capital of such Person or Net Proceeds of an issuance of Equity
Interests of such Person (other than Disqualified Stock), plus

 

    	 	-11-	 

     

    

 

(i)     any
net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses,
including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost)
existing at the date of initial application of FASB Accounting Standards Codification Topic 715—Compensation—Retirement
Benefits, and any other items of a similar nature, plus

 

(j)     with
respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the proportion of those items described in
clauses (b) and (c) above relating to such joint venture corresponding to such Person and its Restricted Subsidiaries’ proportionate
share of such joint venture’s Consolidated Net Income (determined as if such joint venture were a Restricted Subsidiary),
plus

 

(k)    recovery
of other-than-temporary loss on available-for-sale securities recognized through members’ (or shareholders’) equity,
plus

 

(l)     the
amount of “run rate” cost savings, operating expense reductions and synergies related to any Specified Event (as defined
below) projected by the Issuer in good faith to be realized as a result of actions that have been taken or initiated or are expected
to be taken (in the good faith determination of the Issuer), including any cost savings, expenses and charges (including restructuring
and integration charges) in connection with, or incurred by or on behalf of, any joint venture of the Issuer or any of its Restricted
Subsidiaries (whether accounted for on the financial statements of any such joint venture or the Issuer) with respect to any investment,
sale, transfer or other disposition of assets, incurrence or repayment of Indebtedness, Restricted Payment, Subsidiary designation,
restructuring, cost saving initiative, contract negotiation or other initiative (collectively, a “Specified Event”),
within 24 months of such Specified Event (which cost savings shall be added to Consolidated EBITDA until fully realized and calculated
on a pro forma basis as though such cost savings had been realized on the first day of the relevant period), net of the amount
of actual benefits realized from such actions; provided that (i) such cost savings are reasonably identifiable and factually supportable,
(ii) no cost savings, operating expense reductions or synergies shall be added pursuant to this clause (l) to the extent duplicative
of any expenses or charges relating to such cost savings, operating expense reductions or synergies that are included in any other
clause of this definition of “Consolidated EBITDA” (it being understood and agreed that “run rate”
shall mean the full recurring benefit that is associated with any action taken) and (iii) the share of any such cost savings, expenses
and charges with respect to a joint venture that are to be allocated to such Person or any of its Restricted Subsidiaries shall
not exceed the total amount thereof for any such joint venture multiplied by the percentage of income of such venture expected
to be included in Consolidated EBITDA for the relevant Applicable Measurement Period, less

 

(2)         without
duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

 

(a)    non-cash
gains (excluding (i) any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash
item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period, (ii) any non-cash gain related to the
change in fair value of mortgage loans held for sale and economic hedges related thereto and (iii) any non-cash gain related
to the capitalization of MSRs), and

 

    	 	-12-	 

     

    

 

(b)       the
amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties in any non-Wholly-Owned
Subsidiary added to (and not deducted from) Consolidated Net Income in such period,

 

in each case, as determined on a consolidated
basis for such Person and its Restricted Subsidiaries. For purposes of testing the covenants under this Indenture in connection
with any transaction, the Consolidated EBITDA of the Issuer and the Restricted Subsidiaries shall be adjusted to reflect such pro
forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed
Charge Coverage Ratio (other than as set forth in the first proviso to the first paragraph of such definition).

 

“Consolidated Interest Expense”
means, with respect to a Person and its Restricted Subsidiaries for any period, the sum of:

 

(1)       cash
interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and
its Restricted Subsidiaries with respect to all outstanding Indebtedness of such Person and its Restricted Subsidiaries, including
all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing
and net costs under hedging agreements, plus

 

(2)       non-cash
interest expense resulting solely from (x) the net amortization of original issue discount and original issuance premium from the
issuance of Indebtedness of such Person and its Restricted Subsidiaries (excluding the Notes), plus (y) pay-in-kind interest expense
of such Person and its Restricted Subsidiaries but excluding, for the avoidance of doubt, (a) amortization of deferred financing
costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in
clause (y) above (including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash
interest expense attributable to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedging Obligations
or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—Derivatives and Hedging, (c) any
one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) any “additional
interest” owing pursuant to a registration rights agreement with respect to any securities, (e) any payments with respect
to make-whole premiums or other breakage costs of any Indebtedness, (f) penalties and interest relating to taxes, (g) accretion
or accrual of discounted liabilities not constituting Indebtedness, (h) interest expense attributable to a direct or indirect
parent entity resulting from push-down accounting, (i) any expense resulting from the discounting of Indebtedness in connection
with the application of recapitalization or purchase accounting, and (j) any interest expense attributable to the exercise of appraisal
rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect
to any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis.

 

For purposes of this definition, interest
on a capital lease shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest
implicit in such capital lease in accordance with GAAP.

 

    	 	-13-	 

     

    

 

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries
for such period, determined on a consolidated basis, excluding (and excluding the effect of), without duplication,

 

(1)       extraordinary,
non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring
operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect
of any extraordinary, non-recurring or unusual items, severance, relocation costs, signing costs, retention or completion bonuses,
other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities or offices
and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities
and charges resulting from changes in estimates, valuations and judgments)), and any other unusual or non-recurring items,

 

(2)       the
cumulative effect of a change in accounting principles and changes as a result of adoption or modification of accounting policies
during such period,

 

(3)       [reserved],

 

(4)       the
Net Income for such period of any Person that is an Unrestricted Subsidiary and any Person that is not a Subsidiary or that is
accounted for by the equity method of accounting; provided that Consolidated Net Income shall be increased by the amount of dividends
or distributions or other payments that are actually paid in cash or Cash Equivalents (or, if not paid in cash or Cash Equivalents,
but later converted into cash or Cash Equivalents, upon such conversion) by such Person to the referent Person or a Restricted
Subsidiary thereof in respect of such period,

 

(5)       any
fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or any amortization
thereof for such period, in connection with any acquisition, Investment, recapitalization, asset sale, disposition, issuance or
repayment of indebtedness, issuance of equity interests, refinancing transaction or amendment or modification of any debt instrument
(in each case, including any such transaction consummated prior to the Issue Date and any such transaction initiated but not completed)
and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether
or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance
with FASB Accounting Standards Codification Topic 805—Business Combinations and gains or losses associated with FASB Accounting
Standards Codification Topic 460—Guarantees),

 

(6)       any
net after-tax income (loss) for such period attributable to the early extinguishment of Indebtedness, Hedging Obligations or other
derivative instruments (including deferred financing costs written off and premiums paid),

 

(7)       [reserved],

 

(8)       non-cash
expenses and costs relating to any equity-based incentive plan, including the issuance of stock-based awards, partnership interest-based
awards and similar incentive-based compensation awards or arrangements,

 

    	 	-14-	 

     

    

 

 

(9)       any
valuation allowance for mortgage loans held-for-investment and/or any change in fair value of debt in relation to securitized loans
in accordance with GAAP that require no additional capital or equity contributions to such Person,

 

(10)     any
change in fair value due to changes in valuation inputs or assumptions used in the valuation model of MSRs (either assets or liabilities)
carried at fair value and any change in the provision for impairment of MSRs carried at the lower of amortized cost or fair value,

 

(11)     any
gain or loss related to the fair market value of economic hedges related to MSRs or other mortgage related assets or securities
(other than economic hedges related to mortgage loans held for sale), to the extent that such other mortgage related assets or
securities are valued at fair market value and gains and losses with respect to such related assets or securities have been excluded
pursuant to another clause of this provision;

 

(12)     any
aggregate gain (loss) (less all fees and expenses relating thereto) on asset sales, disposals or abandonments or reserves relating
thereto (other than asset sales, disposals or abandonments in the ordinary course of business) or discontinued operations (from
the time of such disposition, provided that if such operations are classified as discontinued due to the fact that they are subject
to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of),

 

(13)     any
gain (loss) attributable to the mark-to-market movement in the valuation of Hedging Obligations or other derivative instruments
pursuant to FASB Accounting Standards Codification Topic 815—Derivatives and Hedging or mark-to-market movement of other
financial instruments pursuant to FASB Accounting Standards Codification Topic 825—Financial Instruments (other than those
related to loans held for sale),

 

(14)     any
non-cash gain (loss) related to currency remeasurements of Indebtedness (including the net loss or gain resulting from Hedging
Obligations for currency exchange risk and revaluations of intercompany balances and other balance sheet items),

 

(15)     any
non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case, that
the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which
such cash payment was made),

 

(16)     any
impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived assets,
and investments in debt and equity securities),

 

(17)     solely
for the purpose of determining the amount available for Restricted Payments under Section 10.10(a)(3)(a), the Net Income for
such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent the declaration or
payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of
determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, is
otherwise restricted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such
restriction with respect to the payment of dividends or similar distributions has been legally waived or released (or the
Issuer reasonably believes such restriction could be waived or released and is using commercially reasonable efforts to
pursue such waiver or release); provided that Consolidated Net Income of the Issuer will be increased by the amount of
dividends or other distributions or other payments actually paid in cash or Cash Equivalents (or, if not paid in cash or Cash
Equivalents, but later converted into cash or Cash Equivalents, upon such conversion) to the Issuer or a Restricted
Subsidiary thereof in respect of such period, to the extent not already included therein,

 

    	 	-15-	 

     

    

 

(18)     the
effect of any non-cash gain or loss associated with (i) liabilities created in respect of a Co-Investment Transaction or (ii) MSR
financing liabilities, in each case, as a result of the accounting treatment thereof under GAAP,

 

(19)     any
non-cash change in fair value of excess servicing spread liability,

 

(20)     any
non-cash change in fair value of liabilities under the tax receivable agreement, and

 

(22)     any
valuation allowance for Servicing Advances.

 

There shall be excluded from Consolidated
Net Income for any period the effects from applying acquisition method accounting, including applying acquisition method accounting
to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue (including deferred
costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements (including the
effects of such adjustments pushed down to such Person and its Restricted Subsidiaries), as a result of any acquisition or Investment
consummated prior to the Issue Date and any other acquisition (by merger, consolidation, amalgamation or otherwise) or other Investment
or the amortization or write-off of any amounts thereof.

 

In addition, to the extent not already included
in Consolidated Net Income, Consolidated Net Income shall include the amount of proceeds received or, so long as such Person has
made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying
party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable
event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period),
due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification and other
reimbursement provisions in connection with any acquisition or other Investment or any disposition of any asset permitted under
this Indenture.

 

“Consolidated Tangible Net Worth”
means, as of any Applicable Calculation Date, the excess of the total assets over the total liabilities, in each case of the Issuer
and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, excluding (a) goodwill and (b) other
intangibles (but including MSRs, carried interest and capitalized software), computed as of the end of the most recent fiscal quarter
for which internal financial statements are available immediately preceding the Applicable Calculation Date; provided that, for
purposes of testing the covenants under this Indenture in connection with any transaction, the Consolidated Tangible Net Worth
of such Person and its Restricted Subsidiaries shall be adjusted to reflect such pro forma adjustments as are appropriate and consistent
with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio (other than as set forth in
the first proviso to the first paragraph of such definition).

 

    	 	-16-	 

     

    

 

“Consolidated Total
Indebtedness” means, as at any date of determination, an amount equal to the sum of (1) the aggregate amount
of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis (and excluding, for the
avoidance of doubt, (A) all undrawn amounts under revolving credit facilities (except to the extent of any Elected
Amount), (B) Hedging Obligations and (C) performance bonds or any similar instruments) and (2) the aggregate amount
of all outstanding Disqualified Stock of the Issuer and all Preferred Stock of the Restricted Subsidiaries on a consolidated
basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or
involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in
accordance with GAAP. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or
Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such
Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which
Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based
upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be
determined in good faith by the senior management of the Issuer.

 

“Consolidated Total Indebtedness
to Consolidated Tangible Net Worth Ratio” means, as of any Applicable Calculation Date, the ratio of (1) Consolidated
Total Indebtedness of the Issuer and its Restricted Subsidiaries to (2) Consolidated Tangible Net Worth, in each case, computed
as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the
Applicable Calculation Date with such pro forma adjustments to Consolidated Total Indebtedness and Consolidated Tangible Net Worth
as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage
Ratio; provided that, for purposes of the calculation of Consolidated Total Indebtedness to Consolidated Tangible Net Worth Ratio,
in connection with the incurrence of any Indebtedness permitted by Section 10.11, the Issuer may elect, pursuant to an Officer’s
Certificate delivered to the Trustee, to treat all or any portion of the commitment (any such amount elected until revoked as described
below, an “Elected Amount”) under any Indebtedness which is to be incurred (or any commitment in respect thereof)
as being incurred as of the Applicable Calculation Date and (i) any subsequent incurrence of such Indebtedness under such commitment
(so long as the total amount under such Indebtedness does not exceed the Elected Amount) shall not be deemed, for purposes of this
calculation, to be an incurrence of additional Indebtedness at such subsequent time, (ii) the Issuer may revoke an election of
an Elected Amount pursuant to an Officer’s Certificate delivered to the Trustee and (iii) for purposes of all subsequent
calculations of the Consolidated Total Indebtedness to Consolidated Tangible Net Worth Ratio, the Elected Amount (if any) shall
be deemed to be outstanding, whether or not such amount is actually outstanding, so long as the applicable commitment remains outstanding.

 

“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do
not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent,

 

(1)          to
purchase any such primary obligation or any property constituting direct or indirect security therefor,

 

(2)          to
advance or supply funds:

 

(a)       for
the purchase or payment of any such primary obligation, or

 

(b)       to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, or

 

    	 	-17-	 

     

    

 

(3)       to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Controlled Investment Affiliate”
means, as to any Person, any other Person, other than any Investor, which directly or indirectly controls, is controlled by, or
is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for
making direct or indirect equity or debt investments in the Issuer and/or other Persons.

 

“Corporate Indebtedness”
means, with respect to any Person, the aggregate consolidated amount of Indebtedness of such Person and its Restricted Subsidiaries
then outstanding that would be shown on a consolidated balance sheet of such Person and its Restricted Subsidiaries (excluding,
for the purpose of this definition, Indebtedness incurred under clauses (3), (6), (7), (8), (9), (14), (21)(B), (26), (27) and
(29) of Section 10.11(b)).

 

“Corporate Trust Office”
means the principal corporate trust office of the Trustee, at which at any particular time its corporate trust business in relation
to this Indenture shall be administered, which office at the date of execution of this Indenture is located at U.S. Bank National
Association, West Side Flats St Paul, 60 Livingston Ave., EP-MN-WS3C, Saint Paul, MN 55107, except that with respect to presentation
of the Notes for payment or for registration of transfer or exchange, such term shall mean the office or agency of the Trustee
at which, at any particular time, its corporate agency business in relation to this Indenture shall be conducted.

 

“Covenant Defeasance” has
the meaning specified in Section 13.03 of this Indenture.

 

“Covenant Suspension Event”
has the meaning specified in Section 10.18(a) of this Indenture.

 

“Credit Enhancement Agreements”
means, collectively, any documents, instruments, guarantees or agreements entered into by the Issuer, any of its Restricted Subsidiaries
or any Securitization Entity for the purpose of providing credit support (that is reasonably customary as determined by Issuer’s
senior management) with respect to any Permitted Funding Indebtedness or Permitted Securitization Indebtedness.

 

“Credit Facilities” means,
with respect to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities or other financing arrangements (including,
without limitation, commercial paper facilities with banks or other institutional lenders or investors or indentures) providing
for revolving credit loans, term loans, letters of credit or other indebtedness, including any notes, mortgages, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions,
renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper
facilities with banks or other institutional lenders or investors that replace, refund, refinance, extend, renew, restate, amend,
supplement or modify any part of the loans, notes, other credit facilities or commitments thereunder, including any such exchanged,
replacement, refunding, refinancing, extended, renewed, restated, amended, supplemented or modified facility or indenture that
increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof (provided that such increase
in borrowings or issuance is permitted under Section 10.11) or adds Restricted Subsidiaries as additional borrowers or guarantors
thereunder and whether by the same or any other agent, trustee, lender or group of lenders or other holders or investors.

 

    	 	-18-	 

     

    

 

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

 

“Defaulted Interest” has
the meaning specified in Section 3.07(b) of this Indenture.

 

“Depository” means The
Depository Trust Company, its nominees and their respective successors.

 

“Designated Non-cash Consideration”
means the fair market value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset
Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis
of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale, redemption or repurchase
of or collection or payment on such Designated Non-cash Consideration. A particular item of Designated Non-cash Consideration will
no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise
disposed of in exchange for consideration in the form of cash or Cash Equivalents in compliance with Section 10.17.

 

“Designated Preferred Stock”
means Preferred Stock of the Issuer, any Restricted Subsidiary or any Parent Entity (in each case other than Disqualified Stock)
that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the
Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate
executed by the principal financial officer of the Issuer or the applicable Parent Entity, as the case may be, on the issuance
date thereof, the cash proceeds of which are excluded from the calculation set forth in Section 10.10(a)(3).

 

“Disqualified Stock” means,
with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it
is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable
(other than solely as a result of a change of control, fundamental change, asset sale, casualty, condemnation or eminent domain)
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as
a result of a change of control, fundamental change, asset sale, casualty, condemnation or eminent domain), in whole or in part,
in each case prior to the date 91 days after the earlier of the maturity date of the Notes or the date the Notes are no longer
outstanding; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Issuer or
its Subsidiaries or any Parent Entity or by any such plan to such employees, such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries or any Parent Entity in order to satisfy
applicable statutory or regulatory obligations or as a result of such employees’ termination, death or disability; provided,
further, that any Capital Stock held by any future, current or former employee, director, officer, manager or consultant (or their
respective Controlled Investment Affiliates or Immediate Family Members, or any permitted transferee thereof) of the Issuer, any
of its Subsidiaries or any Parent Entity shall not constitute Disqualified Stock solely because it may be required to be repurchased
by the Issuer or its Subsidiaries or any Parent Entity pursuant to any stockholders’ agreement, management equity plan, stock
option plan or any other management or employee benefit plan or agreement or in order to satisfy applicable statutory or regulatory
obligations. Notwithstanding anything to the contrary in the foregoing, Permitted Warrant Transactions shall not constitute Disqualified
Stock.

 

“Domestic Subsidiary” means,
with respect to any Person, any Restricted Subsidiary of such Person that is organized or existing under the laws of the United
States, any state thereof or the District of Columbia.

 

    	 	-19-	 

     

    

 

“Elected Amount” has the
meaning given to such term in the definition of “Consolidated Total Indebtedness to Consolidated Tangible Net Worth Ratio.”

 

“EMU” means economic and
monetary union as contemplated in the Treaty on European Union.

 

“Equity Claw Redemption Amount”
has the meaning specified in Section 11.01(a) of this Indenture.

 

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

 

“Equity Offering” means
any public or private sale or issuance of common equity or Preferred Stock of the Issuer or any Parent Entity (excluding Disqualified
Stock), other than:

 

(1)       public
offerings with respect to the Issuer’s or any of its Parent Entity’s common stock registered on Form S-8;

 

(2)       issuances
to any Subsidiary of the Issuer; and

 

(3)       any
such public or private sale or issuance that constitutes an Excluded Contribution.

 

“euro” means the single
currency of participating member states of the EMU.

 

“Event of Default” has
the meaning specified in Section 5.01 of this Indenture.

 

“Excess Proceeds” has the
meaning specified in Section 10.17(c) of this Indenture.

 

“Excess Spread Sale” means
any sale in the ordinary course of business and for fair market value of any excess servicing fee spread under any MSR.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Excluded Contribution”
means net cash proceeds or the fair market value of marketable securities received by the Issuer or a Parent Entity to the extent
contributed to the Issuer from (1) contributions to its common equity capital or (2) the sale (other than to a Subsidiary of the
Issuer or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the
Issuer) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer or any Parent Entity to the
extent contributed to the Issuer, in either case, designated as Excluded Contributions pursuant to an Officer’s Certificate
on the date such capital contributions are made.

 

“Excluded Restricted Subsidiary”
means any existing or newly acquired or created Subsidiary of the Issuer that is designated as a Restricted Subsidiary but prohibited,
in the reasonable judgment of the Issuer, from guaranteeing the Notes by any applicable law, regulation or contractual restriction
existing at the time such Subsidiary becomes a Restricted Subsidiary and which, in the case of any such contractual restriction,
in the good faith opinion of the management of the Issuer, cannot be removed through commercially reasonable efforts.

 

    	 	-20-	 

     

    

 

“Existing Facilities”
means, collectively, the Existing Servicing Advance Facilities, the Existing Warehouse Facilities and the Existing MSR Facilities.

 

“Existing MSR Facilities”
means the MSR Facilities of the Issuer and its Restricted Subsidiaries in existence on the Issue Date, in each case, together with
the related documents thereto (including, without limitation, any security documents), in each case as such agreements may be amended
(including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement
extending the maturity of, increasing the interest rate or fees applicable thereto, refinancing, replacing or otherwise restructuring
(including adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness
under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group of lenders.

 

“Existing Servicing Advance Facilities”
means the Servicing Advance Facilities of the Issuer and its Restricted Subsidiaries in existence on the Issue Date, in each case,
together with the related documents thereto (including, without limitation, any security documents), in each case as such agreements
may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including
any agreement extending the maturity of, increasing the interest rate or fees applicable thereto, refinancing, replacing or otherwise
restructuring (including adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder) all or any portion
of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent,
lender or group of lenders.

 

“Existing Warehouse Facilities”
means the Warehouse Facilities of the Issuer and its Restricted Subsidiaries in existence on the Issue Date, in each case, together
with the related documents thereto (including, without limitation, any security documents), in each case as such agreements may
be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any
agreement extending the maturity of, increasing the interest rate or fees applicable thereto, refinancing, replacing or otherwise
restructuring (including adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder) all or any portion
of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent,
lender or group of lenders.

 

“fair market value” means,
with respect to any Investment, asset, property or liability, the fair market value of such Investment, asset, property or liability
as determined in good faith by the Board or the senior management of the Issuer.

 

“Fannie Mae” means Fannie
Mae, also known as The Federal National Mortgage Association, or any successor thereto.

 

“Fitch” means Fitch Ratings
Inc. and any successor to its rating agency business.

 

    	 	-21-	 

     

    

 

“Fixed Charge Coverage
Ratio” means, with respect to any Person as of any Applicable Calculation Date, the ratio of Consolidated EBITDA of
such Person for the Applicable Measurement Period to the Fixed Charges of such Person for such Applicable Measurement Period.
In the event that the Issuer or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or
extinguishes any Indebtedness or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of
the Applicable Measurement Period but on or prior to the Applicable Calculation Date, then the Fixed Charge Coverage Ratio
shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or
extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock (in each case,
including a pro forma application of the net proceeds therefrom), as if the same had occurred at the beginning of the
Applicable Measurement Period; provided, however, that the pro forma calculation shall not give effect to any Indebtedness
incurred on such determination date pursuant to the provisions described under Section 10.11(b) (other than
pursuant to Section 10.11(b)(18)); provided, further, that for purposes of the calculation of the Fixed Charge Coverage
Ratio, in connection with the incurrence of any Indebtedness pursuant to Section 10.11(a), the Issuer may elect,
pursuant to an Officer’s Certificate delivered to the Trustee, to treat an Elected Amount under any Indebtedness which
is to be incurred (or any commitment in respect thereof), as being incurred as of the Applicable Calculation Date and (1) any
subsequent incurrence of Indebtedness under such commitment that was so treated (so long as the total amount under such
Indebtedness does not exceed the Elected Amount) shall not be deemed, for purposes of this calculation, to be an incurrence
of additional Indebtedness at such subsequent time, (2) the Issuer may revoke an election of an Elected Amount pursuant to an
Officer’s Certificate delivered to the Trustee and (3) for subsequent calculations of the Fixed Charge Coverage Ratio,
the Elected Amount (if any) shall be deemed to be outstanding, whether or not such amount is actually outstanding, so long as
the applicable commitment remains outstanding.

 

For purposes of making the computation referred
to above, Investments, acquisitions, asset originations, purchases of assets, MSRs, Servicing Advances or servicing rights, dispositions,
mergers , amalgamations, consolidations and disposed operations (as determined in accordance with GAAP) and operational changes
that have been made by the Issuer or any of its Restricted Subsidiaries during the Applicable Measurement Period or subsequent
to such Applicable Measurement Period and on or prior to or simultaneously with the Applicable Calculation Date shall be calculated
on a pro forma basis assuming that all such Investments, acquisitions, asset originations, purchases of assets, MSRs, Servicing
Advances or servicing rights, dispositions, mergers, amalgamations, consolidations, disposed operations and operational changes
(and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred
on the first day of the Applicable Measurement Period. If since the beginning of such period any Person that subsequently became
a Restricted Subsidiary or was merged or amalgamated with or into the Issuer or any of its Restricted Subsidiaries since the beginning
of such period shall have made any Investment, acquisition, asset origination, purchase of assets, MSRs, Servicing Advances or
servicing rights, disposition, merger, amalgamation, consolidation or disposed operation that would have required adjustment pursuant
to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such Applicable
Measurement Period as if such Investment, acquisition, asset origination, purchase of assets, MSRs, Servicing Advances or servicing
rights, disposition, merger, amalgamation, consolidation or disposed operation had occurred at the beginning of the Applicable
Measurement Period.

 

For purposes of this definition,
whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a
responsible financial or accounting officer of the Issuer (and may include, for the avoidance of doubt and without
duplication, cost savings, operating expense reductions and synergies resulting from any Asset Sale or other disposition or
such Investment, acquisition, asset origination, purchase of assets, MSRs, Servicing Advances or servicing rights,
disposition, merger, amalgamation or consolidation or other transaction, in each case calculated in accordance with and
permitted by clause (1)(l) of the definition of “Consolidated EBITDA” herein). The Issuer shall be entitled in
calculating the Fixed Charge Coverage Ratio: (1) to treat the entry into a bona fide subservicing agreement in respect of
MSRs as an asset acquisition and (2) to give effect in such pro forma calculation to any bona fide binding definitive
agreement, subject to customary closing conditions, for any transaction that upon the consummation thereof would be subject
to the foregoing paragraph (including any related incurrence or repayment of Indebtedness). If any Indebtedness bears a
floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if
the rate in effect on the Applicable Calculation Date had been the applicable rate for the entire period (taking into account
any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the
rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the
computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis
shall be computed based upon the average daily balance of such Indebtedness during the applicable period or, if lower, the
maximum commitments under such revolving credit facility as of the Applicable Calculation Date. Interest on Indebtedness that
may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank
offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon
such optional rate chosen as the Issuer may designate.

 

    	 	-22-	 

     

    

 

“Fixed Charges” means,
with respect to any Person and its Restricted Subsidiaries for any period, the sum of (without duplication):

 

(1)       Consolidated
Interest Expense on Corporate Indebtedness of such Person for such period;

 

(2)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock during
such period; and

 

(3)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during
such period.

 

“Foreign Subsidiary” means,
with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under the laws of the United
States, any state thereof or the District of Columbia.

 

“Freddie Mac” means Freddie
Mac, also known as The Federal Home Loan Mortgage Corporation, or any successor thereto.

 

“FSHCO” means any direct
or indirect Domestic Subsidiary of the Issuer substantially all the assets of which are Equity Interests and/or indebtedness of
one or more direct or indirect Foreign Subsidiaries that are “controlled foreign corporations” within the meaning of
Section 957 of the Code.

 

“Funding Guarantor” has
the meaning specified in Section 12.05 of this Indenture.

 

“GAAP” means generally
accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect from time to time; provided that all terms of an accounting or financial nature used in this Indenture shall
be construed, and all computations of amounts and ratios referred to in this Indenture shall be made (a) without giving effect
to any election under FASB Accounting Standards Codification Topic 825— Financial Instruments, or any successor thereto (including
pursuant to the FASB Accounting Standards Codification), to value any Indebtedness of the Issuer or any Subsidiary at “fair
value,” as defined therein and (b) the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations
shall be determined in accordance with the definition of Capitalized Lease Obligations.

 

If there occurs a change in generally
accepted accounting principles and such change would cause a change in the method of calculation of any standards, terms or
measures used in a covenant under Article Ten as determined in good faith by the Issuer (an “Accounting
Change”), then the Issuer may elect, as evidenced by a written notice of the Issuer to the Trustee, that such
standards, terms or measures shall be calculated as if such Accounting Change had not occurred.

 

    	 	-23-	 

     

    

 

“Ginnie Mae” means Ginnie
Mae, also known as The Government National Mortgage Association, or any successor thereto.

 

“Government Securities”
means securities that are:

 

(1)      direct obligations
of, or obligations guaranteed by, the United States for the timely payment of which its full faith and credit is pledged; or

 

(2)      obligations of a
Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States,

 

which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest
on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided that
(except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of
principal of or interest on the Government Securities evidenced by such depository receipt.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness
or other obligations.

 

“Guarantee” means the guarantee
by any Guarantor of the Issuer’s Obligations under this Indenture and the Notes.

 

“Guarantor” means each
Restricted Subsidiary of the Issuer that executes this Indenture as a Guarantor on the Issue Date and each other Restricted Subsidiary
of the Issuer that thereafter guarantees the Notes in accordance with the terms of this Indenture, until, in each case, such Person
is released from the guarantee of the Notes in accordance with the terms of this Indenture; provided that any Excluded Restricted
Subsidiary, any Securitization Entity, any Warehouse Facility Trust, any MSR Facility Trust, any Foreign Subsidiary, any Domestic
Subsidiary of a Foreign Subsidiary which is a CFC and any FSHCO shall not be deemed to be Guarantors.

 

“Hedging Obligations”
means, with respect to any Person, (1) the obligations of such Person under any interest rate swap agreement, interest rate
cap agreement, interest rate floor agreement, interest rate collar agreement, forward hedge and TBA contracts, mortgage sale
contracts, “interest only” mortgage derivative assets or other mortgage derivative products, future contracts and
options on future contracts on the Eurodollar, Federal Funds, Treasury bills and Treasury rates, commodity swap agreement,
commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement
providing for the transfer, modification or mitigation of interest rate, currency, commodity or equity risks either generally
or under specific contingencies and (2) any and all transactions of any kind, and the related confirmations, which are
subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such
master agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement. Notwithstanding the foregoing, Permitted Equity Derivatives shall not
constitute Hedging Obligations.

 

    	 	-24-	 

     

    

 

“holder” means, with reference
to any Indebtedness or other Obligations, any holder or lender of, or trustee or collateral agent or other authorized representative
with respect to, such Indebtedness or Obligations, and, in the case of Hedging Obligations, any counterparty to such Hedging Obligations.

 

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

 

“Immediate Family Members”
means with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent,
grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law
(including adoptive relationships), and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries
of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals
or any donor-advised fund of which any such individual is the donor.

 

“incur” has the meaning
specified in Section 10.11(a) of this Indenture.

 

“incurrence” has the meaning
specified in Section 10.11(a) of this Indenture.

 

“Indebtedness” means, with
respect to any Person, without duplication:

 

(1)          any
indebtedness (including principal and premium) of such Person, whether or not contingent:

 

(a)     in
respect of borrowed money;

 

(b)     evidenced
by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication,
reimbursement agreements in respect thereof);

 

(c)     representing
the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), except (i) any
such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation
to a trade creditor, in each case accrued in the ordinary course of business, and (ii) any earn-out obligations until such
obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP and if not paid within 120 days
after becoming due and payable; or

 

(d)     representing
the net obligations under any Hedging Obligations;

 

if and to the extent that any of the foregoing
Indebtedness in clauses (a) through (d) (other than letters of credit and Hedging Obligations) would appear as a liability
upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; provided that Indebtedness
of any Parent Entity appearing on the balance sheet of the Issuer solely by reason of push-down accounting under GAAP shall be
excluded;

 

    	 	-25-	 

     

    

 

(2)       to
the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise,
on the obligations of the type referred to in clause (1) of a third Person (whether or not such items would appear upon
the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary
course of business; provided that the amount of Indebtedness of any Person for purposes of this clause (2) shall be deemed to be
equal to the aggregate unpaid amount of such Indebtedness; and

 

(3)       to
the extent not otherwise included, the obligations of the type referred to in clause (1) of a third Person secured by
a Lien on any assets owned by such first Person, whether or not such Indebtedness is assumed by such first Person; provided, however,
that the amount of such Indebtedness will be the lesser of (a) the fair market value of such assets at such date of determination
and (b) the amount of such Indebtedness of such other Person;

 

provided, however, that notwithstanding the foregoing, Indebtedness
shall be deemed not to include (A) Contingent Obligations incurred in the ordinary course of business, (B) accrued expenses
and royalties, (C) obligations under or in respect of operating leases or Sale and Lease-Back Transactions (except any resulting
Capitalized Lease Obligations), or (D) asset retirement obligations and obligations in respect of performance bonds, reclamation
and workers’ compensation (including pensions and retiree medical care) that are not overdue by more than 90 days.

 

“Indenture” means this
instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.

 

“Independent Financial Advisor”
means an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of nationally recognized
standing that is, in the good faith judgment of the Issuer, qualified to perform the task for which it has been engaged.

 

“Initial Notes” has the
meaning specified in the recitals of this Indenture.

 

“Interest Payment Date”
means the Stated Maturity of an installment of interest on the Notes.

 

“Investment Grade Rating”
means a rating equal to or higher than (x) Baa3 (or the equivalent), with respect to Moody’s, (y) BBB- (or the equivalent),
with respect to S&P, or (z) BBB- (or the equivalent), with respect to Fitch, or in each case, an equivalent rating by any other
Rating Agency.

 

“Investment Grade Securities”
means:

 

(1)       securities
issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other than
Cash Equivalents),

 

(2)       debt
securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans
or advances among the Issuer and its Subsidiaries,

 

(3)       investments
in any fund that invests at least 90% of its assets in investments of the type described in clauses (1) and (2), which
fund may also hold immaterial amounts of cash pending investment or distribution, and

 

    	 	-26-	 

     

    

 

(4)          corresponding
instruments in countries other than the United States customarily utilized for high-quality investments.

 

“Investments” means, with
respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding (x) accounts receivable, trade credit, advances to customers, commission, moving,
entertainment, travel and similar expenses and advances to officers, directors, managers, employees and consultants, in each case
made in the ordinary course of business or consistent with past practice, (y) deposits made in the ordinary course of business
or customary deposits into reserve accounts related to Securitizations or (z) residential mortgage loans in the ordinary course
of business, warehouse loans secured by residential mortgage loans and related assets, drawing accounts and similar expenditures
in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other
securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding
the footnotes) of the Issuer in the same manner as the other investments included in this definition to the extent such transactions
involve the transfer of cash or other property. Notwithstanding anything to the contrary in the foregoing, Permitted Equity Derivatives
shall not constitute Investments.

 

For purposes of the definition of “Unrestricted
Subsidiary” and Section 10.10:

 

(1)          “Investments”
shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of
the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have
a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to:

 

(a)     the
Issuer’s “Investment” in such Subsidiary at the time of such redesignation; less

 

(b)     the
portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of the net assets of
such Subsidiary at the time of such redesignation; and

 

(2)          any
property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer,
in each case as determined by the Issuer.

 

The amount of any Investment outstanding at
any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital,
repayment or other amount received in cash or Cash Equivalents by the Issuer or a Restricted Subsidiary in respect of such Investment.

 

“Investors” means HC Partners,
LLC and its Affiliates (including the funds, partnerships or other co-investment vehicles managed, advised or controlled thereby
but other than, in each case, any portfolio company of any of the foregoing or the Issuer and its Subsidiaries).

 

“Issue Date” means September
29, 2020.

 

“Issuer” means PennyMac
Financial Services, Inc.

 

    	 	-27-	 

     

    

 

“Issuer Request” or “Issuer
Order” means a written request or order signed in the name of the Issuer by an Officer thereof, and delivered
to the Trustee.

 

“Legal Defeasance” has
the meaning specified in Section 13.02 of this Indenture.

 

“Legal Holiday” means a
Saturday, a Sunday or a day on which commercial banking institutions are not required or authorized to be open in the State
of New York.

 

“Lien” means, with respect
to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest, preference, priority
or encumbrance of any kind in respect of such asset, whether or not filed, recorded, registered, published or otherwise perfected
under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease or
a transfer of assets pursuant to a Co-Investment Transaction be deemed to constitute a Lien.

 

“Limited Condition Acquisition”
means any acquisition or Investment, including by way of merger, amalgamation or consolidation, by the Issuer or one or more of
its Restricted Subsidiaries whose consummation is not conditioned upon the availability of, or on obtaining, third party financing;
provided that solely for purposes of Section 10.10(a)(3), Consolidated Net Income shall not include any Consolidated Net Income
of or attributable to the target company or assets associated with any such Limited Condition Acquisition unless and until the
closing of such Limited Condition Acquisition shall have actually occurred.

 

“Market Capitalization”
means an amount equal to (1) the total number of issued and outstanding shares of common Equity Interests of the Issuer or
any Parent Entity on the date of the declaration of a Restricted Payment permitted pursuant to Section 10.10(b)(8) multiplied
by (2) the arithmetic mean of the closing prices per share of such common Equity Interests on the principal securities exchange
on which such common Equity Interests are traded for the 30 consecutive trading days immediately preceding the date of declaration
of such Restricted Payment.

 

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

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor to its rating agency business.

 

“MSR” means mortgage servicing
rights (including master servicing rights and excess mortgage servicing rights) entitling the holder to service mortgage loans.

 

“MSR Facility” means any
financing arrangement of any kind, including, but not limited to, financing arrangements in the form of repurchase facilities,
loan agreements, note and/or other security issuance facilities and commercial paper facilities (excluding in all cases, Securitizations),
with a financial institution or other lender (including, without limitation, any Specified Government Entity) or purchaser, in
each case, primarily to finance or refinance the purchase, origination, pooling or funding by the Issuer or a Restricted Subsidiary
of the Issuer of MSRs originated, purchased, or owned by the Issuer or any Restricted Subsidiary of the Issuer, including, for
the avoidance of doubt, any arrangement secured by MSRs held by the Issuer or any Restricted Subsidiary of the Issuer.

 

    	 	-28-	 

     

    

 

“MSR Facility Trust” means
any Person (whether or not a Subsidiary of the Issuer) established for the purpose of issuing notes or other securities in connection
with an MSR Facility, which (1) notes and securities are backed by specified MSRs originated or purchased by, and/or contributed
to, such Person from the Issuer or any of its Restricted Subsidiaries, or (2) notes and securities are backed by specified mortgage
loans purchased by, and/or contributed to, such Person from the Issuer or any of its Restricted Subsidiaries.

 

“MSR Indebtedness” means
Indebtedness in connection with an MSR Facility; the amount of any particular MSR Indebtedness as of any date of determination
shall be calculated in accordance with GAAP.

 

“Net Income” means, with
respect to any Person, the net income (loss) attributable to such Person and its Restricted Subsidiaries, determined on a consolidated
basis in accordance with GAAP and before any reduction in respect of Preferred Stock (other than Disqualified Stock) dividends.

 

“Net Proceeds” means the
aggregate cash proceeds and the fair market value of any Cash Equivalents received by the Issuer or any of the Restricted Subsidiaries
in respect of any Asset Sale, including any cash or Cash Equivalents received upon the sale or other disposition of any Designated
Non-cash Consideration received in any Asset Sale, net of (1) fees, out-of-pocket expenses and other direct costs relating
to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including, without limitation, legal,
accounting, consulting, investment banking and other customary fees, underwriting discounts and commissions, survey costs, title
and recordation expenses, title insurance premiums, payments made in order to obtain a necessary consent or required by applicable
law and brokerage and sales commissions and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as
a result thereof or any transactions occurring or deemed to occur to effectuate a payment under this Indenture (including transfer
taxes, deed or mortgage recording taxes and estimated taxes payable in connection with any repatriation of funds and after taking
into account any available tax credits or deductions and any tax sharing arrangements), (3) amounts required to be applied to the
repayment of principal, premium, if any, and interest on Senior Indebtedness, Indebtedness of any Restricted Subsidiary or Indebtedness
secured by a Lien on such assets and in each case required (other than pursuant to Section 10.17(b)(1)) to be paid as
a result of such transaction, (4) the pro rata portion of Net Proceeds thereof attributable to minority interests and not available
for distribution to or for the account of the Issuer and the Restricted Subsidiaries as a result thereof, (5) any costs associated
with unwinding any related Hedging Obligations in connection with such transaction, (6) any deduction of appropriate amounts to
be provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated
with the asset disposed of in such transaction and retained by the Issuer or any of the Restricted Subsidiaries after such sale
or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with such transaction, (7) any portion of the purchase price from
an Asset Sale placed in escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect
of such Asset Sale or otherwise in connection with such Asset Sale; provided, that upon the termination of that escrow (other than
in connection with a payment in respect of any such adjustment or satisfaction of indemnities), Net Proceeds will be increased
by any portion of funds in the escrow that are released to the Issuer or any of its Restricted Subsidiaries and (8) the amount
of any liabilities (other than Indebtedness in respect of the Notes) directly associated with such asset being sold and retained
by the Issuer or any of its Restricted Subsidiaries.

 

“Non-Recourse Indebtedness”
means, with respect to any Person, Indebtedness that is:

 

(1) specifically advanced to
finance the acquisition of investment assets and secured only by the assets to which such Indebtedness relates without
recourse to such Person or any of its Restricted Subsidiaries (other than subject to such customary carve-out matters for
which such Person or its Restricted Subsidiaries acts as a guarantor in connection with such Indebtedness, such as fraud,
misappropriation, breach of representation and warranty and misapplication, unless, until and for so long as a claim for
payment or performance has been made thereunder against such Person (which has not been satisfied) at which time the
obligations with respect to any such customary carve-out shall not be considered Non-Recourse Indebtedness, to the extent
that such claim is a liability of such Person for GAAP purposes);

 

    	 	-29-	 

     

    

 

(2) advanced to (i) such Person
or its Restricted Subsidiaries that holds investment assets or (ii) any of such Person’s Subsidiaries or group of such Person’s
Subsidiaries formed for the sole purpose of acquiring or holding investment assets, in each case, against which a loan is obtained
that is made without recourse to, and with no cross-collateralization against, such Person’s or any of such Person’s
Restricted Subsidiaries’ other assets (other than: (A) cross-collateralization against assets which serve as collateral for
other Non-Recourse Indebtedness; and (B) subject to such customary carve-out matters for which such Person or its Restricted Subsidiaries
acts as a guarantor in connection with such Indebtedness, such as fraud, misappropriation, breach of representation and warranty
and misapplication, unless, until and for so long as a claim for payment or performance has been made thereunder against such Person
(which has not been satisfied) at which time the obligations with respect to any such customary carve-out shall not be considered
Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person for GAAP purposes) and upon complete or
partial liquidation of which the loan must be correspondingly completely or partially repaid, as the case may be; or

 

(3) specifically advanced to finance
the acquisition of real property and secured by only the real property to which such Indebtedness relates without recourse to such
Person or any of its Restricted Subsidiaries (other than subject to such customary carve-out matters for which such Person or any
of its Restricted Subsidiaries acts as a guarantor in connection with such Indebtedness, such as fraud, misappropriation, breach
of representation and warranty and misapplication, unless, until and for so long as a claim for payment or performance has been
made thereunder against such Person (which has not been satisfied) at which time the obligations with respect to any such customary
carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person for GAAP
purposes),

 

provided that, notwithstanding the foregoing,
to the extent that any Non-Recourse Indebtedness is made with recourse to other assets of a Person or its Restricted Subsidiaries,
only that portion of such Non-Recourse Indebtedness that is recourse to such other assets or Restricted Subsidiaries shall be deemed
not to be Non-Recourse Indebtedness.

 

“Note Register” and “Note
Registrar” have the respective meanings specified in Section 3.02.

 

“Notes” means the Initial
Notes and any Additional Notes authenticated and delivered under this Indenture. The Initial Notes and the Additional Notes shall
be treated as a single class for all purposes of this Indenture, including waivers, amendments, redemptions and offers to purchase,
and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes
actually issued; provided that a separate CUSIPs and ISINs will be issued for each series of the Additional Notes, unless the Initial
Notes and the Additional Notes are treated as fungible for U.S. federal income tax purposes.

 

“Notes Custodian” means
the custodian with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially
be the Trustee.

 

    	 	-30-	 

     

    

 

“Obligations” means any
principal, interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization
or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed
claim under applicable state, provincial, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including
reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and
guarantees of payment of such principal, interest, premium, penalties, fees, indemnifications, reimbursements, damages and other
liabilities, payable under the documentation governing any Indebtedness; provided, that any of the foregoing (other than principal
and interest) shall no longer constitute “Obligations” after payment in full of such principal and interest except
to the extent such obligations are fully liquidated and non-contingent on or prior to such payment in full.

 

“Offering Memorandum” means
the Offering Memorandum, dated September 24, 2020, relating to the offering of the Notes.

 

“Officer” means the Chairman
of the Board, any Manager or Director, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the
President, any Executive Vice President, Senior Vice President, Vice President or Assistant Vice President, the Treasurer, the
Controller or the Secretary or any other officer designated by any such individuals of the Issuer or any other Person, as the case
may be, or, in the event that the Issuer or such Person has no such officers, a person duly authorized under applicable law by
the managers, members or a similar body to act on behalf of the Issuer or such Person.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer of the Issuer or on behalf of any other Person, as the case may
be, that meets the requirements set forth in this Indenture.

 

“Opinion of Counsel” means
a written opinion from legal counsel who is reasonably acceptable to the Trustee (which opinion may be subject to customary assumptions
and exclusions); such legal counsel may be an employee of, or counsel to, the Issuer or a Parent Entity.

 

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

 

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

 

(2)       Notes,
or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act
as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, written notice of
such redemption has been duly given pursuant to this Indenture;

 

(3)       Notes,
except to the extent provided in Sections 13.02 and 13.03, with respect to which the Issuer has effected Legal Defeasance
or Covenant Defeasance as provided in Article Thirteen; and

 

(4)       Notes
which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Notes are held by a Protected Purchaser in whose hands the Notes
are valid obligations of the Issuer;

 

    	 	-31-	 

     

    

 

provided that, in determining whether the Holders of the requisite
principal amount of Outstanding Notes have given any request, demand, authorization, direction, consent, notice or waiver hereunder
Notes owned by the Issuer or its Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making such determination or in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall
be so disregarded.

 

“Parent Entity” means any
Person of which the Issuer becomes a Wholly-Owned Subsidiary for so long as the Issuer is a Wholly-Owned Subsidiary of such Person.
Unless the context otherwise requires, any references to Parent Entity refer to a Parent Entity of the Issuer.

 

“Pari Passu Indebtedness”
has the meaning specified in Section 10.17(c) of this Indenture.

 

“Paying Agent” means any
Person (including the Issuer acting as Paying Agent) authorized by the Issuer to pay the principal of (and premium, if any) or
interest on any Notes on behalf of the Issuer.

 

“Permitted Asset Swap”
means the substantially concurrent purchase and sale or exchange, including as a deposit for future purchases, of Related Business
Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Issuer or any of its Restricted Subsidiaries
and another Person; provided that any cash or Cash Equivalents received must be applied in accordance with Section 10.17.

 

“Permitted Bond Hedge Transaction”
means (a) any call option or capped call option (or substantively equivalent derivative transaction) on the common stock of the
Issuer or any Parent Entity purchased by the Issuer, any of its Subsidiaries or any Parent Entity in connection with an Incurrence
of Permitted Convertible Indebtedness, and (b) any call option or capped call option (or substantively equivalent derivative transaction)
replacing or refinancing the foregoing; provided, that (x) the sum of (i) the purchase price for any Permitted Bond Hedge Transaction
occurring after the Issue Date, plus (ii) the purchase price for any Permitted Bond Hedge Transaction it is refinancing or replacing,
if any, minus (iii) the cash proceeds received upon the termination, unwinding or the retirement of the Permitted Bond Hedge Transaction
it is replacing or refinancing, if any, less (y) the sum of (i) the cash proceeds from the sale of the related Permitted Warrant
Transaction, if any, plus (ii) the cash proceeds from the sale of any Permitted Warrant Transaction refinancing or replacing such
related Permitted Warrant Transaction, if any, minus (iii) the amount paid upon termination or retirement of such related Permitted
Warrant Transaction, if any, does not exceed the net cash proceeds from the incurrence of the related Permitted Convertible Indebtedness.

 

“Permitted Convertible Indebtedness”
means Indebtedness of the Issuer, any Parent Entity or any of the Restricted Subsidiaries permitted to be incurred pursuant to
Section 10.11 that is (1) convertible into, or exchangeable for, Capital Stock of the Issuer or any Parent Entity (and cash in
lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common stock) and/or (2) sold
as units with call options, warrants, rights or obligations to purchase (or substantially equivalent derivative transactions) that
are exercisable for Capital Stock of the Issuer or any Parent Entity and/or cash (in an amount determined by reference to the price
of such common stock).

 

    	 	-32-	 

     

    

 

“Permitted Convertible Indebtedness
Call Transaction” means any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction.

 

“Permitted Equity Derivatives”
means (1) any forward purchase, accelerated share purchase or other equity derivative transactions relating to the Equity Interests
of the Company entered into by the Company or any Restricted Subsidiary; provided that any Restricted Payment made in connection
with such transaction is permitted pursuant to Section 10.10 and (2) any Permitted Convertible Indebtedness Call Transactions.

 

“Permitted Funding Indebtedness”
means (1) any Permitted Servicing Advance Facility Indebtedness, (2) any Permitted Warehouse Indebtedness, (3) any Permitted Residual
Indebtedness, (4) any Permitted MSR Indebtedness, (5) any Indebtedness under clauses (1), (2), (3) or (4) of this definition that
is acquired by the Issuer or any Subsidiary of the Issuer in connection with a transaction permitted under this Indenture, (6)
any facility that combines any Indebtedness under clauses (1), (2), (3), (4) or (5) of this definition and (7) any refinancing
of the Indebtedness under clauses (1), (2), (3), (4), (5) or (6) of this definition and advanced to the Issuer or any of its Restricted
Subsidiaries based upon, and secured by, Servicing Advances, mortgage related securities or derivatives, loans, MSRs, consumer
receivables, REO Assets, Residual Interests or other similar assets (or any interests in the foregoing) existing on the Issue Date
or created or acquired thereafter, provided, however, that solely as of the date of the incurrence of such Permitted Funding Indebtedness,
the amount of any excess (determined as of the most recent date for which internal financial statements are available) of (x) the
amount of any Indebtedness incurred in accordance with this clause (7) for which the holder thereof has contractual recourse to
the Issuer or its Restricted Subsidiaries to satisfy claims with respect thereto (excluding recourse for matters such as fraud,
misappropriation, breaches of representations, warranties and covenants and misapplication and customary indemnities in connection
with similar transaction) over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such
Indebtedness shall not be Permitted Funding Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject
to Section 10.11, except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence
of such Indebtedness incurred under this clause (7) which excess shall be entitled to be incurred pursuant to any other provision
under Section 10.11). The amount of any Permitted Funding Indebtedness shall be determined in accordance with the definition of
 “Indebtedness.”

 

“Permitted Holders” means
each of (1) the Investors, (2) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act) of which any of the Persons described in clause (1) above or any Permitted Holder specified in the last sentence
of this definition are members and any member of such group; provided, that, in the case of such group and without giving effect
to the existence of such group or any other group, such Investors and Person or group specified in the last sentence of this definition,
collectively, own, directly or indirectly, more than 50% of the total voting power of the Voting Stock entitled to vote for the
election of directors of the Issuer having a majority of the aggregate votes on the Board of the Issuer held by such group and
(3) any Permitted Parent. Any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act) whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control
Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an
additional Permitted Holder.

 

“Permitted Investments”
means:

 

(1)       any
Investment in the Issuer or any of its Restricted Subsidiaries (including guarantees of obligations of its Restricted Subsidiaries);

 

(2)       any
Investment in cash and Cash Equivalents or Investment Grade Securities;

 

    	 	-33-	 

     

    

 

(3)          any
Investment by the Issuer or any of its Restricted Subsidiaries in a Person (including, to the extent constituting an Investment,
in assets of a Person that represent substantially all of its assets or a division, business unit, product line or line of business,
including research and development and related assets in respect of any product) that is engaged directly or through entities that
will be Restricted Subsidiaries in a Similar Business if as a result of such Investment:

 

(a)      such
Person becomes a Restricted Subsidiary; or

 

(b)      such
Person, in one transaction or a series of related transactions, is merged, amalgamated or consolidated with or into, or transfers
or conveys substantially all of its assets (or such division, business unit, product line or business) to, or is liquidated into,
the Issuer or a Restricted Subsidiary;

 

and, in each case, any Investment
held by such Person; provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger,
amalgamation, consolidation, transfer or conveyance;

 

(4)          any
Investment in securities or other assets (including earn-outs) not constituting cash, Cash Equivalents or Investment Grade Securities
and received in connection with an Asset Sale made pursuant to Section 10.17 or any other disposition of assets not constituting
an Asset Sale;

 

(5)          any
Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an Investment consisting
of any extension, modification, replacement, reinvestment or renewal of any such Investment existing on the Issue Date or binding
commitment in effect on the Issue Date; provided that the amount of any such Investment may be increased in such extension, modification,
replacement, reinvestment or renewal only (a) as required by the terms of such Investment or binding commitment as in existence
on the Issue Date (including as a result of the accrual or accretion of interest or original issue discount or the issuance of
pay-in-kind securities) or (b) as otherwise permitted under this Indenture;

 

(6)          any
Investment acquired by the Issuer or any of its Restricted Subsidiaries:

 

(a)      in
exchange for any other Investment or accounts receivable, endorsements for collection or deposit held by the Issuer or any Restricted
Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such
other Investment or accounts receivable, endorsements for collection or deposit;

 

(b)      in
satisfaction of judgments against other Persons;

 

(c)      as
a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer
of title with respect to any secured Investment in default; or

 

(d)      received
in compromise or resolution of (A) obligations of trade creditors, suppliers or customers that were incurred in the
ordinary course of business of the Issuer or any Restricted Subsidiary or consistent with past practice, including pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor, supplier or
customer, or (B) litigation, arbitration or other disputes;

 

    	 	-34-	 

     

    

 

 

(7)       Hedging
Obligations permitted under Section 10.11(b)(14);

 

(8)       any
Investment in a Similar Business having an aggregate fair market value, taken together with all other Investments made pursuant
to this clause (8) that are at that time outstanding, not to exceed the greater of (x) $175.0 million and (y) 4.0%
of Consolidated Tangible Net Worth at the time of such Investment (in each case, determined on the date such Investment is made,
with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in
value); provided, however, that if any Investment pursuant to this clause (8) is made in any Person that is not a Restricted
Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment
shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant
to this clause (8);

 

(9)       Investments
the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer or any Parent Entity or any
Unrestricted Subsidiary; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments
under Section 10.10(a)(3);

 

(10)     guarantees
of Indebtedness permitted under Section 10.11, performance guarantees and Contingent Obligations incurred in the ordinary
course of business or consistent with past practice and the creation of Liens on the assets of the Issuer or any Restricted Subsidiary
in compliance with Section 10.12;

 

(11)     any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with Section 10.13(b) (except
transactions described in Section 10.13(b)(2), (3), (5) and (9));

 

(12)     any
Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment or other similar assets, or
the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;

 

(13)     additional
Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (13)
that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of
such sale do not consist of cash or marketable securities), not to exceed the greater of (x) $175.0 million and (y) 7.0% of Consolidated
Tangible Net Worth; provided, however, that if any Investment pursuant to this clause (13) is made in any Person that is not
a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such
date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have
been made pursuant to this clause (13);

 

(14)     Investments
by the Issuer or any of its Restricted Subsidiaries in Securitization Entities, Warehouse Facility Trusts, MSR Facility Trusts,
Investments in mortgage related securities or charge-off receivables in the ordinary course of business;

 

(15)     Investments
arising out of purchases of all remaining outstanding asset-backed securities issued by any Securitization Entity and/or
Securitization Assets of any Securitization Entity in the ordinary course of business or for the purpose of relieving the
Issuer or a Subsidiary of the Issuer of the administrative expense of servicing such Securitization Entity;

 

    	 	-35-	 

     

    

 

(16)     Investments
in MSRs (including in the form of repurchases of MSRs);

 

(17)     Investments
in Residual Interests in connection with any Securitization, Warehouse Facility or MSR Facility;

 

(18)     Investments
by the Issuer or any Restricted Subsidiary in the form of loans extended to non-Affiliate borrowers in connection with any loan
origination business of the Issuer or such Restricted Subsidiary in the ordinary course of business;

 

(19)     Investments
in and making or origination of Servicing Advances, residential or commercial mortgage loans and Securitization Assets (whether
or not made in conjunction with the acquisition of MSRs) (including in the form of repurchases of any of the foregoing);

 

(20)     purchases
of mortgage backed securities or similar debt instruments related to a Similar Business;

 

(21)     Investments
in or guarantees of Indebtedness of one or more entities the sole purpose of which is to originate, acquire, securitize and/or
sell loans that are purchased, insured, guaranteed or securitized by any Specified Government Entity; provided that the aggregate
amount of (1) Investments in such entities plus (2) the aggregate principal amount of Indebtedness of such entities that are not
Wholly-Owned Subsidiaries which is recourse to the Issuer or any Guarantor shall not exceed an amount equal to 10% of the Issuer’s
GAAP book equity as of any date of determination;

 

(22)     loans
and advances to, or guarantees of Indebtedness of, officers, directors, managers, employees and consultants of the Issuer, any
of its Subsidiaries or any Parent Entity not in excess of the greater of (x) $25.0 million and (y) 1.0% of Consolidated Tangible
Net Worth outstanding at any one time, in the aggregate;

 

(23)     loans
and advances to officers, directors, managers, employees and consultants of the Issuer, any of its Subsidiaries or any Parent Entity
for business-related travel expenses, moving or relocation expenses, payroll advances and other analogous or similar expenses or
payroll expenses, in each case incurred in the ordinary course of business or consistent with past practice, or to fund such Person’s
purchase of Equity Interests of the Issuer or any Parent Entity;

 

(24)     advances,
loans or extensions of trade credit (including the creation of receivables) or prepayments to suppliers or lessors or loans or
advances made to distributors, and performance guarantees, in each case in the ordinary course of business or consistent with past
practice by the Issuer or any of its Restricted Subsidiaries;

 

(25)     Investments
consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent with past practice;

 

(26)     repurchases
of the Notes;

 

(27)     Investments
in the ordinary course of business or consistent with past practice consisting of Uniform Commercial Code Article 3 endorsements
for collection or deposit and Article 4 customary trade arrangements with customers consistent with past practices;

 

    	 	-36-	 

     

    

 

(28)     Investments
in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments made pursuant to
this clause (28) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the
extent the proceeds of such sale do not consist of cash or marketable securities, not to exceed the greater of (x) $100.0 million
and (y) 4.0% of Consolidated Tangible Net Worth at the time of such Investment (with the fair market value of each Investment being
measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment
pursuant to this clause (28) is made in any Person that is an Unrestricted Subsidiary at the date of the making of such Investment
and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) above and shall cease to have been made pursuant to this clause (28);

 

(29)     [reserved];

 

(30)     Investments
of assets relating to non-qualified deferred payment plans in the ordinary course of business;

 

(31)     any
Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities
arising in the ordinary course of business or consistent with past practice;

 

(32)     contributions
to a “rabbi” trust for the benefit of employees, directors, managers, consultants, independent contractors or other
service providers or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Issuer or any Restricted
Subsidiary;

 

(33)     any
Co-Investment Transaction;

 

(34)     non-cash
Investments in connection with tax planning and reorganization activities; and

 

(35)     any
other Investment; provided that on a pro forma basis after giving effect to such Investment the Consolidated Total Indebtedness
to Consolidated Tangible Net Worth Ratio would be equal to or less than 2.00 to 1.00.

 

“Permitted Liens” means,
with respect to any Person:

 

(1)       Liens
for taxes, assessments or other governmental charges that are not overdue for a period of more than 60 days or not yet payable
or subject to penalties for nonpayment or that are being contested in good faith by appropriate actions diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, or for property
taxes on property the Issuer or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment,
charge, levy or claim is to such property;

 

(2)       Liens
imposed by law or regulation, such as landlords’, carriers’, warehousemen’s, mechanics’, suppliers’,
materialmen’s, repairmen’s, architects’ or construction contractors’ Liens and other similar Liens that
secure amounts not overdue for a period of more than 60 days or, if more than 60 days overdue, are unfiled and no other
action has been taken to enforce such Liens or that are being contested in good faith by appropriate actions or other Liens arising
out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other
proceeding for review, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance
with GAAP;

 

    	 	-37-	 

     

    

 

(3)       Liens
incurred or deposits made in the ordinary course of business or consistent with past practice (a) in connection with workers’
compensation, unemployment insurance, employers’ health tax, and other social security or similar legislation or other insurance
related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and
adjustments thereto) and (b) securing reimbursement or indemnification obligations of (including obligations in respect of
letters of credit or bank guarantees or similar instruments for the benefit of) insurance carriers providing property, casualty
or liability insurance to such Person or otherwise supporting the payment of items set forth in the foregoing clause (a);

 

(4)       Liens
incurred or deposits made to secure the performance of bids, tenders, trade contracts, governmental contracts, leases, public or
statutory obligations, surety, indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements,
completion guarantees, stay, customs and appeal bonds, performance bonds, bankers’ acceptance facilities and other obligations
of a like nature (including those to secure health, safety and environmental obligations), deposits as security for contested import
duties or for payment of rent, performance and return of money bonds and obligations in respect of letters of credit, bank guarantees
or similar instruments that have been posted to support the same, incurred in the ordinary course of business or consistent with
past practice;

 

(5)       minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, rights-of-way, servitudes, sewers,
electric lines, drains, telegraph, telephone and cable television lines and other similar purposes, or zoning, building codes or
other restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use of real properties
or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not incurred
in connection with Indebtedness and other similar charges or encumbrances in respect of real property which do not in the aggregate
materially interfere with the ordinary conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole;

 

(6)       Liens
securing, or otherwise arising from, judgments not constituting an Event of Default under Section 5.01(5);

 

(7)       Liens
on goods the purchase price of which is financed by a documentary letter of credit issued for the account of the Issuer or any
of its Subsidiaries or Liens on bills of lading, drafts or other documents of title arising by operation of law or pursuant to
the standard terms of agreements relating to letters of credit, bank guarantees and other similar instruments, provided that such
Lien secures only the obligations of the Issuer or such Restricted Subsidiaries in respect of such letter of credit to the extent
such obligations are permitted under Section 10.11 and Liens on specific items of inventory or other goods and proceeds of
any Person securing such Person’s accounts payable or similar trade obligations in respect of bankers’ acceptances
or documentary letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage
of such inventory or other goods;

 

(8)       rights
of set-off, banker’s liens, netting agreements and other Liens arising by operation of law or by the terms of documents of
banks or other financial institutions in relation to the maintenance of administration of deposit accounts, securities accounts,
cash management arrangements or in connection with the issuance of letters of credit, bank guarantees or other similar instruments;

 

    	 	-38-	 

     

    

 

(9)       Liens
arising from Uniform Commercial Code financing statements, including precautionary financing statements, or any similar filings
made in respect of operating leases or consignments entered into by the Issuer or any of its Restricted Subsidiaries or dispositions
of assets;

 

(10)     Liens
securing Indebtedness permitted to be incurred under Credit Facilities, including any letter of credit facility relating thereto,
that was permitted by the terms of this Indenture to be incurred pursuant to Section 10.11(b)(1);

 

(11)     Liens
existing on the Issue Date;

 

(12)     Liens
securing Indebtedness permitted to be incurred pursuant to clauses (3), (5), (9), (16), (17), (19), (22), (23) and (28) of Section
10.11(b); provided that (a) Liens securing Indebtedness permitted to be incurred pursuant to Section 10.11(b)(5) extend only
to the assets purchased with the proceeds of such Indebtedness, accessions to such assets and the proceeds and products thereof;
provided, further, that individual financings of equipment provided by one lender may be cross collateralized to other financings
of equipment provided by such lender; (b) Liens securing Obligations relating to any Indebtedness permitted to be incurred pursuant
to Section 10.11(b)(17) relate only to Obligations relating to Refinancing Indebtedness that (x) is secured by Liens on the same
assets as the assets that secured the Indebtedness being refinanced or (y) extends, replaces, refunds, refinances, renews or defeases
Indebtedness incurred or Disqualified Stock or Preferred Stock issued under Sections 10.11(b)(4) (solely to the extent such Indebtedness
was secured by a Lien prior to such refinancing), 10.11(b)(5) or 10.11(b)(16) (solely to the extent such Indebtedness was secured
by a Lien prior to such refinancing); (c) Liens securing Indebtedness permitted to be incurred pursuant to Section 10.11(b)(22)
extend only to the assets of the Restricted Subsidiaries that are incurring such Indebtedness; (d) Liens securing Indebtedness
permitted to be incurred pursuant to Section 10.11(b)(23) are solely on acquired property or extend only to the assets of the acquired
entity, as the case may be, and the proceeds and products thereof and (e) Liens securing Indebtedness permitted to be incurred
pursuant Section 10.11(b)(28) are solely on the assets of the Services Business;

 

(13)     Liens
securing Permitted Funding Indebtedness so long as any such Lien shall encumber only (x) the assets acquired, funded or originated
with the proceeds of such Indebtedness, assets that consist of Servicing Advances, MSRs, loans, mortgages and other secured loans,
mortgage related securities and derivatives and other mortgage related receivables, REO Assets, Residual Interests and other similar
assets (or any interests in any of the foregoing) subject to and pledged to secure such Indebtedness and (y) any intangible contract
rights and proceeds of, and other accounts, documents, records and assets directly related to, the assets set forth in the foregoing
clause (x);

 

(14)     (a)
Liens on Servicing Advances, any intangible contract rights and other documents, records and assets directly related to the foregoing
assets and any proceeds thereof securing Permitted Securitization Indebtedness or Non-Recourse Indebtedness, and (b) Liens on Securitization
Assets, any intangible contract rights and other accounts, documents, records and assets directly related to the forgoing assets
and the proceeds thereof incurred in connection with Permitted Securitization Indebtedness or permitted guarantees thereof;

 

(15)     Liens
on spread accounts and credit enhancement assets, Liens on the stock of Restricted Subsidiaries of the Issuer substantially all
of the assets of which are spread accounts and credit enhancement assets and Liens on interests in Securitization Entities, in
each case incurred in connection with Credit Enhancement Agreements;

 

    	 	-39-	 

     

    

 

(16)     Liens
on Servicing Advances, mortgage loans or MSRs or any part thereof and any intangible contract rights and other accounts, documents,
records and property directly related to the foregoing assets and any proceeds thereof, in each case that are the subject of an
Excess Spread Sale or an MSR Facility entered into in the ordinary course of business securing obligations under such Excess Spread
Sale or MSR Facility;

 

(17)     leases,
licenses, subleases or sublicenses granted to others that do not (a) interfere in any material respect with the business of
the Issuer and its Restricted Subsidiaries, taken as a whole or (b) secure any Indebtedness;

 

(18)     Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods;

 

(19)     Liens
(a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision
on items in the course of collection, (b) attaching to pooling, commodity trading accounts or other commodity brokerage accounts
incurred in the ordinary course of business or consistent with past practice and (c) in favor of a banking or other financial
institution or electronic payment service providers arising as a matter of law or under general terms and conditions encumbering
deposits (including the right of setoff) and that are within the general parameters customary in the banking or finance industry;

 

(20)     Liens
(a) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an Investment permitted under
this Indenture to be applied against the purchase price for such Investment or otherwise in connection with any escrow arrangements
with respect to any such Investment (including any letter of intent or purchase agreement with respect to such investment), and
(b) consisting of an agreement to sell, transfer, lease or otherwise dispose of any property in a transaction permitted under
Section 10.17 or which does not constitute an Asset Sale, in each case, solely to the extent such Investment or sale, disposition,
transfer or lease, as the case may be, would have been permitted on the date of the creation of such Lien;

 

(21)     Liens
existing on the property at the time of its acquisition (by a merger, consolidation or amalgamation or otherwise) or existing on
the property or shares of stock or other assets of any Person at the time such Person becomes a Subsidiary, in each case after
the Issue Date; provided that (a) such Lien was not created in contemplation of such acquisition (by a merger, consolidation
or amalgamation or otherwise) or such Person becoming a Subsidiary, (b) such Lien does not extend to or cover any other assets
or property of the Issuer or any Restricted Subsidiary (other than assets and property affixed or appurtenant thereto and the proceeds
or products thereof and other than after-acquired property subject to a Lien securing Indebtedness and other obligations incurred
prior to such time and which Indebtedness and other obligations are permitted under this Indenture that require or include, pursuant
to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted
to apply to any property to which such requirement would not have applied but for such acquisition) and (c) any Indebtedness
secured thereby is permitted under Section 10.11;

 

(22)     any
interest or title of a lessor under leases (other than leases constituting Capitalized Lease Obligations) entered into by the Issuer
or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice;

 

    	 	-40-	 

     

    

 

(23)     Liens
arising out of conditional sale, title retention, consignment or similar arrangements for sale or purchase of goods by the Issuer
or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice;

 

(24)     Liens
deemed to exist in connection with Investments in repurchase agreements permitted under clause (5) of the definition of “Cash
Equivalents;”

 

(25)     Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(26)     Liens
that are contractual rights of setoff or rights of pledge (a) relating to the establishment of depository relations with banks
not given in connection with the incurrence of Indebtedness, (b) relating to pooled deposit or sweep accounts to permit satisfaction
of overdraft or similar obligations incurred in the ordinary course of business or consistent with past practice of the Issuer
and its Restricted Subsidiaries or (c) relating to purchase orders and other agreements entered into with customers of the
Issuer or any of its Restricted Subsidiaries in the ordinary course of business or consistent with past practice;

 

(27)     ground
leases, subleases, licenses or sublicenses in respect of real property on which facilities owned or leased by the Issuer or any
of its Restricted Subsidiaries are located;

 

(28)     (a) Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto or (b) deposits
made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance arrangements in the
ordinary course of business or consistent with past practice;

 

(29)     Liens
on cash and Permitted Investments used to satisfy or discharge Indebtedness; provided such satisfaction or discharge is
permitted under this Indenture;

 

(30)     receipt
of progress payments and advances from customers in the ordinary course of business or consistent with past practice to the extent
the same creates a Lien on the related inventory and proceeds thereof;

 

(31)     Liens
securing Hedging Obligations and the costs thereof;

 

(32)     Liens
securing Obligations relating to any Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another
Restricted Subsidiary;

 

(33)     Liens
in favor of the Issuer or any Guarantor or the Trustee;

 

(34)     Liens
on vehicles or equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business;

 

    	 	-41-	 

     

    

 

(35)     Liens
to secure any modification, refinancing, refunding, restatement, exchange, extension, renewal or replacement (or successive
refinancing, refunding, restatement, exchange, extensions, renewals or replacements) as a whole, or in part, of any
Indebtedness secured by any Lien referred to in clauses (10), (11), (12), (20), (21), (40) and (41) of this definition;
provided, however, that (a) such new Lien shall be limited to all or part of the same property that secured the original
Lien (plus accessions, additions and improvements on such property, including after-acquired property that is
(i) affixed or incorporated into the property covered by such Lien, (ii) after-acquired property subject to a Lien
securing such Indebtedness, the terms of which Indebtedness require or include a pledge of after-acquired property (it
being understood that such requirement shall not be permitted to apply to any property to which such requirement would not
have applied but for such acquisition) and (iii) the proceeds and products thereof) and (b) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (x) the outstanding principal amount
or, if greater, committed amount of the Indebtedness described under clauses (10), (11), (12), (20), (21), (40) and (41) of
this definition at the time the original Lien became a Permitted Lien under this Indenture, and (y) an amount necessary to
pay accrued but unpaid interest on such Indebtedness and any dividend, premium (including tender premiums), defeasance costs,
underwriting discounts and any fees, costs and expenses (including original issue discount, upfront fees or similar fees)
incurred in connection with such modification, refinancing, refunding, extension, renewal or replacement;

 

(36)     other
Liens securing Indebtedness (including Capitalized Lease Obligations) in an aggregate principal amount not to exceed the greater
of (x) $50.0 million and (y) 2.0% of Consolidated Tangible Net Worth at any one time outstanding, with the amount determined on
the dates of incurrence of such obligations;

 

(37)     any
encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar
arrangement pursuant to any joint venture or similar agreement;

 

(38)     Liens
on Equity Interests of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary;

 

(39)     agreements
to subordinate any interest of the Issuer or any Restricted Subsidiary in any accounts receivable or other proceeds arising from
inventory consigned by the Issuer or any Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of
business or consistent with past practice;

 

(40)     Liens on property or assets
used to defease or to irrevocably satisfy and discharge Indebtedness; provided that such defeasance or satisfaction and discharge
is not prohibited by this Indenture;

 

(41)     Liens securing the Notes
(other than any Additional Notes) and the related Guarantees;

 

(42)     any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the
Issuer or any Restricted Subsidiary;

 

(43)     security
given to a public utility or any municipality or governmental authority when required by such utility or authority in connection
with the operations of that Person in the ordinary course of business or consistent with past practice;

 

(44)     Liens
solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in connection with any letter
of intent or purchase agreement permitted by this Indenture; and

 

    	 	-42-	 

     

    

 

(45)
     Liens relating to future escrow arrangements securing Indebtedness, including (i) Liens on escrowed
proceeds from the issuance of Indebtedness for the benefit of the related holders of debt securities or other Indebtedness
(or the underwriters, arrangers, trustee or collateral agent thereof) and (ii) Liens on cash or Cash Equivalents set aside at
the time of the incurrence of any Indebtedness, in either case to the extent such cash or Cash Equivalents prefund the
payment of interest or premium or discount on such Indebtedness (or any costs related to the issuance of such Indebtedness)
and are held in an escrow account or similar arrangement to be applied for such purpose.

 

For purposes of determining compliance with
this definition, (A) a Lien need not be incurred solely by reference to one category of Permitted Liens described in this
definition but are permitted to be incurred in part under any combination thereof and of any other available exemption and (B) in
the event that a Lien (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens, Issuer shall,
in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition.

 

For purposes of this definition, the term
 “Indebtedness” shall be deemed to include interest on such Indebtedness.

 

“Permitted MSR Indebtedness”
means MSR Indebtedness; provided, that solely as of the date of the incurrence of such MSR Indebtedness, the amount of any excess
(determined as of the most recent date for which internal financial statements are available) of (x) the amount of any such MSR
Indebtedness for which the holder thereof has contractual recourse to the Issuer or its Restricted Subsidiaries to satisfy claims
with respect to such MSR Indebtedness (excluding recourse for matters such as fraud, misappropriation, breaches of representations,
warranties and covenants and misapplication and customary indemnities in connection with similar transaction) over (y) the aggregate
(without duplication of amounts) Realizable Value of the assets that secure such MSR Indebtedness shall not be Permitted MSR Indebtedness
(but shall not be deemed to be a new incurrence of Indebtedness subject to Section 10.11, except with respect to, and solely to
the extent of, any such excess that exists upon the initial incurrence of such Indebtedness which excess shall be entitled to be
incurred pursuant to any other provisions under Section 10.11). The amount of any particular Permitted MSR Indebtedness as of any
date of determination shall be calculated in accordance with GAAP.

 

“Permitted Parent” means
any Parent Entity so long as a Permitted Holder pursuant to clause (1) of the definition thereof, or the last sentence of the definition
thereof, holds 50% or more of the total voting power of the Voting Stock entitled to vote for the election of directors of the
Issuer having a majority of the aggregate votes on the Board of the Issuer.

 

“Permitted Residual Indebtedness”
means any Indebtedness of the Issuer or any of its Subsidiaries under a Residual Funding Facility; provided that solely as of the
date of the incurrence of such Permitted Residual Indebtedness, the amount of any excess (determined as of the most recent date
for which internal financial statements are available) of (x) the amount of any such Permitted Residual Indebtedness for which
the holder thereof has contractual recourse to the Issuer or its Restricted Subsidiaries to satisfy claims with respect to such
Permitted Residual Indebtedness (excluding recourse for matters such as fraud, misappropriation, breaches of representations, warranties
and covenants and misapplication and customary indemnities in connection with similar transaction) over (y) the aggregate (without
duplication of amounts) Realizable Value of the assets that secure such Permitted Residual Indebtedness shall be deemed not to
be Permitted Residual Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to Section 10.11, except
with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness which
excess shall be entitled to be incurred pursuant to any other provisions under Section 10.11).

 

    	 	-43-	 

     

    

 

“Permitted Securitization
Indebtedness” means Securitization Indebtedness; provided that (1) in connection with any Securitization, any
Warehouse Indebtedness or MSR Indebtedness used to finance the purchase, origination or pooling of any Receivables subject to
such Securitization is repaid in connection with such Securitization to the extent of the net proceeds received by the Issuer
and its Restricted Subsidiaries from the applicable Securitization Entity, and (2) solely as of the date of the incurrence of
such Permitted Securitization Indebtedness, the amount of any excess (determined as of the most recent date for which
internal financial statements are available) of (x) the amount of any such Securitization Indebtedness for which the holder
thereof has contractual recourse to the Issuer or its Restricted Subsidiaries to satisfy claims with respect to such
Securitization Indebtedness (excluding recourse for matters such as fraud, misappropriation, breaches of representations,
warranties and covenants and misapplication and customary indemnities in connection with similar transaction) over (y) the
aggregate (without duplication of amounts) Realizable Value of the assets that secure such Securitization Indebtedness shall
not be Permitted Securitization Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to
Section 10.11, except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence
of such Indebtedness which excess shall be entitled to be incurred pursuant to any other provisions under Section 10.11).

 

“Permitted Servicing Advance Facility
Indebtedness” means any Indebtedness of the Issuer or any of its Subsidiaries incurred under a Servicing Advance Facility;
provided, however, that solely as of the date of the incurrence of such Permitted Servicing Advance Facility Indebtedness, the
amount of any excess (determined as of the most recent date for which internal financial statements are available) of (x) the amount
of any such Permitted Servicing Advance Facility Indebtedness for which the holder thereof has contractual recourse to the Issuer
or its Restricted Subsidiaries to satisfy claims with respect to such Permitted Servicing Advance Facility Indebtedness (excluding
recourse for matters such as fraud, misappropriation, breaches of representations, warranties and covenants and misapplication
and customary indemnities in connection with similar transaction) over (y) the aggregate (without duplication of amounts) Realizable
Value of the assets that secure such Permitted Servicing Advance Facility Indebtedness shall not be Permitted Servicing Advance
Facility Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to Section 10.11, except with respect
to, and solely to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness under a Servicing
Advance Facility which excess shall be entitled to be incurred pursuant to any other provisions under Section 10.11).

 

“Permitted Warehouse Indebtedness”
means Warehouse Indebtedness; provided, that solely as of the date of the incurrence of such Warehouse Indebtedness, the amount
of any excess (determined as of the most recent date for which internal financial statements are available) of (x) the amount of
any such Warehouse Indebtedness for which the holder thereof has contractual recourse to the Issuer or its Restricted Subsidiaries
to satisfy claims with respect to such Warehouse Indebtedness (excluding recourse for matters such as fraud, misappropriation,
breaches of representations, warranties and covenants and misapplication and customary indemnities in connection with similar transaction)
over (y) the aggregate (without duplication of amounts) Realizable Value of the assets that secure such Warehouse Indebtedness
shall not be Permitted Warehouse Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to Section
10.11, except with respect to, and solely to the extent of, any such excess that exists upon the initial incurrence of such Indebtedness
which excess shall be entitled to be incurred pursuant to any other provisions under Section 10.11). The amount of any particular
Permitted Warehouse Indebtedness as of any date of determination shall be calculated in accordance with GAAP.

 

“Permitted Warrant Transaction”
means any call options, warrants or rights to purchase (or substantively equivalent derivative transactions) on common stock of
the Issuer or any Parent Entity sold by the Issuer or any Parent Entity substantially concurrently with a Permitted Bond Hedge
Transaction.

 

    	 	-44-	 

     

    

 

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

 

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

 

“Preferred Stock” means
any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or winding up.

 

“Protected Purchaser” has
the meaning specified in Section 3.06 of this Indenture.

 

“Purchase Money Obligations”
means any Indebtedness incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real
or personal) or assets (other than Capital Stock), and whether acquired through the direct acquisition of such property or assets,
or otherwise (including through the purchase of Capital Stock of any Person owning such property or assets).

 

“Rating Agency” means (1)
S&P, Moody’s and Fitch or (2) if S&P, Moody’s or Fitch or each of them shall not make a corporate rating with
respect to the Issuer or a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies,
as the case may be, selected by the Issuer, which shall be substituted for any or all of S&P, Moody’s or Fitch, as the
case may be, with respect to such corporate rating or the rating of the Notes, as the case may be.

 

“Realizable Value” of an
asset means (1) with respect to any REO Asset, the value realizable upon the disposition of such asset as determined by the Issuer
in its reasonable discretion and consistent with customary industry practice and (2) with respect to any other asset, the market
value of such asset as determined by the Issuer in accordance with the agreement governing the applicable Permitted Servicing Advance
Facility Indebtedness, Permitted Warehouse Indebtedness, Permitted MSR Indebtedness, Permitted Funding Indebtedness, Permitted
Securitization Indebtedness or Permitted Residual Indebtedness, as the case may be, (or, if such agreement does not contain any
related provision, as determined by senior management of the Issuer in good faith); provided, however, that the realizable value
of any asset described in clause (1) or (2) above which an unaffiliated third party has a binding contractual commitment to purchase
from the Issuer or any of its Restricted Subsidiaries shall be the minimum price payable to the Issuer or such Restricted Subsidiary
for such asset pursuant to such contractual commitment.

 

“Receivables” means loans
and other mortgage-related receivables (including Servicing Receivables and MSRs but excluding Residual Interests and net interest
margin securities) purchased or originated by the Issuer or any Restricted Subsidiary of the Issuer or, with respect to Servicing
Receivables and MSRs, otherwise arising in the ordinary course of business; provided, however, that for purposes of determining
the amount of a Receivable at any time, such amount shall be determined in accordance with GAAP, consistently applied, as of the
most recent practicable date.

 

“Redemption Date” has the
meaning specified in Section 11.01(a) of this Indenture.

 

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

 

    	 	-45-	 

     

    

 

“refinance” has the meaning
specified in Section 10.11(b)(17) of this Indenture.

 

“Refinancing Indebtedness”
has the meaning specified in Section 10.11(b)(17) of this Indenture.

 

“Refunding Capital Stock”
has the meaning specified in Section 10.10(b)(2) of this Indenture.

 

“Regular Record Date” has
the meaning specified in Section 3.01 of this Indenture.

 

“Related Business Assets”
means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the
Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed
to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person,
such Person would become a Restricted Subsidiary.

 

“REO Asset” of a Person
means a real estate asset owned by such Person and acquired as a result of the foreclosure or other enforcement of a lien on such
asset securing a Servicing Advance or loans and other mortgage-related receivables.

 

“Required Asset Sale” means
any Asset Sale that is a result of a repurchase right or obligation or a mandatory sale right or obligation related to (1) MSRs,
(2) pools or portfolios of MSRs, or (3) the Capital Stock of any Person that holds MSRs or pools or portfolios of MSRs, which rights
or obligations are either in existence on the Issue Date (or substantially similar in nature to such rights or obligations in existence
on the Issue Date) or pursuant to the guidelines or regulations of a Specified Government Entity.

 

“Residual Funding Facility”
means any funding arrangement with a financial institution or institutions or other lenders or purchasers under which advances
are made to the Issuer or any Restricted Subsidiary secured by Residual Interests.

 

“Residual Interests” means
any residual, subordinated, reserve accounts and retained ownership interest held by the Issuer or a Restricted Subsidiary of the
Issuer in Securitization Entities, Warehouse Facility Trusts and/or MSR Facility Trusts, regardless of whether required to appear
on the face of the consolidated financial statements in accordance with GAAP.

 

“Responsible Officer” means
any vice president, any trust officer, any senior associate or any associate, or any other officer of the Trustee within the Corporate
Trust Office 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 and, in each case, who shall have direct responsibility for the administration of
this Indenture.

 

“Restricted Investment”
means an Investment other than a Permitted Investment.

 

“Restricted Payments” has
the meaning specified in Section 10.10(a) of this Indenture.

 

“Restricted Subsidiary”
means, at any time, any direct or indirect Subsidiary of the Issuer (including any Foreign Subsidiary) that is not then an Unrestricted
Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary,
such Subsidiary shall be included in the definition of “Restricted Subsidiary.”

 

    	 	-46-	 

     

    

 

“Reversion Date” has the
meaning specified in Section 10.18(a) of this Indenture.

 

“S&P” means Standard
 & Poor’s Rating Services and any successor to its rating agency business.

 

“Sale and Lease-Back Transaction”
means any arrangement with any Person providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any real
property or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted
Subsidiary to such Person in contemplation of such leasing.

 

“SEC” means the U.S. Securities
and Exchange Commission.

 

“Secured Indebtedness”
means any Indebtedness of the Issuer or any of its Restricted Subsidiaries secured by a Lien.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Securitization” means
a public or private transfer, sale or financing of (1) Servicing Advances, (2) MSRs, (3) mortgage loans, (4) installment contracts,
(5) deferred servicing fees, (6) warehouse loans secured by mortgage loans, (7) mortgage related securities, including interest
only securities and/or (8) other loans and other similar assets (or any interest in any of the foregoing) and any other asset capable
of being securitized (clauses (1) through (8), collectively, the “Securitization Assets”) by which the Issuer
or any of its Restricted Subsidiaries directly or indirectly securitizes a pool of specified Securitization Assets including, without
limitation, any such transaction involving the sale of specified Securitization Assets to a Securitization Entity or a Specified
Government Entity (including a Securitization Entity established by such Specified Government Entity).

 

“Securitization Assets”
has the meaning given to such term in the definition of “Securitization.”

 

“Securitization Entity”
means (1) any Person (whether or not a Subsidiary of the Issuer) established for the purpose of issuing asset-backed or mortgaged-backed
or mortgage pass-through securities of any kind (including collateralized mortgage obligations and net interest margin securities),
(2) any special purpose Subsidiary of the Issuer established for the purpose of selling, depositing or contributing Securitization
Assets into a Person described in clause (1) or holding securities in any related Securitization Entity, regardless of whether
such Person is an issuer of securities; provided that such Person is not an obligor with respect to any Indebtedness of the Issuer
or any Guarantor and (3) any special purpose Subsidiary of the Issuer formed exclusively for the purpose of satisfying the requirements
of Credit Enhancement Agreements and regardless of whether such Subsidiary is an issuer of securities; provided that such Person
is not an obligor with respect to any Indebtedness of the Issuer or any Guarantor other than under Credit Enhancement Agreements.
As of the Issue Date, PNMAC GMSR Issuer Trust, PFSI EBO Series I, LLC and PFSI REO Series I, LLC shall be deemed to satisfy the
requirements of the foregoing definition.

 

“Securitization Indebtedness”
means (1) Indebtedness of the Issuer or any of its Restricted Subsidiaries incurred pursuant to on-balance sheet Securitizations
treated as financings and (2) any Indebtedness consisting of advances made to the Issuer or any of its Restricted Subsidiaries
based upon securities issued by a Securitization Entity pursuant to a Securitization and acquired or retained by the Issuer or
any of its Restricted Subsidiaries.

 

    	 	-47-	 

     

    

 

“Senior Indebtedness” means:

 

(1)          all
Indebtedness of the Issuer or any Guarantor outstanding under the Existing Facilities or Notes and related Guarantees (including
interest accruing on or after the filing of any petition in bankruptcy or similar proceeding or for reorganization of the Issuer
or any Guarantor (at the rate provided for in the documentation with respect thereto, regardless of whether or not a claim for
post-filing interest is allowed in such proceedings)), and any and all other fees, expense reimbursement obligations, indemnification
amounts, penalties, and other amounts (whether existing on the Issue Date or thereafter created or incurred) and all obligations
of the Issuer or any Guarantor to reimburse any bank or other Person in respect of amounts paid under letters of credit, acceptances
or other similar instruments;

 

(2)          all
(x) Hedging Obligations (and guarantees thereof) and (y) Cash Management Obligations (and guarantees thereof), provided that such
Hedging Obligations and Cash Management Obligations, as the case may be, are permitted to be incurred under the terms of this Indenture;

 

(3)          any
other Indebtedness of the Issuer or any Guarantor permitted to be incurred under the terms of this Indenture, unless the instrument
under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any related
Guarantee; and

 

(4)          all
Obligations with respect to the items listed in the preceding clauses (1), (2) and (3);

 

provided, however, that Senior Indebtedness shall
not include:

 

(a)      any
obligation of such Person to the Issuer or any of its Subsidiaries;

 

(b)      any
liability for federal, state, local or other taxes owed or owing by such Person;

 

(c)      any
accounts payable or other liability to trade creditors arising in the ordinary course of business;

 

(d)      any
Indebtedness or other Obligation of such Person which is subordinate or junior in right of payment to any other Indebtedness or
other Obligation of such Person; or

 

(e)      that
portion of any Indebtedness which at the time of incurrence is incurred in violation of this Indenture.

 

“Services Business” means
a Person to which the Issuer or any of its Restricted Subsidiaries contributes one or more Subsidiaries or other assets that provides
one or more services other than mortgage servicing or loan origination, including but not limited to one or more of REO Assets,
field services, valuation and title services and recovery services, after which contribution the Services Business shall be deemed
to include such Person and its Subsidiaries.

 

“Servicing Advances”
means (x) advances made by the Issuer or any of its Restricted Subsidiaries in its capacity as servicer or any predecessor
servicer of any mortgage-related receivables to fund principal, interest, escrow, foreclosure, insurance, tax or other
payments or advances when the borrower on the underlying receivable is delinquent in making payments on such receivable to
enforce remedies or manage or liquidate REO Assets or (y) that the Issuer or any of its Restricted Subsidiaries otherwise
advances in its capacity as servicer or any predecessor servicer.

 

    	 	-48-	 

     

    

 

“Servicing Advance Facility”
means any funding arrangement with lenders collateralized in whole or in part by obligations related to Servicing Advances under
which advances are made to the Issuer or any of its Restricted Subsidiaries based on such collateral.

 

“Servicing Receivables”
means rights to collections under mortgage-related receivables, or other rights to reimbursement of Servicing Advances that the
Issuer or a Restricted Subsidiary of the Issuer has made in the ordinary course of business and on customary industry terms.

 

“Significant Subsidiary”
means any Restricted Subsidiary 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 Issue Date.

 

“Similar Business” means
any business conducted or proposed to be conducted by the Issuer and its Restricted Subsidiaries on the Issue Date or any business
that is similar, reasonably related, complementary, incidental or ancillary thereto, or is a reasonable extension, development
or expansion thereof.

 

“Special Record Date” for
the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07(b).

 

“Specified Event” has the
meaning given to such term in the definition of “Consolidated EBITDA.”

 

“Specified Government Entities”
mean the Federal Housing Administration, Veterans Administration, Ginnie Mae, Fannie Mae, Freddie Mac or other similar governmental
agencies or government sponsored programs.

 

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

 

“Subject Lien” has the
meaning specified in Section 10.12 of this Indenture.

 

“Subordinated Indebtedness”
means, with respect to the Notes and the Guarantees:

 

(1)       any
Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and

 

(2)       any
Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity of the Notes.

 

“Subsidiary” means, with
respect to any Person:

 

(1)       any
corporation, association or other business entity (other than a partnership, joint venture, limited liability company or
similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of
determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
that Person or a combination thereof; and

 

    	 	-49-	 

     

    

 

(2)          any
partnership, joint venture, limited liability company or similar entity of which:

 

(a)      more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and

 

(b)      such
Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

For the avoidance of doubt, any entity that
is owned at a 50% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Indenture,
regardless of whether such entity is consolidated on the Issuer’s or any Restricted Subsidiary’s financial statements.

 

“Successor Company” has
the meaning specified in Section 8.01 of this Indenture.

 

“Successor Guarantor” has
the meaning specified in Section 8.02 of this Indenture.

 

“Suspended Covenants” has
the meaning specified in Section 10.18(a) of this Indenture.

 

“Suspension Date” has the
meaning specified in Section 10.18(a) of this Indenture.

 

“Suspension Period” has
the meaning specified in Section 10.18(a) of this Indenture.

 

“Total Assets” means, as
of any Applicable Calculation Date, with respect to any Person and its Restricted Subsidiaries, the total assets of such Person
and its Restricted Subsidiaries on a consolidated basis, as shown on the most recent consolidated balance sheet of such Person
and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available
immediately preceding the Applicable Calculation Date; provided that, for purposes of testing the covenants under this Indenture
in connection with any transaction, the Total Assets of such Person and its Restricted Subsidiaries shall be adjusted to reflect
such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition
of Fixed Charge Coverage Ratio (other than as set forth in the first proviso to the first paragraph of such definition).

 

“Treasury Rate”
means, as obtained by the Issuer, as of any Redemption Date, the weekly average rounded to the nearest 1/100th of a
percentage point (for the most recently completed week for which such information is available as of the date that is two
Business Days prior to the redemption date) of the yield to maturity as of such Redemption Date of U.S. Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 with respect
to each applicable day during such week (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from such Redemption Date to October 15, 2022; provided,
however, that if the period from such Redemption Date to October 15, 2022 is less than one year, the weekly average yield on
actively traded U.S. Treasury securities adjusted to a constant maturity of one year will be used.

 

    	 	-50-	 

     

    

 

“Trust Indenture Act” or
 “TIA” means the Trust Indenture Act of 1939, as amended.

 

“Trustee” means U.S. Bank
National Association until a successor replaces it and, thereafter, means the successor.

 

“Uniform Commercial Code”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State
of New York.

 

“Unrestricted Subsidiary”
means:

 

(1)       any
Subsidiary of the Issuer that at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer, as provided
below); and

 

(2)       any
Subsidiary of an Unrestricted Subsidiary.

 

The Issuer may designate any Subsidiary of
the Issuer (including any existing Subsidiary or any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary
unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any
property of, the Issuer or any Restricted Subsidiary of the Issuer (other than solely any Subsidiary of the Subsidiary to be so
designated); provided that

 

(1)       any
Unrestricted Subsidiary must be an entity of which the Equity Interests entitled to cast at least a majority of the votes that
may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar
function are owned, directly or indirectly, by the Issuer;

 

(2)       such
designation complies with Section 10.10; and

 

(3)       each
of:

 

(a)       the
Subsidiary to be so designated and

 

(b)       its
Subsidiaries

 

has not at the time of designation,
and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect
to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary (other
than Equity Interests in the Unrestricted Subsidiary).

 

The Issuer may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation, no Default shall
have occurred and be continuing and either:

 

(1)       the
Issuer could incur at least $1.00 of additional Indebtedness pursuant to Section 10.11(a), or

 

(2)       the
Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be equal to or greater than such ratio for the
Issuer and its Restricted Subsidiaries immediately prior to such designation, on a pro forma basis taking into account such designation.

 

    	 	-51-	 

     

    

 

Any such designation by the Issuer shall be
notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of the Issuer or
any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied
with the foregoing provisions.

 

“U.S. Person” means a U.S.
Person as defined in Rule 902(k) promulgated under the Securities Act.

 

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

 

“Voting Stock” of any Person
as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of such
Person.

 

“Warehouse Facility” means
any financing arrangement of any kind, including, but not limited to, financing arrangements in the form of repurchase facilities,
loan agreements, note and/or other security issuance facilities and commercial paper facilities (excluding in all cases, Securitizations),
with a financial institution or other lender or purchaser exclusively to (1) finance or refinance the purchase, origination or
funding by the Issuer or a Restricted Subsidiary of the Issuer of, or provide funding to the Issuer or a Restricted Subsidiary
of the Issuer through the transfer of, loans, mortgage related securities, charge-off receivables and other mortgage-related receivables
purchased or originated by the Issuer or any Restricted Subsidiary of the Issuer in the ordinary course of business, (2) finance
the funding of or refinance Servicing Advances; or (3) finance or refinance the carrying of REO Assets related to loans and other
mortgage-related receivables purchased or originated by the Issuer or any Restricted Subsidiary of the Issuer; provided that such
purchase, origination, funding, financing and refinancing is in the ordinary course of business.

 

“Warehouse Facility Trust”
means any Person (whether or not a Subsidiary of the Issuer) established for the purpose of entering into financing arrangements
in connection with a Warehouse Facility, which are backed by (1) specified Servicing Advances purchased by, and/or contributed
to, such Person from the Issuer or any of its Restricted Subsidiaries, (2) specified loans, mortgage related securities and other
mortgage related receivables purchased by, and/or contributed to, such Person from the Issuer or any of its Restricted Subsidiaries
or (3) the carrying of REO Assets related to loans and other mortgage related receivables purchased by, and/or contributed to,
such Person from the Issuer or any Restricted Subsidiary of the Issuer.

 

“Warehouse Indebtedness”
means Indebtedness in connection with a Warehouse Facility; provided that the amount of any particular Warehouse Indebtedness as
of any date of determination shall be calculated in accordance with GAAP.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained
by dividing:

 

(1)       the
sum of the products of the number of years (calculated to the nearest one-twelfth) from the date of determination to the date
of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified
Stock or Preferred Stock multiplied by the amount of such payment; by

 

(2)       the
sum of all such payments.

 

    	 	-52-	 

     

    

 

“Wholly-Owned Subsidiary”
of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which (other than directors’
qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law) shall at
the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

 

SECTION 1.03.                        
Compliance Certificates and Opinions. Upon any application or request by the Issuer to the Trustee to take
or refrain from taking any action under this Indenture (except that an Opinion of Counsel shall not be provided in connection with
an initial issuance), the Issuer shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture (including any covenant compliance with which constitutes a condition precedent) relating
to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished.

 

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

 

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

 

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

 

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

 

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

 

SECTION 1.04.                        
Form of Documents Delivered to Trustee. In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters,
and any such Person may certify or give an opinion as to such matters in one or several documents.

 

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

 

    	 	-53-	 

     

    

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one instrument.

 

SECTION 1.05.                        
Acts of Holders.

 

(a)            Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such Holders in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Section 1.05.

 

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

 

(c)            The principal amount and serial numbers of Notes held by any Person, and the date of holding the same, shall be proved
by the Note Register.

 

(d)            If the Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Issuer may, at its option, fix in advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do
so. Such record date shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally
in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only
the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as
of such record date; provided, that no such authorization, agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after
the record date. Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or
in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Issuer
or any Guarantor in reliance thereon, whether or not notation of such action is made upon such Note.

 

    	 	-54-	 

     

    

 

 

SECTION 1.06.                        Notices, Etc., to Trustee, Issuer, any Guarantor and Agent. Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with,

 

(1)       the
Trustee by any Holder or by the Issuer or any Guarantor shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing via facsimile, email in PDF format or mailed, first class postage prepaid, or delivered by recognized overnight
courier, to or with the Trustee at U.S. Bank National Association, West Side Flats St Paul, 60 Livingston Ave., EP-MN-WS3C, Saint
Paul, MN 55107, Attention: Corporate Trust—PennyMac (fax: (651) 466-7430), or

 

(2)       the
Issuer or any Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if made, given, furnished or delivered in writing via facsimile, or email in PDF or mailed, first class
postage prepaid, or delivered by recognized overnight courier, to the Issuer or such Guarantor addressed to PennyMac Financial
Services, Inc., 3043 Townsgate Road, Westlake Village, California 91361 (fax: (818) 337-6519), Attention: Derek W. Stark, Senior
Managing Director and Chief Legal Officer and Secretary or at any other address previously furnished in writing to the Trustee
by the Issuer or such Guarantor.

 

A copy of all notices to any Agent shall
be sent to the Trustee at the address show above. Any Person may change its address by giving notice of such change as set forth
herein. The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured email,
facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written
instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions
to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized
representative of the party providing such instructions or directions. If the party elects to give the Trustee email or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions,
the Trustee's understanding of such instructions shall be deemed controlling. All notices, approvals, consents, requests and any
communications hereunder must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a
document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider
as specified in writing to Trustee by the authorized representative), in English.  Issuer agrees to assume all risks arising
out of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation
the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

The Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Trustee's reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic
instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception
and misuse by third parties.

 

    	 	-55-	 

     

    

 

SECTION 1.07.                       Notice
to Holders; Waiver. Where this Indenture provides for notice of any event to Holders by the Issuer or the Trustee, such
notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and delivered
electronically or mailed, first class postage prepaid, to each Holder affected by such event, at his address as it appears in
the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Notices
given by publication (including posting of information as contemplated by Section 10.09) shall be deemed given on the first
date on which publication is made, notices given by first-class mail, postage prepaid, shall be deemed given
five calendar days after mailing or transmitting; notices sent by overnight delivery service will be deemed given
when delivered; and notices given electronically shall be deemed given when sent. Notice given in accordance with the
procedures of the Depository will be deemed given on the date sent to the Depository. Any notices required to be given to the
holders of Notes that are in global form will be given to the Depository in accordance with its customary procedures
therefor.

 

In case by reason of the suspension of or
irregularities in regular mail service or by reason of any other cause, it shall be impracticable to mail notice of any event to
Holders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice for every purpose hereunder.

 

Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

SECTION 1.08.                       Effect of Headings and Table of Contents. The Article and Section headings herein and the Table
of Contents are for convenience of reference only, are not intended to be considered a part hereof and shall not affect the
construction hereof.

 

SECTION 1.09.                       Successors . All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements
of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors,
except as otherwise provided in Section 12.08 hereof.

 

SECTION 1.10.                       Severability Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

SECTION 1.11.                       Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto, any Paying Agent, any Note Registrar and their successors hereunder and the Holders any benefit
or any legal or equitable right, remedy or claim under this Indenture.

 

SECTION 1.12.                       Governing Law; Submission to Jurisdiction. This Indenture, the Notes and any Guarantee shall be governed by
and construed in accordance with the laws of the State of New York. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF ANY
UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES. Each of the parties hereto irrevocably waives, to the fullest extent permitted
by law, any objection which it may have to the laying of the venue of any such suit, action or proceeding brought in an inconvenient
forum. Each of the parties hereto agrees that final judgment in any such suit, action or proceeding brought in such a court shall
be conclusive and binding upon such party, and may be enforced in any courts to the jurisdiction of which such party is subject
by a suit upon such judgment, provided, that service of process is effected upon such party in the manner specified herein or as
otherwise permitted by law.

 

    	 	-56-	 

     

    

 

SECTION 1.13.                       Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Change of Control Payment Date
or Stated Maturity or Maturity of any Note shall not be a Business Day, then (notwithstanding any other provision of this Indenture
or of the Notes) payment of principal (or premium, if any) or interest or other required payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption
Date, Change of Control Payment Date or at the Stated Maturity or Maturity; provided, that no interest shall accrue on such payment
for the period from and after such Interest Payment Date, Redemption Date, Change of Control Payment Date, Stated Maturity or
Maturity, as the case may be.

 

SECTION 1.14.                       No Personal Liability of Directors, Managers, Officers, Employees and Stockholders. No past, present or future
director, manager, officer, employee, incorporator, member, partner or stockholder of the Issuer or any Guarantor or any of their
parent companies or entities shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the
Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes.

 

SECTION 1.15.                       [Reserved]

 

SECTION 1.16.                       Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be original;
but such counterparts shall together constitute but one and the same instrument. One signed copy is enough to prove this
Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

 

SECTION 1.17.                       USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account. The Issuer agrees that it will provide the Trustee with information about the Issuer as the Trustee may reasonably
request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

SECTION 1.18.                       Waiver of Jury Trial. EACH OF THE ISSUER, ANY GUARANTOR AND THE TRUSTEE AND EACH HOLDER OF A NOTE, BY ITS
ACCEPTANCE THEREOF, THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY
OR HEREBY.

 

SECTION 1.19.                       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, epidemics, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

    	 	-57-	 

     

    

 

Article
Two

 

NOTE FORMS

 

SECTION 2.01.                       Form and Dating. Provisions relating to the Initial Notes are set forth in Annex I attached hereto
(the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial
Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to the Appendix which
is hereby incorporated in, and expressly made a part of, this Indenture. The Notes may have notations, legends or endorsements
required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage (provided that any such notation,
legend or endorsement is in a form reasonably acceptable to the Issuer). The terms of the Notes set forth in the Appendix are
part of the terms of this Indenture.

 

SECTION 2.02.                       Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer by at
least one Officer. The signature of any Officer on the Notes may be manual, electronic or facsimile signatures of the present
or any future such authorized officer and may be imprinted or otherwise reproduced on the Notes.

 

Notes bearing the manual, electronic or facsimile
signature of an individual who was at any time the proper Officer of the Issuer shall bind the Issuer, notwithstanding that such
individual has ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at
the date of such Notes.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee for authentication,
together with an Issuer Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Issuer
Order shall authenticate and deliver such Notes.

 

On the Issue Date, the Issuer shall deliver
the Initial Notes in the aggregate principal amount of $500,000,000, executed by the Issuer to the Trustee for authentication,
together with an Issuer Order for the authentication and delivery of such Notes, specifying the principal amount and registered
holder of each Note, directing the Trustee to authenticate the Notes and deliver the same to the persons named in such Issuer Order
and the Trustee in accordance with such Issuer Order shall authenticate and deliver such Initial Notes. At any time and from time
to time after the Issue Date, the Issuer may deliver Additional Notes executed by the Issuer to the Trustee for authentication,
together with an Issuer Order for the authentication and delivery of such Additional Notes, specifying the principal amount of
and registered holder of each Note, directing the Trustee to authenticate the Additional Notes and deliver the same to the Persons
named in such Issuer Order and certifying that the issuance of such Additional Notes is in compliance with Section 10.11 of this
Indenture and the Trustee in accordance with such Issuer Order shall authenticate and deliver such Additional Notes. In each case,
the Trustee shall receive a copy of the resolution or resolutions of the Board, an executed supplemental indenture (if any), an
Officer’s Certificate and an Opinion of Counsel of the Issuer as to such matters as it may reasonably require in connection
with such authentication of Notes; provided that no Opinion of Counsel under Section 1.03 shall be required in connection with
the authentication of the Initial Notes. Such Issuer Order shall specify the amount of Notes to be authenticated and the date on
which the original issue of Notes is to be authenticated. Trustee shall have the right to decline to authenticate and deliver any
Notes under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if
the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Holders.

 

Each Note shall be dated the date of its authentication.

 

    	 	-58-	 

     

    

 

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

 

In case the Issuer or any Guarantor, pursuant
to Article Eight of this Indenture, shall be merged, consolidated or amalgamated with or into or wind up into any other Person
or shall sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of
the Issuer and its Restricted Subsidiaries, taken as a whole, in case of the Issuer, or all or substantially all of the properties
or assets of such Guarantor in case of a Guarantor, to any Person, and the successor Person (other than the Issuer or such Guarantor,
as applicable) formed by or surviving any such merger, consolidation or amalgamation or to which such sale, assignment, transfer,
lease, conveyance or other disposition shall have been made, shall have executed a supplemental indenture hereto with the Trustee
pursuant to Article Eight of this Indenture, any of the Notes authenticated or delivered prior to such merger, consolidation,
amalgamation, sale, assignment, transfer, lease, conveyance or other disposition may, from time to time, at the request of the
successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and
form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal
amount; and the Trustee, upon Issuer Request of the successor Person, shall authenticate and deliver Notes as specified in such
request for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor
Person pursuant to this Section 2.02 in exchange or substitution for or upon registration of transfer of any Notes, such successor
Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time Outstanding
for Notes authenticated and delivered in such new name.

 

Article
Three

THE NOTES

 

SECTION 3.01.                       Title and Terms. The aggregate principal amount of Notes which may be authenticated and issued under
this Indenture is not limited; provided that any Additional Notes issued under this Indenture are issued in accordance with Sections 2.02,
3.13 and 10.11 hereof, as part of the same series as the Initial Notes.

 

The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Issuer, the Guarantors and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However,
to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling.

 

The Notes shall be known and designated as
the “5.375% Senior Notes due 2025” of the Issuer. The Stated Maturity of the principal of Notes shall be October 15,
2025, and the Notes shall bear interest at the rate of 5.375% per annum from the Issue Date, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, payable commencing on April 15, 2021 and semi-annually thereafter
in arrears on April 15 and October 15 of each year, until the principal thereof is paid or duly provided for and to the
Person in whose name the Note (or any Predecessor Note) is registered at the close of business (if applicable) on the April
1 and October 1 (whether or not a Business Day) immediately preceding such Interest Payment Date (each, a “Regular
Record Date”).

 

    	 	-59-	 

     

    

 

The principal of (and premium, if any) and
interest on the Notes shall be payable at the office or agency of the Paying Agent maintained for such purpose as set forth in
Section 3.02, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their respective
addresses set forth in the Note Register of Holders or by wire transfer; provided that all payments of principal, premium, if any,
and interest with respect to the Notes represented by one or more Global Notes registered in the name of or held by the Depository
or its nominee will be made in accordance with the Depository’s applicable procedures.

 

Holders shall have the right to require the
Issuer to purchase their Notes, in whole or in part, in the event of a Change of Control pursuant to Section 10.16. The Notes
shall be subject to repurchase pursuant to an Asset Sale Offer as provided in Section 10.17.

 

The Notes shall be redeemable as provided
in Article Eleven.

 

The due and punctual payment of principal
of (and premium, if any) and interest on the Notes payable by the Issuer is irrevocably unconditionally guaranteed, to the extent
set forth herein, by each of the Guarantors.

 

SECTION 3.02.                       Note Registrar, Transfer Agent and Paying Agent. The Issuer shall maintain one or more Paying Agents
for the Notes in New York. The Issuer hereby appoints the Trustee as the initial Paying Agent.

 

The Issuer shall be responsible for making
calculations called for under the Notes, including but not limited to determination of redemption price or other amounts payable
on the Notes. The Issuer will make the calculations in good faith and, absent manifest error, its calculations will be final and
binding on the Holders. The Issuer will provide a schedule of its calculations to the Trustee when requested by the Trustee,
and the Trustee is entitled to rely conclusively on the accuracy of the Issuer’s calculations without independent verification.
The Trustee shall forward the Issuer’s calculations to any Holder upon the written request of such Holder.

 

The Issuer will also maintain a registrar
(the “Note Registrar”) with offices in New York. The Issuer will also maintain a transfer agent (each, a “Transfer
Agent”) in New York. The Issuer hereby appoints the Trustee as the initial Note Registrar and Transfer Agent. The Note
Registrar and the Transfer Agent shall keep a register of the Notes and of their transfer and exchange (the register maintained
in such office or in any other office or agency designated pursuant to Section 10.02 being herein referred to as the
 “Note Register”) and will facilitate transfers of Notes on behalf of the Issuer. The Note Register shall be
in written form or any other form capable of being converted into written form within a reasonable time. At all reasonable
times, the Note Register shall be open to inspection by the Trustee. The Issuer may change the Paying Agents, the Note Registrars
or the Transfer Agents without prior notice to the Holders. The Issuer may have one or more co-registrars and one or
more additional paying agents. The term “Note Registrar” includes any co-registrars. For the avoidance of doubt,
there shall only be one Note Register. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Note
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

Each Holder agrees to indemnify the Issuer
and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in
violation of any provision of this Indenture and/or applicable United States Federal or state securities law.

 

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

 

    	 	-60-	 

     

    

 

The Issuer shall enter into an appropriate
agency agreement with any Note 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 Issuer shall notify the Trustee in writing of the name and address of any such
agent. If the Issuer fails to maintain a Note Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor pursuant to Section 6.07. The Issuer or any of its Subsidiaries may act as Paying Agent
or Note Registrar.

 

The transferor shall also provide or cause
to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on any such
information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

The Issuer acknowledges that neither the Trustee
nor any Agent makes any representations as to the interpretation or characterization of the transactions herein undertaken for
tax or any other purpose, in any jurisdiction.

 

SECTION 3.03.                       Denominations. The Notes shall be issuable only in registered form without coupons and only in denominations
of $2,000 and any integral multiples of $1,000 in excess thereof.

 

SECTION 3.04.                       Temporary Notes. Pending the preparation of permanent Notes, the Issuer may execute, and upon Issuer Order
the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the permanent Notes in lieu of which they are issued and
with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine,
as conclusively evidenced by their execution of such Notes.

 

If temporary Notes are issued, the Issuer
will cause permanent Notes to be prepared without unreasonable delay. After the preparation of permanent Notes, the temporary Notes
shall be exchangeable for permanent Notes upon surrender of the temporary Notes at the office or agency of the Issuer designated
for such purpose pursuant to Section 10.02, without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal
amount of permanent Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled
to the same benefits under this Indenture as permanent Notes.

 

SECTION 3.05.                       Registration of Transfer and Exchange.

 

Upon surrender for registration of transfer
of any Note at the office or agency of the Issuer designated pursuant to Section 10.02, the Issuer shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of
any authorized denomination or denominations of a like aggregate principal amount.

 

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

 

    	 	-61-	 

     

    

 

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

 

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

 

No service charge shall be made for any registration
of transfer or exchange or redemption of Notes, but the Issuer may require payment of a sum sufficient to cover any taxes, fees
or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Sections 2.02, 3.04, 9.06, 10.16, 10.17 or 11.09 not involving any transfer.

 

SECTION 3.06.                       Mutilated, Destroyed, Lost and Stolen Notes. If (1) any mutilated Note is surrendered to the Trustee,
or (2) the Issuer and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and
there is delivered to the Issuer and the Trustee such security or indemnity to save each of them harmless from any claim, loss,
cost or liability resulting from such lost or stolen Note, then, in the absence of written notice to the Issuer or the Trustee
that such Note has been acquired by a Protected Purchaser (as defined in Section 8-303 of the Uniform Commercial
Code) (a “Protected Purchaser”), the Issuer shall execute and upon Issuer Order the Trustee shall authenticate
and deliver, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like
tenor and principal amount, bearing a number not contemporaneously outstanding.

 

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

 

Upon the issuance of any new Note under this
Section 3.06, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Note issued pursuant to this Section 3.06
in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the
Issuer and each Guarantor, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone,
and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 

The provisions of this Section 3.06 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes.

 

    	 	-62-	 

     

    

 

SECTION 3.07.                       Payment of Interest; Interest Rights Preserved.

 

(a)             Interest
on any Note 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 such Note (or one or more Predecessor Notes) is registered at the close of business (if applicable)
on the Regular Record Date for such interest at the office or agency of the Issuer maintained for such purpose pursuant to
Section 10.02; provided that, subject to Section 3.01 hereof, each installment of interest may at the
Issuer’s option be paid by (1) mailing a check for such interest, payable to or upon the written order of the
Person entitled thereto pursuant to Section 3.08, to the address of such Person as it appears in the Note Register or
(2) transfer to an account maintained by the payee; provided that payment by wire transfer of immediately available
funds shall be required with respect to principal of, premium on, if any, and interest on, all Notes in global form and all
other Notes the Holders of which shall have provided wire transfer instructions to the Issuer and the Paying Agent; provided
that for Notes not in global form the Paying Agent shall have received from the Holders satisfactory wire transfer
instructions at least ten calendar days prior to the related payment date and subject to surrender of the Note in the case of
payments of principal and premium, if any.

 

(b)             Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date shall forthwith cease to be payable to the Holder on the Regular Record Date by virtue of having been such Holder, and such
defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted
interest and interest thereon herein collectively called “Defaulted Interest”) may be paid by the Issuer, at
its election in each case, as provided in clause (1) or (2) below:

 

(1)             the Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
and not less than ten days prior to the date of the proposed payment and not less than ten days after the receipt by
the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuer of such Special Record Date, and
in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be given in the manner provided for in Section 1.07, not less than ten days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so given,
such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered
at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

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

 

(c)             Subject to the foregoing provisions of this Section 3.07, each Note delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Note.

 

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SECTION 3.08.                       Persons Deemed Owners. Prior to the due presentment of a Note for registration of transfer, the Issuer, any
Guarantor, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name such Note is registered as
the owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 3.05 and
3.07) interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of
the Issuer, any Guarantor, the Trustee or any agent of the Issuer or the Trustee shall be affected by notice to the contrary.

 

SECTION 3.09.                       Cancellation. All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be cancelled by the Trustee in accordance
with its customary procedures. The Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated
and delivered hereunder which the Issuer 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 Notes previously authenticated hereunder which the Issuer has
not issued and sold, and all Notes so delivered shall be cancelled by the Trustee in accordance with its customary procedures.
If the Issuer shall so acquire any of the Notes, however, such acquisition shall not operate as a redemption or satisfaction of
the indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation. No Notes
shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 3.09, except as expressly
permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance with its
customary procedures.

 

SECTION 3.10.                       Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of
twelve 30-day months.

 

SECTION 3.11.                       Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the
surrender of a Note for registration of transfer. When a Note is presented to the Note Registrar or a co-registrar with a request
to register a transfer, the Note Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of
the Uniform Commercial Code are met. When Notes are presented to the Note Registrar or a co-registrar with a request to exchange
them for an equal principal amount of Notes of other denominations, the Note Registrar shall make the exchange as requested if
the same requirements are met.

 

SECTION 3.12.                       CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use CUSIP and ISIN numbers (in each case, if then
generally in use) in addition to serial numbers, and, if so, the Trustee shall use such CUSIP and ISIN numbers in addition
to serial numbers in notices of redemption, repurchase or other notices to Holders as a convenience to Holders; provided that the
Trustee shall have no liability for any defect in the CUSIP numbers as they appear on any Note, notice or elsewhere; provided,
further, that any such notice may state that no representation is made as to the correctness of such CUSIP and ISIN numbers either
as printed on the Notes or as contained in any notice of a redemption or repurchase and that reliance may be placed only on the
serial or other identification numbers printed on the Notes, and any such redemption or repurchase shall not be affected by any
defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the CUSIP and ISIN
numbers applicable to the Notes. Notwithstanding anything otherwise to the contrary in this Indenture or the Notes, the Issuer
may, and, at the Issuer’s direction, the Trustee shall, exchange Notes then outstanding, including, in the case of any Global
Notes, through a mandatory exchange at the Depository or otherwise in accordance with Applicable Procedures, to reflect any change
in the name of the Issuer, and/or the CUSIP and ISIN numbers with respect to the Notes as may be necessary or appropriate to give
effect to the exchange.

 

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SECTION 3.13.                       Issuance of Additional Notes. The Issuer may, subject to Section 2.02 and Section 10.11 of this Indenture,
issue additional Notes having identical terms and conditions to the Initial Notes issued on the Issue Date (the “Additional
Notes”), except, if applicable, the initial Interest Payment Date, issue price and the initial interest accrual date.
The Initial Notes and any Additional Notes subsequently issued shall be treated as a single class for all purposes under this
Indenture; provided that a separate CUSIP and ISIN will be issued for the Additional Notes, unless the Initial Notes and the Additional
Notes are treated as fungible for U.S. federal income tax purposes.

 

Article
Four

SATISFACTION AND DISCHARGE

 

SECTION 4.01.                       Satisfaction and Discharge of Indenture. This Indenture shall be discharged and cease to be of further effect
as to all Notes and the Trustee, at the request and expense of the Issuer, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture when either:

 

(1)      all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 3.06 and (ii) Notes for whose payment money has theretofore
been deposited in trust with the Trustee or any Paying Agent or segregated and held in trust by the Issuer and thereafter repaid
to the Issuer or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation;
or

 

(2)      (a)
all such Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making of
a notice of redemption or otherwise; will become due and payable within one year or may be called for redemption within one year
under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Issuer; and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars, Government Securities, or a combination
thereof, in such amounts (including scheduled payments thereon) as will be sufficient (without consideration of any reinvestment
of interest) to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation,
for principal, premium, if any, and accrued interest to the Stated Maturity or Redemption Date, as the case may be; provided, that
upon any redemption that requires the payment of the relevant Applicable Premium, the amount deposited shall be sufficient for
purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the relevant Applicable Premium
calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount the “Applicable
Premium Deficit”) only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable
Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of
such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

 

(b)      no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or any similar
and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith)
with respect to this Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur
as a result of such deposit and such deposit shall not result in a breach or violation of, or constitute a default under any
material agreement or material instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or
by which the Issuer or any Guarantor is bound (other than that resulting from borrowing funds to be applied to make such
deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in
connection therewith);

 

    	 	-65-	 

     

    

 

(c)      the
Issuer has paid or caused to be paid all sums payable by it under this Indenture with respect to the Notes;

 

(d)      the
Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at the
Stated Maturity or the Redemption Date, as the case may be; and

 

(e)      the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject
to customary assumptions and exclusions), each stating that all conditions precedent herein to the satisfaction and discharge of
this Indenture have been satisfied. Such Opinion of Counsel may rely on such Officer’s Certificate as to matters of fact,
including clauses (2)(a), (b), (c) and (d) above.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Issuer to the Trustee under Section 6.07, the obligations of the Issuer to any Authenticating
Agent under Section 6.12 and, if money or Government Securities shall have been deposited with the Trustee pursuant to
subclause (a) of clause (2) of this Section 4.01, the obligations of the Trustee under Section 4.02 and
the last paragraph of Section 10.03 shall survive such satisfaction and discharge.

 

SECTION 4.02.                      Application of Trust Money. Subject to the provisions of the last paragraph of Section 10.03, all
money or Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.01 shall
be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly
or through any Paying Agent (including the Issuer acting as its own Paying Agent) of the principal (and premium, if any) and interest
for whose payment such money or Government Securities has been deposited with the Trustee; but such money or Government Securities
need not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the Government Securities deposited pursuant to this Section 4.02
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the Outstanding Notes. The Trustee shall also deliver or pay to the Issuer from time to time upon Issuer
Request any money or Government Securities held by it 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 satisfaction and discharge, as applicable, in accordance with Article
Four.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 4.01 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 Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 4.01 until such time as the Trustee or Paying Agent is
permitted to apply all such money or Government Securities in accordance with Section 4.01; provided that if the Issuer
has made any payment of principal of (and premium, if any) or interest on the Notes because of the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money
or Government Securities held by the Trustee or Paying Agent.

 

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Article
Five

REMEDIES

 

SECTION 5.01.                        
Events of Default. “Event of Default”, wherever used herein, means, with respect to the
Notes, any one of the following events:

 

(1)         default
in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes;

 

(2)          default
for 30 days or more in the payment when due of interest on or with respect to the Notes;

 

(3)          failure
by the Issuer or any Guarantor for 60 days after receipt of written notice given by the Trustee or the Holders of not less
than 30% in principal amount of the then Outstanding Notes (with a copy to the Trustee) to comply with any of its obligations,
covenants or agreements (other than a default referred to in clauses (1) or (2) above) contained in this Indenture or
the Notes; provided that in the case of a failure to comply with Section 10.09, such period of continuance of such default
or breach shall be 120 days after written notice described in this clause (3) has been given;

 

(4)          default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Corporate
Indebtedness of the Issuer or any of the Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or any of
the Restricted Subsidiaries (other than Indebtedness owed to the Issuer or a Restricted Subsidiary), whether such Indebtedness
or guarantee now exists or is created after the issuance of the Notes, if both:

 

(A)       such
default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving effect
to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness
at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated final maturity; and

 

(B)       the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been
so accelerated, is in the aggregate, equal to the greater of (x) $125.0 million (or its foreign currency equivalent) and (y) 5.0%
of Consolidated Tangible Net Worth or more at any one time outstanding;

 

(5)          failure
by the Issuer or any Significant Subsidiary to pay final judgments aggregating in excess of the greater of (x) $125.0 million and
(y) 5.0% of Consolidated Tangible Net Worth (to the extent not covered by insurance as to which the insurer has been notified of
such judgment or order and has not denied its obligation), which final judgments remain unpaid, undischarged and unstayed for a
period of more than 60 days after such judgment becomes final and non-appealable and, in the event such judgment is covered
by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed;

 

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(6)          any
of the following events with respect to the Issuer or any Significant Subsidiary:

 

(A)              the Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(i)              commences proceedings to be adjudicated bankrupt or insolvent;

 

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

 

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

 

(iv)            takes any comparable action under any foreign laws relating to insolvency; or

 

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

 

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

 

(ii)             appoints a custodian of the Issuer or any Significant Subsidiary or for all or substantially all of its property;
or

 

(iii)            orders the winding up or liquidation of the Issuer or any Significant Subsidiary; and

 

(iv)            the order or decree remains unstayed and in effect for 60 days; or

 

(7)          the
Guarantee of any Guarantor that is a Significant Subsidiary shall for any reason cease to be in full force and effect (except as
contemplated by the terms of this Indenture) or be declared null and void or any responsible officer of any Guarantor that is a
Significant Subsidiary denies in writing that it has any further liability under its Guarantee or gives written notice to such
effect, other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this
Indenture.

 

SECTION 5.02.                   Acceleration of Maturity: Rescission and Annulment.

 

(a)          If any Event of Default (other than an Event of Default specified in Section 5.01(6)) occurs and is continuing
under this Indenture, the Trustee or the Holders of at least 30% in aggregate principal amount of the then total Outstanding Notes
may declare the principal, premium, if any, interest and any other monetary obligations on all the then Outstanding Notes to be
due and payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders).

 

(b)         Upon
the effectiveness of a declaration under Section 5.02(a), such principal and interest will be due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default arising under Section 5.01(6), all Outstanding Notes
will become due and payable without further action or notice.

 

    	 	-68-	 

     

    

 

(c)             At any time after a declaration of acceleration has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in aggregate principal
amount of the then Outstanding Notes, by written notice to the Issuer and the Trustee, may, on behalf of the Holders of all
the Notes, rescind and annul such acceleration and its consequences, so long as such rescission and annulment would not conflict
with any judgment of a court of competent jurisdiction, if:

 

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

 

(A)     all overdue interest on all Outstanding Notes,

 

(B)      all unpaid principal of (and premium, if any, on) any Outstanding Notes which has become due otherwise than by such
declaration of acceleration, and interest on such unpaid principal at the rate borne by the Notes,

 

(C)      to the extent that payment of such interest is lawful, interest on overdue interest at the rate borne by the Notes,
and

 

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

 

(2)             Events of Default, other than the non-payment of amounts of principal of (or premium, if any, on) or interest on
Notes, which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13,

 

provided that no such rescission shall affect any subsequent
default or impair any right consequent thereon.

 

(d)             Notwithstanding Section 5.02(c), in the event of any Event of Default specified in Section 5.01(4), such Event
of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the
Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days
after such Event of Default arose:

 

(1)             the Indebtedness or guarantee that is the basis for such Event of Default has been discharged; or

 

(2)             the requisite holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving
rise to such Event of Default; or

 

(3)             the default that is the basis for such Event of Default has been cured.

 

(e)              Notwithstanding any of the foregoing in this Section 5.02, the Trustee shall have no obligation to accelerate the
Notes if, in the reasonable judgment of the Trustee, acceleration is not in the interests of the Holders.

 

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SECTION 5.03.                        Collection of Indebtedness and Suits for Enforcement by Trustee. The Issuer covenants that if:

 

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

 

(2)            default is made in the payment of the principal of (or premium, if any, on) the Note at the Maturity thereof, the
Issuer will, upon demand of the Trustee, pay to the Trustee for the benefit of the Holders of the Notes, the whole amount then
due and payable on the Notes for principal (and premium, if any) and interest, and interest on any overdue principal (and premium,
if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest,
at the rate borne by the Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

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

 

If an Event of Default occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders under this Indenture
and the Guarantees by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such
rights, including seeking recourse against any Guarantor, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy, including seeking
recourse against any Guarantor.

 

SECTION 5.04.                        Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any other
obligor including any Guarantor, upon the Notes or the property of the Issuer or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer for the payment of overdue principal,
premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

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

 

    	 	-70-	 

     

    

 

(2)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official in any such judicial proceeding is
hereby authorized by each Holder of Notes to make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.07.

 

Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding. The Trustee may, on behalf of the Holders, vote for the election of a trustee
in bankruptcy or similar official and be a member of a creditors’ committee or other similar committee.

 

SECTION 5.05.                     Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture
or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee
of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which
such judgment has been recovered.

 

SECTION 5.06.                     Application of Money Collected. Any money or property collected by the Trustee pursuant to this Article shall
be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal (or premium, if any) or interest, upon presentation of the Notes and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of
all amounts due the Trustee and its agents and attorneys (including any predecessor Trustee) under Section 6.07;

 

SECOND: To the payment
of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes 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 the Notes for principal (and premium, if any) and interest, respectively; and

 

THIRD: The balance, if
any, to the Issuer or as a court of competent jurisdiction may direct in writing; provided that all sums due and owing to the Holders
of Notes and the Trustee have been paid in full as required by this Indenture.

 

The Trustee may fix a record date
and payment date for any payment to Holders of the Notes pursuant to this Section 5.06.

 

SECTION 5.07.                     Limitation on Suits. Except to enforce the right to receive payment of principal, premium, if any, or interest
when due, no Holder shall pursue any remedy with respect to this Indenture or the Notes, unless:

 

(1)            such Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

    	 	-71-	 

     

    

 

(2)            Holders
of at least 30% in aggregate principal amount of the total Outstanding Notes have requested the Trustee in writing to pursue the
remedy;

 

(3)            Holders have provided to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability,
claim or expense;

 

(4)            the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security
or indemnity; and

 

(5)            Holders of a majority in principal amount of the then total Outstanding Notes have not given the Trustee a direction
inconsistent with such request within such 60-day period,

 

it being understood and intended that no one or more Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or
to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the
Holders (it being further understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions
or forbearances are unduly prejudicial to such Holders).

 

SECTION 5.08.                       Right of Holders to Bring Suit for Payment. Subject to Sections 10.16(g) and 10.17(e), the contractual right
of any Holder of any outstanding Note to bring suit for the enforcement of any payment of principal of, premium, if any, and interest
on such Note, on or after the respective Maturity expressed in such Note (including in connection with an Asset Sale Offer or a
Change of Control Offer), shall not be amended without the consent of such Holder.

 

SECTION 5.09.                       Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture or the Guarantees and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in
such proceeding, the Issuer, any Guarantor, any other obligor of the Notes, the Trustee and the Holders shall be restored severally
and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted.

 

SECTION 5.10.                       Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes in the last paragraph of Section 3.06, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 5.11.                       Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.

 

    	 	-72-	 

     

    

 

SECTION 5.12.                       Control by Holders. The Holders of a majority in principal amount of the total Outstanding Notes shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or of exercising
any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law
or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or would involve the
Trustee in personal liability. The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction.

 

SECTION 5.13.                       Waiver of Past Defaults. Holders of a majority in aggregate principal amount of the then Outstanding Notes
by notice to the Trustee may on behalf of the Holders of all the Notes waive any existing Default or Event of Default and its consequences
under this Indenture (except (1) a continuing Default or Event of Default in the payment of interest on, premium, if any, or the
principal of any such Note held by a non-consenting Holder, or (2) in respect of a covenant or provision hereof or in any Guarantee
which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Note affected, which
shall require the consent of all Holders of the Notes) and rescind any acceleration and its consequences with respect to the Notes;
provided that such rescission would not conflict with any judgment of a court of competent jurisdiction.

 

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

 

SECTION 5.14.                       Waiver of Stay or Extension Laws. Each of the Issuer, the Guarantors and any other obligor on the Notes covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and each of the Issuer, the Guarantors and any other obligor on the
Notes (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

 

SECTION 5.15.                       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 a 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 attorney’s fees and expenses, 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 5.15 does not apply to a suit by the Trustee, a suit by a Holder relating to right to payment hereof, or a suit
by Holders of more than 10% in principal amount of the then Outstanding Notes.

 

Article
Six

THE TRUSTEE

 

SECTION 6.01.                       Duties of the Trustee.

 

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

 

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

 

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(2)             in the absence of gross negligence or willful misconduct 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 specifically required
by any provision hereof to be provided to it, the Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture, but not to verify the contents thereof including the accuracy of any mathematical
calculations.

 

(b)             If
an Event of Default has occurred and is continuing of which written notice of such Event of Default shall have been given
to a Responsible Officer by the Issuer, any other obligor of the Notes or by Holders of at least 30% of the aggregate principal
amount of the Notes, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of
such Person’s own affairs.

 

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

 

(1)             this paragraph (c) shall not be construed to limit the effect of paragraph (a) of this Section
6.01;

 

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

 

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

 

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

 

(d)             Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.01.

 

SECTION 6.02.                         Notice
of Defaults. Within 90 days after receipt by a Responsible Officer of the Trustee from the Issuer of written notice
of the occurrence of any Default or Event of Default hereunder, the Trustee shall transmit to the Holders notice of such
Default or Event of Default hereunder known to the Trustee, unless such Default or Event of Default shall have been cured or
waived; provided that, except in the case of a Default or Event of Default in the payment of the principal of (or premium, if
any, on) or interest on any Note, the Trustee shall be protected in withholding such notice if and so long as Responsible
Officers of the Trustee in good faith determines that the withholding of such notice is in the best interest of the
Holders.

 

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SECTION 6.03.                        
Certain Rights of Trustee.

 

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

 

(2)             any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer
Order and any resolution of the Board may be sufficiently evidenced by a Board Resolution certified by the Secretary or an Assistant
Secretary of the Issuer to have been duly adopted by the Board of the Issuer and to be in full force and effect on the date of
such certification, and delivered to the Trustee;

 

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

 

(4)             the Trustee shall not be charged with knowledge of any fact, Default or Event of Default with respect to the Notes
unless written notice of such fact, Default or Event of Default shall have been received by a Responsible Officer from the
Issuer, any other obligor of the Notes or from Holders of at least 30% of the aggregate principal amount of the Notes and references
this Indenture and the Notes. Delivery of any reports to the Trustee pursuant to Section 10.09 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 Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates);

 

(5)             the Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in accordance with the advice or opinion of such counsel or Opinion of 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 or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee
security or indemnity satisfactory to it against any loss, liability, claim or expense;

 

(7)             the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, or inquire as to the performance by the Issuer or the Guarantors of any of their
covenants in this Indenture or inquire as to the performance by the Issuer or the Guarantors of any of their covenants in
this Indenture, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters
as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Issuer, personally or by agent or attorney at the expense of the Issuer and
shall incur no liability of any kind by reason of such inquiry or investigation;

 

    	 	-75-	 

     

    

 

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

 

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

 

(10)           the rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder whether as an Agent or otherwise,
and each agent, custodian and other Person employed to act hereunder;

 

(11)           the Trustee may request that the Issuer deliver an incumbency certificate substantially in the form of Exhibit B
hereto setting forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant
to this Indenture, which incumbency certificate may be signed by any person authorized to sign an Officer’s Certificate,
including any person specified as so authorized in any such certificate previously delivered and not superseded;

 

(12)           the Trustee shall not be required to give any note, bond or surety in respect of the execution of the trusts and
powers under this Indenture;

 

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

 

(14)           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 reasonable control, including, without limitation,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunction of utilities, third-party communications or computer (software and hardware) services; it being understood
that the Trustee shall use reasonable efforts which are consistent with accepted practices to resume performance as soon as practicable
under the circumstances;

 

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

 

(16)           the Trustee shall have no obligation to pursue any action that is not in accordance with applicable law;

 

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(17)           in no event shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes issued
hereunder; and

 

(18)           the permissive right of the Trustee to take actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.

 

SECTION 6.04.                      Trustee Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes,
except for the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and neither the
Trustee nor any Agent assumes responsibility for their correctness. Neither the Trustee nor any Agent makes representations as
to the validity or sufficiency of this Indenture or of the Notes, except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder. Neither the Trustee nor any
Agent shall be accountable for the use or application by the Issuer of Notes or the proceeds thereof or the Offering Memorandum
or any other documents used in connection with the sale or distribution of the Notes.

 

SECTION 6.05.                      May Hold Notes. The Trustee, any Paying Agent, any Note Registrar or any other agent of the Issuer or
of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the
Issuer with the same rights it would have if it were not the Trustee, Paying Agent, Note Registrar or such other agent; provided,
that, if it acquires any conflicting interest (as such term is defined in the Trust Indenture Act), it must eliminate such conflict
within 90 days or resign as Trustee.

 

SECTION 6.06.                      Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed in writing with the Issuer.

 

SECTION 6.07.                      Compensation and Reimbursement. The Issuer and the Guarantors, jointly and severally, agree:

 

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

 

(2)             except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as
shall be determined to have been caused by its own gross negligence or willful misconduct; and

 

(3)             to
indemnify the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability, claim,
damage or expense, including taxes (other than the taxes based on the income of the Trustee), incurred without gross
negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this
trust, including the reasonable costs and expenses of defending itself against any claim regardless of whether the claim is
asserted by the Issuer, a Guarantor, a Holder or any other Person or liability in connection with the exercise or performance
of any of its powers or duties hereunder, including the reasonable costs and expenses of enforcing this Indenture or a
Guarantee against the Issuer or a Guarantor (including this Section 6.07).

 

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The obligations of the Issuer and the Guarantors
under this Section 6.07 to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances
and to indemnify and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture and resignation or removal of the Trustee. As security for the performance of such obligations
of the Issuer, the Trustee shall have a lien prior to the Notes upon all property and funds held or collected by the Trustee as
such, except funds held in trust solely for the benefit of the Holders entitled thereto for the payment of principal of (and premium,
if any) or interest on particular Notes.

 

Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.01(6), the expenses (including the reasonable charges and expenses of its counsel) of and the compensation
for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law. “Trustee”
for the purposes of this Section 6.07 shall include any predecessor Trustee and the Trustee in each of its capacities
hereunder and each agent, custodian and other person employed to act hereunder as permitted by this Indenture; provided, however,
that the gross negligence or willful misconduct of any predecessor Trustee hereunder shall not affect the rights of any other successor
Trustee hereunder (other than a successor Trustee that is successor by merger or consolidation to such predecessor Trustee).

 

The provisions of this Section 6.07 shall
survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee.

 

SECTION 6.08.                      Corporate Trustee Required; Eligibility. There shall be at all times a Trustee hereunder which shall be eligible
to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000.
If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of federal, State,
territorial or District of Columbia supervising or examining authority, then for the purposes of this Section 6.08, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section 6.08, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

SECTION 6.09.                      Resignation and Removal; Appointment of Successor.

 

(a)               If
the Trustee has or shall acquire any conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either
eliminate such interest within 90 days or resign, to the extent and in the manner provided by, and subject to the provisions of,
the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting
interest with respect to the Notes by virtue of being a trustee under this Indenture.

 

(b)               No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of
Section 6.10.

 

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(c)              The
Trustee may resign at any time by giving 30 days’ prior written notice thereof to the Issuer. Upon receiving such
notice of resignation, the Issuer shall promptly appoint a successor trustee by written instrument, a copy of which
shall be delivered to the resigning Trustee and a copy to the successor Trustee. If the instrument of acceptance by a
successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Issuer, any court of
competent jurisdiction for the appointment of a successor Trustee.

 

(d)              The Trustee may be removed at any time by Act of the Holders of not less than a majority in principal amount of the
Outstanding Notes, delivered to the Trustee and to the Issuer 30 days prior to the removal’s effectiveness. If the instrument
of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of removal, the Trustee being removed may petition, at the expense of the Issuer, any court of
competent jurisdiction for the appointment of a successor Trustee.

 

(e)              If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office
of Trustee for any cause, the Issuer shall promptly appoint a successor Trustee. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of the Holders of a majority
in principal amount of the Outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed
by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or the Holders and accepted appointment in the
manner hereinafter provided, the Trustee or any Holder who has been a bona fide Holder of a Note for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

(f)               the Issuer shall give notice of each resignation and each removal of the Trustee and each appointment of a successor
Trustee to the Holders in the manner provided for in Section 1.07. Each notice shall include the name of the successor Trustee
and the address of its Corporate Trust Office.

 

SECTION 6.10.                      Acceptance of Appointment by Successor.

 

(a)              Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and to the retiring
Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee shall,
upon payment of its charges and subject to its lien, if any, provided for in Section 6.07, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder. Upon request of any such successor Trustee,
the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts.

 

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

 

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SECTION 6.11.                      Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder; provided such corporation shall be otherwise eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so
authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. In case at that time any
of the Notes shall not have been authenticated, any successor Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor Trustee. In all such cases such certificates shall have the full force
and effect which this Indenture provides for the certificate of authentication of the Trustee shall have; provided that, the
right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Notes in the name of any
predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

SECTION 6.12.                      Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding, the Trustee may
appoint one or more agents (each an “Authenticating Agent”) with respect to the Notes which shall be authorized
to act on behalf of the Trustee to authenticate Notes and the Trustee shall give written notice of such appointment to all
Holders of Notes with respect to which such Authenticating Agent will serve, in the manner provided for in Section 1.07. Notes
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by an authorized signatory
of the Trustee, and a copy of such instrument shall be promptly furnished to the Issuer. Wherever reference is made in this Indenture
to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Issuer.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all
the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided
such corporation shall be otherwise eligible under this Section 6.12, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of
an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 6.12, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Issuer and shall give written notice of such appointment to all Holders of Notes, in the manner provided
for in Section 1.07. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with
all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.12.

 

The Issuer agrees to pay to each Authenticating
Agent from time to time such compensation for its services under this Section 6.12 as shall be agreed in writing between the
Issuer and such Authenticating Agent.

 

    	 	-80-	 

     

    

 

If an appointment is made pursuant to this
Section 6.12, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate
certificate of authentication in the following form:

 

This is one of the Notes referred to
in the within-mentioned Indenture.

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	Date:                       	By:	 
	 		as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Article
Seven

HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUER

 

SECTION 7.01.                      Issuer to Furnish Trustee Names and Addresses. The Issuer will furnish or cause to be furnished to the Trustee:

 

(1)       semiannually,
not more than ten days after each Regular Record Date, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders as of such Regular Record Date; and

 

(2)       at
such other times as the Trustee may reasonably request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content to that in clause (1) hereof as of a date not more than 15 days prior
to the time such list is furnished;

 

provided that, if and so long as the Trustee shall be a Note
Registrar, no such list need be furnished.

 

SECTION 7.02.                      Reports by Trustee.

 

Within 60 days after December 31 of
each year commencing with December 31, 2020, the Trustee shall transmit to the Holders of Notes (with a copy to the Issuer
at the address specified in Section 1.06), in the manner and to the extent provided in TIA Section 313(c), a brief report
dated as of such December 31 that complies with TIA Section 313(a), if so required by that Section. The Trustee
also shall comply with TIA Section 313(b). A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with each stock exchange, if any, upon which the Notes are listed, with the SEC to the extent the Notes
are registered, and with the Issuer. The Issuer will promptly notify the Trustee in writing when the Notes are listed on any stock
exchange and any delisting thereof.

 

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Article
Eight

 

MERGER,
CONSOLIDATION, AMALGAMATION OR SALE

OF ALL OR SUBSTANTIALLY ALL ASSETS

 

SECTION 8.01.                      Issuer May Consolidate, Etc., Only on Certain Terms.

 

(a)              The Issuer shall not merge, consolidate or amalgamate with or into or wind up into (whether or not the Issuer is
the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties
or assets of the Issuer and its Restricted Subsidiaries, taken as a whole (net of any associated non-recourse or secured obligations),
in one or more related transactions, to any Person unless:

 

(1)             the Issuer is the surviving Person or the Person formed by or surviving any such merger, consolidation or amalgamation
(if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made
is a Person organized or existing under the laws of the jurisdiction of organization of the Issuer or the laws of the United States,
any state thereof or the District of Columbia (such Person, as the case may be, being herein called the “Successor Company”);
provided that in the case where the Successor Company is not a corporation, a corporation organized or existing under the laws
of the United States, any state thereof or the District of Columbia becomes a co-obligor of the Notes;

 

(2)             the Successor Company, if other than the Issuer, expressly assumes all the Obligations of the Issuer under this Indenture
and the Notes, in each case, pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory
to the Trustee;

 

(3)             immediately after such transaction, no Event of Default exists;

 

(4)             immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the Applicable Measurement Period,

 

(A)       the Successor Company or the Issuer would be permitted to incur at least $1.00 of additional Indebtedness under the
provisions of Section 10.11(a), or

 

(B)       the Fixed Charge Coverage Ratio for the Issuer (or the Successor Company, as applicable) and its Restricted Subsidiaries
would be equal to or greater than the Fixed Charge Coverage Ratio of the Issuer and its Restricted Subsidiaries for the Applicable
Measurement Period immediately prior to such transaction; and

 

(5)             the Issuer or, if applicable, the Successor Company shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such merger, consolidation, amalgamation, sale, assignment, transfer, lease, conveyance
or disposition and such supplemental indentures or other documents or instruments, if any, comply with this Indenture.

 

(b)             The Successor Company shall succeed to, and be substituted for, the Issuer under this Indenture and the Notes
and the Issuer shall automatically be released and discharged from its obligations under this Indenture and the Notes.

 

    	 	-82-	 

     

    

 

This Article Eight shall not apply to (1)
any merger, consolidation or amalgamation, or sale, assignment, transfer, lease, conveyance or other disposition of assets, among
the Issuer and its Restricted Subsidiaries, (2) a merger, consolidation or amalgamation of the Issuer with or into an Affiliate
of the Issuer, solely for the purpose of reincorporating the Issuer in the United States, any state thereof or the District of
Columbia, and (3) any Required Asset Sale that complies with Section 10.17.

 

SECTION 8.02.                      Guarantors May Consolidate, Etc., Only on Certain Terms. Subject to Section 12.08, no Guarantor
shall, and the Issuer shall not permit a Guarantor to, merge, consolidate or amalgamate with or into or wind up into (whether or
not such Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets, in one or more related transactions, to any Person unless:

 

(1)
(A)          such Guarantor is the surviving Person or the Person formed by or surviving any such merger, consolidation or amalgamation
(if other than such Guarantor or another Guarantor or the Issuer) or to which such sale, assignment, transfer, lease, conveyance
or other disposition shall have been made is a Person organized or existing under the laws of the jurisdiction of organization
of such Guarantor, as the case may be, or the laws of the United States, any state thereof or the District of Columbia, (such Guarantor
or such Person, as the case may be, being herein called the “Successor Guarantor”);

 

(B)          the Successor Guarantor, if other than such Guarantor or another Guarantor or the Issuer, expressly assumes all the
obligations of such Guarantor under this Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures
or other documents or instruments; and

 

(C)          except in the case of a merger entered into solely for the purpose of reincorporating a Guarantor in another jurisdiction,
immediately after such transaction, no Event of Default exists; or

 

(2)                the
transaction is not prohibited by Section 10.17.

 

Subject to Section 12.08,
the Successor Guarantor shall succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s
Guarantee and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s
Guarantee. Notwithstanding the foregoing, any Guarantor may (i) merge, consolidate or amalgamate with or into, wind up into
or transfer all or part of its properties and assets to another Guarantor or the Issuer, (ii) merge, consolidate or amalgamate
with or into an Affiliate of the Issuer solely for the purpose of reincorporating or reorganizing the Guarantor in the United States,
any state thereof, the District of Columbia or any territory thereof, (iii) convert into a Person organized or existing under
the laws of the jurisdiction of organization of such Guarantor or a jurisdiction in the United States, or (iv) liquidate or
dissolve or change its legal form if the Board of the Issuer or the senior management of the Issuer determines in good faith that
such action is in the best interests of the Issuer and is not materially disadvantageous to the Holders, in each case, without
regard to the requirements set forth in this Section 8.02.

 

Notwithstanding anything
to the contrary in Section 1.03 of this Indenture, no Officer’s Certificate or Opinion of Counsel shall be required in connection
with the merger, consolidation, amalgamation or winding up of a Guarantor in accordance with this Section 8.02.

 

    	 	-83-	 

     

    

 

SECTION 8.03.                     Successor
Substituted. Upon any merger, consolidation or amalgamation or any sale, assignment, transfer, lease, conveyance or
disposition of all or substantially all of the assets of the Issuer or any Guarantor in accordance with
Sections 8.01 and 8.02 hereof, the successor Person formed by such consolidation or into which the Issuer or
such Guarantor, as the case may be, is merged or the successor Person to which such sale, assignment, transfer, lease,
conveyance or disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the
Issuer or such Guarantor, as the case may be, under this Indenture or the Guarantees, as the case may be, with the same
effect as if such successor Person had been named as the Issuer or such Guarantor, as the case may be, herein or the
Guarantees, as the case may be. When a successor Person assumes all obligations of its predecessor hereunder, the Notes or
the Guarantees, as the case may be, such predecessor shall be released from all obligations; provided that in the event of a
transfer or lease, the predecessor shall not be released from the payment of principal and interest or other obligations on
the Notes or the Guarantees, as the case may be.

 

SECTION 8.04.                     Division. Any reference herein to a merger, consolidation, amalgamation, assignment, sale, disposition or
transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, limited partnership or
trust, or an allocation of assets to a series of a limited liability company, limited partnership or trust (or the unwinding of
such a division or allocation), as if it were a merger, consolidation, amalgamation, assignment, sale, disposition or transfer,
or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company, limited partnership
or trust shall constitute a separate Person hereunder (and each division of any limited liability company, limited partnership
or trust that is a Subsidiary, Restricted Subsidiary, Unrestricted Subsidiary, joint venture or any other like term shall also
constitute such a Person or entity).

 

Article
Nine

SUPPLEMENTAL INDENTURES

 

SECTION 9.01.                     Amendments or Supplements Without Consent of Holders. The Issuer, any Guarantor (with respect to any amendment
relating to its Guarantee or this Indenture) and the Trustee, at any time and from time to time, may by a supplemental indenture
hereto amend or supplement this Indenture, the Notes and any Guarantee without the consent of any Holder, for any of the following
purposes:

 

(1)            to cure any ambiguity, omission, mistake, defect or inconsistency;

 

(2)            to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of
this Indenture relating to the form of the Notes (including the related definitions) in a manner that does not materially adversely
affect any Holder;

 

(3)            to comply with Article Eight of this Indenture;

 

(4)            to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders pursuant
to the terms of this Indenture;

 

(5)            to make any change that would provide any additional rights or benefits to the Holders or that does not adversely
affect the legal rights under this Indenture of any such Holder in any material respect;

 

(6)            to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or any
Guarantor;

 

    	 	-84-	 

     

    

 

(7)            to
provide for the issuance of Additional Notes in accordance with the terms of this Indenture;

 

(8)            to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
Trust Indenture Act, if applicable;

 

(9)            to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or a successor
Paying Agent hereunder pursuant to the terms hereof;

 

(10)          to add a Guarantor, a guarantee of a Parent Entity or a co-obligor of the Notes under this Indenture;

 

(11)          to comply with the rules of any applicable securities depositary;

 

(12)          to conform the text of this Indenture, the Guarantees or the Notes to any provision of the “Description of
Notes” section of the Offering Memorandum to the extent that such provision in the “Description of Notes”
was intended to be a verbatim recitation of a provision of this Indenture, the Guarantees or the Notes;

 

(13)          to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted
by this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided, however,
that such amendment does not materially and adversely affect the rights of Holders to transfer Notes;

 

(14)          to secure the Notes and/or the related Guarantees; and

 

(15)          to release any Guarantor from its Guarantee pursuant to this Indenture when permitted or required by this Indenture.

 

For avoidance of doubt, the Issuer need not
be a party to any supplemental indenture entered into pursuant to Section 10.15 or 12.03.

 

SECTION 9.02.                        
Amendments, Supplements or Waivers with Consent of Holders.

 

(a)             With the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), the Issuer, any Guarantor
(with respect to any Guarantee to which it is a party or this Indenture) and the Trustee may amend or supplement this Indenture,
the Notes or any Guarantee by a supplemental indenture hereto for the purpose of adding any provisions hereto or thereto, changing
in any manner or eliminating any of the provisions hereof or thereof or modifying in any manner the rights of the Holders hereunder
or thereunder (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes),
and any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes or any Guarantee may
be waived with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes (including consents
obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes); provided that, without the consent
of each affected Holder, no such amendment, supplement or waiver shall, with respect to any Notes held by a non-consenting
Holder:

  

    	 	-85-	 

     

    

 

(1)            reduce
the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)            reduce the principal of or change the Maturity of any such Note or reduce the premium payable upon the redemption
of such Notes or change the time at which such Notes may be redeemed pursuant to Section 11.01; provided that any amendment
to the minimum notice requirement may be made with the consent of the Holders of a majority in aggregate principal amount of the
then Outstanding Notes;

 

(3)            reduce the rate of or change the time for payment of interest on any Note;

 

(4)            waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes,
except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Outstanding
Notes and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained
in this Indenture or any Guarantee which cannot be amended or modified without the consent of all affected Holders;

 

(5)            make any Note payable in money other than that stated therein;

 

(6)            make any change in Section 5.13 or the rights of Holders to receive payments of principal of or premium,
if any, or interest on the Notes;

 

(7)            make any change in these amendment and waiver provisions;

 

(8)            amend the contractual right of any Holder expressly set forth in this Indenture and the Notes to institute suit for
the enforcement of any payment of principal, premium, if any, and interest on such Holder’s Notes on or after the due dates
therefor;

 

(9)            make any change to or modify the ranking of the Notes that would adversely affect the Holders; or

 

(10)          except as expressly permitted by this Indenture, modify the Guarantee of any Significant Subsidiary in any manner
materially adverse to the Holders.

 

(b)              It shall not be necessary for the consent of Holders under this Section 9.02 to approve the particular
form of any proposed amendment or waiver, and it shall be sufficient if such consent approves the substance thereof.

 

SECTION 9.03.                      Execution
of Amendments, Supplements or Waivers. In executing, or accepting the additional trusts created by, any amendment,
supplement or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be provided with, and shall be fully protected in relying upon, an Officer’s Certificate and Opinion of
Counsel stating that the execution of such amendment, supplement or waiver is authorized and permitted by this Indenture and
that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party
thereto, enforceable against them in accordance with its terms, subject to customary exceptions and qualifications, and
complies with the provisions hereof. The Trustee has no duty to determine whether a supplemental indenture under this Article
Nine need be entered into or whether any provisions of any supplemental indenture are correct. The Trustee shall not be
responsible for the Issuer’s failure to comply with this Article. Guarantors may, but shall not be required to, execute
supplemental indentures that do not modify such Guarantor’s Guarantee. The Trustee may, but shall not be obligated to,
enter into any such amendment, supplement or waiver which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.

 

    	 	-86-	 

     

    

 

SECTION 9.04.                       Effect of Amendments, Supplements or Waivers. Upon the execution of any supplemental indenture under this
Article, this Indenture shall be modified in accordance therewith, and such amendment, supplement or waiver shall form a part of
this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall
be bound thereby.

 

SECTION 9.05.                       [Reserved].

 

SECTION 9.06.                       Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes so modified
as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by
the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes.

 

SECTION 9.07.                       Notice of Supplemental Indentures. Promptly after the execution by the Issuer, any Guarantor and the Trustee
of any supplemental indenture pursuant to the provisions of Section 9.02, the Issuer shall give notice thereof to the Holders
of each Outstanding Note affected, in the manner provided for in Section 1.07, setting forth in general terms the substance
of such supplemental indenture; provided that failure to give such notice shall not impair the validity of such supplemental indenture.

 

Article
Ten

COVENANTS

 

SECTION 10.01.                    
Payment of Principal, Premium, if any, and Interest. The Issuer covenants and agrees for the benefit of the
Holders that it will duly and punctually pay the principal of (and premium, if any) and interest on the Notes in accordance with
the terms of the Notes and this Indenture.

 

The Issuer shall pay interest on overdue principal
at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the same rate to
the extent lawful.

 

SECTION 10.02.                    
Maintenance of Office or Agency. The Issuer will maintain in The City of New York, an office or agency where
Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The designated office
of the Trustee shall be such office or agency of the Issuer in The City of New York, unless the Issuer shall designate and maintain
some other office or agency for one or more of such purposes. The Issuer will give prompt written notice to the Trustee
of any change in the location of such office or agency. If at any time the Issuer shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

 

    	 	-87-	 

     

    

 

The Issuer may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may
from time to time rescind any such designation; provided, that no such designation or rescission shall in any manner relieve the
Issuer of its obligation to maintain an office or agency in The City of New York. The Issuer will give prompt written notice
to the Trustee of any such designation or rescission and any change in the location of any such other office or agency.

 

SECTION 10.03.                    
Money for Notes Payments to Be Held in Trust. If the Issuer shall at any time act as its own Paying Agent,
it will, on or before each due date of the principal of (or premium, if any) or interest on any of the Notes, segregate and hold
in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal of (or premium, if any) or interest
so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify
the Trustee in writing of its action or failure so to act.

 

Whenever the Issuer shall have one or
more Paying Agents for the Notes, it will, on or before each due date of the principal of (or premium, if any) or interest on any
Notes in accordance with Section 10.01, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if
any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee in writing of such
action or any failure so to act.

 

Each Paying Agent agrees:

 

(1)            that it will hold all sums received by it as Paying Agent for the payment of the principal of or interest on any
Notes in trust for the benefit of the Holders or of the Trustee;

 

(2)            that it will give the Trustee notice of any failure by the Issuer to make any payment of the principal of or interest
on any Notes and any other payments to be made by or on behalf of the Issuer under this Indenture or the Notes when the same shall
be due and payable; and

 

(3)            that it will pay any such sums so held in trust by it to the Trustee forthwith upon the Trustee’s written request
at any time during the continuance of the failure referred to in clause (2) above.

 

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

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of (or premium, if any) or interest
on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable
shall be paid to the Issuer on Issuer Request or (if then held by the Issuer) shall be discharged from such trust; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as Trustee
thereof, shall thereupon cease; provided, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuer cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.

 

    	 	-88-	 

     

    

 

SECTION 10.04.                    
Organizational Existence. Subject to Article Eight, the Issuer will do or cause to be done all things
necessary to preserve and keep in full force and effect its organizational existence and that of each Restricted Subsidiary and
the rights and franchises of the Issuer and each Restricted Subsidiary to conduct business; provided, that the Issuer shall not
be required to preserve any such right or franchise if the Board of the Issuer shall determine that the preservation thereof is
no longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole. For the avoidance of doubt,
the Issuer and its Restricted Subsidiaries will be permitted to change their organizational form; provided that for so long as
the Issuer is organized as a partnership or a limited liability company, it will maintain a corporate co-issuer of the Notes.

 

SECTION 10.05.                    
Payment of Taxes and Other Claims. The Issuer will pay or discharge or cause to be paid or discharged, before
the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Issuer or
any Subsidiary or upon the income, profits or property of the Issuer or any Subsidiary and (2) all lawful claims for labor,
materials and supplies, which, if unpaid, might by law become a lien upon the property of the Issuer or any Subsidiary; provided,
that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate
reserves, if necessary (in the good faith judgment of management of the Issuer) are being maintained in accordance with GAAP.

 

SECTION 10.06.                    
[Reserved].

 

SECTION 10.07.                    
[Reserved].

 

SECTION 10.08.                    
Statement by Officer as to Default.

 

(a)               
The Issuer will deliver to the Trustee within 120 days after the end of each fiscal year, an Officer’s
Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries during the preceding fiscal year
has been made under the supervision of the signing officer with a view to determining whether it has kept, observed, performed
and fulfilled, and has caused each of its Restricted Subsidiaries to keep, observe, perform and fulfill its obligations under this
Indenture and further stating that, to the best of his or her knowledge, the Issuer during such preceding fiscal year has
kept, observed, performed and fulfilled, and has caused each of its Restricted Subsidiaries to keep, observe, perform and fulfill
each and every such covenant contained in this Indenture and no Default or Event of Default occurred during such year and
at the date of such certificate there is no Default or Event of Default which has occurred and is continuing or, if such signers
do know of such Default or Event of Default, the certificate shall describe its status, with particularity and that, to the best
of his or her knowledge, no event has occurred and remains by reason of which payments on the account of the principal of or interest,
if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action each is taking or
proposes to take with respect thereto. The Officer’s Certificate shall also notify the Trustee should the Issuer elect to
change the manner in which it fixes its fiscal year-end. For purposes of this Section 10.08(a), such compliance shall
be determined without regard to any period of grace or requirement of notice under this Indenture.

 

    	 	-89-	 

     

    

 

(b)             When
any Default has occurred and is continuing under this Indenture, the Issuer shall deliver to the Trustee by registered or certified
mail or facsimile transmission an Officer’s Certificate specifying such event, notice or other action within 30 calendar
days of becoming aware of such Default.

 

SECTION 10.09.                    
Reports and Other Information.

 

(a)             Following the Issue Date and so long as any Notes are outstanding, the Issuer shall furnish to the Holders:

 

(1)            (x) all annual and quarterly financial statements substantially in forms that would be required to be contained
in a filing with the SEC on Forms 10-K and 10-Q of the Issuer, if the Issuer were required to file such forms, plus a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” (y) with respect to the annual and quarterly
information, a presentation of EBITDA and Consolidated EBITDA of the Issuer substantially consistent with the presentation thereof
in the Offering Memorandum and derived from such financial information, and (z) with respect to the annual financial statements
only, a report on the annual financial statements by the Issuer’s independent registered public accounting firm; and

 

(2)            within 10 Business Days after the occurrence of an event required to be therein reported, such other information
containing substantially the same information that would be required to be contained in filings with the SEC on Form 8-K under
Items 1.01, 1.02, 1.03, 2.01 (which, with respect to acquisitions, shall be only with respect to acquisitions that are “significant”
pursuant to clauses (1) and (2) of the definition of “Significant Subsidiary” under Rule 1-02 of Regulation S-X), 2.05,
2.06, 4.01, 4.02, 5.01 and 5.02(b) (only with respect to the principal executive officer, president, principal financial officer,
principal accounting officer and principal operating officer) and 5.02(c) (other than with respect to information otherwise
required or contemplated by Item 402 of Regulation S-K promulgated by the SEC) as in effect on the Issue Date if the Issuer
were required to file such reports; provided, however, that no such current report shall be required to include as an exhibit,
or to include a summary of the terms of, any employment or compensatory arrangement agreement, plan or understanding between the
Issuer (or any of its Subsidiaries) and any director, manager or executive officer, of the Issuer (or any of its Subsidiaries);

 

provided, however, that (i) in no event shall such
information or reports be required to comply with Rule 3-10 of Regulation S-X promulgated by the SEC or contain
separate financial statements for the Issuer, the Guarantors or other Subsidiaries the shares of which are pledged to secure
the Notes or any Guarantee that would be required under (a) Section 3-09 of Regulation S-X to the extent that
the Issuer determines in its good faith judgment that such information would not be material to the Holders or the business,
assets, operations, financial positions or prospects of the Issuer and its Restricted Subsidiaries,
(b) Section 3-10 of Regulation S-X or (c) Section 3-16 of Regulation S-X, respectively,
promulgated by the SEC, (ii) in no event shall such information or reports be required to comply with Regulation G
under the Exchange Act or Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-GAAP financial
measures contained therein, (iii) no such information or reports referenced under clause (2) above shall be
required to be furnished if the Issuer determines in its good faith judgment that such event is not material to the Holders
or the business, assets, operations or financial position of the Issuer and its Restricted Subsidiaries, taken as a whole,
(iv) in no event shall such information or reports be required to include any information that is not otherwise similar
to information currently included in the Offering Memorandum, other than with respect to information or reports provided
under clause (2) above and (v) in no event shall information or reports referenced in
clause (2) above be required to include as an exhibit copies of any agreements, financial statements or other items
that would be required to be filed as exhibits to a current report on Form 8-K except for (x) agreements evidencing
material Indebtedness and (y) historical and pro forma financial statements to the extent reasonably available and, in any
case with respect to pro forma financial statements, to include only pro forma revenues, Consolidated EBITDA and capital
expenditures in lieu thereof.

 

    	 	-90-	 

     

    

 

All such annual information and reports shall
be furnished within 90 days after the end of the fiscal year to which they relate, and all such quarterly information and
reports shall be furnished within 45 days after the end of the fiscal quarter to which they relate.

 

At any time that any of the Issuer’s
Subsidiaries are Unrestricted Subsidiaries, the quarterly and annual financial information required by the preceding paragraph will
include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, in the
 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or other comparable section,
of the financial condition and results of operations of the Issuer and Restricted Subsidiaries separate from the financial condition
and results of operations of such Unrestricted Subsidiaries of the Issuer.

 

The Issuer shall make available such information
and such reports (as well as, if required, the details regarding the audio presentation or conference call, as applicable, described
below) to any Holder and, upon request, to any beneficial owner of the Notes, in each case by posting such information and reports
on its website, on Intralinks or any comparable password-protected online data system which shall require a confidentiality acknowledgment,
and shall make such information and reports readily available to any Holder, any prospective investor in the Notes, any securities
analyst (to the extent providing analysis of investment in the notes) or any market maker in the Notes who agrees to treat such
information and reports as confidential or accesses such information and reports on Intralinks or any comparable password-protected
online data system which shall require a confidentiality acknowledgment; provided that the Issuer shall post such information and
reports thereon and make readily available any password or other login information to any such Holder, bona fide prospective investor,
securities analyst or market maker; provided, further, however, that the Issuer may deny access to any competitively-sensitive
information and reports otherwise to be provided pursuant to this paragraph to any such Holder, prospective investor, security
analyst or market maker that is a competitor of the Issuer and its Subsidiaries to the extent that the Issuer determines in good
faith that the provision of such information and reports to such Person would be competitively harmful to the Issuer and its Subsidiaries;
and provided, further, that such Holders, prospective investors, security analysts or market makers shall agree to (i) treat
all such reports (and the information contained therein) and information as confidential, (ii) not use such reports and the
information contained therein for any purpose other than their investment or potential investment in the Notes and (iii) not
publicly disclose any such reports (and the information contained therein).

 

If the Issuer (or a Parent Entity) is not
required to file reports under Section 13 or 15(d) of the Exchange Act, the Issuer shall, within a reasonably prompt period of
time following the disclosure of the annual and quarterly information required above, (i) conduct an audio presentation consistent
with past practice of the Issuer or (ii) hold a conference call, in either case, with respect to such information and results of
operations for the relevant reporting period. No fewer than three (3) Business Days prior to the date of the audio presentation
or conference call required to be held in accordance with the preceding sentence, the Company shall issue a press release to the
appropriate internationally recognized wire services announcing the date that such information will be available and the time and
date of such audio presentation or conference call.

 

    	 	-91-	 

     

    

 

(b)          The
Issuer shall provide S&P and Moody’s (and their respective successors) with information on a periodic basis as S&P
or Moody’s, as the case may be, shall reasonably require in order to maintain public ratings of the Notes. In addition,
to the extent not satisfied by the foregoing, the Issuer shall furnish to prospective investors, upon their request, any information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable
under the Securities Act.

 

(c)          The Issuer may satisfy its obligations under this Section 10.09 with respect to financial information relating to
the Issuer by furnishing financial and other information relating to any Parent Entity instead of the Issuer; provided that
to the extent such Parent Entity holds assets (other than its direct or indirect interest in the Issuer) that exceeds the lesser
of (i) 1.0% of Total Assets of such Parent Entity and (ii) 1.0% of the total consolidated revenue for the preceding fiscal year
of such Parent Entity, then such information related to such Parent Entity shall be accompanied by consolidating information, which
may be unaudited, that explains in reasonable detail the differences between the information of such Parent Entity, on the one hand,
and the information relating to the Issuer and its Subsidiaries on a stand-alone basis, on the other hand.

 

(d)          The Issuer shall be deemed to have furnished the financial statements and other information referred to in Section
10.09(a)(1) and (2) if the Issuer or any Parent Entity has filed reports containing such information with the SEC.

 

To the extent any information is not provided
within the time periods specified in this Section 10.09 and such information is subsequently provided, the Issuer shall be
deemed to have satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed
to have been cured. The Trustee shall have no responsibility to determine if the Issuer has filed any statements or information
with the SEC or posted such statements or information on its website or Intralinks or any comparable password-protected online
data system.

 

SECTION 10.10.                    
Limitation on Restricted Payments.

 

(a)          The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(I)    declare
or pay any dividend or make any payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests (in each case, solely to a holder of Equity Interests in such Person’s capacity as a holder of such Equity
Interests), including any dividend or distribution payable in connection with any merger, amalgamation or consolidation other than:

 

(A)           dividends, payments or distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock)
of the Issuer or in options, warrants or other rights to purchase such Equity Interests (other than Disqualified Stock); or

 

(B)            dividends, payments or distributions by a Restricted Subsidiary so long as, in the case of any dividend, payment
or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned
Subsidiary of the Issuer, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend, payment
or distribution in accordance with its Equity Interests in such class or series of securities;

 

    	 	-92-	 

     

    

 

(II)         purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any Parent Entity, including in
connection with any merger, amalgamation or consolidation, in each case held by a Person other than the Issuer or a Restricted
Subsidiary;

 

(III)       make
any principal payment on, or redeem, repurchase, defease, discharge or otherwise acquire or retire for value, in each case prior
to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Issuer or any Guarantor, other
than:

 

(A)     Indebtedness permitted to be incurred or issued under clauses (11), (12) or (13) of Section 10.11(b);
or

 

(B)      the redemption, defeasance, purchase, repurchase, discharge or other acquisition of Subordinated Indebtedness purchased
in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year
of the date of redemption, defeasance, purchase, repurchase, discharge or acquisition; or

 

(IV)       make
any Restricted Investment;

 

(all such payments and other actions set forth in clauses (I) through
(IV) above (other than any exceptions thereto) being collectively referred to as “Restricted Payments”),
unless, at the time of such Restricted Payment:

 

(1)          no Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

 

(2)          immediately after giving effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional
Indebtedness under Section 10.11(a); and

 

(3)          such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and
its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (1), (2) (with respect
to the payment of dividends on Refunding Capital Stock (as defined below) pursuant to clause (b) thereof only), (6)(C) and
(8) of Section 10.10(b), but excluding all other Restricted Payments permitted by Section 10.10(b)), is less than
the sum of (without duplication):

 

(a)      50.0%
of the Consolidated Net Income of the Issuer for each fiscal quarter from July 1, 2020 to the end of the Issuer’s most recently
ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in the case
such Consolidated Net Income for such period is a deficit, minus 100% of such deficit (taken as one accounting period), plus

 

(b)      100%
of the aggregate net cash proceeds and the fair market value of marketable securities or other property received by the Issuer
and its Restricted Subsidiaries since the Issue Date (other than net cash proceeds to the extent such net cash proceeds have been
used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to Section 10.11(b)(16)(a) from the
issue or sale of:

  

    	 	-93-	 

     

    

 

 

(x)          (A)       Equity Interests of
the Issuer, including Treasury Capital Stock (as defined below), but excluding cash proceeds and the fair market value of marketable
securities or other property received from the sale of:

 

(i)        Equity
Interests to any future, current or former employees, directors, managers or consultants of the Issuer, its Subsidiaries or any
Parent Entity after the Issue Date to the extent such amounts have been applied to Restricted Payments made in accordance with
Section 10.10(b)(4); and

 

(ii)       Designated
Preferred Stock; and

 

(B)      Equity
Interests of any Parent Entity, to the extent such net cash proceeds are actually contributed to the Issuer (excluding contributions
of the proceeds from the sale of Designated Preferred Stock of such companies or contributions to the extent such amounts have
been applied to Restricted Payments made in accordance with Section 10.10(b)(4)); or

 

(y)         Indebtedness
or Disqualified Stock of the Issuer or any Restricted Subsidiary that has been converted into or exchanged for such Equity Interests
(other than Disqualified Stock) of the Issuer or a Parent Entity;

 

provided, however, that this clause (b) shall
not include the proceeds from (W) Refunding Capital Stock (as defined below), (X) Equity Interests (or Indebtedness that
has been converted or exchanged for Equity Interests) of the Issuer sold to a Subsidiary, (Y) Disqualified Stock (or debt
securities that have been converted or exchanged into Disqualified Stock) or (Z) Excluded Contributions, plus

 

(c)          100%
of the aggregate amount of cash and the fair market value of marketable securities or other property contributed to the capital
of the Issuer or a Restricted Subsidiary (to the extent not constituting an Asset Sale by the Issuer or a Restricted Subsidiary)
or that becomes part of the capital of the Issuer or a Restricted Subsidiary through consolidation or merger after July 31,
2018 (other than net cash proceeds to the extent such net cash proceeds (i) have been used to incur Indebtedness or issue
Disqualified Stock or Preferred Stock pursuant to Section 10.11(b)(16)(a), (ii) are contributed by the Issuer or a Restricted
Subsidiary or (iii) constitute Excluded Contributions), plus

 

(d)         100%
of the aggregate amount received in cash and the fair market value of marketable securities or other property received by the Issuer
or a Restricted Subsidiary by means of:

 

(A)       the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of, or other returns on Investment from,
Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of, such Restricted
Investments from the Issuer or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees,
which constitute Restricted Investments made by the Issuer or its Restricted Subsidiaries, in each case, after the Issue
Date; or

 

    	 	-94-	 

     

    

 

 

(B)       the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of the Equity Interests of an Unrestricted Subsidiary
or a distribution from an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary
constituted a Permitted Investment) or a dividend or distribution from an Unrestricted Subsidiary after the Issue Date, plus

 

(e)       in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation
of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets
of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary after the Issue Date, the fair market value of the Investment
in such Unrestricted Subsidiary (or the net assets transferred) at the time of the redesignation of such Unrestricted Subsidiary
as a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation or transfer of assets, other than to the
extent such Investment constituted a Permitted Investment, plus

 

(f)        the
greater of (x) $125.0 million and (y) 5.0% of Consolidated Tangible Net Worth.

 

(b)               
The foregoing provisions shall not prohibit:

 

(1)                     
the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days
after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if, at the date of declaration or
the giving of such notice, as applicable, such payment would have complied with the provisions of this Indenture (assuming, in
the case of a redemption payment, the giving of the notice of such redemption payment would have been deemed to be a Restricted
Payment at such time);

 

(2)                     
(A) the prepayment, redemption, repurchase, defeasance, discharge, retirement or other acquisition of any Equity
Interests, including any accrued and unpaid dividends thereon (“Treasury Capital Stock”), or Subordinated Indebtedness
of the Issuer or any Restricted Subsidiary or any Equity Interests of any Parent Entity, in exchange for, or in an amount equal
to or less than the proceeds of a sale or issuance (other than to a Restricted Subsidiary) of Equity Interests of the Issuer or
any Parent Entity to the extent contributed to the Issuer (in each case, other than any Disqualified Stock) (“Refunding
Capital Stock”) made within 120 days of such sale or issuance of Refunding Capital Stock, and

 

(B)              if
immediately prior to the retirement of Treasury Capital Stock, the declaration and payment of dividends thereon was permitted
under Section 10.10(b)(6), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding
Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any
Parent Entity) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were
declarable and payable on such Treasury Capital Stock immediately prior to such retirement;

 

    -95-

     

    

 

(3)               
the prepayment, redemption, defeasance, repurchase, retirement, discharge, exchange or other acquisition for value
of (i) Subordinated Indebtedness of the Issuer or a Guarantor made in exchange for, or in an amount equal to or less than
the proceeds of a sale of, new Indebtedness of the Issuer or a Guarantor or Disqualified Stock of the Issuer or a Guarantor made
within 120 days of such incurrence or issuance of new Indebtedness or Disqualified Stock or (ii) Disqualified Stock of
the Issuer or a Guarantor made in exchange for, or out of the proceeds of a sale of, Disqualified Stock of the Issuer or a Guarantor
made within 120 days of such sale of Disqualified Stock, that, in each case is incurred or issued in compliance with Section 10.11
so long as:

 

(A)             
the principal amount (or accreted value, if applicable) of such new Indebtedness or the liquidation preference of
such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid
interest on, the Subordinated Indebtedness or the liquidation preference of, plus any accrued and unpaid dividends on, the Disqualified
Stock being so prepaid, redeemed, defeased, repurchased, exchanged, discharged, acquired or retired for value, plus the amount
of any premium (including tender premiums), defeasance costs, underwriting discounts and any fees, costs and expenses incurred
in connection with the issuance of such new Indebtedness or Disqualified Stock and such prepayment, redemption, defeasance, repurchase,
exchange, discharge, acquisition or retirement;

 

(B)             
such new Indebtedness is subordinated to the Notes or the applicable Guarantee at least to the same extent as such
Subordinated Indebtedness so prepaid, redeemed, defeased, repurchased, exchanged, discharged, acquired or retired;

 

(C)             
such new Indebtedness or Disqualified Stock has a final scheduled maturity date or mandatory redemption date, as
applicable, equal to or later than the final scheduled maturity date or mandatory redemption date of the Subordinated Indebtedness
or Disqualified Stock being so prepaid, redeemed, defeased, repurchased, exchanged, discharged, acquired or retired (or if earlier,
such date that is at least 91 days after the maturity date of the Notes); and

 

(D)             
such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than the
remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so prepaid, redeemed,
defeased, repurchased, exchanged, discharged, acquired or retired (or requires no or nominal payments in cash (other than interest
payments) prior to the date that is 91 days after the maturity date of the Notes);

 

(4)                a
Restricted Payment to pay for the repurchase, redemption, retirement or other acquisition of Equity Interests (other than
Disqualified Stock) of the Issuer or any Parent Entity held by any future, present or former employee, director, officer,
manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members, or any permitted
transferee thereof) of the Issuer, any of its Subsidiaries or any Parent Entity pursuant to any management, director,
employee and/or advisor equity plan or equity option plan or any other management, director, employee and/or advisor benefit
plan or agreement or any equity subscription or equityholder agreement or any termination agreement (including, for the
avoidance of doubt, any principal and interest payable on any Indebtedness issued by the Issuer or any Parent Entity in
connection with such repurchase, retirement or other acquisition), including any Equity Interests rolled over by management,
directors or employees of the Issuer, any of its Subsidiaries or any Parent Entity in connection with any corporate
transaction; provided, however, that the aggregate Restricted Payments made under this clause (4) do not exceed in
any fiscal year the greater of (x) $25.0 million and (y) 1.0% of Consolidated Tangible Net Worth (with unused amounts in any
fiscal year being carried over to succeeding fiscal years); provided, further, that such amount in any fiscal year may be
increased by an amount not to exceed:

 

    -96-

     

    

 

(A)             
the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent
contributed to the Issuer, the cash proceeds from the sale of Equity Interests of any Parent Entity, in each case to any future,
present or former employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates
or Immediate Family Members) of the Issuer, any of its Subsidiaries or any Parent Entity that occurs after the Issue Date; provided
that the amount of such cash proceeds utilized for any such repurchase, retirement or other acquisition for value will not increase
the amount available for Restricted Payments under Section 10.10(a)(3); plus

 

(B)             
the cash proceeds of key man life insurance policies received by the Issuer or the Restricted Subsidiaries (or any
Parent Entity to the extent contributed to the Issuer) after the Issue Date; less

 

(C)             
the amount of any Restricted Payments previously made with the cash proceeds described in clauses (A) and
(B) of this Section 10.10(b)(4);

 

provided that the Issuer may elect to apply all or
any portion of the aggregate increase contemplated by clauses (A) and (B) of this Section 10.10(b)(4) in
any fiscal year; provided, further, that cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from any
future, present or former employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates
or Immediate Family Members, or any permitted transferee thereof) of the Issuer, any Parent Entity or any of the Issuer’s
Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Issuer or any Parent Entity will not be deemed
to constitute a Restricted Payment for purposes of this covenant or any other provision of this Indenture;

 

(5)               
the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuer or
any of its Restricted Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiary, in each case issued
in accordance with the covenant described under Section 10.11 to the extent such dividends are included in the definition
of “Fixed Charges;”

 

(6)               
(A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other
than Disqualified Stock) issued by the Issuer or any of its Restricted Subsidiaries after the Issue Date;

 

(B)              the
declaration and payment of dividends to a Parent Entity, the proceeds of which shall be used to fund the payment of dividends
to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such Parent Entity issued
after the Issue Date; provided that the amount of dividends paid pursuant to this clause (B) shall not exceed the
aggregate amount of cash actually contributed to the Issuer from the sale of such Designated Preferred Stock; or

 

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(C)             
the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends
declarable and payable thereon pursuant to Section 10.10(b)(2);

 

provided, however, that, in the case of each of clauses
(A) and (C) of this clause (6), for the Applicable Measurement Period at the date of issuance of such Designated
Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to
such issuance or declaration, as applicable, on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness under
the provisions of Section 10.11(a);

 

(7)               
payments made or expected to be made by the Issuer or any Restricted Subsidiary in respect of withholding or similar
taxes payable in connection with the exercise or vesting of Equity Interests or any other equity award by any future, present or
former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family
Members, or any permitted transferee thereof) of the Issuer, any Parent Entity or any of the Issuer’s Restricted Subsidiaries
and repurchases or withholdings of Equity Interests in connection with the exercise of any stock or other equity options or warrants
or other incentive interests or the vesting of equity awards if such Equity Interests represent all or a portion of the exercise
price thereof or payments in lieu of the issuance of fractional Equity Interests, or withholding obligation with respect to, such
options or warrants or other incentive interests or other Equity Interests or equity awards;

 

(8)               
the declaration and payment of dividends on the Issuer’s common equity (or the payment of dividends to any
Parent Entity to fund a payment of dividends on such entity’s common equity) in an amount per annum not to exceed 6.0% of
Market Capitalization;

 

(9)               
Restricted Payments (A) in an amount that does not exceed the aggregate amount of Excluded Contributions received
since the Issue Date and (B) without duplication with clause (A), in an amount equal to the net cash proceeds from any sale or
disposition of, or distribution in respect of, Investments acquired after the Issue Date, to the extent the acquisition of such
Investments was financed in reliance on clause (A) and provided that such amount will not increase the amount available for Restricted
Payments under Section 10.10(a)(3);

 

(10)           
other Restricted Payments (A) in an aggregate amount taken together with all other Restricted Payments made pursuant
to this clause (10), not to exceed the greater of (x) $125.0 million and (y) 5.0% of Consolidated Tangible Net Worth
and (B) without duplication with clause (A), in an amount equal to the net cash proceeds from any sale or disposition of, or distribution
in respect of, Investments acquired after the Issue Date, to the extent the acquisition of such Investments was financed in reliance
on clause (A) and provided that such amount will not increase the amount available for Restricted Payments under Section 10.10(a)(3);

 

(11)           
any Restricted Payment used to fund amounts owed to Affiliates (including dividends to any Parent Entity to permit
payment by such Parent Entity of such amount) to the extent permitted by Section 10.13;

 

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(12)           
 (A) the repurchase, redemption, defeasance, acquisition, retirement or discharge of any Subordinated Indebtedness in
accordance with provisions similar to those of Section 10.16 and Section 10.17; provided that (x) at or prior to such repurchase,
redemption, defeasance, acquisition, retirement or discharge, the Issuer (or a third Person permitted by this Indenture) has made
a Change of Control Offer or Asset Sale Offer, as the case may be, with respect to the Notes to the extent required as a result
of such Change of Control or Asset Sale, as the case may be, and (y) all Notes tendered by Holders in connection with the relevant
Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, defeased, acquired, retired or discharged;
and (B) Restricted Payments made with Net Proceeds from Asset Sales remaining after the making by the Issuer of any Asset Sale
Offer required to be made by the Issuer pursuant to Section 10.17 and the purchase of all Notes tendered therein;

 

(13)           
the declaration and payment of dividends or distributions by the Issuer to, or the making of loans to, any Parent
Entity in amounts required for any Parent Entity to pay or cause to be paid, in each case without duplication,

 

(A)             
franchise, excise and similar taxes and other fees, taxes and expenses, in each case, required to maintain their
corporate or other legal existence;

 

(B)              
for any taxable period for which the Issuer and/or any of its Subsidiaries are members of a consolidated, combined
or unitary tax group for U.S. federal and/or applicable state, local, provincial, territorial or foreign income or similar tax
purposes of which a Parent Entity is the common parent (a “Tax Group”), the portion of any U.S. federal, state,
local, provincial, territorial or foreign income or similar taxes (as applicable), including any interest or penalties related
thereto, of such Tax Group for such taxable period that are attributable to the income, revenue, receipts or capital of the Issuer
and/or its Subsidiaries; provided that (i) payments made pursuant to this clause (B) shall not exceed the amount of liability
that the Issuer and/or its applicable Subsidiaries (as applicable) would have incurred were such taxes determined as if such entity(ies)
had been a stand-alone taxpayer or a stand-alone group for all relevant taxable periods and (ii) payments under this clause (B) in
respect of any taxes attributable to any Unrestricted Subsidiaries of the Issuer may be made only to the extent that such Unrestricted
Subsidiaries have made cash payments for such purpose to the Issuer, the Restricted Subsidiaries or the Guarantors;

 

(C)              
customary salary, bonus, severance and other benefits payable to, and indemnities provided on behalf of, future,
current or former officers, employees, directors, managers and consultants of any Parent Entity to the extent such salaries, bonuses,
severance and other benefits and indemnities are attributable to the ownership or operation of the Issuer and the Restricted Subsidiaries;

 

(D)              
general corporate, operating (including, without limitation, expenses related to the maintenance of corporate or
other existence and auditing or other accounting or tax reporting matters);

 

(E)               
fees and expenses related to any equity or debt offering, financing transaction, acquisitions, divestitures, investments
or other non-ordinary course transaction (whether or not consummated or successful) of such Parent Entity; provided that any such
transaction was in the good faith judgment of the Issuer intended to be for the benefit of the Issuer and its Restricted Subsidiaries;

 

    -99-

     

    

 

(F)              
 amounts (including fees and expenses) that would otherwise be permitted to be paid directly by the Issuer or its
Restricted Subsidiaries pursuant to clauses (3), (4), (7), (8), (11) or (12) of Section 10.13(b);

 

(G)              
cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Equity Interests of the Issuer or any Parent Entity; and

 

(H)              
to finance Investments by a Parent Entity that would otherwise be permitted to be made pursuant to this covenant
if made by the Issuer; provided, that (1) such Restricted Payment shall be made substantially concurrently with the closing
of such Investment, (2) such Parent Entity shall, immediately following the closing thereof, cause (x) all property acquired
(whether assets or Equity Interests) to be contributed to the capital of the Issuer or one of its Restricted Subsidiaries or (y) the
merger or amalgamation of the Person formed or acquired into the Issuer or one of its Restricted Subsidiaries (to the extent not
prohibited by Article Eight) in order to consummate such Investment, (3) such Parent Entity and its Affiliates (other
than the Issuer or a Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except
to the extent the Issuer or a Restricted Subsidiary could have given such consideration or made such payment in compliance with
this Indenture, (4) any property received by the Issuer or a Restricted Subsidiary shall not increase amounts available for
Restricted Payments pursuant to Section 10.10(a)(3) or Section 10.10(b)(9), except to the extent the fair market value
at the time of such receipt of such property exceeds the Restricted Payment made pursuant to this clause (H), and (5) to the extent
constituting an Investment, such Investment shall be deemed to be made by the Issuer or such Restricted Subsidiary pursuant to
another provision of this covenant or Section 10.10(b)(9) or pursuant to the definition of “Permitted Investments”
(other than clause (9) thereof);

 

(14)           
the repurchase, redemption or other acquisition of Equity Interests of the Issuer or any Restricted Subsidiary deemed
to occur in connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend,
distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Issuer
or any Restricted Subsidiary, in each case, permitted under this Indenture;

 

(15)           
the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or
a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash
and/or Cash Equivalents);

 

(16)           
any Restricted Payment; provided that on a pro forma basis after giving effect to such Restricted Payment, the Consolidated
Total Indebtedness to Consolidated Tangible Net Worth Ratio would be equal to or less than 2.00 to 1.00;

 

(17)           
payments or distributions to satisfy dissenters’ or appraisal rights and the settlement of any claims or actions
(whether actual, contingent or potential) with respect thereto, pursuant to or in connection with a consolidation, amalgamation,
merger or transfer of assets that complies with Article Eight; and

 

    -100-

     

    

 

(18)            
(i) payments made in connection with the purchase of any Permitted Bond Hedge Transaction, (ii) payments made to settle,
unwind or terminate any Permitted Warrant Transaction (I) by delivery of common stock of the Issuer or any Parent Entity,
(II) by set-off against the related Permitted Bond Hedge Transaction or (III) with cash payments as determined under the
terms of the documentation governing such transaction, or (iii) the settlement or termination of any Permitted Equity
Derivatives described in clause (1) of the definition thereof; provided that the entry into such Permitted Equity Derivative
was permitted under this covenant;

 

provided, however, that at the time of,
and after giving effect to, any Restricted Payment permitted under clauses (10) and (16) of this Section 10.10(b), no
Event of Default shall have occurred and be continuing or would occur as a consequence thereof.

 

For purposes of determining compliance with
this Section 10.10, in the event that a proposed Restricted Payment or Investment (or a portion thereof) meets the criteria of
more than one of the categories of Restricted Payments described in the preceding clauses (1) through (18) of Section 10.10(b)
and/or one or more of the clauses contained in the definition of “Permitted Investments,” or is entitled to be made
pursuant to Section 10.10(a), the Issuer shall be entitled to divide or classify (or later divide, classify or reclassify
(based on circumstances existing on the date of such later division, classification or reclassification) in whole or in part in
its sole discretion) such Restricted Payment or Investment (or portion thereof) among such clauses (1) through (18) of Section
10.10(b) and/or Section 10.10(a) and/or one or more of the clauses contained in the definition of “Permitted Investments,”
in a manner that otherwise complies with this Section 10.10.

 

The amount of all Restricted Payments (other
than cash) will be the fair market value on the date of the Restricted Payment of the assets or securities proposed to be transferred
or issued by the Issuer or any Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

(c)               
As of the Issue Date, all of the Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer shall not
permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence of the definition
of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary,
all outstanding Investments by the Issuer and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated
shall be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the last sentence of
the definition of “Investments.” Such designation shall be permitted only if a Restricted Payment or Permitted Investment
in such amount would be permitted at such time, whether pursuant to this covenant or pursuant to the definition of “Permitted
Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries
will not be subject to any of the restrictive covenants set forth in this Indenture and will not guarantee the Notes.

 

(d)               
For the avoidance of doubt, this Section 10.10 shall not restrict the making of any “AHYDO catch up payment”
with respect to, and required by the terms of, any Indebtedness of the Issuer or any of its Restricted Subsidiaries permitted to
be incurred under the terms of this Indenture.

 

SECTION 10.11.                    
Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)                The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively,
 “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including
Acquired Indebtedness) and the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted
Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that the Issuer may incur
Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any of its Restricted Subsidiaries
may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred
Stock, if the Fixed Charge Coverage Ratio for the Applicable Measurement Period would have been at least 2.00 to 1.00,
determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the
application of proceeds therefrom had occurred at the beginning of such four-quarter period.

 

    -101-

     

    

 

(b)               
The foregoing limitations shall not apply to:

 

(1)               
the incurrence of Indebtedness under Credit Facilities by the Issuer or any of its Restricted Subsidiaries and the
issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’
acceptances being deemed to have a principal amount equal to the face amount thereof), up to an aggregate principal amount outstanding
at any one time not to exceed the greater of (i) $350.0 million and (ii) 14.0% of Consolidated Tangible Net Worth;

 

(2)               
the incurrence by the Issuer and any Guarantor of Indebtedness represented by the Notes (including any Guarantee
thereof) (other than any Additional Notes, if any, or guarantees with respect thereto);

 

(3)               
Indebtedness incurred pursuant to the Existing Facilities in an aggregate principal amount at any time outstanding
not to exceed the maximum amount available under the terms of each Existing Facility as in effect on the Issue Date;

 

(4)               
Indebtedness of the Issuer and the Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness
described in clauses (1), (2) and (3) of this Section 10.11(b));

 

(5)               
Indebtedness (including Capitalized Lease Obligations and Purchase Money Obligations), Disqualified Stock and Preferred
Stock incurred by the Issuer or any of the Restricted Subsidiaries to finance the purchase, lease, expansion, construction, development,
replacement, maintenance, upgrade, installation, replacement, repair or improvement of property (real or personal), equipment or
any other asset (including, but not limited to, MSRs, Servicing Advances, mortgages or other loans, mortgage-related securities
or derivatives, consumer receivables, REO Assets, Residual Interests, mortgage-related receivables or other similar assets (or
any interests in any of the foregoing)), whether through the direct purchase of assets or the Capital Stock of any Person owning
such assets; provided that the Liens securing such Indebtedness may not extend to any other property owned by the Issuer or any
of its Restricted Subsidiaries at the time the Lien is incurred and the Indebtedness secured by the Lien may not be incurred more
than 270 days after the latter of the acquisition or completion of the construction of the property subject to the Lien, provided,
further that the amount of such Indebtedness does not exceed the fair market value of the assets developed, constructed, purchased,
leased, repaired, maintained, expanded, replaced, upgraded, installed or improved with the proceeds of such Indebtedness;

 

(6)                Indebtedness
incurred by the Issuer or any of the Restricted Subsidiaries constituting reimbursement obligations with respect to letters
of credit, bankers’ acceptances, bank guarantees, warehouse receipts or similar instruments issued or entered into, or
relating to obligations or liabilities incurred, in the ordinary course of business or consistent with past practice,
including letters of credit in favor of suppliers or trade creditors or in respect of workers’ compensation claims,
performance, completion or surety bonds, health, disability or other employee benefits or property, casualty or liability
insurance or self-insurance or other Indebtedness with respect to obligations regarding workers’ compensation
claims, performance, completion or surety bonds, health, disability or other employee benefits or property, casualty or
liability insurance or self-insurance;

 

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(7)               
Permitted Funding Indebtedness;

 

(8)               
Permitted Securitization Indebtedness and Indebtedness under Credit Enhancement Agreements;

 

(9)               
Non-Recourse Indebtedness;

 

(10)           
Indebtedness arising from agreements of the Issuer or any of the Restricted Subsidiaries providing for indemnification,
adjustment of purchase price, earn-out or similar obligations, in each case, incurred or assumed in connection with the acquisition
or disposition of any business, assets, a Subsidiary or an Investment, other than guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

 

(11)           
Indebtedness of the Issuer to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted
Subsidiary that is not a Guarantor, excluding any Indebtedness in respect of accounts payable incurred in connection with goods
and services rendered in the ordinary course of business or consistent with past practice (and not in connection with the borrowing
of money), is expressly subordinated in right of payment (to the extent permitted by applicable law and it does not result in material
adverse tax consequences) to the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any
other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer
of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting
a Permitted Lien (but not foreclosure thereon)) shall be deemed, in each case, to be an incurrence of such Indebtedness (to the
extent such Indebtedness is then outstanding) not permitted by this clause;

 

(12)           
Indebtedness of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary; provided that if a
Guarantor incurs such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor, excluding any Indebtedness in respect
of accounts payable incurred in connection with goods and services rendered in the ordinary course of business or consistent with
past practice (and not in connection with the borrowing of money), such Indebtedness is expressly subordinated in right of payment
(to the extent permitted by applicable law and it does not result in material adverse tax consequences) to the Notes or the Guarantee
of the Notes of such Guarantor; provided, further, that any subsequent transfer of any such Indebtedness (except to the Issuer
or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien (but not foreclosure thereon))
shall be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness is then outstanding) not
permitted by this clause;

 

(13)            shares
of Preferred Stock or Disqualified Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary;
provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted
Subsidiary that holds such Preferred Stock or Disqualified Stock ceasing to be a Restricted Subsidiary or any other
subsequent transfer of any such shares of Preferred Stock or Disqualified Stock (except to the Issuer or another Restricted
Subsidiary or any pledge of such Capital Stock constituting a Permitted Lien (but not foreclosure thereon)) shall be deemed
in each case to be an issuance of such shares of Preferred Stock or Disqualified Stock, as applicable (to the extent such
Preferred Stock or Disqualified Stock is then outstanding), not permitted by this clause;

 

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(14)           
Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) and, to the extent constituting
Indebtedness, of obligations under Permitted Warrant Transactions;

 

(15)           
obligations in respect of self-insurance and obligations in respect of stays, customs, performance, indemnity, bid,
appeal, judgment, surety and other similar bonds or instruments and performance, bankers’ acceptance facilities and completion
guarantees and similar obligations provided by the Issuer or any of the Restricted Subsidiaries or obligations in respect of letters
of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent
with past practice or in connection with judgments that do not result in an Event of Default;

 

(16)           
(a) Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any of its Restricted Subsidiaries
in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference
of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred or issued pursuant to this clause
(16)(a) and any outstanding amount of Indebtedness under clause (17) of this Section 10.11(b) incurred to refinance Indebtedness
initially incurred in reliance on this clause (16)(a), does not at any one time outstanding exceed,200.0% of the net cash proceeds
received by the Issuer since the Issue Date from the issue or sale of Equity Interests of the Issuer or cash contributed to the
capital of the Issuer (in each case, other than Excluded Contributions or proceeds of Disqualified Stock or sales of Equity Interests
to the Issuer or any of its Subsidiaries) as determined in accordance with clauses (3)(b) and (3)(c) of Section 10.10(a) to
the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments or to make
other Investments, payments or exchanges pursuant to Section 10.10(b) or to make Permitted Investments (other than Permitted
Investments specified in clauses (1), (2) and (3) of the definition thereof) and (b) Indebtedness, Disqualified
Stock or Preferred Stock of the Issuer or any Restricted Subsidiary in an aggregate principal amount or liquidation preference,
which when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred
Stock then outstanding and incurred or issued pursuant to this clause (16)(b) and any outstanding amount of Indebtedness under
clause (17) of this Section 10.11(b) incurred to refinance Indebtedness initially incurred in reliance on this clause (16)(b),
does not at any one time outstanding exceed the greater of (x) $250.0 million and (y) 10.0% of Consolidated Tangible Net Worth
(it being understood that any Indebtedness, Disqualified Stock or Preferred Stock incurred pursuant to this clause (16)(b) shall
cease to be deemed incurred or outstanding for purposes of this clause (16)(b) but shall be deemed incurred pursuant
to Section 10.11(a) from and after the first date on which the Issuer or such Restricted Subsidiary could have incurred
or issued such Indebtedness, Disqualified Stock or Preferred Stock under Section 10.11(a));

 

    -104-

     

    

 

(17)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness or the issuance by the Issuer or any
Restricted Subsidiary of Disqualified Stock or Preferred Stock that serves to refund, refinance, replace, renew, extend,
defease, repay, prepay, redeem or retire (collectively, “refinance” with “refinances,”
 “refinanced” and “refinancing” having a correlative meaning) any Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or any of its Restricted Subsidiaries incurred or issued as permitted
under Section 10.11(a) and clauses (2), (4), (5) and (16), this clause (17) and clauses (18), (22), (23),
(27) and (28) of Section 10.11(b) or any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to so
refinance such Indebtedness, Disqualified Stock or Preferred Stock including additional Indebtedness, Disqualified Stock or
Preferred Stock incurred to pay accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance
costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) in
connection with such refinancing (the “Refinancing Indebtedness”) on or prior to its respective maturity;
provided, however, that such Refinancing Indebtedness:

 

(A)             
has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than
the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refinanced (or
requires no or nominal payments in cash (other than interest payments) prior to the date that is 91 days after the maturity
date of the Notes),

 

(B)             
to the extent such Refinancing Indebtedness refinances (i) Indebtedness subordinated in right of payment to
the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated in right of payment to the Notes or such Guarantee
at least to the same extent as the Indebtedness being refinanced or (ii) Disqualified Stock or Preferred Stock, such Refinancing
Indebtedness must be Disqualified Stock or Preferred Stock, respectively, and

 

(C)             
shall not include Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a
Guarantor that refinances Indebtedness or Disqualified Stock of the Issuer or a Guarantor;

 

provided, further, that subclause (A) of
this clause (17) shall not apply to any refinancing of any Secured Indebtedness;

 

(18)           
Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or a Restricted Subsidiary incurred or issued
to finance an acquisition or Investment or (y) Persons that are acquired by the Issuer or a Restricted Subsidiary or merged into,
amalgamated with or consolidated with the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture (including
designating an Unrestricted Subsidiary as a Restricted Subsidiary); provided that after giving pro forma effect to such Investment,
acquisition, merger, amalgamation or consolidation, either:

 

(A)             
the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 10.11(a); or

 

(B)             
the Fixed Charge Coverage Ratio of the Issuer and its Restricted Subsidiaries is equal to or greater than immediately
prior to such Investment, acquisition, merger, amalgamation or consolidation,

 

provided, however, that on a pro forma basis,
the aggregate amount of Indebtedness, Disqualified Stock or Preferred Stock incurred pursuant to clause (x) by any Restricted
Subsidiaries that are not Guarantors, when aggregated with the principal amount and liquidation preference of all other
Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred or issued pursuant to this proviso and any
outstanding amount of Indebtedness under clause (17) of this Section 10.11(b) incurred to refinance Indebtedness initially
incurred in reliance on this proviso, does not at any one time outstanding exceed the greater of (i) $100.0 million and (ii)
4.0% of Consolidated Tangible Net Worth;

 

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(19)           
(a) Cash Management Obligations, (b) Indebtedness in respect of netting services, overdraft protections
and similar arrangements and other Indebtedness arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary course of business, and (c) Indebtedness owed
on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course
of business or consistent with past practice of the Issuer and its Restricted Subsidiaries with such banks or financial institutions
that arises in connection with ordinary banking arrangements to manage cash balances of the Issuer and its Restricted Subsidiaries;

 

(20)           
Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit, bank guarantee
or other instrument issued pursuant to any Credit Facility, in a principal amount not in excess of the stated amount of such letter
of credit, bank guarantee or such other instrument;

 

(21)           
(A) any guarantee by the Issuer or any Restricted Subsidiary of Indebtedness or other obligations of the Issuer or
any Restricted Subsidiary so long as the incurrence of such Indebtedness incurred by the Issuer or such Restricted Subsidiary is
permitted under the terms of this Indenture, or

 

(B)             
any co-issuance by the Issuer or any Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary
permitted under the terms of this Indenture;

 

(22)           
Indebtedness of any Restricted Subsidiary that is not a Guarantor; provided that the aggregate principal amount of
Indebtedness of which the primary obligor or a guarantor is a Restricted Subsidiary that is not a Guarantor outstanding in reliance
on this clause (22) shall not exceed, when aggregated with the outstanding amount of Indebtedness under clause (17) of this
Section 10.11(b) incurred to refinance Indebtedness initially incurred in reliance on this clause (22), at the time of incurrence
thereof and together with any other Indebtedness incurred under this clause (22), the greater of (x) $75.0 million and (y) 3.0%
of Consolidated Tangible Net Worth;

 

(23)           
Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any of its Restricted Subsidiaries incurred
or issued to finance or assumed in connection with an acquisition or Investment in a principal amount not to exceed the greater
of (x) $125.0 million and (y) 5.0% of Consolidated Tangible Net Worth in the aggregate at any one time outstanding together with
all other outstanding Indebtedness, Disqualified Stock or Preferred Stock issued under this clause (23) and any outstanding
Indebtedness under clause (17) of this Section 10.11(b) incurred to refinance Indebtedness initially incurred in
reliance on this clause (23) (it being understood that any Indebtedness, Disqualified Stock or Preferred Stock incurred pursuant
to this clause (23) shall cease to be deemed incurred or outstanding for purposes of this clause (23) but shall be deemed
incurred pursuant to Section 10.11(a) from and after the first date on which the Issuer or such Restricted Subsidiary
could have incurred or issued such Indebtedness, Disqualified Stock or Preferred Stock under Section 10.11(a));

 

    -106-

     

    

 

(24)           
 Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of (a) the financing of insurance
premiums or (b) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of
business or consistent with past practice;

 

(25)           
Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, current
or former officers, directors, employees, managers or consultants thereof (or their respective Controlled Investment Affiliates
or Immediate Family Members, or any permitted transferee thereof) of the Issuer, any Restricted Subsidiary or any Parent Entity,
in each case to finance the purchase or redemption of Equity Interests of the Issuer or any Parent Entity to the extent described
in Section 10.10(b)(4);

 

(26)           
Indebtedness arising out of or to fund purchases of all remaining outstanding asset-backed securities of any Securitization
Entity and/or Securitization Assets of any Securitization Entity in the ordinary course of business or for the purpose of relieving
the Issuer or a Subsidiary of the Issuer of the administrative expense of servicing such Securitization Entity;

 

(27)           
Guarantees by the Issuer or any of its Restricted Subsidiaries to owners of servicing rights in the ordinary course
of business or consistent with past practice;

 

(28)           
Indebtedness by the Services Business in an amount not to exceed at any one time outstanding, when aggregated with
the principal amount and liquidation preference of all other Indebtedness then outstanding and incurred or issued pursuant to this
clause (28) and any outstanding amount of Indebtedness under clause (17) of this Section 10.11(b) incurred to refinance Indebtedness
initially incurred in reliance on this clause (28), $35.0 million;

 

(29)           
to the extent constituting Indebtedness, Indebtedness under Excess Spread Sales incurred in the ordinary course of
business or consistent with past practice;

 

(30)           
Indebtedness incurred by the Issuer or any of the Restricted Subsidiaries to the extent that the net proceeds thereof
are promptly deposited with the Trustee to satisfy and discharge the Notes or exercise the Issuer’s legal defeasance or covenant
defeasance as described in Article Thirteen, in each case in accordance with this Indenture;

 

(31)           
Indebtedness attributable to (but not incurred to finance) the exercise of appraisal rights and the settlement of
any claims or actions (whether actual, contingent or potential) with respect thereto, in each case with respect to any acquisition
(by merger, consolidation or amalgamation or otherwise) permitted under this Indenture;

 

(32)           
Indebtedness representing deferred compensation to employees of any Parent Entity, the Issuer or any Restricted Subsidiary
incurred in the ordinary course of business or consistent with past practice;

 

(33)          
Indebtedness consisting of obligations under deferred compensation or any other similar arrangements incurred in
connection with any Permitted Investment or any acquisition (by merger, consolidation or amalgamation or otherwise) permitted
under this Indenture;

 

(34)           
[reserved];

 

    -107-

     

    

 

(35)           
 to the extent constituting Indebtedness, customer deposits and advance payments (including progress premiums) received
in the ordinary course of business from customers for goods and services purchased in the ordinary course of business or consistent
with past practice;

 

(36)           
unfunded pension fund and other employee benefits plan obligations and liabilities incurred in the ordinary course
of business or consistent with past practice; and

 

(37)           
all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent
interest on obligations described in clauses (1) through (36) of this Section 10.11(b).

 

(c)               
For purposes of determining compliance with this Section 10.11,

 

(1)               
in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the
criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses
(1) through (37) of Section 10.11(b) or is entitled to be incurred pursuant to Section 10.11(a), the Issuer,
in its sole discretion, may divide, classify or reclassify all or a portion of such item of Indebtedness, Disqualified Stock or
Preferred Stock (or any portion thereof) in any manner that complies with this covenant and will only be required to include the
amount and type of such Indebtedness, Disqualified Stock or Preferred Stock (or portion thereof) in one of the above clauses or
paragraphs;

 

(2)               
at the time of incurrence, the Issuer shall be entitled to divide and classify an item of Indebtedness in more than
one of the types of Indebtedness described in Sections 10.11(a) and (b); and

 

(3)               
the principal amount of Indebtedness outstanding under any clause of this covenant shall be determined after
giving effect to the application of proceeds of any Indebtedness incurred to refinance any such Indebtedness.

 

Accrual of interest or dividends, the accretion
of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form
of additional Indebtedness, Disqualified Stock or Preferred Stock will not be deemed to be an incurrence of Indebtedness, Disqualified
Stock or Preferred Stock for purposes of this Section 10.11. If Indebtedness originally incurred in reliance upon a percentage
of Consolidated Tangible Net Worth under clause (1) of Section 10.11(b) is being refinanced under clause (1) of Section 10.11(b)
and such refinancing would cause the maximum amount of Indebtedness thereunder to be exceeded at such time, then such refinancing
will nevertheless be permitted thereunder and such additional Indebtedness will be deemed to have been incurred under such clause
(1) so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of Indebtedness being
refinanced plus amounts permitted by the next sentence. Any Indebtedness incurred to refinance Indebtedness incurred pursuant to
clauses (1) and (16)(b) of Section 10.11(b) shall be permitted to include additional Indebtedness, Disqualified
Stock or Preferred Stock incurred to pay accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance
costs, underwriting discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred
in connection with such refinancing.

 

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(d)                For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the
relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first
committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing,
such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such
refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced, plus the aggregate
amount of accrued but unpaid interest, dividends, premiums (including tender premiums), defeasance costs, underwriting
discounts, fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred in connection
with such refinancing.

 

(e)               
The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency
from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in
which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

 

(f)                
This Indenture shall not treat (1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness
merely because such Indebtedness is unsecured or (2) Senior Indebtedness as subordinated or junior to any other Senior Indebtedness
solely because such Indebtedness has a junior priority with respect to shared collateral or because it is guaranteed by other obligors.

 

SECTION 10.12.                    
Limitation on Liens. The Issuer shall not, and shall not permit any Guarantor to, directly or indirectly,
create, incur, assume or suffer to exist any Lien (except Permitted Liens) (each, a “Subject Lien”) that secures
Obligations under any Indebtedness or any related guarantee of Indebtedness on any asset or property of the Issuer or any Guarantor,
unless (a) the Notes (or the related Guarantee in the case of Liens on assets of a Guarantor) are secured equally and ratably
with, or on a senior basis to, (or on a senior basis to, in the case such Subject Lien secures any Subordinated Indebtedness) the
Obligations secured by such Subject Lien until such time as such Obligations are no longer secured by a Lien or (b) such Subject
Lien is a Permitted Lien. Any Lien created for the benefit of the Holders pursuant to this Section 10.12 shall provide by
its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the
Lien that gave rise to the obligation to secure the Notes.

 

SECTION 10.13.                    
Limitation on Transactions with Affiliates.

 

(a)               
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or
make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or
consideration in excess of the greater of (x) $25.0 million and (y) 1.0% of Consolidated Tangible Net Worth, unless:

 

(1)               
such Affiliate Transaction is on terms, taken as a whole, that are not materially less favorable to the Issuer or
the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted
Subsidiary with an unrelated Person on an arm’s-length basis or, if in the good faith judgment of the Issuer, no comparable
transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the
Issuer or such Restricted Subsidiary from a financial point of view and when such transaction is taken in its entirety; and

 

    -109-

     

    

 

(2)               
 the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate payments or consideration in excess of the greater of (x) $50.0 million and (y) 2.0% of Consolidated Tangible
Net Worth, a resolution adopted by a majority of the Board of the Issuer approving such Affiliate Transaction and set forth in
an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (1) above.

 

(b)               
The foregoing provisions shall not apply to the following:

 

(1)               
(A) transactions between or among the Issuer and a Restricted Subsidiary or between or among Restricted Subsidiaries
or, in any case, any entity that becomes a Restricted Subsidiary as a result of such transaction and (B) any merger, amalgamation
or consolidation of the Issuer into any Parent Entity; provided that such Parent Entity shall have no material liabilities and
no material assets other than cash, Cash Equivalents and the Capital Stock of the Issuer and such merger, amalgamation or consolidation
is otherwise consummated in compliance with the terms of this Indenture and effected for a bona fide business purpose;

 

(2)               
Restricted Payments permitted by Section 10.10 (other than pursuant to Sections 10.10(b)(11) or 10.10(b)(13)(F))
and the definition of “Permitted Investments” (other than clause (11) of such definition);

 

(3)               
any transaction that has been approved by a majority of the disinterested directors of the Board of the Issuer or
any Parent Entity, or where no such disinterested directors exist, by unanimous approval of the directors of such Board;

 

(4)               
the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment
and severance arrangements provided to or on behalf of, or for the benefit of, former, current or future officers, directors, managers,
employees or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members, or any permitted transferee)
of the Issuer, any Restricted Subsidiary of the Issuer or any Parent Entity;

 

(5)               
transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee
a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary
from a financial point of view or stating that the terms are not materially less favorable, when taken as a whole, to the Issuer
or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such
Restricted Subsidiary with an unrelated Person on an arm’s length basis;

 

(6)               
any agreement or arrangement as in effect or contemplated in the good faith determination of the Issuer as of the
Issue Date, or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect in the good
faith judgment of the Board of the Issuer or the senior management of the Issuer to the Holders when taken as a whole as compared
to the applicable agreement as in effect on the Issue Date);

 

(7)               
[reserved];

 

(8)               
[reserved];

 

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(9)               
 transactions with customers, clients, suppliers, vendors, contractors, joint venture partners or purchasers or sellers
of goods or services that are Affiliates, in each case in the ordinary course of business or that are consistent with past practice
and otherwise in compliance with the terms of this Indenture which are fair to the Issuer and its Restricted Subsidiaries, in the
reasonable determination of the Board of the Issuer or the senior management thereof, or are on terms, taken as a whole, that are
not materially less favorable as might reasonably have been obtained at such time from an unaffiliated party;

 

(10)           
the issuance or transfer of (A) Equity Interests (other than Disqualified Stock) of the Issuer and the granting and
performing of customary registration rights to any Parent Entity or to any Permitted Holder or to any former, current or future
director, manager, officer, employee or consultant (or any Affiliate or Immediate Family Members of any of the foregoing, or any
permitted transferee thereof) of the Issuer or any of its Subsidiaries or any Parent Entity and (B) directors’ qualifying
shares and shares issued to foreign nationals as required by applicable law;

 

(11)           
[reserved];

 

(12)           
payments, loans, advances or guarantees (or cancellation of loans, advances or guarantees) to future, current or
former employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate
Family Members, or any permitted transferee thereof) of the Issuer, any of its Subsidiaries or any Parent Entity and employment
agreements, consulting agreements, indemnification agreements, employee benefit plans, stock option plans and other compensatory
or severance arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or similar
arrangements with any such employees, directors, officers, managers or consultants (or their respective Controlled Investment Affiliates
or Immediate Family Members, or any permitted transferee thereof) (including salary or guaranteed payments and bonuses) which,
in each case, are approved by the Board of the Issuer or the senior management of the Issuer in good faith;

 

(13)           
(A) investments by Permitted Holders in securities or loans of the Issuer or any of its Restricted Subsidiaries
(and any payment of out-of-pocket expenses incurred by such Permitted Holders in connection therewith) so long as the investment
is being offered generally to other investors on the same or more favorable terms, and (B) payments to Permitted Holders in
respect of securities or loans of the Issuer or any of its Restricted Subsidiaries contemplated in the foregoing subclause (A) or
that were acquired from Persons other than the Issuer and its Restricted Subsidiaries, in each case, in accordance with the terms
of such securities or loans;

 

(14)           
transactions with a Person that is an Affiliate of the Issuer arising solely because the Issuer or any Restricted
Subsidiary owns any Equity Interest in, or controls, such Person;

 

(15)           
[reserved];

 

(16)           
intellectual property licenses entered into in the ordinary course of business or consistent with past practice;

 

    -111-

     

    

 

(17)            the
provision of mortgage servicing, mortgage loan origination, real estate logistics, brokerage and management and similar
services to Affiliates in the ordinary course of business and otherwise not prohibited by this Indenture which are fair to
the Issuer and its Restricted Subsidiaries (as determined by the Issuer in good faith) or are on terms at least as favorable
as might reasonably have been obtained at such time from an unaffiliated party (as determined by the Issuer in good
faith);

 

(18)           
an agreement between a Person and an Affiliate of such Person existing at the time such Person is acquired by, or
merged into, the Issuer or a Restricted Subsidiary and not entered into in contemplation of such acquisition or merger; provided
that such acquisition or merger complied with this covenant;

 

(19)           
transactions between the Issuer or any Restricted Subsidiary and any other Person that would constitute an Affiliate
Transaction solely because a director of such other Person is also a director of the Issuer or any Parent Entity; provided, however,
that such director abstains from voting as a director of the Issuer or such Parent Entity, as the case may be, on any matter including
such other Person;

 

(20)           
Co-Investment Transactions as approved by the Board or the senior management of the Issuer or any Parent Entity in
good faith;

 

(21)           
sales of accounts receivable, or participation therein, or Securitization Assets or related assets in connection
with any Permitted Securitization Indebtedness or Permitted Funding Indebtedness;

 

(22)           
pledges of Equity Interests of Unrestricted Subsidiaries; and

 

(23)           
payments to and from, and transactions with, any joint ventures entered into in the ordinary course of business or
consistent with past practice (including, without limitation, any cash management activities related thereto).

 

SECTION 10.14.                    
Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Issuer shall
not, and shall not permit any of its Restricted Subsidiaries that are not Guarantors to, directly or indirectly, create or otherwise
cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted
Subsidiary that is not a Guarantor to:

 

(a)               
(x) pay dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries that is
a Guarantor with respect to its Capital Stock or with respect to any other interest or participation in, or measured by, its profits,
or (y) pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries that is a Guarantor;

 

(b)               
make loans or advances to the Issuer or any of its Restricted Subsidiaries that is a Guarantor; or

 

(c)               
sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries that
is a Guarantor,

 

except (in each case) for such encumbrances
or restrictions existing under or by reason of:

 

    -112-

     

    

 

(1)               
contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to the Existing Facilities
and the related documentation and Hedging Obligations;

 

(2)               
 this Indenture, the Notes and the Guarantees;

 

(3)               
Purchase Money Obligations and Capitalized Lease Obligations that impose restrictions of the nature discussed in
clause (c) above on the property so acquired;

 

(4)               
applicable law or any applicable rule, regulation or order;

 

(5)               
any agreement or other instrument of a Person, or relating to Indebtedness or Capital Stock of a Person, which Person
is acquired by or merged, consolidated or amalgamated with or into the Issuer or any Restricted Subsidiary (or where such Person
is an Unrestricted Subsidiary that is redesignated as a Restricted Subsidiary in accordance with this Indenture), or any other
transaction entered into in connection with any such acquisition, merger, consolidation, amalgamation or redesignation, in existence
at the time of such acquisition or at the time it merges, consolidates or amalgamates with or into the Issuer or any Restricted
Subsidiary or assumed in connection with the acquisition of assets from such Person or at the time it is redesignated (but, in
each case, not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries,
so acquired or redesignated;

 

(6)               
contracts, including sale-leaseback agreements, for the sale or disposition of assets, including customary restrictions
with respect to a Subsidiary of the Issuer pursuant to an agreement that has been entered into for the sale or disposition of Capital
Stock or assets of such Subsidiary;

 

(7)               
Secured Indebtedness and related Liens otherwise permitted to be incurred pursuant to Sections 10.11 and
10.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness;

 

(8)               
restrictions on cash or other deposits or net worth imposed by customers or other counterparties under contracts
entered into in the ordinary course of business or consistent with past practice or restrictions on cash or other deposits permitted
under Section 10.12 or arising in connection with any Permitted Liens;

 

(9)               
other Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries that are not Guarantors that
is permitted to be incurred or issued subsequent to the Issue Date pursuant to Section 10.11;

 

(10)           
customary provisions in joint venture agreements or arrangements and other similar agreements or arrangements relating
to such joint venture;

 

(11)           
customary provisions contained in leases, subleases, licenses, sublicenses or similar agreements, including with
respect to intellectual property and other agreements;

 

(12)            restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement
to which the Issuer or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business or
consistent with past practice; provided that such agreement prohibits the encumbrance of solely the property or assets of the
Issuer or such Restricted Subsidiary that are the subject to such agreement, the payment rights arising thereunder or the
proceeds thereof and does not extend to any other asset or property of the Issuer or such Restricted Subsidiary or the assets
or property of another Restricted Subsidiary;

 

    -113-

     

    

 

(13)           
other Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred subsequent to the Issue Date pursuant
to Section 10.11; provided that, (A) in the good faith judgment of the Issuer, such incurrence will not materially impair
the Issuer’s ability to make payments under the Notes when due, (B) such encumbrances and restrictions apply only during
the continuance of a default in respect of a payment or financial maintenance covenant relating to such Indebtedness or (C) the
encumbrances and restrictions in such Indebtedness, Disqualified Stock or Preferred Stock either are not materially more restrictive
taken as a whole than those contained in the Notes as in effect on the Issue Date or generally represent market terms at the time
of incurrence or issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries;

 

(14)           
provisions in agreements evidencing Permitted Funding Indebtedness that impose restrictions on the collateral securing
such Indebtedness, provide for financial covenants, limitation on affiliate transactions, the transfer of all or substantially
all assets, other fundamental changes or other limitations which, in each case as determined in good faith by the Issuer, are customary
or will not materially affect the ability of the Issuer to pay the principal, interest and premium, if any, on the Notes;

 

(15)           
the requirement of any Securitization, Warehouse Facility or MSR Facility that are exclusively applicable to any
Securitization Entity, Warehouse Facility Trust, MSR Facility Trust or special purpose Subsidiary of the Issuer formed in connection
therewith;

 

(16)           
restrictions that are or were created by virtue of any transfer of, agreement to transfer or option or right with
respect to, any property not otherwise prohibited under this Indenture that limit the right of such Subsidiary to dispose of such
property; and

 

(17)           
any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) of this Section 10.14
imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
of the contracts, instruments or obligations referred to in clauses (1) through (16) of this Section 10.14; provided
that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are,
in the good faith judgment of the Issuer, not materially more restrictive with respect to such encumbrance and other restrictions
taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing.

 

For purposes of determining compliance with
this Section 10.14, (A) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior
to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions
on Capital Stock and (B) the subordination of loans and advances made to the Issuer or a Restricted Subsidiary to other Indebtedness
incurred by the Issuer or such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 

SECTION 10.15.                     Limitation
on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any of its Domestic Subsidiaries
that is a Wholly-Owned Subsidiary (and any Domestic Subsidiary that is a non-Wholly-Owned Subsidiary if such
non-Wholly-Owned Subsidiary guarantees or otherwise becomes an obligor of other capital markets debt securities of
the Issuer or any Guarantor), other than (a) an Excluded Restricted Subsidiary, (b) an MSR Facility Trust, a Securitization
Entity or a Warehouse Facility Trust, (c) a Guarantor or (d) a Foreign Subsidiary, a Domestic Subsidiary of a Foreign
Subsidiary which is a CFC or a FSHCO, to guarantee or otherwise become an obligor of (i) any Credit Facility permitted
under Section 10.11(b)(1) or (ii) capital markets debt securities of the Issuer or any other Guarantor in an
aggregate principal amount in excess of $25.0 million, unless:

 

    -114-

     

    

 

 

 

(1)             such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this Indenture in
substantially the form of Exhibit A hereto providing for a Guarantee by such Restricted Subsidiary, except that with respect to
a guarantee of Indebtedness of the Issuer or any Guarantor, if such Indebtedness is by its express terms subordinated in right
of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such
Indebtedness shall be subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness
is subordinated to the Notes; and

 

(2)             such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit or advantage of,
any rights of reimbursement, indemnity or subrogation or any other rights against the Issuer or any other Restricted Subsidiary
as a result of any payment by such Restricted Subsidiary under its Guarantee;

 

provided that this Section 10.15 shall not be applicable
to any guarantee or obligation of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary
and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. The Issuer may elect,
in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor, in which
case such Subsidiary shall not be required to comply with the 30 day period described in clause (1) above.

 

Each Guarantee shall be released in accordance
with the provisions of this Indenture pursuant to Article Twelve.

 

SECTION 10.16.                    
Change of Control.

 

(a)              If a Change of Control occurs after the Issue Date, unless, prior to, or concurrently with, the time the Issuer is
required to make a Change of Control Offer (as defined below), the Issuer has previously or concurrently mailed or delivered, or
otherwise sent through electronic transmission, a redemption notice with respect to all the Outstanding Notes as described under
Section 4.01 or Section 11.06, the Issuer shall make an offer to purchase all of the Notes pursuant to the offer described
below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”)
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of
purchase, subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date falling on or prior to the Change of Control Payment Date (as defined below). Within 30 days following
any Change of Control, the Issuer shall send notice of such Change of Control Offer electronically or by first-class mail, with
a copy to the Trustee sent in the same manner, to each Holder to the address of such Holder appearing in the Note Register or otherwise
in accordance with the procedures of the Depository, with the following information:

 

(1)             that a Change of Control Offer is being made pursuant to this Section 10.16 and that all Notes properly
tendered pursuant to such Change of Control Offer shall be accepted for payment by the Issuer;

 

    	 	-115-	 

     

    

 

(2)             the
purchase price and the purchase date, which will be no earlier than ten days nor later than 60 days from the date such
notice is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control
Offer made in advance of a Change of Control pursuant to Section 10.16(e);

 

(3)             that any Note not properly tendered shall remain outstanding and continue to accrue interest;

 

(4)             that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment
pursuant to the Change of Control Offer shall cease to accrue interest on the Change of Control Payment Date;

 

(5)             that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender
such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed
or otherwise in accordance with the procedures of the Depository, to the Paying Agent specified in the notice at the address specified
in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;

 

(6)             that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase
such Notes; provided that the Paying Agent receives, not later than the close of business on the expiration date of the Change
of Control Offer, an electronic transmission (in PDF), a facsimile transmission or letter setting forth the name of the Holder
or otherwise in accordance with the procedures of the Depository, the principal amount of the Notes tendered for purchase, and
a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

 

(7)             that if less than all of such Holder’s Notes are tendered for purchase, such Holder will be issued new Notes
and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered; provided that the unpurchased
portion of the Notes must be equal to at least $2,000 or an integral multiple of $1,000 in excess of $2,000;

 

(8)             if such notice is sent prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control and describing each such condition, and, if applicable, stating that, in
the Issuer’s discretion, the Change of Control Payment Date may be delayed until such time (including more than 60 days
after the notice is mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied,
or that such purchase may not occur and such notice may be rescinded in the event that the Issuer shall determine that any or all
such conditions shall not have been satisfied by the Change of Control Payment Date, or by the Change of Control Payment Date as
so delayed; and

 

(9)             such other instructions, as determined by the Issuer, consistent with this Section 10.16, that a Holder must
follow.

 

(b)             While the Notes are in global form and the Issuer makes an offer to purchase all of the Notes pursuant to the Change
of Control Offer, a Holder may exercise its option to elect for the purchase of Notes through the facilities of the Depository,
subject to its rules and regulations.

 

    	 	-116-	 

     

    

 

(c)             The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase
of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws
and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue
thereof.

 

(d)             On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law,

 

(1)             accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

 

(2)             deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes
or portions thereof so tendered; and

 

(3)             deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s
Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuer.

 

(e)             The Issuer shall not be required to make a Change of Control Offer if a third party makes the Change of Control Offer
in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change
of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.
Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of the making of such
Change of Control Offer.

 

(f)              With respect to the Notes, if Holders of not less than 90% in aggregate principal amount of the Outstanding Notes
validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of
Control Offer in lieu of the Issuer as described above, purchases all of the Notes validly tendered and not withdrawn by such Holders,
the Issuer or such third party will have the right, upon not less than ten days nor more than 60 days’ prior notice
(provided that such notice is given not more than 30 days following such purchase pursuant to the Change of Control Offer
described above), to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the aggregate
principal amount of such Notes, plus accrued and unpaid interest on the Notes that remain outstanding to, but excluding, the date
of redemption (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date that is on or prior to the Redemption Date).

 

(g)             The provisions of this Section 10.16 and the definition of “Change of Control” may be waived or modified
at any time with the written consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes.

 

SECTION 10.17.                    
Asset Sales.

 

(a)             The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate, directly or indirectly,
an Asset Sale, other than a Required Asset Sale, unless:

 

(1)             the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale
at least equal to the fair market value (measured at the time of contractually agreeing to such Asset Sale) of the assets
sold or otherwise disposed of; and

 

    	 	-117-	 

     

    

 

(2)             except
in the case of a Permitted Asset Swap, at least 75% of the consideration for such Asset Sale (measured at the time of contractually
agreeing to such Asset Sale) received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash
or Cash Equivalents; provided that the amount of:

 

(A)           any liabilities (as reflected on the Issuer’s or such Restricted Subsidiary’s, most recent consolidated
balance sheet or in the footnotes thereto, or if incurred, accrued or increased subsequent to the date of such balance sheet, such
liabilities that would have been reflected on the Issuer’s or such Restricted Subsidiary’s consolidated balance sheet
or in the footnotes thereto if such incurrence, accrual or increase had taken place on or prior to the date of such balance sheet,
as determined by the Issuer) of the Issuer or any Restricted Subsidiary, other than liabilities that are by their terms subordinated
in right of payment to the Notes or the Guarantees of the Notes, that are assumed by the transferee of any such assets (or are
otherwise extinguished in connection with the transactions relating to such Asset Sale) pursuant to a written agreement which releases
the Issuer or such Restricted Subsidiary from such liabilities;

 

(B)            any securities, notes or other obligations or assets received by the Issuer or such Restricted Subsidiary from such
transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are
required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within
180 days following the closing of such Asset Sale; and

 

(C)            any Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale
having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to
this clause (C) that is at that time outstanding, not to exceed the greater of (i) $250.0 million and (ii) 10.0% of Consolidated
Tangible Net Worth at the time of the receipt of such Designated Non-cash Consideration, with the fair market value of each
item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes
in value,

 

shall, for purposes of this
Section 10.17 (and no other provision of this Indenture), be deemed to be cash or Cash Equivalents.

 

(b)             Within 365 days after the Issuer’s or any Restricted Subsidiary’s receipt of any Net Proceeds from
any Asset Sale (the “Asset Sale Proceeds Application Period”), including a Required Asset Sale, the Issuer or
such Restricted Subsidiary, at its option, may apply an amount equal to the Net Proceeds from such Asset Sale,

 

(1)             to repay:

 

(A)          Obligations under Secured Indebtedness of the Issuer or a Guarantor (and in the case of revolving obligations, to
correspondingly reduce commitments with respect thereto);

 

    	 	-118-	 

     

    

 

(B)           Obligations
under the Notes or any other Indebtedness (other than Subordinated Indebtedness) of the Issuer or any Restricted Subsidiary
(and, in the case of other Senior Indebtedness which constitutes revolving obligations, to correspondingly reduce any
outstanding commitments with respect thereto, if applicable); provided that if the Issuer or any Restricted Subsidiary shall
so repay any Senior Indebtedness other than the Notes, the Issuer shall either (i) reduce Obligations under the Notes on
a pro rata basis by, at its option, (x) redeeming Notes as described under Section 11.01 or
(y) purchasing Notes through open market purchases or in arm’s-length privately negotiated transactions; provided
that any such purchases are at a price equal to or greater than 100% of the aggregate principal amount of Notes so purchased,
or (ii) make an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to
purchase their Notes on a ratable basis with such other Senior Indebtedness for no less than 100% of the principal amount
thereof, plus the amount of accrued but unpaid interest, if any, thereon; or

 

(C)           Indebtedness of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Issuer or another
Restricted Subsidiary;

 

(2)             to make (A) an Investment in any one or more businesses; provided that such Investment in any business is in
the form of the acquisition of Capital Stock and results in the Issuer or a Restricted Subsidiary, as the case may be, owning an
amount of the Capital Stock of such business such that it constitutes or continues to constitute a Restricted Subsidiary, (B) capital
expenditures or (C) acquisitions of other property or assets (excluding Capital Stock, but including, without limitation,
Securitization Assets and assets that consist of Servicing Advances, MSRs, mortgages and other loans, mortgage related securities
and derivatives, other mortgage related receivables, REO Assets, Residual Interests and other similar assets (or any interest in
any of the foregoing) that are used to support or pledged to secure Permitted Funding Indebtedness), in the case of each of clauses
(A), (B) and (C), either (i) that is used or useful in a Similar Business or (ii) that replace the businesses, properties
and/or assets that are the subject of such Asset Sale; or

 

(3)             any combination of the foregoing;

 

provided that, in the case of clause (2),
a binding commitment or letter of intent shall be treated as a permitted application of the Net Proceeds from the date of such
commitment or letter of intent so long as the Issuer or such Restricted Subsidiary enters into such commitment or letter of intent
with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment or letter of intent within 180 days
after the Asset Sale Proceeds Application Period (an “Acceptable Commitment”) and such Net Proceeds are actually
applied in such manner within the later of 365 days from the consummation of the Asset Sale and 180 days from the date
of the Acceptable Commitment, and, in the event that any Acceptable Commitment is later cancelled or terminated for any reason
before the Net Proceeds are applied in connection therewith, then such Net Proceeds shall constitute Excess Proceeds.

 

(c)             To
the extent Net Proceeds from an Asset Sale exceed amounts that are invested or applied as provided and within the time period
set forth in the preceding paragraph, such excess amount will be deemed to constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $100.0 million, the Issuer shall make an offer to all Holders and, if
required or permitted by the terms of other Indebtedness that is pari passu in right of payment with the Notes
(“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale
Offer”), to purchase the maximum aggregate principal amount (or accreted value, as applicable) of the Notes and
such Pari Passu Indebtedness, with respect to the Notes only, that is equal to $2,000 or an integral multiple of $1,000 in
excess thereof, that may be purchased out of the Excess Proceeds at an offer price, with respect to the Notes only, in cash
in an amount equal to 100% of the principal amount thereof (or accreted value thereof, if less), plus accrued and unpaid
interest, if any, to, but excluding, the date fixed for the closing of such offer, in accordance with the procedures set
forth in this Indenture and, if applicable, the other documents governing the applicable Pari Passu Indebtedness. The Issuer
shall commence an Asset Sale Offer with respect to Excess Proceeds within twenty Business Days after the date that Excess
Proceeds exceed $100.0 million by transmitting electronically or mailing a notice to the Holders, with a copy to the Trustee,
which notice shall advise the Holders of the Asset Sale Offer and shall contain all information relating to the procedures
for tendering Notes in the Asset Sale Offer and withdrawing Notes therefrom, in each case consistent with this Section 10.17
and determined by the Issuer to be appropriate. The Issuer may satisfy the foregoing obligation with respect to such Net
Proceeds from an Asset Sale by making an Asset Sale Offer prior to the expiration of the Asset Sale Proceeds Application
Period (the “Advance Offer”) with respect to all or a part of the available Net Proceeds (the
 “Advance Portion”) in advance of being required to do so by this Indenture.

 

    	 	-119-	 

     

    

 

To the extent that the aggregate
principal amount (or accreted value, as applicable) of Notes and, if applicable, Pari Passu Indebtedness, tendered pursuant to
an Asset Sale Offer is less than the Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion), the Issuer may
use any remaining Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion) in any manner not prohibited by this
Indenture. If the aggregate principal amount (or accreted value, as applicable) of Notes or the Pari Passu Indebtedness tendered
pursuant to an Asset Sale Offer exceeds the amount of Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion),
the Trustee shall select the Notes (subject to applicable Depository procedures as to Global Notes) and the Issuer or the representative
of such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased or repaid on a pro rata basis based on
the accreted value or principal amount of the Notes or such Pari Passu Indebtedness, tendered with adjustments as necessary so
that no Notes or Pari Passu Indebtedness, as the case may be, will be repurchased in part in an unauthorized denomination. Upon
completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero (regardless of whether there are
any remaining Excess Proceeds upon such completion), and in the case of an Advance Offer, the amount of Net Proceeds the Issuer
is offering to apply in such Advance Offer shall be excluded in subsequent calculations of Excess Proceeds. Additionally, upon
consummation or expiration of any Advance Offer, any remaining Net Proceeds shall not be deemed Excess Proceeds and the Issuer
may use such Net Proceeds for any purpose not otherwise prohibited under this Indenture.

 

Pending the final application of an amount
equal to the Net Proceeds pursuant to this Section 10.17, the Issuer or the applicable Restricted Subsidiary may apply such
Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise apply such Net Proceeds
in any manner not prohibited by this Indenture.

 

(d)              The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase
of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict
with the Asset Sale provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under the Asset Sale provisions described in this Indenture by virtue of such
compliance.

 

(e)              The provisions of this Section 10.17 may be waived or modified at any time with the written consent of the Holders
of a majority in aggregate principal amount of the then Outstanding Notes.

 

SECTION 10.18.                    
Suspension of Covenants.

 

(a)              If
on any date following the Issue Date: (1) the Notes have an Investment Grade Rating from any two of the three Rating
Agencies and (2) no Default has occurred and is continuing under this Indenture with respect to the Notes (the
occurrence of the events described in the foregoing clauses (1) and (2) being collectively referred to as a
 “Covenant Suspension Event”), then beginning on such date and continuing until the Reversion Date, with
respect to the Notes, the Issuer and the Restricted Subsidiaries shall not be subject to the following provisions of this
Indenture (collectively, the “Suspended Covenants”):

  

    	 	-120-	 

     

    

 

(A)           clause (a)(4) of Section 8.01;

 

(B)           Section 10.10;

 

(C)           Section 10.11;

 

(D)           Section 10.13;

 

(E)           
Section 10.14;

 

(F)            Section 10.15; and

 

(G)            Section 10.17.

 

Upon the occurrence of a Covenant Suspension Event (the date
of such occurrence, the “Suspension Date”), the amount of Excess Proceeds from any Asset Sale shall be reset
at zero. In the event that the Issuer and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period
of time as a result of the foregoing with respect to the Notes, and on any subsequent date (the “Reversion Date”)
any two of the three Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below
an Investment Grade Rating, then the Issuer and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants
with respect to future events with respect to the Notes. The period of time between (and including) the Suspension Date and the
Reversion Date (but excluding the Reversion Date) is referred to in this Indenture as the “Suspension Period.”
The Guarantees of Notes of the Guarantors shall be suspended during the Suspension Period.

 

(b)               
In the event of any such reinstatement with respect to a series of Notes, no action taken or omitted to be taken
by the Issuer or any of the Restricted Subsidiaries prior to such reinstatement shall give rise to a Default or Event of Default
under this Indenture with respect to the Notes; provided that (1) with respect to Restricted Payments made on or after the
Reversion Date, the amount of Restricted Payments made will be calculated as though the provisions of Section 10.10 had been
in effect prior to, but not during, the Suspension Period (including with respect to a Limited Condition Acquisition entered into
during the Suspension Period), (2) all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the
Suspension Period (or deemed incurred or issued in connection with a Limited Condition Acquisition entered into during the Suspension
Period) shall be classified to have been incurred or issued pursuant to Section 10.11(b)(4), (3) no Subsidiaries shall
be designated as Unrestricted Subsidiaries during any Suspension Period, (4) any Affiliate Transaction entered into on or
after the Reversion Date pursuant to an agreement entered into during any Suspension Period shall be deemed to be permitted pursuant
to clause (6) of Section 10.13(b), (5) any encumbrance or restriction on the ability of any Restricted Subsidiary that
is not a Guarantor to take any action described in clauses (a) through (c) of Section 10.14 that becomes effective
during any Suspension Period shall be deemed to be permitted pursuant to Section 10.14(1), (6) no Subsidiary of the Issuer
shall be required to comply with the covenant described under Section 10.15 on or after the Reversion Date with respect to
any guarantee entered into by such Subsidiary during the Suspension Period, and (7) all Liens created, incurred or assumed during
the Suspension Period in compliance with this Indenture shall be deemed to have been outstanding on the Issue Date, so that they
are classified as permitted under clause (11) of the definition of “Permitted Liens.”

 

    	 	-121-	 

     

    

 

During the Suspension Period, the Issuer and
its Restricted Subsidiaries shall be entitled to incur Liens to the extent provided for under Section 10.12 (including, without
limitation, Permitted Liens). To the extent such covenant and any Permitted Liens refer to one or more Suspended Covenants, such
covenant or definition shall be interpreted as though such applicable Suspended Covenant(s) continued to be applicable during the
Suspension Period (but solely for purposes of Section 10.12 and the “Permitted Liens” definition and for no other
provision of this Indenture).

 

(c)              Notwithstanding that the Suspended Covenants may be reinstated after the Reversion Date, (1) no Default, Event
of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Guarantees with respect to the
Suspended Covenants, and none of the Issuer or any of its Subsidiaries shall bear any liability for any actions taken or events
occurring during the Suspension Period, or any actions taken at any time pursuant to any contractual obligation arising during
any Suspension Period, in each case as a result of a failure to comply with the Suspended Covenants during the Suspension Period
(or, upon termination of the Suspension Period or after that time based solely on any action taken or event that occurred or contractual
obligation arising during the Suspension Period), and (2) following a Reversion Date, the Issuer and each Restricted Subsidiary
shall be permitted, without causing a Default or Event of Default, to honor, comply with or otherwise perform any contractual commitments
or obligations arising during any Suspension Period and to consummate the transactions contemplated thereby. The Issuer shall give
the Trustee prompt notice (in the form of an Officer’s Certificate) of the beginning and end of any Suspension Period.

 

Article
Eleven

REDEMPTION OF NOTES

 

SECTION 11.01.                    
Right of Redemption. (a) At any time prior to October 15, 2022, the Issuer may, at its option and on one or
more occasions, redeem all or a part of the Notes, upon notice as set forth in Section 11.06, at a Redemption Price equal
to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any,
to, but excluding, the date of redemption (any applicable date of redemption hereunder, the “Redemption Date”),
subject to the rights of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date falling on or prior to the Redemption Date.

 

On and after October 15, 2022, the Issuer
may, at its option and on one or more occasions, redeem the Notes, in whole or in part, upon notice as set forth in Section 11.06,
at the Redemption Prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below,
plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders
of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date falling on
or prior to the Redemption Date, if redeemed during the twelve-month period beginning on October 15 of each of the years
indicated below:

 

	Year	 	Percentage	 
	2022	 	 	102.688	%
	2023	 	 	101.344	%
	2024 and thereafter	 	 	100.000	%

 

    	 	-122-	 

     

    

 

In addition, until October 15, 2022, the
Issuer may, at its option and on one or more occasions, upon notice as set forth in Section 11.06, redeem up to 40% of
the aggregate principal amount of Notes (including Additional Notes) issued under this Indenture at a Redemption Price (as
calculated by the Issuer) equal to (i) 105.375% of the aggregate principal amount thereof (the “Equity Claw
Redemption Amount”), with an amount equal to or less than the net cash proceeds from one or more Equity Offerings
to the extent such net cash proceeds are received by or contributed to the Issuer plus (ii) accrued and unpaid interest
thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record of Notes on the
relevant Regular Record Date to receive interest due on the relevant Interest Payment Date falling on or prior to the
Redemption Date; provided that (x) at least 50% of the sum of the original aggregate principal amount of Notes issued
under this Indenture on the Issue Date and the original principal amount of any Additional Notes issued under this Indenture
after the Issue Date remains outstanding immediately after the occurrence of each such redemption and (y) each such
redemption occurs within 180 days of the date of closing of each such Equity Offering.

 

(b) The aggregate of the Equity Claw Redemption
Amount shall not exceed the amount of the aggregate net cash proceeds from an Equity Offering being used to effect a redemption
in connection therewith.

 

SECTION 11.02.              [Reserved.].

 

SECTION 11.03.              Applicability of Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or
required by any provision of this Indenture, shall be made in accordance with such provision and this Article.

 

SECTION 11.04.              Election to Redeem; Notice to Trustee. In case of any redemption at the election of the Issuer, the Issuer
shall, at least two Business Days before notice of redemption is required to be sent to Holders pursuant to Section 11.06 hereof
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal
amount of Notes to be redeemed and setting forth the section of this Indenture pursuant to which the redemption shall occur; provided
that no Opinion of Counsel pursuant to Section 1.03 or otherwise shall be required in connection with the delivery of such notice
of redemption or redemption.

 

SECTION 11.05.              Selection by Trustee of Notes to Be Redeemed. With respect to any partial redemption or purchase of Notes
made pursuant to this Indenture, selection of the Notes for redemption or purchase will be made by the Trustee on a pro rata
basis to the extent applicable or by lot or by such method as the Trustee shall deem fair and appropriate; provided that if the
Notes are represented by Global Notes, interests in the Notes shall be selected for redemption or purchase by the Depository in
accordance with its standard procedures therefor; provided, further, that no Notes of less than $2,000 can be redeemed or repurchased
in part. Such Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, at least ten days, but except
as set forth in Section 11.06, not more than 60 days prior to the Redemption Date from the Outstanding Notes not previously called
for redemption or purchase.

 

The Trustee shall promptly
notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial
redemption or purchase, the principal amount thereof to be redeemed or purchased. Provisions of this Indenture that apply to Notes
called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

 

With respect to Notes represented by certificated
notes, if any Notes are to be purchased or redeemed in part only, the Issuer will issue a new Note in a principal amount equal
to the unredeemed or unpurchased portion of the original Note in the name of the Holder thereof upon cancellation of the original
Note; provided that the new Notes will be only issued in denominations of $2,000 and integral multiple of $1,000 in excess thereof.

 

    	 	-123-	 

     

    

 

SECTION 11.06.              Notice
of Redemption. The Issuer shall deliver electronically, in accordance with the Depository procedures in the case of
Global Notes, or mail by first-class mail, postage prepaid, notices of redemption at least ten days, but except as set forth
in this Section 11.06, not more than 60 days before the Redemption Date specified in any such notice to each Holder at such
Holder’s registered address or otherwise in accordance with the procedures of the Depository, except that redemption
notices may be delivered or mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction and discharge of this Indenture. Notice of redemption may be conditional.

 

All notices of redemption shall state:

 

(1)             the Redemption Date,

 

(2)             the Redemption Price, or if not then ascertainable, the manner of calculation thereof,

 

(3)             in the case of certificated Notes, if less than all Outstanding Notes are to be redeemed, the identification (and,
in the case of a partial redemption, the principal amounts) of the particular Notes to be redeemed.

 

(4)             if any Note is to be redeemed or purchased in part only, the portion of the principal amount of that Note that is
to be redeemed or purchased and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount
equal to the unredeemed or unpurchased portion of the original Note representing the same indebtedness to the extent not redeemed
or purchased will be issued in the name of the Holder thereof upon cancellation of the original Note,

 

(5)             that on the Redemption Date, the Redemption Price (and accrued interest, if any, to but not including the Redemption
Date payable as provided in Section 11.08) will become due and payable upon each such Note, or the portion thereof, to
be redeemed, and that interest thereon will cease to accrue on and after the Redemption Date,

 

(6)             any condition precedent to the redemption;

 

(7)             the place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued but unpaid
interest, if any,

 

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

 

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

 

(10)           the CUSIP or ISIN number and that no representation is made as to the accuracy or correctness of the CUSIP or ISIN
number, if any, listed in such notice or printed on the Notes, and

 

(11)           the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes are to be redeemed.

 

Notice of redemption of Notes to be redeemed
at the election of the Issuer shall be given by the Issuer or, at the Issuer’s request and provision of such notice information
five Business Days (unless a shorter notice shall be agreed to by the Trustee) prior to the date notice is to be given,
by the Trustee in the name and at the expense of the Issuer.

 

    	 	-124-	 

     

    

 

Notice of any redemption of the Notes (including
upon an Equity Offering or in connection with another transaction (or series of related transactions) or an event that constitutes
a Change of Control) may, at the Issuer’s discretion, be given prior to the completion or the occurrence thereof and any
such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but
not limited to, completion or occurrence of the related Equity Offering or other transaction or event, as the case may be. In addition,
if such redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice shall describe each
such condition, and if applicable, shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until
such time (including more than 60 days after the date the notice of redemption was mailed or delivered, including by electronic
transmission) as any or all such conditions shall be satisfied, or such redemption or purchase may not occur and such notice may
be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption
Date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment
of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment
of the Redemption Price and performance of the Issuer’s obligations with respect to such redemption may be performed by another
Person. In no event shall the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount
of the Notes eligible under this Indenture to be redeemed.

 

If any such condition precedent has not been
satisfied, the Issuer shall provide written notice to the Trustee thereof. Upon receipt, the Trustee shall provide such notice
to each Holder of the Notes in the same manner in which the notice of redemption was given.

 

SECTION 11.07.             Deposit of Redemption Price. On or prior to any Redemption Date, the Issuer shall deposit with the Trustee
or with a Paying Agent (or, if the Issuer is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an
amount of money sufficient to pay the Redemption Price of, and accrued but unpaid interest, if any, on, all the Notes which are
to be redeemed on such Redemption Date.

 

SECTION 11.08.             Notes Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Notes so to be
redeemed shall, on the Redemption Date, become due and payable, unless such redemption is conditioned on the happening of a future
event, at the Redemption Price therein specified (together with accrued but unpaid interest, if any, to the Redemption Date), and
from and after such Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued but unpaid
interest, if any), such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said
notice, such Note shall be paid by the Issuer at the Redemption Price, together with accrued but unpaid interest, if any, to, but
excluding, the Redemption Date and such Notes shall be canceled by the Trustee; provided that installments of interest whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor Notes,
registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of
Section 3.07.

 

If any Note called for redemption shall not
be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate borne by such Note, unless such redemption is conditioned on the happening of a future event.

 

SECTION 11.09.             Notes
Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this
Article) shall be surrendered at an office or agency of the Issuer maintained for such purpose pursuant to
Section 10.02 (with, if the Issuer or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing), and the Issuer shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder,
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so
surrendered.

 

    	 	-125-	 

     

    

 

SECTION 11.10.              Mandatory Redemption; Open Market Purchases. The Issuer shall not be required to make any mandatory redemption
or sinking fund payments with respect to the Notes. The Issuer, the Investors and their respective Affiliates may, at their discretion,
at any time and from time to time, acquire Notes by means other than a redemption, whether by tender offer, open market purchases,
negotiated transactions or otherwise.

 

Article
Twelve

GUARANTEES

 

SECTION 12.01.              Guarantees. Subject to this Article Twelve, each Guarantor jointly and severally, unconditionally and
irrevocably guarantees the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each Holder of a Note
authenticated and delivered by the Trustee, and to the Trustee for itself and on behalf of such Holder, that: (1) the principal
of (and premium, if any) and interest on the Notes will be paid in full when due, whether at Stated Maturity, by acceleration or
otherwise (including the amount that would become due but for the operation of the automatic stay under Section 362(a) of
the Bankruptcy Law), together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent
lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be paid in full or performed,
all in accordance with the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any
Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at Stated Maturity, by acceleration or otherwise, subject, however, in the case of clauses (1) and
(2) above, to the limitation set forth in Section 12.04 hereof.

 

Each Guarantor hereby agrees (to the extent
permitted by applicable law) that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder
with respect to any provisions hereof or thereof, any release of any other Guarantor, the recovery of any judgment against the
Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge
or defense of a Guarantor.

 

Each Guarantor hereby waives (to the
extent permitted by law) the benefits of diligence, presentment, demand for payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer or any other
Person, protest, notice and all demands whatsoever and covenants that the Guarantee of such Guarantor shall not be discharged
as to any Note except by complete performance of the obligations contained in such Note, this Indenture and such Guarantee.
Each Guarantor acknowledges that the Guarantee is a guarantee of payment, performance and compliance when due and not of
collection. Each of the Guarantors hereby agrees that, in the event of a default in payment of principal (or premium, if any)
or interest on such Note or in payment of any other obligations hereunder, whether at its Stated Maturity, by acceleration,
purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of itself or on behalf of, or by, the
Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors
to enforce such Guarantor’s Guarantee without first proceeding against the Issuer or any other Guarantor. Each
Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the
Holders are prevented by applicable law from exercising their respective rights to accelerate the Maturity of the Notes, to
collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor
shall pay to the Trustee for the account of the Holder, upon demand therefor, the amount that would otherwise have been due
and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders.

 

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If any Holder or the Trustee is required by
any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Guarantee
of each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further
agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee on the other hand, (1) subject
to this Article Twelve, the Maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five
hereof for the purposes of the Guarantee of such Guarantor notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any acceleration of such obligation
as provided in Article Five hereof, such obligations (whether or not due and payable) shall forthwith become due and
payable by each Guarantor for the purpose of the Guarantee of such Guarantor.

 

Each Guarantee shall remain in full force
and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization,
should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue
to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes, whether as a “voidable
preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made.
In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest
extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

SECTION 12.02.              Severability. In case any provision of any Guarantee 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 to the extent permitted
by applicable law.

 

SECTION 12.03.              Restricted Subsidiaries. The Issuer shall cause any Restricted Subsidiary required to guarantee payment of
the Notes pursuant to the terms and provisions of Section 10.15 to execute and deliver to the Trustee a supplement to
this Indenture substantially in the form of Exhibit A hereto in accordance with the provisions of Article Nine of this Indenture
pursuant to which such Restricted Subsidiary shall guarantee all of the obligations on the Notes, whether for principal, premium,
if any, interest (including interest accruing after the filing of, or which would have accrued but for the filing of, a petition
by or against the Issuer under any Bankruptcy Law, whether or not such interest is allowed as a claim after such filing in any
proceeding under such law) and other amounts due in connection therewith (including any fees, expenses and indemnities), on an
unsecured senior basis, together with an Officer’s Certificate stating that such supplemental indenture is authorized or
permitted by this Indenture. Upon the execution of any such amendment or supplement, the obligations of the Guarantors and any
such Restricted Subsidiary under their respective Guarantees shall become joint and several and each reference to the “Guarantor”
in this Indenture shall, subject to Section 12.08, be deemed to refer to all Guarantors, including such Restricted Subsidiary.
Such Guarantee shall be released in accordance with Section 8.03 and Section 12.08.

 

    	 	-127-	 

     

    

 

SECTION 12.04.              Limitation
of Guarantors’ Liability. Each Guarantor and by its acceptance hereof each Holder confirms that it is the intention
of all such parties that the guarantee by each such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer
or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To
effectuate the foregoing intention, the Holders and each such Guarantor hereby irrevocably agree that the obligations of such
Guarantor under its Guarantee shall be limited to the maximum amount that will not, after giving effect to all other
contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to this
Section 12.04, result in the obligations of such Guarantor under its Guarantee constituting such fraudulent transfer or
conveyance.

 

SECTION 12.05.              Contribution. In order to provide for just and equitable contribution among the Guarantors, the Guarantors
agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”)
under a Guarantee, such Funding Guarantor shall be entitled to a contribution from all other Guarantors in a pro rata amount based
on the Adjusted Net Assets (as defined below) of each Guarantor (including the Funding Guarantor) for all payments, damages and
expenses incurred by that Funding Guarantor in discharging the Issuer’s obligations with respect to the Notes or any other
Guarantor’s obligations with respect to the Guarantee of such Guarantor; provided that such right to seek contribution does
not impair the rights of the Holders under the Guarantees. “Adjusted Net Assets” of such Guarantor at any date
shall mean the lesser of (1) the amount by which the fair value of the property of such Guarantor exceeds the total amount
of liabilities, including contingent liabilities (after giving effect to all other fixed and contingent liabilities incurred or
assumed on such date), but excluding liabilities under the Guarantee of such Guarantor at such date and (2) the amount by
which the present fair salable value of the assets of such Guarantor at such date exceeds the amount that will be required to pay
the probable liability of such Guarantor on its debts (after giving effect to all other fixed and contingent liabilities incurred
or assumed on such date), excluding debt in respect of the Guarantee of such Guarantor, as they become absolute and matured.

 

SECTION 12.06.              Subrogation. Each Guarantor shall be subrogated to all rights of Holders against the Issuer in respect of
any amounts paid by any Guarantor pursuant to the provisions of Section 12.01; provided that, if an Event of Default has occurred
and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right
of subrogation until all amounts then due and payable by the Issuer under this Indenture with respect to the Notes or the Notes
shall have been paid in full.

 

SECTION 12.07.              Reinstatement. Each Guarantor hereby agrees (and each Person who becomes a Guarantor shall agree) that
the Guarantee provided for in Section 12.01 shall continue to be effective or be reinstated, as the case may be, if at
any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored
by a Holder to the Issuer upon the bankruptcy or insolvency of the Issuer or any Guarantor.

 

SECTION 12.08.              Release of a Guarantor. Any Guarantee by a Guarantor shall be automatically and unconditionally released and
discharged upon:

 

(1)           (A)     any sale, exchange, transfer or other disposition (by merger, consolidation, amalgamation, dividend, distribution
or otherwise) of (i) the Capital Stock of such Guarantor (including any sale, exchange or transfer), after which such Guarantor
is no longer a Restricted Subsidiary or (ii) all or substantially all of the assets of such Guarantor to a Person that is
not the Issuer or any Restricted Subsidiary, in each case, if such sale, exchange, transfer or other disposition is not prohibited
by the applicable provisions of this Indenture;

 

    	 	-128-	 

     

    

 

(B)           the
release or discharge of such other guarantee or direct obligation that resulted in the creation of such Guarantee, except a discharge
or release by or as a result of payment under such guarantee or direct obligation (it being understood that a release subject
to a contingent reinstatement is still a release);

 

(C)           the designation of any such Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance
with the applicable provisions of this Indenture;

 

(D)           with respect to the Notes, the Issuer’s exercise of its legal defeasance option or covenant defeasance option
as described under Section 13.02 or Section 13.03 or the Issuer’s obligations under this Indenture being discharged
in accordance with the terms of this Indenture;

 

(E)            the merger, amalgamation or consolidation of any such Guarantor with and into the Issuer or another Guarantor that
is the surviving Person in such merger, amalgamation or consolidation, or upon the liquidation of such Guarantor following the
transfer of all of its assets to the Issuer or another Guarantor; or

 

(F)            upon the occurrence of a Covenant Suspension Event; provided that such Guarantee shall be reinstated upon the occurrence
of the Reversion Date.

 

SECTION 12.09.               Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and from its guarantee and waivers pursuant to its Guarantees under this
Article Twelve.

 

SECTION 12.10.               Effectiveness of Guarantees.

 

This Indenture shall be effective upon its
execution and delivery by the parties hereto. With respect to each Guarantor, the provisions set forth in this Article Twelve shall
be effective upon the execution and delivery of this Indenture by the parties hereto.

 

Article
Thirteen

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 13.01.               Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option, at
any time, with respect to the Notes, elect to have either Section 13.02 or Section 13.03 be applied to all
Outstanding Notes upon compliance with the conditions set forth below in this Article Thirteen.

 

SECTION 13.02.               Legal
Defeasance and Discharge. Upon the Issuer’s exercise under Section 13.01 of the option applicable to this
Section 13.02, each of the Issuer and the Guarantors shall be deemed to have been discharged from its respective
obligations with respect to all Outstanding Notes and the Guarantees on the date the conditions set forth in
Section 13.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal
Defeasance means that each of the Issuer and the Guarantors shall be deemed to have paid and discharged the entire
indebtedness represented by the Outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for
the purposes of Section 13.05 and the other Sections of this Indenture referred to in (1) and
(2) below, and the Guarantees and to have satisfied all its other obligations under the Notes, Guarantees and this
Indenture insofar as such Notes are concerned and have cured all then existing Events of Default (and the Trustee, at the
expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following which shall survive
until otherwise terminated or discharged hereunder: (1) the rights of Holders of Notes to receive payments in respect of
the principal of (and premium, if any, on) and interest on the Notes when such payments are due, solely out of the trust
created pursuant to this Indenture, (2) the Issuer’s obligations with respect to the Notes under
Sections 3.04, 3.05, 3.06, 10.02 and 10.03, (3) the rights, powers, trusts, duties and immunities of the
Trustee hereunder, and the obligations of each of the Guarantors and the Issuer in connection therewith and (4) this
Article Thirteen. Subject to compliance with this Article Thirteen, the Issuer may exercise its option under this
Section 13.02 notwithstanding the prior exercise of its option under Section 13.03 with respect to the
Notes.

 

    	 	-129-	 

     

    

 

SECTION 13.03.               Covenant Defeasance. Upon the Issuer’s exercise under Section 13.01 of the option applicable
to this Section 13.03, each of the Issuer and the Guarantors shall be released from its respective obligations under any covenant
contained in Sections 8.01 and 8.02 and in Sections 10.04 through and including 10.17 with respect
to the Outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent
or declaration or Act of Holders of Notes (and the consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means
that, with respect to the Outstanding Notes, the Issuer or any Guarantor, as applicable, may omit to comply with and shall have
no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Sections 5.01(3),
and as a result of such Covenant Defeasance, Sections 5.01(4), 5.01(5), and 5.01(7) and, with respect to only any Significant
Subsidiary and not the Issuer, Section 5.01(6), shall no longer be in effect but, except as specified above, the remainder
of this Indenture and the Notes shall be unaffected thereby.

 

SECTION 13.04.               Conditions to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to application
of either Section 13.02 or Section 13.03 to the Outstanding Notes:

 

(1)             the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash
in U.S. dollars, Government Securities, or a combination thereof, in such amounts (including scheduled payments thereon) as will
be sufficient (without consideration of any reinvestment of interest), in the opinion of an Independent Financial Advisor, to pay
the principal of, premium, if any, and interest due on the Notes on the stated maturity date or on the Redemption Date, as the
case may be, of such principal, premium, if any, or interest on such Notes and the Issuer must specify whether such Notes are being
defeased to maturity or to a particular Redemption Date; provided, that upon any redemption that requires the payment of the relevant
Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited
with the Trustee equal to the relevant Applicable Premium calculated as of the date of the notice of redemption, with any Applicable
Premium Deficit only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit
shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable
Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

 

    	 	-130-	 

     

    

 

(2)             in
the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to
customary assumptions and exclusions,

 

(A)         the Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or

 

(B)          since the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Notes
will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;

 

(3)                in
the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject
to customary assumptions and exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. 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;

 

(4)                no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar
and simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith) shall
have occurred and be continuing on the date of such deposit;

 

(5)                such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material
agreement or material instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased,
discharged or replaced) to which, the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound
(other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating
to other Indebtedness and, in each case, the granting of Liens in connection therewith);

 

(6)                the
Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer
with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and

 

(7)                the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to
the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

 

    	 	-131-	 

     

    

 

SECTION 13.05.                     Deposited
Money and Government Securities To Be Held in Trust Other Miscellaneous Provisions. Subject to the provisions of the last
paragraph of Section 10.03, all cash and Government Securities (including the proceeds thereof) deposited with
the Trustee pursuant to Section 13.04 in respect of the Outstanding Notes shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Notes
of all sums due and to become due thereon in respect of principal (and premium, if any) and interest on the Notes, but such
money or Government Securities need not be segregated from other funds except to the extent required by law.

 

The Issuer shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the Government Securities deposited pursuant to Section 13.04 or
the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account
of the Holders of the Outstanding Notes.

 

Anything in this Article Thirteen to
the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon Issuer Request any money or
Government Securities held by it as provided in Section 13.04 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, as
applicable, in accordance with this Article Thirteen.

 

SECTION 13.06.                    
Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Securities in
accordance with Section 13.05 by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Issuer’s and each Guarantor’s obligations under this Indenture
and the Outstanding Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 13.02 or
13.03, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Securities
in accordance with Section 13.05; provided that, if the Issuer makes any payment of principal of (or premium, if any) or interest
on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

 

[Signature Pages Follow]

 

    	 	-132-	 

     

    

 

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

 

	 	PENNYMAC FINANCIAL SERVICES, INC., as Issuer
	 	 	 
	 	By:	/s/ Andrew S. Chang
	 	Name:	Andrew S. Chang
	 	Title:	Senior Managing Director and Chief Financial Officer
	 	 	 
	 	PNMAC HOLDINGS, INC.

                     

                    PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC

                     

                    PNMAC CAPITAL MANAGEMENT, LLC

                     

                    PENNYMAC LOAN SERVICES, LLC

                     

                    PENNYMAC SERVICES, INC., as Guarantors

	 	 	 
	 	By:	/s/ Pamela Marsh
	 	Name:	Pamela Marsh
	 	Title:	Senior Managing Director and Treasurer

 

    	 	-133-	 

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Joshua A. Hahn
	 		Name: Joshua A. Hahn
	 		Title:   Vice President

 

    	 	-134-	 

     

    

 

 

Annex I -
Rule 144A / Regulation S Appendix

 

PROVISIONS RELATING TO INITIAL NOTES

 

1.       Definitions

 

1.1       Definitions.

 

For the purposes of this Appendix the
following terms shall have the meanings indicated below:

 

“Applicable Procedures”
means the rules and procedures of the Depository to the extent applicable to such transaction and as in effect from time to time.

 

“Definitive Note” means
a certificated Note bearing, if required, the appropriate restricted notes legend set forth in Section 2.3(d).

 

“Depository” means The
Depository Trust Company, its nominees and their respective successors.

 

“Distribution Compliance Period”,
with respect to any Notes, means the period of 40 consecutive days beginning on and including the latest of the Issue
Date, the original issue date of the issuance of any Additional Notes and the date on which any such Notes (or any predecessor
of such Notes) were first offered to persons other than distributors (as defined in rule 902 of Regulation S) in reliance
on Regulation S.

 

“Initial Purchasers” means
(1) with respect to the Notes issued on the Issue Date, Credit Suisse Securities (USA) LLC, BofA Securities, Inc., Barclays
Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co.
LLC and (2) with respect to each issuance of Additional Notes, the Persons purchasing such Additional Notes under the related
Purchase Agreement.

 

“Notes” means (1) $500,000,000 aggregate
principal amount of 5.375% Senior Notes Due 2025 issued on the Issue Date and (2) Additional Notes, if any.

 

“Notes Custodian” means
the custodian with respect to a Global Notes (as appointed by the Depository), or any successor Person thereto and shall initially
be the Trustee.

 

“Purchase Agreement” means
(1) with respect to the Notes issued on the Issue Date, the Purchase Agreement, dated September 24, 2020, among the Issuer,
the Guarantors and the Representative on behalf of the Initial Purchasers, and (2) with respect to each issuance of Additional
Notes, the purchase agreement among the Issuer, the Guarantors and the Persons purchasing such Additional Notes.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Representative” means
Credit Suisse Securities (USA) LLC, as representative of the Initial Purchasers.

 

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

 

“Transfer Restricted Notes”
means Notes that bear or are required to bear the legend relating to restrictions on transfer relating to the Securities Act set
forth in Section 2.3(d) hereto.

 

    -1-

     

    

 

1.2       Other
Definitions.

 

	Term	 	Defined in Section:	 
	“Agent Members”	 	 	2.1(b)	 
	“Global Notes”	 	 	2.1(a)	 
	“Permanent Regulation S Global Note”	 	 	2.1(a)	 
	“Regulation S”	 	 	2.1(a)	 
	“Regulation S Global Note” 	 	 	2.1(a)	 
	“Rule 144A”	 	 	2.1(a)	 
	“Rule 144A Global Note”	 	 	2.1(a)	 
	“Temporary Regulation S Global Note”	 	 	2.1(a)	 

 

2.       The
Notes.

 

2.1       (a)
Form and Dating. The Notes will be offered and sold by the Issuer pursuant to a Purchase Agreement. The Notes will
be resold initially only to (i) Persons reasonably believed to be QIBs in reliance on Rule 144A under the Securities
Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in Regulation S) in offshore
transactions in reliance on Regulation S under the Securities Act (“Regulation S”). Notes may thereafter
be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to the restrictions on transfer
set forth herein. Notes initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent
global notes in fully registered form (collectively, the “Rule 144A Global Note”); and Notes initially
resold pursuant to Regulation S shall be issued initially in the form of one or more temporary global notes in fully
registered form (collectively, the “Temporary Regulation S Global Note”), in each case without interest
coupons and with the global notes legend and the applicable restricted notes legend set forth in Exhibit 1, which shall be
deposited on behalf of the purchasers of the Notes represented thereby with the Notes Custodian and registered in the name of the
Depository, duly executed by the Issuer and authenticated by the Trustee as provided in this Indenture. Except as set forth in
this Section 2.1(a), beneficial ownership interests in the Temporary Regulation S Global Note will not be exchangeable
for interests in a Rule 144A Global Note, a permanent global note (the “Permanent Regulation S Global Note”,
and together with the Temporary Regulation S Global Note, the “Regulation S Global Note”) or any other
Note prior to the expiration of the Distribution Compliance Period and then, after the expiration of the Distribution Compliance
Period, may be exchanged for interests in a Rule 144A Global Note, the Permanent Regulation S Global Note or a Definitive
Note only (i) upon certification in form reasonably satisfactory to the Issuer and the Trustee that beneficial ownership interests
in such Temporary Regulation S Global Note are owned either by non-U.S. Persons or U.S. Persons who purchased such interests
in a transaction that did not require registration under the Securities Act, and (ii) in the case of an exchange for a Definitive
Note, in compliance with the requirements of Section 2.4(a) hereof.

 

Beneficial interests in Temporary Regulation S
Global Notes may be exchanged for interests in Rule 144A Global Notes if (1) such exchange occurs in connection with
a transfer of Notes in compliance with Rule 144A and (2) the transferor of the beneficial interest in the Temporary Regulation S
Global Note first delivers to the Trustee a written certificate (in a form satisfactory to the Issuer and the Trustee) to
the effect that the beneficial interest in the Temporary Regulation S Global Note is being transferred to a Person (a) whom
the transferor reasonably believes to be a QIB, (b) purchasing for its own account or the account of a QIB in a transaction
meeting the requirements of Rule 144A, and (c) in accordance with all applicable securities laws of the States of the
United States and other jurisdictions.

 

    -2-

     

    

 

Beneficial interests in a Rule 144A Global
Note may be transferred to a Person who takes delivery in the form of an interest in a Regulation S Global Note, whether before
or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate
(in a form satisfactory to the Issuer and the Trustee) to the effect that such transfer is being made in accordance with Rule 903 or
904 of Regulation S.

 

The Rule 144A Global Note, the Temporary
Regulation S Global Note and the Permanent Regulation S Global Note are collectively referred to herein as “Global
Notes”. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the Depository or its nominee as hereinafter provided.

 

(b)       Book-Entry
Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the Depository.

 

The Issuer shall execute and the Trustee shall,
in accordance with Section 2.2 below and 2.02 of this Indenture, authenticate and deliver initially one or more Global
Notes that (a) shall be registered in the name of the Depository and (b) shall be delivered by the Trustee to such Depository
or pursuant to such Depository’s instructions or held by the Trustee as custodian for the Depository.

 

Members of, or participants in the Depository
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Issuer, the Trustee and
any agent of the Issuer or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note for
all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the
Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository
or impair as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the
exercise of the rights of a holder of a beneficial interest in any Global Note. Neither the Trustee nor any agent shall have any
responsibility or liability for any actions taken or not taken by the Depository.

 

In connection with any proposed transfer outside
the book-entry system, the Issuer or the Depository shall be required to provide or cause to be provided to the Trustee all information
necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis
reporting obligations under Section 6045 of the Code. The Trustee may rely on any such information provided to it and shall have
no responsibility to verify or ensure the accuracy of such information.

 

(c)       Definitive
Notes. Except as provided in this Section 2.1 and Sections 2.3 or 2.4, owners of beneficial interests in Global Notes
shall not be entitled to receive physical delivery of Definitive Notes.

 

2.2       Authentication.
The Trustee shall authenticate and deliver: (1) on the Issue Date, $500,000,000 aggregate principal amount of 5.375% Senior
Notes Due 2025 and (2) any Additional Notes for an original issue, in each case, in an aggregate principal amount specified
in an Issuer Order pursuant to Section 2.02 of this Indenture. Such Issuer Order shall specify the amount of the Notes
to be authenticated and the date on which the original issue of Notes is to be authenticated and, in the case of any issuance of
Additional Notes pursuant to Section 3.13 of this Indenture, shall certify that such issuance is in compliance with Section 10.11 of
this Indenture.

 

    -3-

     

    

 

2.3       Transfer
and Exchange.

 

(a)       Transfer
and Exchange of Definitive Notes. When Definitive Notes are presented to the Note Registrar with a request:

 

(x)       to
register the transfer of such Definitive Notes; or

 

(y)       to
exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations,

 

the Note Registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Notes surrendered
for transfer or exchange:

 

(i)       shall
be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the
Note Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and

 

(ii)       if
such Definitive Notes are required to bear a restricted notes legend, they are being transferred or exchanged pursuant to an effective
registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or
(C) below, and are accompanied by the following additional information and documents, as applicable:

 

(A)       if
such Definitive Notes are being delivered to the Note Registrar by a Holder for registration in the name of such Holder, without
transfer, a certification from such Holder to that effect; or

 

(B)       if
such Definitive Notes are being transferred to the Issuer, a certification to that effect; or

 

(C)       if
such Definitive Notes are being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A
or Regulation S; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a certification
to that effect (in the form set forth on the reverse of the Note) and (ii) if the Issuer so requests, an opinion of counsel
or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in
Section 2.3(d).

 

(b)       Restrictions
on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial
interest in a Rule 144A Global Note or a Regulation S Global Note except upon satisfaction of the requirements set forth
below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by appropriate instruments of transfer, in
form satisfactory to the Trustee, together with:

 

(i)       certification,
in the form set forth on the reverse of the Note, that such Definitive Note is either (A) being transferred to a QIB in accordance
with Rule 144A or (B) being transferred after expiration of the Distribution Compliance Period by a Person who initially
purchased such Note in reliance on Regulation S to a buyer who elects to hold its interest in such Note in the form of a beneficial
interest in the Regulation S Global Note; and

 

    -4-

     

    

 

(ii)       written instructions
directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records with respect
to such Rule 144A Global Note (in the case of a transfer pursuant to clause (b)(i)(A)) or Regulation S Global
Note (in the case of a transfer pursuant to clause (b)(i)(B)) to reflect an increase in the aggregate principal amount
of the Notes represented by the Rule 144A Global Note or Regulation S Global Note, as applicable, such instructions
to contain information regarding the Agent Member account to be credited with such increase,

 

then the Trustee shall cancel such Definitive Note and cause,
or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures of the Depository and the Notes
Custodian, the aggregate principal amount of Notes represented by the Rule 144A Global Note or Regulation S Global Note,
as applicable, to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause
to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Note
or Regulation S Global Note, as applicable, equal to the principal amount of the Definitive Note so canceled. If no Rule 144A
Global Notes or Regulation S Global Notes, as applicable, are then outstanding, the Issuer shall issue and the Trustee shall
authenticate, upon written order of the Issuer in the form of an Officer’s Certificate of the Issuer, a new Rule 144A
Global Note or Regulation S Global Note, as applicable, in the appropriate principal amount.

 

(c)       Transfer
and Exchange of Global Notes.

 

(i)       The
transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance with
this Indenture (including applicable restrictions on transfer set forth herein, if any) and the Applicable Procedures. A transferor
of a beneficial interest in a Global Note shall deliver to the Note Registrar a written order given in accordance with the
Applicable Procedures containing information regarding the participant account of the Depository to be credited with a beneficial
interest in the Global Note. The Note Registrar shall, in accordance with such instructions instruct the Depository to credit to
the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account of the
Person making the transfer the beneficial interest in the Global Note being transferred. The Note Registrar shall have no responsibilities
with respect to transfers of beneficial interests within a single Global Note.

 

(ii)       If
the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global
Note, the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global
Note to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred,
and the Note Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of
the Global Note from which such interest is being transferred.

 

(iii)       Notwithstanding
any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Note may not be
transferred as a whole except by the Depository to a nominee of the Depository or 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 successor
Depository.

 

(iv)       In
the event that a Global Note is exchanged for a Definitive Note pursuant to Section 2.4 of this Appendix, such Notes
may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including
the certification requirements set forth on the reverse of the Notes intended to ensure that such transfers comply with Rule 144A,
Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures
as may from time to time be adopted by the Issuer.

 

    -5-

     

    

 

(v)       During
the Distribution Compliance Period, beneficial ownership interests in Temporary Regulation S Global Notes may only be sold,
pledged or transferred in accordance with the Applicable Procedures and only (i) to the Issuer, (ii) in an offshore transaction
in accordance with Regulation S (other than a transaction resulting in an exchange for an interest in a Permanent Regulation S
Global Note) or (iii) pursuant to an effective registration statement under the Securities Act, in each case in accordance
with any applicable securities laws of any State of the United States.

 

(d)       Legend.
Each Note certificate evidencing the Global Notes (and all Notes issued in exchange therefor or in substitution thereof) shall
bear a legend in substantially the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT (A)
IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”))
OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) AND (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER SUCH SECURITY, ONLY (A)
TO THE ISSUER OR ANY PARENT OR SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (OTHER THAN PURSUANT TO RULE 144), SUBJECT TO THE ISSUER’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION
SATISFACTORY TO THE ISSUER.

 

    -6-

     

    

 

BY ITS ACQUISITION OF THIS
SECURITY, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT IS NOT ACQUIRING OR HOLDING
THIS SECURITY (OR ANY INTEREST HEREIN) WITH THE ASSETS OF ANY (A) EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE
U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (B) PLAN, INDIVIDUAL RETIREMENT
ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
 “CODE”), OR PROVISIONS UNDER ANY OTHER U.S. OR NON-U.S. FEDERAL, STATE, LOCAL, OR OTHER LAWS OR REGULATIONS THAT
ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR (C) ENTITY WHOSE
UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA) OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT DESCRIBED IN CLAUSE (A) OR (B), OR (II) THE
ACQUISITION AND HOLDING OF THIS SECURITY (OR ANY INTEREST HEREIN) BY IT WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE
SIMILAR LAWS.

 

Each Note being sold pursuant to Regulation S shall also
bear an additional legend substantially to the following effect:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY
NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON, UNLESS SUCH NOTES
ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THIS LEGEND WILL
BE REMOVED AFTER THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (I) THE DATE ON WHICH THESE NOTES WERE FIRST OFFERED AND (II) THE
DATE OF ISSUE OF THESE NOTES.

 

Each Definitive Note shall also bear the following additional
legend:

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER
TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

(e)       Cancellation
or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive
Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depository for cancellation or retained and canceled
by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated
Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment
shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect
to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction.

 

(f)       No
Obligation of the Trustee.

 

(i)       The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in
the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any
participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any
participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of
redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to
the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the
registered Holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of beneficial
owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of
the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository
with respect to its members, participants and any beneficial owners.

 

    -7-

     

    

 

(ii)       The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among the Depository participants, members or beneficial owners in any Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof. Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depository.

 

2.4       Definitive
Notes.

 

(a)       A
Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.1 shall
be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal
amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 hereof
and (i) the Depository notifies the Issuer that it is unwilling or unable to continue as Depository for such Global Note or
if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act and, in each case,
a successor depository is not appointed by the Issuer within 90 days of such notice, or of its becoming aware of such cessation,
or (ii) a Default has occurred and is continuing or (iii) the Issuer, in its sole discretion, and subject to the procedures
of the Depository, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes under this Indenture.

 

(b)       Any
Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by
the Depository to the Trustee located at its principal Corporate Trust Office in the Borough of Manhattan, The City of New York,
to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon
such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.
Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered
only in denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof and registered
in such names as the Depository shall direct. Any Definitive Note delivered in exchange for an interest in the Transfer Restricted
Note shall bear the applicable restricted notes legend and definitive notes legend set forth in Exhibit 1 hereto.

 

(c)       The
registered Holder of a Global Note shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members
and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture
or the Notes.

 

(d)       In
the event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Issuer shall promptly
make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest
coupons. In the event that such Definitive Notes are not issued, the Issuer expressly acknowledges, with respect to the right
of any Holder to pursue a remedy pursuant to this Indenture, including pursuant to Section 5.07, the right of any
beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that represents such
beneficial owner’s Notes as if such Definitive Notes had been issued.

 

    -8-

     

    

 

EXHIBIT 1

to Annex I

 

[FORM OF FACE OF INITIAL NOTE]

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Notes Legend]

 

THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM,
OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”)) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE
TRANSACTION” PURSUANT TO RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) AND
(2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL,
PLEDGE OR OTHERWISE TRANSFER SUCH SECURITY, ONLY (A) TO THE ISSUER OR ANY PARENT OR SUBSIDIARY THEREOF, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BECOME OR BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A
 “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A UNDER THE SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES IN
ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (OTHER THAN PURSUANT TO RULE 144), SUBJECT TO THE ISSUER’S RIGHT PRIOR TO ANY SUCH
OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/
OR OTHER INFORMATION SATISFACTORY TO THE ISSUER.

 

    -1-

     

    

 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER
HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) IT IS NOT ACQUIRING OR HOLDING THIS SECURITY (OR ANY INTEREST
HEREIN) WITH THE ASSETS OF ANY (A) EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), (B) PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO
SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER U.S.
OR NON-U.S. FEDERAL, STATE, LOCAL, OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
 “SIMILAR LAWS”), OR (C) ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” (WITHIN
THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT DESCRIBED
IN CLAUSE (A) OR (B), OR (II) THE ACQUISITION AND HOLDING OF THIS SECURITY (OR ANY INTEREST HEREIN) BY IT WILL NOT CONSTITUTE OR
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER
ANY APPLICABLE SIMILAR LAWS.

 

[Additional Regulation S Restricted
Notes Legend]

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT
BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON, UNLESS SUCH NOTES
ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THIS LEGEND WILL
BE REMOVED AFTER THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (I) THE DATE ON WHICH THESE NOTES WERE FIRST OFFERED AND (II) THE
DATE OF ISSUE OF THESE NOTES.

 

[Definitive Notes Legend]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

    -2-

     

    

 

5.375% Senior Note Due 2025

 

	No.	$                          

 

CUSIP No.                               

 

PennyMac Financial Services, Inc. (the “Issuer”),
a Delaware corporation, promises to pay to [________]1,
or registered assigns, the principal sum [of ________ U.S. dollars]2
on October 15, 2025.

 

Interest Payment Dates: April 15 and
October 15 (commencing on April 15, 2021).

 

Regular Record Dates: April 1 and October
1.

 

Additional provisions of this Note are set
forth on the other side of this Note.

 

 

1 For Global Notes insert: Cede & Co.

 

2 For Global Notes insert: set forth on the Schedule of Increases or Decreases in Global Note
attached hereto

 

    -3-

     

    

 

Dated:

 

PENNYMAC FINANCIAL SERVICES, INC.

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    -4-

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Dated:                                        

 

This is one of the Notes referred to in the within-mentioned
Indenture.

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

 

	By:		 
	 	Authorized Signatory	 

 

    -5-

     

    

 

[FORM OF REVERSE SIDE OF INITIAL NOTE]

5.375% Senior Note Due 2025

 

1.       Principal and
Interest.

 

The Issuer will pay the principal of this
Note on October 15, 2025.

 

The Issuer promises to pay interest on the
principal amount of this Note on each Interest Payment Date, as set forth below, at the rate of [ ]% per annum.

 

Interest will be payable semi-annually
in arrears (to the Holders of record at the close of business (if applicable) on the April 1 or October 1 (whether or not a Business
Day) immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing April 15, 2021.

 

Interest on this Note will accrue from the
most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from
September 29, 2020; provided that, if there is no existing default in the payment of interest and if this Note is authenticated
between a Regular Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue
from such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

The Issuer shall pay interest on overdue principal
and premium, if any, and interest on overdue installments of interest, to the extent lawful, at a rate per annum equal to the rate
of interest borne by the Notes.

 

2.       Method of Payment.

 

The Issuer will pay interest (except Defaulted
Interest) on the principal amount of the Notes on each April 15 and October 15 (commencing on April 15, 2021) to the Persons
who are Holders of Notes (as reflected in the Note Register at the close of business (if applicable) on the April 1 and October
1 (whether or not a Business Day) immediately preceding the Interest Payment Date), in each case, even if the Note is cancelled
on registration of transfer or registration of exchange after such Regular Record Date; provided that, with respect to the payment
of principal or premium, if any, the Issuer will make payment to the Holder that surrenders this Note to the Paying Agent on or
after the date such principal or premium is due and payable.

 

The Issuer will pay principal (and premium,
if any) and interest in U.S. dollars. However, the Issuer may pay principal (and premium, if any) and interest by its check payable
in such money. The Issuer may pay interest on the Notes either (a) by mailing a check for such interest to a Holder’s
registered address (as reflected in the Note Register) or (b) subject to the provisions of the Indenture, by wire transfer
to an account located in the United States maintained by the payee. If a payment date is a date other than a Business Day at a
place of payment, payment may be made at that place on the next succeeding day that is a Business Day and no interest shall
accrue for the intervening period.

 

3.       Paying Agent
and Note Registrar.

 

The Issuer initially appoints U.S. Bank National
Association, in New York as Paying Agent and Note Registrar. The Issuer may change any Paying Agent or Note Registrar without prior
notice to the Holders. The Issuer or any of its Subsidiaries may act as Paying Agent, Note Registrar or co-registrar.

 

    -6-

     

    

 

4.       Indenture.

 

The Issuer issued the Notes under an Indenture,
dated as of October 15, 2020 (the “Indenture”), among the Issuer, the Guarantors and the Trustee. Capitalized
terms herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms.
To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the
Indenture, the terms of the Indenture shall control.

 

The Notes are unsecured senior obligations
of the Issuer. The Indenture does not limit the aggregate principal amount of the Notes.

 

5.       Redemption.

 

Optional Redemption. At any time prior
to October 15, 2022, the Issuer may, at its option and on one or more occasions, redeem all or a part of the Notes, upon notice
as described in Section 11.06 of the Indenture, at a Redemption Price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the Redemption Date, subject
to the rights of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date falling on or prior to the Redemption Date.

 

On and after October 15, 2022, the Issuer
may, at its option and on one or more occasions, redeem the Notes, in whole or in part, upon notice as described in Section 11.06
of the Indenture, at the Redemption Prices (expressed as percentages of principal amount of the Notes to be redeemed) set
forth below, plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date, subject to the right
of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date
falling on or prior to the Redemption Date, if redeemed during the twelve-month period beginning on October 15 of each of the years
indicated below:

 

	Year	 	Percentage	 
	2022	 	 	102.688	%
	2023	 	 	101.344	%
	2024 and thereafter	 	 	100.000	%

 

In addition, until October 15, 2022, the Issuer
may, at its option and on one or more occasions, upon notice as described in Section 11.06 of the Indenture, redeem up
to 40% of the aggregate principal amount of Notes (including Additional Notes) issued under the Indenture at a Redemption Price
(as calculated by the Issuer) equal to (i) 105.375% of the aggregate principal amount thereof, with an amount equal to or
less than the net cash proceeds from one or more Equity Offerings to the extent such net cash proceeds are received by or contributed
to the Issuer plus (ii) accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject
to the right of Holders of record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date falling on or prior to the Redemption Date; provided that (a) at least 50% of the sum of the original aggregate
principal amount of Notes issued under the Indenture on the Issue Date and the original principal amount of any Additional Notes
issued under the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption
and (b) each such redemption occurs within 180 days of the date of closing of each such Equity Offering.

 

    -7-

     

    

 

6.       Repurchase upon
a Change of Control and Asset Sales.

 

Upon the occurrence of (a) a Change of
Control, the Holders will have the right to require that the Issuer purchase such Holder’s Outstanding Notes, in whole or
in part, at a purchase price of 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but
excluding, the date of purchase and (b) Asset Sales, the Issuer may be obligated to make offers to purchase Notes and Pari
Passu Indebtedness of the Issuer with a portion of the Net Proceeds of such Asset Sales at a Redemption Price of 100% of the aggregate
principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.

 

7.       Denominations;
Transfer; Exchange.

 

The Notes are in registered form without coupons
in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer
or exchange Notes in accordance with the Indenture. The Note Registrar and the Issuer may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.
The Note Registrar and the Issuer need not register the transfer or exchange of any Notes selected for redemption (except, in the
case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes tendered (and not withdrawn)
for repurchase in connection with a Change of Control Offer, an Asset Sale Offer or other tender offer. Also, the Note Registrar
and the Issuer need not register the transfer or exchange of any Notes for a period of ten days before delivering a notice
of redemption of Notes to be redeemed.

 

8.       Persons Deemed
Owners.

 

A registered Holder of a Note may be treated
as the owner of such Note for all purposes.

 

9.       Unclaimed Money.

 

If money for the payment of principal (premium,
if any) or interest remains unclaimed for two years, the Trustee and the Paying Agent will pay the money back to the Issuer
at its written request. After that, Holders entitled to the money must look to the Issuer for payment, unless an abandoned
property law designates another Person, and all liability of the Trustee and such Paying Agent with respect to such money shall
cease.

 

10.       Discharge and
Defeasance Prior to Redemption or Maturity.

 

If the Issuer irrevocably deposits, or causes
to be deposited, with the Trustee money or Government Securities sufficient to pay the then outstanding principal of (premium,
if any) and accrued but unpaid interest on the Notes to the Redemption Date or Stated Maturity, the Issuer will be discharged from
its obligations under the Indenture with respect to the Notes and the Notes, except in certain circumstances for certain covenants
thereof, or will be discharged from certain covenants set forth in the Indenture with respect to the Notes.

 

11.       Amendment; Supplement;
Waiver.

 

Subject to certain exceptions, the Indenture,
the Notes or any Guarantee may be amended or supplemented with the consent of the Issuer and the Holders of at least a majority
in aggregate principal amount of the then Outstanding Notes, and any existing Default or Event of Default or compliance with any
provision of the Indenture, the Notes or any Guarantees may be waived with the consent of the Holders of at least a majority in
aggregate principal amount of the then Outstanding Notes.

 

    -8-

     

    

 

Without notice to or the consent of any Holder, the parties
thereto may amend or supplement the Indenture, the Notes or the Guarantees to, among other things, cure any ambiguity, omission,
mistake, defect or inconsistency and make any change that does not adversely affect the legal rights under the Indenture of any
Holder in any material respect.

 

12.       Restrictive
Covenants.

 

The Indenture contains certain covenants,
including covenants with respect to the following matters: (i) Restricted Payments; (ii) incurrence of Indebtedness and
issuance of Disqualified Stock and Preferred Stock; (iii) Liens; (iv) transactions with Affiliates; (v) dividend
and other payment restrictions affecting Restricted Subsidiaries; (vi) guarantees of Indebtedness by Restricted Subsidiaries;
(vii) merger and certain transfers of assets; (viii) purchase of Notes upon a Change of Control; and (ix) disposition
of proceeds of Asset Sales. Within 120 days after the end of each fiscal year, the Issuer must report to the Trustee
on compliance with such limitations.

 

13.       Successor Persons.

 

When a successor Person or other entity assumes
all the obligations of its predecessor under the Notes or the Guarantees and the Indenture, the predecessor Person will be released
from those obligations.

 

14.       Remedies for
Events of Default.

 

If an Event of Default, as defined in the
Indenture (other than an Event of Default specified in Section 5.01(6) of the Indenture), occurs and is continuing, the Trustee
or the Holders of at least 30% in aggregate principal amount of the then total Outstanding Notes may declare the principal, premium,
if any, interest and any other monetary obligations on all the then Outstanding Notes to be due and payable immediately by a notice
in writing to the Issuer (and to the Trustee if given by Holders). Notwithstanding the foregoing, in the case of an Event of Default
arising under Section 5.01(6) of the Indenture, all Outstanding Notes will become due and payable without further action or notice.
Subject to the provisions of the Indenture relating to the duties of the Trustee, in case an Event of Default occurs and is continuing,
the Trustee shall be under no obligation to exercise any rights or powers under the Indenture at the request or direction of any
of the Holders unless such Holders have offered indemnity or security against any loss, liability, claim or expense satisfactory
to the Trustee. Subject to certain restrictions, the Holders of a majority in principal amount of the Outstanding Notes are given
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising
any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or
the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve
the Trustee in personal liability.

 

15.       Guarantees.

 

On and following the Issue Date, the Issuer’s
obligations under the Notes will be fully, irrevocably and unconditionally guaranteed on a senior unsecured basis, to the extent
set forth in the Indenture, by each of the Guarantors.

 

16.       Trustee Dealings
with Issuer.

 

The Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Notes and may make loans to, accept deposits from, perform services for,
and otherwise deal with, the Issuer and its Affiliates as if it were not the Trustee.

 

    -9-

     

    

 

17.       Authentication.

 

This Note shall not be valid until the Trustee
manually signs the certificate of authentication on the other side of this Note.

 

18.       Abbreviations.

 

Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint
tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act).

 

19.       CUSIP Numbers.

 

Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and
the Trustee may use CUSIP numbers in notices as a convenience to Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice and reliance may be placed only on the other identification
numbers placed thereon. Notwithstanding anything otherwise to the contrary in the Indenture or the Notes, the Issuer may, and,
at the Issuer’s direction, the Trustee shall, exchange Notes then outstanding, including, in the case of any Global Notes,
through a mandatory exchange at the Depository or otherwise in accordance with Applicable Procedures, to reflect any change in
the name of the Issuer, and/or the CUSIP numbers and ISIN numbers with respect to the Notes as may be necessary or appropriate
to give effect to the exchange.

 

20.       Governing Law.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THE ISSUER AGREES TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL
OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS NOTE OR THE INDENTURE.

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to PennyMac Financial Services, Inc., 3043
Townsgate Road, Westlake Village, California 91361 (fax: (818) 337-6519), Attention: Derek W. Stark, Senior Managing Director and
Chief Legal Officer and Secretary.

 

    -10-

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Print or type assignee’s name, address and
zip code)

 

(Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint                                  
agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

 

 

	Date:	 	 	Your Signature:	 

 

 

 

Sign exactly as your name appears on the other side of this
Note.

 

In connection with any transfer of any of the Notes evidenced
by this certificate occurring prior to the date that is one year after the later of the date of original issuance of such
Notes and the last date, if any, on which such Notes were owned by the Issuer or any “Affiliate” of the Issuer
within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), the undersigned confirms
that such Notes are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

 ̈          to the Issuer or
any parent or subsidiary thereof; or

 

		(1)	 ̈	pursuant to an effective registration statement under the Securities Act; or

 

		(2)	 ̈	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act)
that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer
is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities
Act; or

 

		(3)	 ̈	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance
with Rule 904 under the Securities Act.

 

Unless one of the boxes is checked, the Trustee will refuse
to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof.

 

	 	 	 
	Signature	 	 

 

Signature Guarantee:

 

	 	 	 
	Signature must be guaranteed	 	Signature

 

    -11-

     

    

 

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

    -12-

     

    

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE
IS CHECKED.

 

The undersigned represents and warrants that
it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information
regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information
and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

 

	Dated:	 	 	
	 	 	Notice: To be executed by

an executive officer

 

    -13-

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

The initial principal amount of this Global Note is $                              
. The following increases or

decreases in this Global Note have been made:

 

	 	Date
                                         of Exchange	 	 	Amount of decrease in Principal amount of this Global Note	 	Amount of increase in Principal amount of this Global Note	 	Principal amount of this Global Note following such decrease or increase	 	Signature of authorized signatory of Trustee or Notes Custodian

 

    -14-

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Issuer pursuant to Section 10.16 or 10.17 of the Indenture, check the box:  ̈

 

 ̈
If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 10.16 or
10.17 of the Indenture, state the amount in principal amount: $             .

 

($2,000 or integral multiples of $1,000 in
excess thereof, provided that the unpurchased portion of a Note must be in a minimum principal amount of $2,000)

 

	Date:                                      	Your Signature:    	 
	 	 	(Sign exactly as your name appears on the other side of this Note)
	Signature Guarantee:	 
	 	(Signature must be guaranteed)

 

Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

 

    -15-

     

    

 

EXHIBIT A

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of ________________, 20__, by __________________ (the “New Guarantor”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer and Guarantors have heretofore
executed and delivered to U.S. Bank National Association, as trustee (the “Trustee”), an indenture (as heretofore
amended and supplemented, the “Indenture”), dated as of September 29, 2020, providing for the issuance of $500,000,000
aggregate principal amount of 5.375% Senior Notes Due 2025 (the “Notes”); and

 

WHEREAS, the Indenture provides that under
certain circumstances the New Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
New Guarantor shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms
and conditions set forth herein (the “Guarantee”).

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor covenants and agrees
for the equal and ratable benefit of the Holders as follows:

 

1.       CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.       AGREEMENT
TO GUARANTEE. The New Guarantor hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions
set forth in the Indenture including but not limited to Article Twelve thereof.

 

3.       EXECUTION
AND DELIVERY. The New Guarantor agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of
the endorsement of any notation of such Guarantee on the Notes.

 

4.       NO
RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the New
Guarantor, as such, shall have any liability for any obligations of the Issuer or any Guarantor under the Notes, any Guarantees,
the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities
laws and it is the view of the SEC that such a waiver is against public policy.

 

5.       GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE
PART[Y][IES] HERETO AGREE[S] TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH
OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

 

    A-1

     

    

 

6.       COUNTERPARTS.
The part[y][ies] may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. The exchange of copies of the Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of the Supplemental Indenture as to the part[y][ies]
hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the part[y][ies] hereto transmitted
by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

7.       EFFECT
OF HEADINGS. The Section headings herein are for convenience or reference only and are not intended to be considered a part hereof
and shall not affect the construction hereof.

 

8.       THE
TRUSTEE. The Trustee is an express and intended third party beneficiary hereof and is entitled to the rights and benefits hereunder
and may enforce this Agreement as if it were a party hereto. This provision cannot be amended without the consent of the Trustee.

 

    A-2

     

    

 

IN WITNESS WHEREOF, the part[y][ies] hereto
have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	[NEW GUARANTOR]
	 	 
	 	By:	                  
	 	Name:
	 	Title:

 

    A-3

     

    

 

EXHIBIT B

 

INCUMBENCY CERTIFICATE

 

The undersigned, ____________, being the ____________
of ____________ (the “Issuer”) does hereby certify that the individuals listed below are qualified and acting
officers of the Issuer as set forth in the right column opposite their respective names and the signatures appearing in the extreme
right column opposite the name of each such officer is a true specimen of the genuine signature of such officer and such individuals
have the authority to execute documents to be delivered to, or upon the request of, U.S. Bank National Association, as Trustee
under the Indenture, dated as of September 29, 2020, among the Issuer, the Guarantors party thereto and U.S. Bank National Association.

 

	
        Name
	 	
        Title:
	 	
        Signature

	__________________	 	__________________	 	__________________
	__________________	 	__________________	 	__________________
	__________________	 	__________________	 	__________________

 

IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Certificate as of the ____ day of ________, 20__.

 

	 	 
	 	Name:	 
	 	Title:	 

 

    B-1slr_ex41

 

Exhibit 4.1

 

SOLITARIO
ZINC CORP.

 

TO

 

 

 

Trustee

 

Indenture

 

Dated
as of
            ,
20    

 

Senior
Debt Securities

 

 

TABLE
OF CONTENTS

 

	
 

	
 

	
 

	

  

	

Page

	
 

	
 

	

ARTICLE
ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

	

  

	

1

	

SECTION 101.

	
 

	

Definitions

	

  

	

1

	

SECTION 102.

	
 

	

Compliance
Certificates and Opinions

	

  

	

10

	

SECTION 103.

	
 

	

Form of
Documents Delivered to Trustee

	

  

	

11

	

SECTION 104.

	
 

	

Acts of
Holders

	

  

	

11

	

SECTION 105.

	
 

	

Notices,
etc., to Trustee and Company

	

  

	

13

	

SECTION 106.

	
 

	

Notice
to Holders; Waiver

	

  

	

13

	

SECTION 107.

	
 

	

Counterparts;
Effect of Headings and Table of Contents

	

  

	

14

	

SECTION 108.

	
 

	

Successors
and Assigns

	

  

	

15

	

SECTION 109.

	
 

	

Severability
Clause

	

  

	

15

	

SECTION 110.

	
 

	

Benefits
of Indenture

	

  

	

15

	

SECTION 111.

	
 

	

Governing
Law

	

  

	

15

	

SECTION 112.

	
 

	

Legal
Holidays

	

  

	

15

	

SECTION 113.

	
 

	

Limited
Liability; Immunity of Stockholders, Directors, Officers and Agents
of the Company

	

  

	

15

	

SECTION 114.

	
 

	

Conflict
with Trust Indenture Act

	

  

	

16

	
 

	
 

	

ARTICLE
TWO - SECURITIES FORMS

	

  

	

16

	

SECTION 201.

	
	

Forms
of Securities

	

  

	

16

	

SECTION 202.

	
 

	

Form of
Trustee's Certificate of Authentication

	

  

	

17

	

SECTION 203.

	
 

	

Securities
Issuable in Global Form

	

  

	

17

	
 

	
 

	

ARTICLE
THREE - THE SECURITIES

	

  

	

18

	

SECTION 301.

	
 

	

Amount
Unlimited; Issuable in Series

	

  

	

18

	

SECTION 302.

	
 

	

Denominations

	

  

	

21

	

SECTION 303.

	
 

	

Execution,
Authentication, Delivery and Dating

	

  

	

21

	

SECTION 304.

	
 

	

Temporary
Securities

	

  

	

24

	

SECTION 305.

	
 

	

Registration,
Registration of Transfer, Conversion and Exchange

	

  

	

26

	

SECTION 306.

	
 

	

Mutilated,
Destroyed, Lost and Stolen Securities

	

  

	

30

	

SECTION 307.

	
 

	

Payment
of Interest; Interest Rights Preserved

	

  

	

31

	

SECTION 308.

	
 

	

Persons
Deemed Owners

	

  

	

33

	

SECTION 309.

	
 

	

Cancellation

	

  

	

33

	

SECTION 310.

	
 

	

Computation
of Interest

	

  

	

34

	

SECTION 311.

	
 

	

CUSIP
Numbers

	

  

	

34

	
 

	
 

	

ARTICLE
FOUR - SATISFACTION AND DISCHARGE

	

  

	

34

	
SECTION 401.

	
	

Satisfaction
and Discharge of Indenture

	

  

	

34

	
SECTION 402.

	
	

Application
of Trust Funds

	

  

	

35

 

(i)

 

 

 

	

ARTICLE
FIVE - REMEDIES

	

  

	

36

	

SECTION 501.

	
 

	

Events
of Default

	

  

	

36

	

SECTION 502.

	
 

	

Acceleration
of Maturity; Rescission and Annulment

	

  

	

37

	

SECTION 503.

	
 

	

Collection
of Indebtedness and Suits for Enforcement by Trustee

	

  

	

38

	

SECTION 504.

	
 

	

Trustee
May File Proofs of Claim

	

  

	

39

	

SECTION 505.

	
 

	

Trustee
May Enforce Claims Without Possession of Securities or
Coupons

	

  

	

40

	

SECTION 506.

	
 

	

Application
of Money Collected

	

  

	

40

	

SECTION 507.

	
 

	

Limitation
on Suits

	

  

	

40

	

SECTION 508.

	
 

	

Unconditional
Right of Holders to Receive Principal, Premium or Make-Whole
Amount, if any, and Interest

	

  

	

41

	

SECTION 509.

	
 

	

Restoration
of Rights and Remedies

	

  

	

41

	

SECTION 510.

	
 

	

Rights
and Remedies Cumulative

	

  

	

41

	

SECTION 511.

	
 

	

Delay
or Omission Not Waiver

	

  

	

42

	

SECTION 512.

	
 

	

Control
by Holders of Securities

	

  

	

42

	

SECTION 513.

	
 

	

Waiver
of Past Defaults

	

  

	

42

	

SECTION 514.

	
 

	

Waiver
of Usury, Stay or Extension Laws

	

  

	

42

	

SECTION 515.

	
 

	

Undertaking
for Costs

	

  

	

43

	
 

	
 

	

ARTICLE
SIX - THE TRUSTEE

	

  

	

43

	

SECTION 601.

	
 

	

Notice
of Defaults

	

  

	

43

	

SECTION 602.

	
 

	

Certain
Rights of Trustee

	

  

	

43

	

SECTION 603.

	
 

	

Not
Responsible for Recitals or Issuance of Securities

	

  

	

45

	

SECTION 604.

	
 

	

May
Hold Securities

	

  

	

46

	

SECTION 605.

	
 

	

Money
Held in Trust

	

  

	

46

	

SECTION 606.

	
 

	

Compensation
and Reimbursement

	

  

	

46

	

SECTION 607.

	
 

	

Corporate
Trustee Required; Eligibility; Conflicting Interests

	

  

	

47

	

SECTION 608.

	
 

	

Resignation
and Removal; Appointment of Successor

	

  

	

47

	

SECTION 609.

	
 

	

Acceptance
of Appointment by Successor

	

  

	

48

	

SECTION 610.

	
 

	

Merger,
Conversion, Consolidation or Succession to Business

	

  

	

49

	

SECTION 611.

	
 

	

Appointment
of Authenticating Agent

	

  

	

50

	

SECTION 612.

	
 

	

Certain
Duties and Responsibilities of the Trustee

	

  

	

51

	
 

	
 

	

ARTICLE
SEVEN - HOLDERS' LISTS AND REPORTS BY TRUSTEE AND
COMPANY

	

  

	

52

	

SECTION 701.

	
 

	

Disclosure
of Names and Addresses of Holders

	

  

	

52

	

SECTION 702.

	
 

	

Reports
by Trustee

	

  

	

53

	

SECTION 703.

	
 

	

Reports
by Company

	

  

	

53

	

SECTION 704.

	
 

	

Company
to Furnish Trustee Names and Addresses of Holders

	

  

	

53

 

(ii)

 

 

  

	

ARTICLE
EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR
CONVEYANCE

	

  

	

54

	

SECTION
801.

	
 

	

Consolidations
and Mergers of Company and Sales, Leases and Conveyances Permitted
Subject to Certain Conditions

	

  

	

54

	

SECTION
802.

	
 

	

Rights
and Duties of Successor Corporation

	

  

	

54

	

SECTION
803.

	
 

	

Officers'
Certificate and Opinion of Counsel

	

  

	

55

	
 

	
 

	

ARTICLE
NINE - SUPPLEMENTAL INDENTURES

	

  

	

55

	

SECTION
901.

	
 

	

Supplemental
Indentures Without Consent of Holders

	

  

	

55

	

SECTION
902.

	
 

	

Supplemental
Indentures with Consent of Holders

	

  

	

56

	

SECTION
903.

	
 

	

Execution
of Supplemental Indentures

	

  

	

57

	

SECTION
904.

	
 

	

Effect
of Supplemental Indentures

	

  

	

58

	

SECTION
905.

	
 

	

Conformity
with Trust Indenture Act

	

  

	

58

	

SECTION
906.

	
 

	

Reference
in Securities to Supplemental Indentures

	

  

	

58

	
 

	
 

	

ARTICLE
TEN - COVENANTS

	

  

	

58

	

SECTION
1001.

	
 

	

Payment
of Principal, Premium or Make-Whole Amount, if any; and
Interest

	

  

	

58

	

SECTION
1002.

	
 

	

Maintenance
of Office or Agency

	

  

	

58

	

SECTION
1003.

	
 

	

Money
for Securities Payments to Be Held in Trust

	

  

	

60

	

SECTION
1004.

	
 

	

Existence

	

  

	

61

	

SECTION
1005.

	
 

	

Maintenance
of Properties

	

  

	

61

	

SECTION
1006.

	
 

	

Insurance

	

  

	

62

	

SECTION
1007.

	
 

	

Payment
of Taxes and Other Claims

	

  

	

62

	

SECTION
1008.

	
 

	

Statement
as to Compliance

	

  

	

62

	

SECTION
1009.

	
 

	

Waiver
of Certain Covenants

	

  

	

62

	
 

	
 

	

ARTICLE
ELEVEN - REDEMPTION OF SECURITIES

	

  

	

62

	

SECTION
1101.

	
 

	

Applicability
of Article

	

  

	

62

	

SECTION
1102.

	
 

	

Election
to Redeem; Notice to Trustee

	

  

	

62

	

SECTION
1103.

	
 

	

Selection
by Trustee of Securities to Be Redeemed

	

  

	

63

	

SECTION
1104.

	
 

	

Notice
of Redemption

	

  

	

63

	

SECTION
1105.

	
 

	

Deposit
of Redemption Price

	

  

	

64

	

SECTION
1106.

	
 

	

Securities
Payable on Redemption Date

	

  

	

65

	

SECTION
1107.

	
 

	

Securities
Redeemed in Part

	

  

	

65

	
 

	
 

	

ARTICLE
TWELVE - SINKING FUNDS

	

  

	

66

	

SECTION
1201.

	
 

	

Applicability
of Article

	

  

	

66

	

SECTION
1202.

	
 

	

Satisfaction
of Sinking Fund Payments with Securities

	

  

	

66

	

SECTION
1203.

	
 

	

Redemption
of Securities for Sinking Fund

	

  

	

66

	
 

	
 

	

ARTICLE
THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS

	

  

	

67

	

SECTION
1301.

	
 

	

Applicability
of Article

	

  

	

67

	

SECTION
1302.

	
 

	

Repayment
of Securities

	

  

	

67

	

SECTION 1303.

	
 

	

Exercise
of Option

	

  

	

67

 

(iii)

 

 

 

 

	

SECTION
1304.

	
 

	

When
Securities Presented for Repayment Become Due and
Payable

	

  

	

68

	

SECTION
1305.

	
 

	

Securities
Repaid in Part

	

  

	

69

	
 

	
 

	

ARTICLE
FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE

	

  

	

69

	

SECTION
1401.

	
 

	

Applicability
of Article; Company's Option to Effect Defeasance or Covenant
Defeasance

	

  

	

69

	

SECTION
1402.

	
 

	

Defeasance
and Discharge

	

  

	

69

	

SECTION
1403.

	
 

	

Covenant
Defeasance

	

  

	

70

	

SECTION
1404.

	
 

	

Conditions
to Defeasance or Covenant Defeasance

	

  

	

70

	

SECTION
1405.

	
 

	

Deposited
Money and Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions

	

  

	

72

	
 

	
 

	

ARTICLE
FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES

	

  

	

73

	

SECTION
1501.

	
 

	

Purposes
for Which Meetings May Be Called

	

  

	

73

	

SECTION
1502.

	
 

	

Call,
Notice and Place of Meetings

	

  

	

73

	

SECTION
1503.

	
 

	

Persons
Entitled to Vote at Meetings

	

  

	

73

	

SECTION
1504.

	
 

	

Quorum;
Action

	

  

	

73

	

SECTION
1505.

	
 

	

Determination
of Voting Rights; Conduct and Adjournment of Meetings

	

  

	

75

	

SECTION
1506.

	
 

	

Counting
Votes and Recording Action of Meetings

	

  

	

75

	
 

	
 

	

ARTICLE
SIXTEEN - CONVERSION OF SECURITIES

	

  

	

76

	

SECTION
1601.

	
 

	

Applicability
of Article; Conversion Privilege and Conversion Price

	

  

	

76

	

SECTION
1602.

	
 

	

Exercise
of Conversion Privilege

	

  

	

77

	

SECTION
1603.

	
 

	

Fractions
of Shares

	

  

	

78

	

SECTION
1604.

	
 

	

Adjustment
of Conversion Price

	

  

	

78

	

SECTION
1605.

	
 

	

Notice
of Adjustments of Conversion Price

	

  

	

81

	

SECTION
1606.

	
 

	

Notice
of Certain Corporate Action

	

  

	

82

	

SECTION
1607.

	
 

	

Company
to Reserve Common Stock

	

  

	

82

	

SECTION
1608.

	
 

	

Taxes
on Conversion

	

  

	

82

	

SECTION
1609.

	
 

	

Covenants
as to Common Stock

	

  

	

82

	

SECTION
1610.

	
 

	

Cancellation
of Converted Securities

	

  

	

83

	

SECTION
1611.

	
 

	

Provisions
in Case of Consolidation, Merger or Sale of Assets; Special
Distributions

	

  

	

83

	

SECTION
1612.

	
 

	

Trustee
Adjustment Disclaimer; Company Determination Final

	

  

	

84

	

SECTION
1613.

	
 

	

When No
Adjustment Required

	

  

	

85

	

SECTION
1614.

	
 

	

Equivalent
Adjustments

	

  

	

85

 

(iv)

 

 

 

 

SOLITARIO
ZINC CORP.

 

Reconciliation and
tie between the Trust Indenture Act of 1939, as amended (the "Trust
Indenture Act" or "TIA") and the Indenture, dated as of
            ,
20    .

 

	

Trust Indenture Act Section

	

  

	

Indenture Section

	
 

	
 

	

§
310(a)(1)

	

  

	

607

	

(a)(2)

	

  

	

607

	

(b)

	

  

	

607, 608

	

§
312(c)

	

  

	

701

	

§
313(a)

	

  

	

702

	

(c)

	

  

	

702

	

§
314(a)

	

  

	

703

	

(a)(4)

	

  

	

1008

	

(c)(1)

	

  

	

102

	

(c)(2)

	

  

	

102

	

(e)

	

  

	

102

	

§
315(b)

	

  

	

601

	

§
316(a) (last sentence)

	

  

	

101("Outstanding")

	

(a)(1)(A)

	

  

	

502,
512

	

(a)(1)(B)

	

  

	

513

	

(b)

	

  

	

508

	

§
317(a)(1)

	

  

	

503

	

(a)(2)

	

  

	

504

	

§
318(a)

	

  

	

111

	

(c)

	

  

	

111

 

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

 

Attention should
also be directed to Section 318(c) of the Trust Indenture Act,
which provides that the provisions of Sections 310 to and including
317 of the Trust Indenture Act are a part of and govern every
qualified indenture, whether or not physically contained
therein.

 

(v)

 

 

 

 

INDENTURE, dated as
of
            ,
20    , between Solitario Zinc Corp., a
corporation organized under the laws of the State of Colorado
(hereinafter called the "Company"), having its principal office at
4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, and
                    ,
as Trustee hereunder (hereinafter called the "Trustee"), having a
Corporate Trust Office at
                    .

 

RECITALS
OF THE COMPANY

 

The
Company deems it necessary to issue from time to time for its
lawful purposes senior debt securities (hereinafter called the
"Securities") evidencing its unsecured and senior indebtedness, and
has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of the Securities, to be
issued in one or more Series as provided in this
Indenture.

 

This
Indenture is subject to the provisions of the Trust Indenture Act
of 1939, as amended (the "Trust Indenture Act" or "TIA"), that are
deemed to be incorporated into this Indenture and shall, to the
extent applicable, be governed by such provisions.

 

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

 

NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE
ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

SECTION
101. Definitions.
For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

 

(1) the
terms defined in this Article have the meanings assigned to them in
this Article, and include the plural as well as the
singular;

 

(2) all
other terms used herein which are defined in the TIA, either
directly or by reference therein, have the meanings assigned to
them therein, and the terms "cash transactions" and
"self-liquidating paper," as used in TIA Section 311, shall
have the meanings assigned to them in the rules of the Commission
adopted under the TIA;

 

(3) all
accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP;

 

(4) any
reference to an "Article" or a "Section" refers to an Article or
Section, as the case may be, of this Indenture; and

 

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

 

 

 

 

"Act," when used with respect to
any Holder, has the meaning specified in
Section 104.

 

"Affiliate" of any specified
Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, "control"
when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled"
have meanings correlative to the foregoing.

 

"Authenticating Agent" means any
Person authorized by the Trustee pursuant to Section 611
hereof to act on behalf of the Trustee to authenticate Securities
of one or more Series.

 

"Authorized Newspaper" means a
newspaper, printed in the English language or in an official
language of the country of publication, customarily published on
each Business Day, whether or not published on Saturdays, Sundays
or holidays, and of general circulation in each place in connection
with which the term is used or in the financial community of each
such place. Whenever successive publications are required to be
made in Authorized Newspapers, the successive publications may be
made in the same or in different Authorized Newspapers in the same
city meeting the foregoing requirements and in each case on any
Business Day.

 

"Bankruptcy Law" has the meaning
specified in Section 501.

 

"Bearer Security" means any
Security established pursuant to Section 201 which is payable
to the bearer.

 

"Board of Directors" when used
with reference to the Company, means the board of directors of the
Company, or any committee of that board duly authorized to act
hereunder, or any director or directors and/or officer or officers
of the Company, to whom the board or committee shall have duly
delegated its authority.

 

"Board Resolution" means a copy
of (1) a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of
Directors or a duly authorized committee of the Board of Directors
and to be in full force and effect on the date of such
certification, or (2) a certificate signed by the director or
directors and/or officer or officers to whom the Board of Directors
shall have duly delegated its authority, together with a resolution
certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification authorizing
such delegation, and, in each case, delivered to the
Trustee.

 

"Business Day," when used with
respect to any Place of Payment or any other particular location
referred to in this Indenture or in the Securities, means, unless
otherwise specified with respect to any Securities issued pursuant
to Section 301, any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which banking institutions
in that Place of Payment or particular location are authorized or
required by law, regulation or executive order to
close.

 

"Capital Stock" means, with
respect to any Person, any capital stock (including preferred
stock), shares, interests, participations or other ownership
interests (however designated) of such Person and any rights (other
than debt securities convertible into or exchangeable for corporate
stock), warrants or options to purchase any thereof.

 

2

 

 

 

 

"Clearstream" means Clearstream
Banking Luxembourg, société anonyme, or its
successor.

 

"Closing Price" means the
closing price of a share of Common Stock of the Company as reported
on the NYSE Amex Equities.

 

"Code" means the Internal
Revenue Code of 1986, as amended, and the regulations
thereunder.

 

"Commission" means the
Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time
after execution of this instrument such Commission is not existing
and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties on such
date.

 

"Common Depository" has the
meaning specified in Section 304.

 

"Common Stock" means, with
respect to any Person, all shares of capital stock issued by such
Person other than Preferred Stock.

 

"Company" means the Person named
as the "Company" in the first paragraph of this Indenture until a
successor corporation shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter "Company"
shall mean such successor corporation.

 

"Company Request" and
"Company Order"
mean, respectively, a written request or order signed in the name
of the Company by its Chairman of the Board, the Chief Executive
Officer, the President, or a Vice President, and by its Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary, of
the Company, and delivered to the Trustee.

 

"Constituent Person" has the
meaning specified in Section 1611.

 

"Conversion Event" means the
cessation of use of (i) a Foreign Currency both by the
government of the country which issued such currency and for the
settlement of transactions by a central bank or other public
institutions of or within the international banking community,
(ii) the ECU both within the European Monetary System and for
the settlement of transactions by public institutions of or within
the European Communities or (iii) any currency unit (or
composite currency) other than the ECU for the purposes for which
it was established.

 

"Conversion Price" has the
meaning specified in Section 1601.

 

"Corporate Trust Office" means
the office of the Trustee at which, at any particular time, its
corporate trust business shall be principally administered, which
office at the date hereof is located at
[                    ].

 

"corporation" includes
corporations, associations, companies and business
trusts.

 

3

 

 

 

 

 "coupon"
means any interest coupon appertaining to a Bearer
Security.

 

"Covenant Defeasance" has the
meaning specified in Section 1403.

 

"Custodian" has the meaning
specified in Section 501.

 

"Defaulted Interest" has the
meaning specified in Section 307.

 

"Defeasance" has the meaning
specified in Section 1402.

 

"Distribution Record Date" has
the meaning specified in Section 1611.

 

"Dividend Record Date" has the
meaning specified in Section 1604.

 

"Dollar" or the sign
"$" means a dollar
or other equivalent unit in such coin or currency of the United
States of America as at the time of payment is legal tender for the
payment of public and private debts.

 

"DTC" means The Depository Trust
Company and any successor to DTC in its capacity as depository for
any Securities.

 

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

 

"Euroclear" means Morgan
Guaranty Trust Company of New York, Brussels office, or its
successor, as operator of the Euroclear System.

 

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

 

"European Monetary System" means
the European Monetary System established by the Resolution of
December 5, 1978 of the Council of the European
Communities.

 

"Event of Default" has the
meaning specified in Article Five.

 

"Exchange Act" means the
Securities Exchange Act of 1934, as amended, as in force at the
date as of which this Indenture was executed; provided, however, that in the event the
Exchange Act is amended after such date, "Exchange Act" means to
the extent required by any such amendment, the Exchange Act as so
amended.

 

"Exchange Date" has the meaning
specified in Section 304.

 

"FINRA" means the Financial
Industry Regulatory Authority, Inc.

 

"Foreign Currency" means any
currency, currency unit or composite currency, including, without
limitation, the ECU issued by the government of one or more
countries other than the United States of America or by any
recognized confederation or association of such
governments.

 

4

 

 

 

 

 

"GAAP" means, except as
otherwise provided herein, generally accepted accounting
principles, as in effect from time to time, as used in the United
States applied on a consistent basis.

 

"Global Security" means a
Security evidencing all or a part of a series of Securities issued
to and registered in the name of the depository for such series, or
its nominee, in accordance with Section 305, and bearing the
legend prescribed in Section 203.

 

"Government Obligations" means
(i) securities which are (A) direct obligations of the
United States of America or the government which issued the Foreign
Currency in which the Securities of a particular series are
payable, for the payment of which its full faith and credit is
pledged or (B) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the
United States of America or such government which issued the
Foreign Currency in which the Securities of such series are
payable, the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States of America or
such other government, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and (iii) a
depository receipt issued by a bank or trust company as custodian
with respect to any such Government Obligation or a specific
payment of interest on or principal of any such Government
Obligation held by such custodian for the account of the holder of
a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or
principal of the Government Obligation evidenced by such depository
receipt.

 

"Holder" means, in the case of a
Registered Security, the Person in whose name a Security is
registered in the Security Register and, in the case of a Bearer
Security, the bearer thereof and, when used with respect to any
coupon, shall mean the bearer thereof.

 

"Indenture" means this
instrument as originally executed or as it may be supplemented or
amended from time to time by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof,
and shall include the terms of particular series of Securities
established as contemplated by Section 301; provided, however, that, if at any time
more than one Person is acting as Trustee under this instrument,
"Indenture" shall mean, with respect to any one or more series of
Securities for which such Person is Trustee, this instrument as
originally executed or as it may be supplemented or amended from
time to time by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include
the terms of the or those particular series of Securities for which
such Person is Trustee established as contemplated by
Section 301, exclusive, however, of any provisions or terms
which relate solely to other series of Securities for which such
Person is Trustee, regardless of when such terms or provisions were
adopted, and exclusive of any provisions or terms adopted by means
of one or more indentures supplemental hereto executed and
delivered after such Person had become such Trustee but to which
such Person, as such Trustee, was not a party.

 

"Indexed Security" means a
Security the terms of which provide that the principal amount
thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.

 

5

 

 

 

 

 

"Interest," when used with
respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, shall mean interest payable
after Maturity.

 

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

 

"Make-Whole Amount," when used
with respect to any Security, means the amount, if any, in addition
to principal (and accrued interest thereon, if any) which is
required by a Security, under the terms and conditions specified
therein or as otherwise specified as contemplated by
Section 301, to be paid by the Company to the Holder thereof
in connection with any optional redemption or accelerated payment
of such Security.

 

"mandatory sinking fund payment"
has the meaning specified in Section 1201.

 

"Market Value of the
Distribution" has the meaning specified in
Section 1604.

 

"Maturity," when used with
respect to any Security, means the date on which the principal (or,
if the context so requires, in the case of an Original Issue
Discount Security, or lesser amount or, in the case of an Indexed
Security, an amount determined in accordance with the specified
terms of that Security) 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,
notice of redemption, notice of option to elect repayment or
otherwise.

 

"Officers' Certificate" means a
certificate signed by the Chairman of the Board of Directors, the
Chief Executive Officer, the President, or a Vice President
(whether or not designated by a number or word or words added
before or after the title "Vice President"), and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary of
the Company, and delivered to the Trustee.

 

"Opinion of Counsel" means a
written opinion of counsel, who may be counsel for the Company or
who may be an employee of or other counsel for the
Company.

 

"optional sinking fund payment"
has the meaning specified in Section 1201.

 

"Original Issue Discount
Security" means any Security which provides for an amount
(excluding any amounts attributable to accrued but unpaid interest
thereon) less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502.

 

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

 

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

 

(ii)
Securities, or portions thereof, for whose payment or redemption
(including repayment at the option of the Holder) money in the
necessary amount has been theretofore deposited with the Trustee or
any Paying Agent (other than

 

6

 

 

 

 

 

the
Company) in trust or set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent) for the
Holders of such Securities and any coupons appertaining thereto;
provided,
however, 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;

 

(iii)
Securities, except to the extent provided in Sections 1402 and
1403, with respect to which the Company has effected Defeasance
and/or Covenant Defeasance as provided in Article Fourteen;
and

 

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

 

provided, however, that in determining
whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or
are present at a meeting of Holders for quorum purposes, and for
the purpose of making the calculations required by TIA
Section 313, (i) the principal amount of an Original
Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be
Outstanding for such purpose shall be equal to the amount of
principal thereof that would be (or shall have been declared to be)
due and payable, at the time of such determination, upon a
declaration of acceleration of the maturity thereof pursuant to
Section 502, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making
such determination or calculation and that shall be deemed
Outstanding for such purpose shall be equal to the Dollar
equivalent, determined pursuant to Section 301 as of the date
such Security is originally issued by the Company, of the principal
amount (or, in the case of an Original Issue Discount Security, the
Dollar equivalent as of such date of original issuance of the
amount determined as provided in clause (i) above) of such
Security, (iii) the principal amount of any Indexed Security
that may be counted in making such determination or calculation and
that shall be deemed outstanding for such purpose shall be equal to
the principal face amount of such Indexed Security at original
issuance, unless otherwise provided with respect to such Security
pursuant to Section 301, and (iv) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether
the Trustee shall be protected in making such calculation or in
relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities owned as provided in clause (iv) above
which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such
Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of
such other obligor. In case of a dispute as to such right, the
advice of counsel shall be full protection in respect of any
decision made by the Trustee in accordance with such
advice.

 

7

 

 

 

 

 

"Paying Agent" means any Person
authorized by the Company to pay the principal of (and premium or
Make-Whole Amount, if any) or interest on any Securities or coupons
on behalf of the Company.

 

"Person" means any individual,
corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision
thereof, or any other entity or organization.

 

"Place of Payment," when used
with respect to the Securities of or within any series, means the
place or places where the principal of (and premium or Make-Whole
Amount, if any) and interest on such Securities are payable as
specified as contemplated by Sections 301 and 1002.

 

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

 

"Preferred Stock" means, with
respect to any Person, all capital stock issued by such Person that
is entitled to a preference or priority over any other capital
stock issued by such Person with respect to any distribution of
such Person's assets, whether by dividend or upon any voluntary or
involuntary liquidation, dissolution or winding up.

 

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

 

"Redemption Price," when used
with respect to any Security to be redeemed, means the price
specified in the related Officers' Certificate or supplemental
indenture contemplated by and pursuant to Section 301, at
which it is to be redeemed pursuant to this Indenture.

 

"Reference Date" has the meaning
specified in Section 1604.

 

"Registered Security" shall mean
any Security which is registered in the Security
Register.

 

"Regular Record Date" for the
interest payable on any Interest Payment Date on the Registered
Securities of or within any series means the date specified for
that purpose as contemplated by Section 301, whether or not a
Business Day.

 

"Repayment Date" means, when
used with respect to any Security to be repaid at the option of the
Holder, the date fixed for such repayment by or pursuant to this
Indenture.

 

"Repayment Price" means, when
used with respect to any Security to be repaid at the option of the
Holder, the price at which it is to be repaid by or pursuant to
this Indenture.

 

8

 

 

 

 

 

"Responsible Officer," when used
with respect to the Trustee, means any Vice President (whether or
not designated by a number or a word or words added before or after
the title "Vice President"), Assistant Vice President, Trust
Officer or Assistant Trust Officer working in its Corporate Trust
Department, or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above
designated officers and working in its Corporate Trust Department,
and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because
of such officer's knowledge and familiarity with the particular
subject and who shall have direct responsibility for the
administration of this Indenture.

 

"Rights" has the meaning
specified in Section 1604.

 

"Rights Record Date" has the
meaning specified in Section 1604.

 

"Security" and "Securities" has the meaning
stated in the first recital of this Indenture and, more
particularly, means any Security or Securities authenticated and
delivered under this Indenture; provided, however, that, if at any time
there is more than one Person acting as Trustee under this
Indenture, "Securities" with respect to the Indenture as to which
such Person is Trustee shall have the meaning stated in the first
recital of this Indenture and shall more particularly mean
Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such
Person is not Trustee.

 

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

 

A
"Series" of
Securities means all securities denoted as part of the same series
authorized by or pursuant to a particular Board
Resolution.

 

"Short Term Rights" has the
meaning specified in Section 1604.

 

"Significant Subsidiary" means
any Subsidiary which is a "significant subsidiary" (as defined in
Article I, Rule 1-02 of Regulation S-X, promulgated under the
Securities Act of 1933, as amended) of the Company.

 

"Special Record Date" for the
payment of any Defaulted Interest on the Registered Securities of
or within any series means a date fixed by the Company pursuant to
Section 307.

 

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

 

"Subsidiary" means, with respect
to any Person, any corporation, limited liability company,
partnership or other entity of which a majority of (i) the
voting power of the voting equity securities or (ii) the
outstanding equity interests are owned, directly or indirectly, by
such Person. For the purposes of this definition, "voting equity
securities" means equity securities having voting power for the
election of directors, whether at all times or only so long as no
senior class of security has such voting power by reason of any
contingency.

 

9

 

 

 

 

 

"Trading Day" means any day on
which the NYSE Amex Equities is open for business.

 

"Trigger Events" has the meaning
specified in Section 1604.

 

"Trust Indenture Act" or
"TIA" means the
Trust Indenture Act of 1939, as amended and as in force at the date
as of which this Indenture was executed, except as provided in
Section 905.

 

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

 

"Unadjusted Distribution" has
the meaning specified in Section 1604.

 

"United States" means, unless
otherwise specified with respect to any Securities pursuant to
Section 301, the United States of America (including the
states and the District of Columbia), its territories, its
possessions and other areas subject to its
jurisdiction.

 

"United States Person" means,
unless otherwise specified with respect to any Securities pursuant
to Section 301, an individual who is a citizen or resident of
the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States or
an estate or trust the income of which is subject to United States
Federal income taxation regardless of its source.

 

"Yield to Maturity" means the
yield to maturity, computed at the time of issuance of a Security
(or, if applicable, at the most recent redetermination of interest
on such Security) and as set forth in such Security in accordance
with generally accepted United States bond yield computation
principles.

 

SECTION
102. Compliance
Certificates and Opinions. Upon any application or request
by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the
Trustee an Officers' Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished.

 

Every
certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (including certificates
delivered pursuant to Section 1008) shall
include:

 

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

 

10

 

 

 

 

 

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

 

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

 

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

 

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

 

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

 

Where
any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but
need not, be consolidated and form one instrument.

 

SECTION
104. Acts of
Holders.

 

(a) Any
request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by
Holders of the Outstanding Securities of all series or one or more
series, as the case may be, may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such
Holders in person or by agents duly appointed in writing. If
Securities of a series are issuable as Bearer Securities, any
request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by
Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of
such series voting in favor thereof, either in person or by proxies
duly appointed in writing, at any meeting of Holders of Securities
of such series duly called and held in accordance with the
provisions of

 

11

 

 

 

 

 

Article
Fifteen, or a combination of such instruments and any such record.
Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or
both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any
such record (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the "Act" of the Holders
signing such instrument or instruments or so voting at any such
meeting. Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Company and any agent of
the Trustee or the Company, if made in the manner provided in this
Section. The record of any meeting of Holders of Securities shall
be proved in the manner provided in Section 1506.

 

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

 

(c) The
ownership of Registered Securities shall be proved by the Security
Register. As to any matter relating to beneficial ownership
interests in any Global Security, the appropriate depository's
records shall be dispositive for purposes of this
Indenture.

 

(d) The
ownership of Bearer Securities may be proved by the production of
such Bearer Securities or by a certificate executed, as depository,
by any trust company, bank, banker or other depository, wherever
situated, if such certificate shall be deemed by the Trustee to be
satisfactory, showing that at the date therein mentioned such
Person had on deposit with such depository, or exhibited to it, the
Bearer Securities therein described; or such facts may be proved by
the certificate or affidavit of the Person holding such Bearer
Securities, if such certificate or affidavit is deemed by the
Trustee to be satisfactory. The Trustee and the Company may assume
that such ownership of any Bearer Security continues until
(1) another certificate or affidavit bearing a later date
issued in respect of the same Bearer Security is produced, or
(2) such Bearer Security is produced to the Trustee by some
other Person, or (3) such Bearer Security is surrendered in
exchange for a Registered Security, or (4) such Bearer
Security is no longer Outstanding. The ownership of Bearer
Securities may also be proved in any other manner which the Trustee
deems sufficient.

 

(e) If
the Company shall solicit from the Holders of Registered Securities
any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, in or pursuant
to a Board Resolution, fix in advance a record date for the
determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but
the Company shall have no obligation to do so. Notwithstanding TIA
Section 316(c), such record date shall be the record date
specified in or pursuant to such Board Resolution, which shall be a
date not earlier than the date 30 days prior to

 

12

 

 

 

 

 

the
first solicitation of Holders generally in connection therewith and
not later than the date such solicitation is completed. If such a
record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of record at the
close of business on such record date shall be deemed to be Holders
for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities have authorized or agreed or
consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date;
provided that no
such authorization, agreement or consent by the Holders on such
record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later
than eleven months after the record date.

 

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

 

SECTION
105. Notices, etc., to
Trustee and Company. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon,
given or furnished to, or filed with,

 

(1) the
Trustee by any Holder or by the Company shall be sufficient for
every purpose hereunder if made, given, furnished or filed in
writing to or with the Trustee at
[                    ]
or at any other address previously furnished in writing to the
Company by the Trustee, Attention:
[            ];
or

 

(2) the
Company by the Trustee or by any Holder shall be sufficient for
every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to
the Company addressed to it at the address of its principal office
specified in the first paragraph of this Indenture or at any other
address previously furnished in writing to the Trustee by the
Company, Attention:
[            ];
or

 

(3)
either the Trustee or the Company, by the other party or by any
Holder, shall be sufficient for every purpose hereunder if given by
facsimile transmission, receipt confirmed by telephone followed by
an original copy delivered by guaranteed overnight courier; if to
the Trustee at facsimile number
[            ];
and if to the Company at facsimile number
[            ].

 

SECTION
106. Notice to Holders;
Waiver. Where this Indenture provides for notice of any
event to Holders of Registered Securities by the Company or the
Trustee, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each such Holder affected by such event, at his
address as it appears in the Security Register, not later than the
latest date, if any, and not earlier than the earliest date, if
any, prescribed for the giving of such notice. In any case where
notice to Holders of Registered Securities is given by mail,
neither the failure to mail such notice, nor any defect
in

 

13

 

 

 

 

 

any
notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders of
Registered Securities or the sufficiency of any notice to Holders
of Bearer Securities given as provided herein. Any notice mailed to
a Holder in the manner herein prescribed shall be conclusively
deemed to have been received by such Holder, whether or not such
Holder actually receives such notice.

 

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

 

Except
as otherwise expressly provided herein or otherwise specified with
respect to any Securities pursuant to Section 301, where this
Indenture provides for notice to Holders of Bearer Securities of
any event, such notice shall be sufficiently given if published in
an Authorized Newspaper in The City of New York and in such other
city or cities as may be specified in such Securities on a Business
Day, such publication to be not later than the latest date, if any,
and not earlier than the earliest date, if any, prescribed for the
giving of such notice. Any such notice shall be deemed to have been
given on the date of such publication or, if published more than
once, on the date of the first such publication.

 

If by
reason of the suspension of publication of any Authorized Newspaper
or Authorized Newspapers or by reason of any other cause it shall
be impracticable to publish any notice to Holders of Bearer
Securities as provided above, then such notification to Holders of
Bearer Securities as shall be given with the approval of the
Trustee shall constitute sufficient notice to such Holders for
every purpose hereunder. Neither the failure to give notice by
publication to any particular Holder of Bearer Securities as
provided above, nor any defect in any notice so published, shall
affect the sufficiency of such notice with respect to other Holders
of Bearer Securities or the sufficiency of any notice to Holders of
Registered Securities given as provided herein.

 

Any
request, demand, authorization, direction, notice, consent or
waiver required or permitted under this Indenture shall be in the
English language, except that any published notice may be in an
official language of the country of publication.

 

Where
this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such
waiver.

 

SECTION
107. Counterparts; Effect
of Headings and Table of Contents. This Indenture may be
executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same Indenture. The Article and
Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction
hereof.

 

14

 

 

 

 

 

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

 

SECTION
109. Severability
Clause. In case any provision in this Indenture or in any
Security or coupon shall be held invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired
thereby.

 

SECTION
110. Benefits of
Indenture. Nothing in this Indenture or in the Securities or
coupons, if any, express or implied, shall give to any Person,
other than the parties hereto, any Security Registrar, any Paying
Agent, any Authenticating Agent and their successors hereunder and
the Holders any benefit or any legal or equitable right, remedy or
claim under this Indenture.

 

SECTION
111. Governing Law.
This Indenture and the Securities and coupons shall be governed by
and construed in accordance with the laws of the State of New York.
This Indenture is subject to the provisions of the TIA that are
required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions.

 

SECTION
112. Legal
Holidays. In any case where any Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated
Maturity or Maturity of any Security or the last date on which a
Holder has the right to convert or exchange a Security shall not be
a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or any Security or coupon other
than a provision in the Securities of any series which specifically
states that such provision shall apply in lieu hereof), payment of
interest or principal (and premium or Make-Whole Amount, if any) or
conversion or exchange of such Security need not be made at such
Place of Payment on such date, but (except as otherwise provided in
the supplemental indenture with respect to such Security) may be
made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment
Date, Redemption Date, Repayment Date or sinking fund payment date,
or at the Stated Maturity or Maturity, or on such last day for
conversion or exchange, provided that no interest shall accrue on
the amount so payable for the period from and after such Interest
Payment Date, Redemption Date, Repayment Date, sinking fund payment
date, Stated Maturity or Maturity, as the case may be.

 

SECTION
113. Limited Liability;
Immunity of Stockholders, Directors, Officers and Agents of the
Company. Notwithstanding any other provision of this
Indenture or of the Securities of any series to the contrary, no
recourse under or upon any obligation, covenant or agreement
contained in this Indenture or in any Security, or for the payment
of any sums due on account of any indebtedness evidenced thereby,
including without limitation principal, premium or interest, if
any, or for any claim based on this Indenture or any Security or
otherwise in respect of this Indenture or any Security, shall be
had, whether by levy or execution or otherwise, against any past,
present or future stockholder, employee, officer, director or
agent, as such, of the Company or any successor, either directly or
through the Company or any successor, under any rule of law,
statute, constitutional provision or by the enforcement of any
assessment or penalty, or by any legal or equitable proceeding or
otherwise, nor shall any such parties be personally liable for any
such amounts, obligations or claims, or liable for any deficiency
judgment based thereon or with respect thereto, it
being

 

15

 

 

 

 

 

expressly
understood that the sole remedies hereunder or under any other
document with respect to the Securities against such parties with
respect to such amounts, obligations or claims shall be against the
Company and that all such liability of and recourse against such
parties is expressly waived and released by the acceptance of the
Securities by the Holders and as part of the consideration for the
issue of the Securities.

 

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

 

ARTICLE
TWO - SECURITIES FORMS

 

SECTION
201. Forms of
Securities. The Registered Securities, if any, of each
series and the Bearer Securities, if any, of each series and
related coupons shall be substantially in the form of Exhibit A hereto or in such
other form as shall be established in one or more indentures
supplemental hereto or approved from time to time by or pursuant to
a Board Resolution in accordance with Section 301, shall have
such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture or any
indenture supplemental hereto, and may have such letters, numbers
or other marks of identification or designation and such legends or
endorsements placed thereon as the Company may deem appropriate and
as are not inconsistent with the provisions of this Indenture, or
as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of
any over-the-counter market or securities exchange, on which the
Securities may be quoted or listed, or to conform to
usage.

 

Unless
otherwise specified as contemplated by Section 301, Bearer
Securities shall have interest coupons attached.

 

The
definitive Securities and coupons shall be printed, lithographed or
engraved or produced by any combination of these methods on a steel
engraved border or steel engraved borders or mechanically
reproduced on safety paper or may be produced in any other manner,
all as determined by the officers executing such Securities or
coupons, as evidenced by their execution of such Securities or
coupons.

 

16

 

 

 

 

 

SECTION
202. Form of Trustee's
Certificate of Authentication. Subject to Section 611,
the Trustee's certificate of authentication shall be in
substantially the following form:

 

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

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

,

 

	
 

	
 

	
 

	
 

	

as
Trustee

 

	
 

	
 

	
 

	
 

	
 

	
 

	

Dated:
                    

 

	
 

	
 

	
 

	

By:

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Authorized
Signatory

 

 

SECTION
203. Securities Issuable
in Global Form. If Securities of or within a series are
issuable in the form of one or more Global Securities, then,
notwithstanding clause (8) of Section 301 and the
provisions of Section 302, any such Global Security or
Securities may provide that it or they shall represent the
aggregate amount of all Outstanding Securities of such series (or
such lesser amount as is permitted by the terms thereof) from time
to time endorsed thereon and may also provide that the aggregate
amount of Outstanding Securities of such series represented thereby
may from time to time be increased or decreased to reflect
exchanges. Any endorsement of any Global Security to reflect the
amount, or any increase or decrease in the amount, or changes in
the rights of Holders thereof, of Outstanding Securities
represented thereby shall be made (or caused to be made) by the
Trustee in such manner or by such Person or Persons as shall be
specified therein or in the Company Order to be delivered to the
Trustee pursuant to Section 303 or 304. Subject to the
provisions of Section 303 and, if applicable,
Section 304, the Trustee shall deliver and redeliver any
Global Security in permanent global form in the manner and upon
instructions given by the Person or Persons specified therein or in
the applicable Company Order. If a Company Order pursuant to
Section 303 or 304 has been, or simultaneously is, delivered,
any instructions by the Company with respect to endorsement or
delivery or redelivery of a Global Security shall be in writing but
need not comply with Section 102 and need not be accompanied
by an Opinion of Counsel.

 

The
provisions of the last sentence of Section 303 shall apply to
any Security represented by a Global Security if such Security was
never issued and sold by the Company and the Company delivers to
the Trustee the Global Security together with written instructions
(which need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together
with the written statement contemplated by the last sentence of
Section 303.

 

Notwithstanding the
provisions of Section 307, unless otherwise specified as
contemplated by Section 301, payment of principal of and any
premium or Make-Whole Amount, if any, and interest on any Global
Security in permanent global form shall be made to the registered
Holder thereof.

 

Notwithstanding the
provisions of Section 308 and except as provided in the
preceding paragraph, the Company, the Trustee and any agent of the
Company and the Trustee shall treat as the Holder of such principal
amount of Outstanding Securities represented by a permanent Global
Security (i) in the case of a permanent Global Security in
registered form, the Holder of such permanent Global Security in
registered form, or (ii) in the case of a permanent Global
Security in bearer form, Euroclear or Clearstream.

 

17

 

 

 

 

 

Any
Global Security authenticated and delivered hereunder shall bear a
legend in substantially the following form:

 

"This
Security is a Global Security within the meaning set forth in the
Indenture hereinafter referred to and is registered in the name of
a Depository or a nominee of a 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 or by a nominee of the Depository to the Depository or
another nominee of the Depository or by the Depository or its
nominee to a successor Depository or its nominee."

 

ARTICLE
THREE - THE SECURITIES

 

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

 

The
Securities may be issued in one or more series, each of which shall
be authorized pursuant to Board Resolutions of the Company. There
shall be established in one or more Board Resolutions or pursuant
to authority granted by one or more Board Resolutions and, subject
to Section 303, set forth in an Officers' Certificate, or
established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series:

 

(1) The
title of the Securities of the series, including "CUSIP" numbers
(which shall distinguish the Securities of such series from all
other series of Securities);

 

(2) Any
limit upon the aggregate principal amount of the Securities of the
series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon
registration of transfer of, or upon conversion of, or in exchange
for, or in lieu of, other Securities of the series pursuant to
Section 304, 305, 306, 906, 1107 or 1305) and the minimum
authorized denominations with respect to the Securities of such
series;

 

(3) The
price (expressed as a percentage of the principal amount thereof)
at which such Securities will be issued and, if other than the
principal amount thereof, the portion of the principal amount
thereof payable upon declaration of acceleration of the maturity
thereof or (if applicable) the portion of the principal amount of
such Securities that is convertible into Common Stock or the method
by which any such portion shall be determined.

 

(4) If
convertible, the terms on which such Securities are convertible,
including the initial conversion price or rate and the conversion
period and any applicable limitations on the ownership or
transferability of Common Stock or Preferred Stock receivable on
conversion;

 

(5) The
date or dates, or the method for determining such date or dates, on
which the principal of such Securities will be
payable;

 

18

 

 

 

 

 

(6) The
rate or rates (which may be fixed or variable), or the method by
which such rate or rates shall be determined, at which such
Securities will bear interest, if any;

 

(7) The
date or dates, or the method for determining such date or dates,
from which any such interest will accrue, the Interest Payment
Dates on which any such interest will be payable, the Regular
Record Dates for such Interest Payment Dates, or the method by
which such dates shall be determined, the Persons to whom such
interest shall be payable, and the basis upon which interest shall
be calculated if other than that of a 360-day year of twelve 30-day
months;

 

(8) The
Make-Whole Amount, if any, or method for determining the Make-Whole
Amount, if any, payable with respect to such Securities, and the
terms upon which such amount, if any, will be payable;

 

(9) The
place or places where the principal of (and premium or Make-Whole
Amount, if any) and interest, if any, on such Securities will be
payable, where such Securities may be surrendered for registration
of transfer or conversion or exchange and where notices or demands
to or upon the Company in respect of such Securities and this
Indenture may be served;

 

(10)
The period or periods, if any, within which, the price or prices at
which and the other terms and conditions upon which such Securities
may, pursuant to any optional or mandatory redemption provisions,
be redeemed, as a whole or in part, at the option of the
Company;

 

(11)
The obligation, if any, of the Company to redeem, repay or purchase
such Securities pursuant to any sinking fund or analogous provision
or at the option of a Holder thereof, and the period or periods
within which, the price or prices at which and the other terms and
conditions upon which such Securities will be redeemed, repaid or
purchased, as a whole or in part, pursuant to such
obligation;

 

(12) If
other than Dollars, the currency or currencies in which such
Securities are denominated and payable, which may be a foreign
currency or units of two or more foreign currencies or a composite
currency or currencies, the manner of determining the equivalent
thereof in Dollars for purposes of the definition of "Outstanding"
in Section 101, and the terms and conditions relating
thereto;

 

(13)
Whether the amount of payments of principal of (and premium or
Make-Whole Amount, if any, including any amount due upon
redemption, if any) or interest on such Securities may be
determined with reference to an index, formula or other method
(which index, formula or method may, but need not be, based on the
yield on or trading price of other securities, including United
States Treasury securities or on a currency, currencies, currency
unit or units, or composite currency or currencies) and the manner
in which such amounts shall be determined;

 

(14)
Whether the principal of (and premium or Make-Whole Amount, if any)
or interest on the Securities of the series are to be payable, at
the election of the Company or a Holder thereof, in a currency or
currencies, currency unit or units or composite currency or
currencies other than that in which such Securities are denominated
or stated to be payable, the period or periods within which, and
the terms and conditions upon which, such election may be made, and
the time and manner of, and identity of the

 

19

 

 

 

 

 

exchange rate agent
with responsibility for, determining the exchange rate between the
currency or currencies, currency unit or units or composite
currency or currencies in which such Securities are denominated or
stated to be payable and the currency or currencies, currency unit
or units or composite currency or currencies in which such
Securities are to be so payable;

 

(15)
Provisions, if any, granting special rights to the Holders of
Securities of the series upon the occurrence of such events as may
be specified;

 

(16)
Any deletions from, modifications of or additions to the Events of
Default or covenants of the Company with respect to Securities of
the series, whether or not such Events of Default or covenants are
consistent with the Events of Default or covenants set forth
herein;

 

(17)
Whether and under what circumstances the Company will pay any
additional amounts on such Securities in respect of any tax,
assessment or governmental charge and, if so, whether the Company
will have the option to redeem such Securities in lieu of making
such payment;

 

(18)
Whether Securities of the series are to be issuable as Registered
Securities, Bearer Securities (with or without coupons) or both,
any restrictions applicable to the offer, sale or delivery of
Bearer Securities and the terms upon which Bearer Securities of the
series may be exchanged for Registered Securities of the series and
vice versa (if permitted by applicable laws and regulations),
whether any Securities of the series are to be issuable initially
in temporary global form and whether any Securities of the series
are to be issuable in permanent global form with or without coupons
and, if so, whether beneficial owners of interests in any such
permanent global Security may, or shall be required to, exchange
such interests for Securities of such series and of like tenor of
any authorized form and denomination and the circumstances under
which any such exchanges may, or shall be required to, occur, if
other than in the manner provided in the Indenture, and, if
Registered Securities of the series are to be issuable as a Global
Security, the identity of the depository for such
series;

 

(19)
The date as of which any Bearer Securities of the series and any
temporary Global Security representing outstanding Securities of
the series shall be dated if other than the date of original
issuance of the first Security of the series to be
issued;

 

(20)
The Person to whom any interest on any Registered Security of the
series shall be payable, if other than the Person in whose name
that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such
interest the manner in which, or the Person to whom, any interest
on any Bearer Security of the series shall be payable, if otherwise
than upon presentation and surrender of the coupons appertaining
thereto as they severally mature, and the extent to which, or the
manner in which, any interest payable on a temporary Global
Security on an Interest Payment Date will be paid if other than in
the manner provided herein; provided, however, in each case, that the
manner of determining such Person or making such payment shall be
acceptable to the Trustee (as not imposing on it any undue
administrative burden or risk of liability);

 

20

 

 

 

 

 

(21)
The applicability, if any, of the Defeasance and Covenant
Defeasance provisions of Article Fourteen hereof to the Securities
of the series;

 

(22)
The obligation, if any, of the Company to permit the conversion of
the Securities of such series into Common Stock or Preferred Stock,
as the case may be, and the terms and conditions upon which such
conversion shall be effected (including, without limitation, the
initial conversion price or rate, the conversion period, any
adjustment of the applicable conversion price and any requirements
relative to the reservation of such shares for purposes of
conversion);

 

(23) If
the Securities of such series are to be issuable in definitive form
(whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates
or other documents or satisfaction of other conditions, then the
form and/or terms of such certificates, documents or
conditions;

 

(24)
Designation of the Trustee, if different from the Trustee under the
Indenture, with respect to such series and the terms applicable to
such Trustee (which shall be accepted by such Trustee by its
execution and delivery of a supplemental indenture as provided
therein); and

 

(25)
Any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture).

 

All
Securities of any one series and the coupons appertaining to any
Bearer Securities of such series shall be substantially identical
except, in the case of Registered Securities, as to denomination
and except as may otherwise be provided in or pursuant to such
Board Resolution (subject to Section 303) and set forth in
such Officers' Certificate or in any such indenture supplemental
hereto. All Securities of any one series need not be issued at the
same time and, unless otherwise provided, a series may be reopened,
without the consent of the Holders, for issuances of additional
Securities of such series.

 

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

 

SECTION
302. Denominations.
The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by
Section 301. With respect to Securities of any series
denominated in Dollars, in the absence of any such provisions with
respect to the Securities of any series, the Securities of such
series, other than Global Securities (which may be of any
denomination), shall be issuable in denominations of $1,000 and any
integral multiple thereof or the equivalent amounts thereof in the
case of Securities denominated in the Foreign Currency or currency
unit.

 

SECTION
303. Execution,
Authentication, Delivery and Dating. The Securities and any
coupons appertaining thereto shall be executed on behalf of the
Company by its Chairman of the Board, its Chief Executive Officer,
its President, or one of its Vice Presidents, under its corporate
seal reproduced thereon, and attested by its Secretary or one of
its Assistant Secretaries. The signature of any of these officers
on the Securities and coupons may be manual or facsimile signatures
of the present or any future such authorized officer and may be
imprinted or otherwise reproduced on the Securities.

 

21

 

 

 

 

 

Securities and
coupons bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the
date of such Securities or coupons.

 

At any
time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series,
together with any coupon appertaining thereto, executed by the
Company to the Trustee for authentication, together with a Company
Order for the authentication and delivery of such Securities
(accompanied by a copy of the Board Resolution and the Officers'
Certificate or supplemental indenture contemplated by
Section 301), and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; provided, however, that, in connection
with its original issuance, no Bearer Security shall be mailed or
otherwise delivered to any location in the United States; and
provided
further that,
unless otherwise specified with respect to any series of Securities
pursuant to Section 301, a Bearer Security may be delivered in
connection with its original issuance only if the Person entitled
to receive such Bearer Security shall have furnished a certificate
to Euroclear or Clearstream, as the case may be, in the form set
forth in Exhibit
B-1 to this Indenture or such other certificate as may be
specified by the Company with respect to any series of Securities
pursuant to Section 301, dated no earlier than 15 days prior
to the earlier of the date on which such Bearer Security is
delivered and the date on which any temporary Security first
becomes exchangeable for such Bearer Security in accordance with
the terms of such temporary Security and this Indenture. If any
Security shall be represented by a permanent Global Security, then,
for purposes of this Section and Section 304, the notation of
a beneficial owner's interest therein upon original issuance of
such Security or upon exchange of a portion of a temporary Global
Security shall be deemed to be delivery in connection with its
original issuance of such beneficial owner's interest in such
permanent Global Security. Except as permitted by Section 306,
the Trustee shall not authenticate and deliver any Bearer Security
unless all appurtenant coupons for interest then matured have been
detached and canceled.

 

If all
the Securities of any series are not to be issued at one time and
if the Board Resolution or supplemental indenture establishing such
series shall so permit, such Company Order may set forth procedures
acceptable to the Trustee for the issuance of such Securities and
determining the terms of particular Securities of such series, such
as interest rate or formula, maturity date, date of issuance and
date from which interest shall accrue. In authenticating such
Securities, and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to TIA Section 315(a)
through 315(d)) shall be fully protected in relying
upon,

 

(i) an
Opinion of Counsel stating that

 

(a) the
form or forms of such Securities and any coupons have been
established in conformity with the provisions of this
Indenture;

 

22

 

 

 

 

 

(b) the
terms of such Securities and any coupons have been established in
conformity with the provisions of this Indenture; and

 

(c)
such Securities, together with any coupons appertaining thereto,
when completed by appropriate insertions and executed and delivered
by the Company to the Trustee for authentication in accordance with
this Indenture, authenticated and delivered by the Trustee in
accordance with this Indenture and issued by the Company in the
manner and subject to any conditions specified in such Opinion of
Counsel, will constitute legal, valid and legally binding
obligations of the Company, enforceable in accordance with their
terms, subject to applicable bankruptcy, insolvency, fraudulent
transfer, reorganization and other similar laws of general
applicability relating to or affecting the enforcement of
creditors' rights generally and to general equitable principles;
and

 

(ii) an
Officers' Certificate stating that all conditions precedent
provided for in this Indenture relating to the issuance of the
Securities have been complied with and that, to the best of the
knowledge of the signers of such certificate, that no Event of
Default with respect to any of the Securities shall have occurred
and be continuing.

 

If such
form or terms have been so established, the Trustee shall not be
required to authenticate such Securities (or to enter into the
related supplemental indenture, if applicable) if the issue of such
Securities pursuant to this Indenture will affect the Trustee's own
rights, duties, obligations or immunities under the Securities and
this Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustee.

 

Notwithstanding the
provisions of Section 301 and of the preceding paragraph, if
all the Securities of any series are not to be issued at one time,
it shall not be necessary to deliver an Officers' Certificate
otherwise required pursuant to Section 301 or a Company Order,
or an Opinion of Counsel or an Officers' Certificate otherwise
required pursuant to the preceding paragraph at the time of
issuance of each Security of such series, but such order, opinion
and certificates, with appropriate modifications to cover such
future issuances, shall be delivered at or before the time of
issuance of the first Security of such series.

 

Each
Registered Security shall be dated the date of its authentication
and each Bearer Security shall be dated as of the date specified as
contemplated by Section 301.

 

No
Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there
appears on such Security or Security to which such coupon
appertains a certificate of authentication substantially in the
form provided for herein duly executed by the Trustee (subject to
Section 611) by manual signature of an authorized signatory,
and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the
benefits of this Indenture. Notwithstanding the foregoing, if any
Security (including a Global Security) shall have been
authenticated and delivered hereunder but never issued and sold by
the Company, and the Company shall deliver such Security to the
Trustee for cancellation as

 

23

 

 

 

 

 

provided
in Section 309 together with a written statement (which need
not comply with Section 102 and need not be accompanied by an
Opinion of Counsel) stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of
this Indenture.

 

SECTION
304. Temporary
Securities.

 

(a)
Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in
any authorized denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued, in
registered form, or, if authorized, in bearer form with one or more
coupons or without coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers
executing such Securities may determine, as conclusively evidenced
by their execution of such Securities. In the case of Securities of
any series, such temporary Securities may be in global
form.

 

Except
in the case of temporary Global Securities (which shall be
exchanged as otherwise provided herein or as otherwise provided in
or pursuant to a Board Resolution or supplemental indenture
pursuant to Section 301), if temporary Securities of any
series are issued, the Company will cause definitive Securities of
that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary
Securities of such series at the office or agency of the Company in
a Place of Payment for that series, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary
Securities of any series (accompanied by any non-matured coupons
appertaining thereto), the Company shall execute (in accordance
with a Company Order delivered at or prior to the authentication of
the first definitive security to such series) and the Trustee shall
authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of the same series of authorized
denominations; provided, however, that no definitive
Bearer Security shall be delivered in exchange for a temporary
Registered Security; and provided further that a definitive
Bearer Security shall be delivered in exchange for a temporary
Bearer Security only in compliance with the conditions set forth in
Section 303. Until so exchanged, the temporary Securities of
any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such
series.

 

(b)
Unless otherwise provided in or pursuant to a Board Resolution or
supplemental indenture pursuant to Section 301, the following
provisions of this Section 304(b) shall govern the exchange of
temporary Securities other than through the facilities of the DTC.
If any such temporary Security is issued in global form, then such
temporary Global Security shall, unless otherwise provided therein,
be delivered to the London office of a depository or common
depository upon and pursuant to written direction of the Company
(the "Common Depository"), for the benefit of Euroclear and
Clearstream, for credit to the respective accounts of the
beneficial owners of such Securities (or to such other accounts as
they may direct).

 

24

 

 

 

 

 

Without
unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such
temporary Global Security (the "Exchange Date"), the Company shall
deliver to the Trustee definitive Securities, in aggregate
principal amount equal to the principal amount of such temporary
Global Security, executed by the Company. On or after the Exchange
Date, such temporary Global Security shall be surrendered by the
Common Depository to the Trustee, as the Company's agent for such
purpose, to be exchanged, in whole or from time to time in part,
for definitive Securities without charge, and the Trustee shall
authenticate and deliver, in exchange for each portion of such
temporary Global Security, an equal aggregate principal amount of
definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such temporary
Global Security to be exchanged. The definitive Securities to be
delivered in exchange for any such temporary Global Security shall
be in bearer form, registered form, permanent global bearer form or
permanent global registered form, or any combination thereof, as
specified as contemplated by Section 301, and, if any
combination thereof is so specified, as requested by the beneficial
owner thereof (as directed by or pursuant to information provided
by the Common Depository); provided, however, that, unless otherwise
specified in such temporary Global Security, upon such presentation
by the Common Depository, such temporary Global Security shall be
accompanied by a certificate dated the Exchange Date or a
subsequent date and signed by Euroclear as to the portion of such
temporary Global Security held for its account then to be exchanged
and a certificate dated the Exchange Date or a subsequent date and
signed by Clearstream as to the portion of such temporary Global
Security held for its account then to be exchanged, each in the
form set forth in Exhibit
B-2 to this Indenture or in such other form as may be
established pursuant to Section 301; and provided further that definitive Bearer
Securities shall be delivered in exchange for a portion of a
temporary Global Security only in compliance with the requirements
of Section 303.

 

Unless
otherwise specified in such temporary Global Security, the interest
of a beneficial owner of Securities of a series in a temporary
Global Security shall be exchanged for definitive Securities of the
same series and of like tenor following the Exchange Date when the
account holder instructs Euroclear or Clearstream, as the case may
be, to request such exchange on his behalf and delivers to
Euroclear or Clearstream, as the case may be, a certificate in the
form set forth in Exhibit
B-1 to this Indenture (or in such other form as may be
established pursuant to Section 301), dated no earlier than 15
days prior to the Exchange Date, copies of which certificate shall
be available from the offices of Euroclear and Clearstream, the
Trustee, any Authenticating Agent appointed for such series of
Securities and each Paying Agent. Unless otherwise specified in
such temporary Global Security, any such exchange shall be made
free of charge to the beneficial owners of such temporary Global
Security, except that a Person receiving definitive Securities must
bear the cost of insurance, postage, transportation and the like
unless such Person takes delivery of such definitive Securities in
person at the offices of Euroclear or Clearstream. Definitive
Securities in bearer form to be delivered in exchange for any
portion of a temporary Global Security shall be delivered only to
an address located outside the United States.

 

Until
exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of the same
series and of like tenor authenticated and delivered hereunder,
except that, unless otherwise specified as contemplated by
Section 301, interest payable on a temporary
Global

 

25

 

 

 

 

 

Security
on an Interest Payment Date for Securities of such series occurring
prior to the applicable Exchange Date shall be payable to Euroclear
and Clearstream on such Interest Payment Date upon delivery by
Euroclear and Clearstream to the Trustee of a certificate or
certificates in the form set forth in Exhibit B-2 to this Indenture
(or in such other forms as may be established pursuant to
Section 301), for credit without further interest on or after
such Interest Payment Date to the respective accounts of Persons
who are the beneficial owners of such temporary Global Security on
such Interest Payment Date and who have each delivered to Euroclear
or Clearstream, as the case may be, a certificate dated no earlier
than 15 days prior to the Interest Payment Date occurring prior to
such Exchange Date in the form set forth as Exhibit B-1 to this Indenture
(or in such other forms as may be established pursuant to
Section 301). Notwithstanding anything to the contrary herein
contained, the certifications made pursuant to this paragraph shall
satisfy the certification requirements of the preceding two
paragraphs of this Section 304(b) and of the third paragraph
of Section 303 of this Indenture and the interests of the
Persons who are the beneficial owners of the temporary Global
Security with respect to which such certification was made will be
exchanged for definitive Securities of the same series and of like
tenor on the Exchange Date or the date of certification if such
date occurs after the Exchange Date, without further act or deed by
such beneficial owners. Except as otherwise provided in this
paragraph, no payments of principal or interest owing with respect
to a beneficial interest in a temporary Global Security will be
made unless and until such interest in such temporary Global
Security shall have been exchanged for an interest in a definitive
Security. Any interest so received by Euroclear and Clearstream and
not paid as herein provided shall be returned to the Trustee prior
to the expiration of two years after such Interest Payment Date in
order to be repaid to the Company.

 

With
respect to Exhibit B-1 or B-2 to this Indenture, the Company may,
in its discretion and if required or desirable under applicable
law, substitute one or more other forms of such exhibits for such
exhibits, eliminate the requirement that any or all certificate be
provided, or change the time that any certificate may be required,
provided
that such
substitute form or forms or notice of elimination or change of such
certification requirement have theretofore been delivered to the
Trustee with a Company Request and such form or forms, elimination
or change is reasonably acceptable to the Trustee.

 

SECTION
305. Registration,
Registration of Transfer, Conversion and Exchange. The
Company shall cause to be kept at the Corporate Trust Office of the
Trustee or in any office or agency of the Company in a Place of
Payment a register for each series of Securities (the registers
maintained in such office or in any such office or agency of the
Company in a Place of Payment being herein sometimes referred to
collectively as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall
provide for the registration of Registered Securities and of
transfers of Registered Securities. The Security Register shall be
in written form or any other form capable of being converted into
written form within a reasonable time. The Trustee, at its
Corporate Trust Office, is hereby initially appointed "Security
Registrar" for the purpose of registering Registered Securities and
transfers of Registered Securities on such Security Register as
herein provided. In the event that the Trustee shall cease to be
Security Registrar, it shall have the right to examine, and be
provided a copy of, the Security Register at all reasonable
times.

 

26

 

 

 

 

 

Subject
to the provisions of this Section 305, upon surrender for
registration of transfer of any Registered Security of any series
at any office or agency of the Company in a Place of Payment for
that series, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of a like aggregate
principal amount, bearing a number not contemporaneously
outstanding, and containing identical terms and
provisions.

 

Subject
to the provisions of this Section 305, at the option of the
Holder, Registered Securities of any series may be exchanged for
other Registered Securities of the same series, of any authorized
denomination or denominations and of a like aggregate principal
amount, containing identical terms and provisions, upon surrender
of the Registered Securities to be exchanged at any such office or
agency. Whenever any such Registered Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Registered Securities which the
Holder making the exchange is entitled to receive. Unless otherwise
specified with respect to any series of Securities as contemplated
by Section 301, Bearer Securities may not be issued in
exchange for Registered Securities.

 

If (but
only if) permitted by the applicable Board Resolution and (subject
to Section 303) set forth in the applicable Officers'
Certificate, or in any indenture supplemental hereto, delivered as
contemplated by Section 301, at the option of the Holder,
Bearer Securities of any series may be exchanged for Registered
Securities of the same series of any authorized denominations and
of a like aggregate principal amount and tenor, upon surrender of
the Bearer Securities to be exchanged at any such office or agency,
with all unmatured coupons and all matured coupons in default
thereto appertaining. If the Holder of a Bearer Security is unable
to produce any such unmatured coupon or coupons or matured coupon
or coupons in default, any such permitted exchange may be effected
if the Bearer Securities are accompanied by payment in funds
acceptable to the Company (or to the Trustee for the Security in
case of matured coupons in default) in an amount equal to the face
amount of such missing coupon or coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the
Trustee if there is furnished to them such security or indemnity as
they may require to save each of them and any Paying Agent
harmless. If thereafter the Holder of such Security shall surrender
to any Paying Agent any such missing coupon in respect of which
such a payment shall have been made, such Holder shall be entitled
to receive the amount of such payment; provided, however, that, except as
otherwise provided in Section 1002, interest represented by
coupons shall be payable only upon presentation and surrender of
those coupons at an office or agency located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of
any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and
like tenor after the close of business at such office or agency on
(i) any Regular Record Date and before the opening of business
at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of
business at such office or agency on the related proposed date for
payment of Defaulted Interest, such Bearer Security shall be
surrendered without the coupon relating to such Interest Payment
Date or proposed date for payment, as the case may be, and interest
or Defaulted Interest, as the case may be, will not be payable on
such Interest Payment Date or proposed date for payment, as the
case may be, in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the
Holder of such coupon when due in accordance with the

 

27

 

 

 

 

 

provisions
of this Indenture. Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

 

Notwithstanding the
foregoing, except as otherwise specified as contemplated by
Section 301, any permanent Global Security shall be
exchangeable only as provided in this paragraph. If the depository
for any permanent Global Security is DTC, then, unless the terms of
such Global Security expressly permit such Global Security to be
exchanged in whole or in part for definitive Securities, a Global
Security may be transferred, in whole but not in part, only to a
nominee of DTC, or by a nominee of DTC to DTC, or to a successor to
DTC for such Global Security selected or approved by the Company or
to a nominee of such successor to DTC. If at any time DTC notifies
the Company that it is unwilling or unable to continue as
depository for the applicable Global Security or Securities or if
at any time DTC ceases to be a clearing agency registered under the
Exchange Act if so required by applicable law or regulation, the
Company shall appoint a successor depository with respect to such
Global Security or Securities. If (w) a successor depository
for such Global Security or Securities is not appointed by the
Company within 90 days after the Company receives such notice or
becomes aware of such unwillingness, inability or ineligibility,
(x) the Company delivers to the Trustee for Securities of such
series in registered form a Company Order stating that the
Securities of such series shall be exchangeable, (y) an Event
of Default has occurred and is continuing and the beneficial owners
representing a majority in principal amount of the applicable
series of Securities represented by such Global Security or
Securities advise DTC to cease acting as depository for such Global
Security or Securities or (z) the Company, in its sole
discretion, determines at any time that all Outstanding Securities
(but not less than all) of any series issued or issuable in the
form of one or more Global Securities shall no longer be
represented by such Global Security or Securities, then the Company
shall execute, and the Trustee shall authenticate and deliver
definitive Securities of like series, rank, tenor and terms in
definitive form in an aggregate principal amount equal to the
principal amount of such Global Security or Securities. If any
beneficial owner of an interest in a permanent global Security is
otherwise entitled to exchange such interest for Securities of such
series and of like tenor and principal amount of another authorized
form and denomination, as specified as contemplated by
Section 301 and provided that any applicable notice provided
in the permanent Global Security shall have been given, then
without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the
Company shall execute, and the Trustee shall authenticate and
deliver definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner's interest in such
permanent Global Security. On or after the earliest date on which
such interests may be so exchanged, such permanent Global Security
shall be surrendered for exchange by DTC or such other depository
as shall be specified in the Company Order with respect thereto to
the Trustee, as the Company's agent for such purpose; provided, however, that no such exchanges
may occur during a period beginning at the opening of business 15
days before any selection of Securities to be redeemed and ending
on the relevant Redemption Date if the Security for which exchange
is requested may be among those selected for redemption; and
provided
further that no
Bearer Security delivered in exchange for a portion of a permanent
Global Security shall be mailed or otherwise delivered to any
location in the United States. If a Registered Security is issued
in exchange for any portion of a permanent Global Security after
the close of business at the office or agency where such exchange
occurs on (i) any Regular Record Date and before the opening
of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special

 

28

 

 

 

 

 

Record
Date and the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, interest
or Defaulted Interest, as the case may be, will not be payable on
such Interest Payment Date or proposed date for payment, as the
case may be, in respect of such Registered Security, but will be
payable on such Interest Payment Date or proposed date for payment,
as the case may be, only to the Person to whom interest in respect
of such portion of such permanent Global Security is payable in
accordance with the provisions of this Indenture.

 

All
Securities issued upon any registration of transfer or conversion
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 conversion or
exchange.

 

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

 

No
service charge shall be made to the Holder for any registration of
transfer or conversion or exchange of Securities, but the Company
may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any
registration of transfer or conversion or exchange of Securities,
other than exchanges pursuant to Section 304, 906, 1107 or
1305 not involving any transfer.

 

The
Company or the Trustee, as applicable, shall not be required
(i) to issue, register the transfer of or exchange any
Security if such Security may be among those selected for
redemption during a period beginning at the opening of business 15
days before selection of the Securities to be redeemed under
Section 1103 and ending at the close of business on
(A) if such Securities are issuable only as Registered
Securities, the day of the mailing of the relevant notice of
redemption and (B) if such Securities are issuable as Bearer
Securities, the day of the first publication of the relevant notice
of redemption or, if such Securities are also issuable as
Registered Securities and there is no publication, the mailing of
the relevant notice of redemption, or (ii) to register the
transfer of or exchange any Registered Security so selected for
redemption in whole or in part, except, in the case of any
Registered Security to be redeemed in part, the portion thereof not
to be redeemed, or (iii) to exchange any Bearer Security so
selected for redemption except that such a Bearer Security may be
exchanged for a Registered Security of that series and like tenor,
provided that such
Registered Security shall be simultaneously surrendered for
redemption, or (iv) to issue, register the transfer of or
exchange any Security which has been surrendered for repayment at
the option of the Holder, except the portion, if any, of such
Security not to be so repaid.

 

Furthermore,
notwithstanding any other provision of this Section 305, the
Company will not be required to exchange any Securities if, as a
result of the exchange, the Company would suffer adverse
consequences under any United States law or
regulation.

 

29

 

 

 

 

 

SECTION
306. Mutilated, Destroyed,
Lost and Stolen Securities. If any mutilated Security or a
Security with a mutilated coupon appertaining to it is surrendered
to the Trustee or the Company, together with, in proper cases, such
security or indemnity as may be required by the Company or the
Trustee to save each of them or any agent of either of them
harmless, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the
same series and principal amount, containing identical terms and
provisions and bearing a number not contemporaneously outstanding,
with coupons corresponding to the coupons, if any, appertaining to
the surrendered Security.

 

If
there shall be delivered to the Company and to the Trustee
(i) evidence to their satisfaction of the destruction, loss or
theft of any Security or coupon, and (ii) such security or
indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security or coupon has been
acquired by a bona fide purchaser, the Company shall execute and
upon its request the Trustee shall authenticate and deliver, in
lieu of any such destroyed, lost or stolen Security or in exchange
for the Security to which a destroyed, lost or stolen coupon
appertains (with all appurtenant coupons not destroyed, lost or
stolen), a new Security of the same series and principal amount,
containing identical terms and provisions and bearing a number not
contemporaneously outstanding, with coupons corresponding to the
coupons, if any, appertaining to such destroyed, lost or stolen
Security or to the Security to which such destroyed, lost or stolen
coupon appertains.

 

Notwithstanding the
provisions of the previous two paragraphs, in case any such
mutilated, destroyed, lost or stolen Security or coupon has become
or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to such
destroyed, lost or stolen Security or to the Security to which such
destroyed, lost or stolen coupon appertains, pay such Security or
coupon if the applicant for such payment shall furnish to the
Company and the Trustee for such Security such security or
indemnity as may be required by them to save each of them harmless,
and in the case of destruction, loss or theft, evidence
satisfactory to the Company and Trustee and any agent of any of
them of the destruction, loss or theft of such Security and the
ownership thereof; provided, however, that payment of
principal of (and premium or Make-Whole Amount, if any), and
interest, if any, on, Bearer Securities shall, except as otherwise
provided in Section 1002, be payable only at an office or
agency located outside the United States and, unless otherwise
specified as contemplated by Section 301, any interest on
Bearer Securities shall be payable only upon presentation and
surrender of the coupons appertaining thereto.

 

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

 

Every
new Security of any series with its coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen
Security, or in exchange for a Security to which a destroyed, lost
or stolen coupon appertains, shall constitute an original
additional contractual obligation of the Company, whether or not
the destroyed, lost or stolen Security and its coupons, if any, or
the destroyed, lost or stolen coupon 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 and their coupons, if any, duly issued
hereunder.

 

30

 

 

 

 

 

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

 

SECTION
307. Payment of Interest;
Interest Rights Preserved. Except as otherwise specified
with respect to a series of Securities in accordance with the
provisions of Section 301, interest on any Registered Security
that is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such
interest payment at the office or agency of the Company maintained
for such purpose pursuant to Section 1002; provided, however, that each installment
of interest on any Registered Security may at the Company's option
be paid by (i) mailing a check for such interest, payable to
or upon the written order of the Person entitled thereto pursuant
to Section 308, to the address of such Person as it appears on
the Security Register or (ii) transfer to an account
maintained by the payee located inside the United
States.

 

Unless
otherwise provided as contemplated by Section 301 with respect
to the Securities of any series, payment of interest may be made,
in the case of a Bearer Security, by transfer to an account
maintained by the payee with a bank located outside the United
States.

 

Unless
otherwise provided as contemplated by Section 301, every
permanent Global Security will provide that interest, if any,
payable on any Interest Payment Date will be paid to DTC, Euroclear
and/or Clearstream, as the case may be, with respect to that
portion of such permanent Global Security held for its account by
Cede & Co. or the Common Depository, as the case may be,
for the purpose of permitting such party to credit the interest
received by it in respect of such permanent Global Security to the
accounts of the beneficial owners thereof.

 

In case
a Bearer Security of any series is surrendered in exchange for a
Registered Security of such series after the close of business (at
an office or agency in a Place of Payment for such series) on any
Regular Record Date and before the opening of business (at such
office or agency) on the next succeeding Interest Payment Date,
such Bearer Security shall be surrendered without the coupon
relating to such Interest Payment Date and interest will not be
payable on such Interest Payment Date in respect of the Registered
Security issued in exchange for such Bearer Security, but will be
payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.

 

31

 

 

 

 

 

Except
as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 301, any interest on
any Registered Security of any series that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date
(herein called "Defaulted Interest") shall forthwith cease to be
payable to the registered Holder thereof on the relevant Regular
Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in
each case, as provided in clause (1) or
(2) below:

 

(1) The
Company may elect to make payment of any Defaulted Interest to the
Persons in whose names the Registered Securities of such series (or
their respective Predecessor Securities) are registered at the
close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner.
The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Registered Security
of such series and the date of the proposed payment (which shall
not be less than 20 days after such notice is received by the
Trustee), and at the same time the Company shall deposit with the
Trustee an amount of money in the currency or currencies, currency
unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such
series) equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. Thereupon the Trustee shall
fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such
Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to each Holder of Registered
Securities of such series at his address as it appears in the
Security Register not less than 10 days prior to such Special
Record Date. The Trustee may, in its discretion, in the name and at
the expense of the Company, cause a similar notice to be published
at least once in an Authorized Newspaper in each Place of Payment,
but such publications shall not be a condition precedent to the
establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date
therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names the Registered
Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the
following clause (2). In case a Bearer Security of any series is
surrendered at the office or agency in a Place of Payment for such
series in exchange for a Registered Security of such series after
the close of business at such office or agency on any Special
Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the
coupon relating to such proposed date of payment and Defaulted
Interest will not be payable on such proposed date of payment in
respect of the Registered Security issued in exchange for such
Bearer Security, but will be payable only to the Holder of such
coupon when due in accordance with the provisions of this
Indenture.

 

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

 

32

 

 

 

 

 

Subject
to the foregoing provisions of this Section and Section 305,
each Security delivered under this Indenture upon registration of
transfer of or upon conversion of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and
unpaid, and to accrue, which were carried by such other
Security.

 

SECTION
308. Persons Deemed
Owners. Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Person in whose
name such Registered Security is registered as the owner of such
Security for the purpose of receiving payment of principal of (and
premium or Make-Whole Amount, if any), and (subject to Sections 305
and 307) interest on, such Registered Security and for all other
purposes whatsoever, whether or not such Registered Security be
overdue, and neither the Company, the Trustee nor any agent of the
Company or the Trustee shall be affected by notice to the contrary.
All such payments so made to any such Person, or upon such Person's
order, shall be valid, and, to the extent of the sum or sums so
paid, effectual to satisfy and discharge the liability for money
payable upon any such Security.

 

Title
to any Bearer Security and any coupons appertaining thereto shall
pass by delivery. The Company, the Trustee and any agent of the
Company or the Trustee may treat the Holder of any Bearer Security
and the Holder of any coupon as the absolute owner of such Security
or coupon for the purpose of receiving payment thereof or on
account thereof and for all other purposes whatsoever, whether or
not such Security or coupon be overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

 

No
holder of any beneficial interest in any Global Security held on
its behalf by a depository shall have any rights under this
Indenture with respect to such Global Security and such depository
(which is the Holder of such security) shall be treated by the
Company, the Trustee, and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever.
None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect
of the records relating to or payments made on account of
beneficial ownership interests of a Global Security or for
maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

 

Notwithstanding the
foregoing, with respect to any Global Security, nothing herein
shall prevent the Company, the Trustee, or any agent of the Company
or the Trustee, from giving effect to any written certification,
proxy or other authorization furnished by any depository, as a
Holder, with respect to such Global Security or impair, as between
such depository and owners of beneficial interests in such Global
Security, the operation of customary practices governing the
exercise of the rights of such depository (or its nominee) as
Holder of such Global Security.

 

SECTION
309. Cancellation.
All Securities and coupons surrendered for payment, redemption,
repayment at the option of the Holder, registration of transfer or
conversion or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee, and any such Securities and coupons
and Securities and coupons surrendered directly to the Trustee for
any such purpose, upon direction by the

 

33

 

 

 

 

 

Company,
shall be promptly cancelled by it. The Company may at any time
deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee
(or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder
which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. If the
Company shall so acquire any of the Securities, however, such
acquisition shall not operate as a redemption or satisfaction of
the indebtedness represented by such Securities unless and until
the same are surrendered to the Trustee for cancellation. No
Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section, except as
expressly permitted by this Indenture. Cancelled Securities and
coupons held by the Trustee shall be disposed of by the Trustee in
accordance with its customary practices (subject to the record
retention requirements of the Exchange Act).

 

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

 

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

 

ARTICLE
FOUR - SATISFACTION AND DISCHARGE

 

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

 

(1)
either

 

(A) all
Securities of such series theretofore authenticated and delivered
and all coupons, if any, appertaining thereto (other than
(i) coupons appertaining to Bearer Securities surrendered for
exchange for Registered Securities and maturing after such
exchange, whose surrender is not required or has been waived as
provided in Section 305, (ii) Securities and coupons of
such series which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 306,
(iii) coupons appertaining to Securities called for redemption
and maturing after the relevant Redemption Date, whose surrender
has been waived as provided in Section 1106, and
(iv) Securities and coupons of such series for

 

34

 

 

 

 

 

whose
payment money has theretofore been deposited in trust or segregated
and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in
Section 1003) have been delivered to the Trustee for
cancellation; or

 

(B) all
Securities of such series and, in the case of (i) or
(ii) below, any coupons appertaining thereto not theretofore
delivered to the Trustee for cancellation

 

(i)
have become due and payable, or

 

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

 

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

 

and the
Company, in the case of (i), (ii) or (iii) above, has
irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust for the purpose an amount in the currency or
currencies, currency unit or units or composite currency or
currencies in which the Securities of such series are payable,
sufficient to pay and discharge the entire indebtedness on such
Securities and such coupons not theretofore delivered to the
Trustee for cancellation, for principal (and premium or Make-Whole
Amount, if any) and interest to the date of such deposit (in the
case of Securities which have become due and payable) or to the
Stated Maturity or Redemption Date, as the case may
be;

 

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

 

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

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations
of the Company to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Company to any
Authenticating Agent under Section 611 and, if money shall
have been deposited with and held by the Trustee pursuant to
subclause (B) of clause (1) of this Section, the
obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive such satisfaction and
discharge.

 

SECTION
402. Application of Trust
Funds. Subject to the provisions of the last paragraph of
Section 1003, all money deposited with the Trustee pursuant to
Section 401 shall be held in trust and applied by it, in
accordance with the provisions of the Securities, the coupons and
this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium or Make-Whole Amount, if any), and any
interest for whose payment such money has been deposited with or
received by the Trustee, but such money need not be segregated from
other funds except to the extent required by law.

 

35

 

 

 

 

 

ARTICLE
FIVE - REMEDIES

 

SECTION
501. Events of
Default. "Event of Default," wherever used herein with
respect to any particular series of Securities, means any one of
the following events (whatever the reason for such Event of Default
and whether or not it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any
administrative or governmental body):

 

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

 

(2)
default in the payment of the principal of (or premium or
Make-Whole Amount, if any, on) any Security of that series when it
becomes due and payable at its Maturity; or

 

(3)
default in the deposit of any sinking fund payment, to the extent
applicable to such series of Securities, when and as due by the
terms of any Security of that series; or

 

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

 

(5)
default under any bond, debenture, note, mortgage, indenture or
instrument under which there may be issued or by which there may be
secured or evidenced any indebtedness for money borrowed by the
Company (or by any Subsidiary, the repayment of which the Company
has guaranteed or for which the Company is directly responsible or
liable as obligor or guarantor), having an aggregate principal
amount outstanding of at least $30,000,000, whether such
indebtedness now exists or shall hereafter be created, which
default shall have resulted in such indebtedness becoming or being
declared due and payable prior to the date on which it would
otherwise have become due and payable, without such indebtedness
having been discharged, or such acceleration having been rescinded
or annulled, within a period of 30 days after there shall have been
given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at
least 10% in principal amount of the Outstanding Securities of that
series a written notice specifying such default and requiring the
Company to cause such indebtedness to be discharged or cause such
acceleration to be rescinded or annulled and stating that such
notice is a "Notice of

 

36

 

 

 

 

 

Default" hereunder;
provided,
however, that,
subject to the provisions of Sections 601 and 602, the Trustee
shall not be deemed to have knowledge of such default unless either
(A) a Responsible Officer of the Trustee shall have knowledge
of such default or (B) the Trustee shall have received written
notice thereof from the Company, from any Holder, from the holder
of any such indebtedness or from the trustee under any such
mortgage, indenture or other instrument; or

 

(6) the
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, or

 

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

 

(7) 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 either of its property,
or

 

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

 

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

 

As used
in this Section 501, the term "Bankruptcy Law" means title 11,
U.S. Code or any similar Federal or state law for the relief of
debtors and the term "Custodian" means any receiver, trustee,
assignee, liquidator or other similar official under any Bankruptcy
Law.

 

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

 

37

 

 

 

 

 

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

 

(1) the
Company has paid or deposited with the Trustee a sum sufficient to
pay in the currency, currency unit or composite currency in which
the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such
series):

 

(A) all
overdue installments of interest on all Outstanding Securities of
that series and any related coupons,

 

(B) the
principal of (and premium or Make-Whole Amount, if any, on) any
Outstanding Securities of that series which have become due
otherwise than by such declaration of acceleration and interest
thereon at the rate or rates borne by or provided for in such
Securities,

 

(C) to
the extent that payment of such interest is lawful, interest upon
overdue installments of interest at the rate or rates borne by or
provided for in such Securities, and

 

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

 

(2) all
Events of Default with respect to Securities of that series, other
than the nonpayment of the principal of (or premium or Make-Whole
Amount, if any) or interest on Securities of that series which have
become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 513.

 

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

 

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

 

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

 

(2)
default is made in the payment of the principal of (or premium or
Make-Whole Amount, if any, on) any Security of any series at its
Maturity,

 

then
the Company will, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of such Securities of such series
and coupons, the whole amount then due and payable on such
Securities and coupons for principal (and premium or Make-Whole
Amount, if any) and interest, with interest upon any overdue
principal (and premium or Make-Whole Amount, if any) and, to the
extent that payment of such interest shall be legally enforceable,
upon any overdue installments of interest at the rate or rates
borne by or provided for in such Securities, and, in

 

38

 

 

 

 

 

addition
thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

 

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

 

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

 

SECTION
504. Trustee May File
Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding
relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of
the Securities of any series shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal, premium or Make-Whole Amount,
if any, or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

 

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

 

(ii) to
collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the
same;

 

and any
custodian, receiver, assignee, trustee, liquidator, sequestrator
(or other similar official) in any such judicial proceeding is
hereby authorized by each Holder of Securities of such series and
coupons to make such payments to the Trustee, and in the event that
the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of
the Trustee and any predecessor Trustee, their agents and counsel,
and any other amounts due the Trustee or any predecessor Trustee
under Section 606.

 

39

 

 

 

 

 

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

 

In any
proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to
which the Trustee shall be a party) the Trustee shall be held to
represent all the Holders of the Securities, and it shall not be
necessary to make any Holders of the Securities parties to any such
proceedings.

 

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

 

SECTION
506. Application of Money
Collected. Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of
such money on account of principal (or premium or Make-Whole
Amount, if any) or interest, upon presentation of the Securities or
coupons, or both, as the case may be, and the notation thereon of
the payment if only partially paid and upon surrender thereof if
fully paid:

 

FIRST:
To the payment of all amounts due the Trustee and any predecessor
Trustee under Section 606;

 

SECOND:
To the payment of the amounts then due and unpaid upon the
Securities and coupons for principal (and premium or Make-Whole
Amount, if any) and interest, 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 aggregate
amounts due and payable on such Securities and coupons for
principal (and premium or Make-Whole Amount, if any) and interest,
respectively; and

 

THIRD:
To the payment of the remainder, if any, to the
Company.

 

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

 

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

 

40

 

 

 

 

 

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

 

(3)
such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to the Trustee against the costs, expenses
and liabilities to be incurred in compliance with such
request;

 

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

 

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

 

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

 

SECTION
508. Unconditional Right
of Holders to Receive Principal, Premium or Make-Whole Amount, if
any, and Interest. Notwithstanding any other provision in
this Indenture, the Holder of any Security or coupon shall have the
right which is absolute and unconditional to receive payment of the
principal of (and premium or Make-Whole Amount, if any) and
(subject to Sections 305 and 307) interest on such Security or
payment of such coupon on the respective due dates expressed in
such Security or coupon (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the
consent of such Holder.

 

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

 

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

 

41

 

 

 

 

 

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

 

SECTION
512. Control by Holders of
Securities. The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series shall
have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect
to the Securities of such series, provided that:

 

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

 

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

 

(3) the
Trustee need not take any action which might involve it in personal
liability or be unduly prejudicial to the Holders of Securities of
such series not joining therein.

 

Nothing
in this Indenture shall impair the right of the Trustee in its
discretion to take any action deemed proper by the Trustee and
which is not inconsistent with such direction by
Holders.

 

SECTION
513. Waiver of Past
Defaults. The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series and any
related coupons waive any past default hereunder with respect to
such series and its consequences, except a default

 

(1) in
the payment of the principal of (or premium or Make-Whole Amount,
if any) or interest on any Security of such series or any related
coupons, or

 

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

 

(3) in
respect of a covenant or provision hereof for the benefit or
protection of the Trustee, without its express written
consent.

 

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

 

SECTION
514. Waiver of Usury, Stay
or Extension Laws. The Company covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon,
or

 

42

 

 

 

 

 

plead,
or in any manner whatsoever claim or take the benefit or advantage
of, any usury, stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that
it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

 

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

 

ARTICLE
SIX - THE TRUSTEE

 

SECTION
601. Notice of
Defaults. Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee
shall transmit in the manner and to the extent provided in TIA
Section 313(c), notice of such default hereunder known to the
Trustee, unless such default shall have been cured or waived;
provided,
however, that,
except in the case of a default in the payment of the principal of
(or premium or Make-Whole Amount, if any) or interest on any
Security of such series, or in the payment of any sinking or
purchase fund installment with respect to the Securities of such
series, the Trustee shall be protected in withholding such notice
if and so long as the board of directors, the executive committee,
or a trust committee of directors and/or Responsible Officers of
the Trustee in good faith determine that the withholding of such
notice is in the interests of the Holders of the Securities and
coupons of such series; and provided further that in the case of any
default or breach of the character specified in Section 501(4)
with respect to the Securities and coupons of such series, no such
notice to Holders shall be given until at least 60 days after the
occurrence thereof. For the purpose of this Section, the term
"default" means any event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to the
Securities of such series.

 

SECTION
602. Certain Rights of
Trustee. Subject to the provisions of TIA
Section 315(a) through 315(d):

 

(1) the
Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion,

 

43

 

 

 

 

 

report,
notice, request, direction, consent, order, bond, debenture, note,
coupon or other paper or document (whether in its original or
facsimile form) reasonably believed by it to be genuine and to have
been signed or presented by the proper party or
parties;

 

(2) any
request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order (other
than delivery of any Security, together with any coupons
appertaining thereto, to the Trustee for authentication and
delivery pursuant to Section 303 which shall be sufficiently
evidenced as provided therein) and any resolution of the Board of
Directors may be sufficiently evidenced by a Board
Resolution;

 

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

 

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

 

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

 

(6) the
Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, coupon or other paper or document,
unless requested in writing so to do by the Holders of not less
than a majority in aggregate principal amount of the Outstanding
Securities of any series; provided that, if the payment
within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms
of this Indenture, the Trustee may require reasonable indemnity
against such expenses or liabilities as a condition to proceeding;
the reasonable expenses of every such examination shall be paid by
the Holders or, if paid by the Trustee, shall be repaid by the
Holders upon demand. The Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine
the books, records and premises of the Company, relevant to the
facts or matters that are the subject of its inquiry, personally or
by agent or attorney at the expense of the Company and shall incur
no liability or additional liability of any kind by reason of such
inquiry or investigation;

 

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

 

44

 

 

 

 

 

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

 

(9) any
permissive right or power available to the Trustee under this
Indenture or any supplement hereto shall not be construed to be a
mandatory duty or obligation;

 

(10)
the Trustee shall not be charged with knowledge of any matter
(including any default, other than as described in
Section 501(1), (2) or (3)) unless and except to the
extent actually known to a Responsible Officer of the Trustee or to
the extent written notice thereof is received by the Trustee at the
Corporate Trust Office;

 

(11)
the Trustee shall have no liability for any inaccuracy in the books
and records of, or for any actions or omissions of, DTC, Euroclear
or Clearstream or any depository acting on behalf of any of
them;

 

(12)
the rights, privileges, protections, immunities and benefits given
to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed by the Trustee to act
hereunder; and

 

(13)
the Trustee may request that the Company deliver an Officers'
Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant
to this Indenture, which Officers' Certificate may be signed by any
person authorized to sign an Officers' Certificate, including any
person specified as so authorized in any such certificate
previously delivered and not superseded.

 

The
Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.

 

Except
during the continuance of an Event of Default, the Trustee
undertakes to perform only such duties as are specifically set
forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee.

 

SECTION
603. Not Responsible for
Recitals or Issuance of Securities. The recitals contained
herein and in the Securities, except the Trustee's certificate of
authentication, and in any coupons shall be taken as the statements
of the Company, and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this
Indenture or of the Securities or coupons, except that the Trustee
represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations
hereunder. Neither the Trustee nor any Authenticating Agent shall
be accountable for the use or application by the Company of
Securities or the proceeds thereof. The Trustee shall have no
responsibility with respect to any information, statement or
recital in any offering prospectus or other disclosure materials
prepared or distributed with respect to the
Securities.

 

45

 

 

 

 

 

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

 

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

 

SECTION
606. Compensation and
Reimbursement. The Company agrees:

 

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

 

(2)
except as otherwise expressly provided herein, to reimburse each of
the Trustee and any predecessor Trustee upon its request for all
reasonable expenses, and disbursements incurred by the Trustee in
accordance with any provision of this Indenture (including the
reasonable compensation and the reasonable expenses and
disbursements of its agents and counsel), except any such expense
or disbursement as shall be determined to have been caused by its
own negligence, willful misconduct or bad faith; and

 

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

 

When
the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 501(7) or
Section 501(8), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services
are intended to constitute expenses of administration under any
applicable Federal or state bankruptcy, insolvency or other similar
law.

 

As
security for the performance of the obligations of the Company
under this Section, the Trustee shall have a lien for payment of
the Trustee's fees and expenses prior to the Securities upon all
property and funds held or collected by the Trustee as such, except
funds held in trust for the payment of principal of (or premium or
Make-Whole Amount, if any) or interest on particular Securities or
any coupons.

 

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

 

46

 

 

 

 

 

SECTION
607. Corporate Trustee
Required; Eligibility; Conflicting Interests. There shall at
all times be a Trustee hereunder which shall be eligible to act as
Trustee under TIA Section 310(a)(1) and shall have at all
times a combined capital and surplus of at least $50,000,000 (or
which shall have a combined capital and surplus of at least
$10,000,000 and whose ultimate parent holding company shall have a
combined capital and surplus of at least $50,000,000. If the
Trustee publishes reports of condition at least annually, pursuant
to law or the requirements of Federal, state, territorial or
District of Columbia supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of
the Trustee shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published.
If at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this
Article. Neither the Company nor any Person directly or indirectly
controlling, controlled by, or under common control with the
Company shall serve as Trustee.

 

SECTION
608. Resignation and
Removal; Appointment of Successor.

 

(a) No
resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of
Section 609.

 

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

 

(c) The
Trustee may be removed at any time with respect to the Securities
of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to
the Trustee and to the Company. If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee
within 60 days after the giving of such notice of resignation, the
resigning Trustee may petition, at the expense of the Company, any
court of competent jurisdiction for the appointment of a successor
Trustee.

 

(d) If
at any time:

 

(1) the
Trustee shall fail to comply with the provisions of TIA
Section 310(b) after written request therefor by the Company
or by any Holder of a Security who has been a bona fide Holder of a
Security for at least six months, or

 

(2) the
Trustee shall cease to be eligible under Section 607 and shall
fail to resign after written request therefor by the Company or by
any Holder of a Security who has been a bona fide Holder of a
Security for at least six months, or

 

(3) the
Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge
or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or
liquidation,

 

47

 

 

 

 

 

then,
in any such case, (i) the Company by or pursuant to a Board
Resolution may remove the Trustee and appoint a successor Trustee
with respect to all Securities, or (ii) subject to TIA
Section 315(e), any Holder of a Security who has been a bona
fide Holder of a Security for at least six months may, on behalf of
himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect
to all Securities and the appointment of a successor Trustee or
Trustees.

 

(e) If
the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause
with respect to the Securities of one or more series, the Company,
by or pursuant to a Board Resolution, shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of
that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular
series). If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the
Company or the Holders of Securities and accepted appointment in
the manner hereinafter provided, any Holder of a Security who has
been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to Securities of
such series.

 

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

 

SECTION
609. Acceptance of
Appointment by Successor.

 

(a) In
case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on
request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee, and shall duly assign,
transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless
to its claim, if any, provided for in
Section 606.

 

48

 

 

 

 

 

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

 

(c)
Upon request of any such successor Trustee, the Company shall
execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such
rights, powers and trusts referred to in paragraph (a) or
(b) of this Section 609, as the case may be.

 

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

 

SECTION
610. Merger, Conversion,
Consolidation or Succession to Business. Any corporation
into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party,
or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided such corporation shall
be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities or coupons shall
have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and
deliver the Securities or coupons so authenticated with the same
effect as if such successor Trustee had itself authenticated such
Securities or coupons. In case any Securities or coupons shall not
have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Securities or
coupons, in either its own name or that of its predecessor Trustee,
with the full force and effect which this Indenture provides for
the certificate of authentication of the Trustee.

 

49

 

 

 

 

 

SECTION
611. Appointment of
Authenticating Agent. At any time when any of the Securities
remain Outstanding, the Trustee may appoint an Authenticating Agent
or Agents with respect to one or more series of Securities which
shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon conversion or exchange,
registration of transfer or partial redemption or repayment
thereof, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Any such
appointment shall be evidenced by an instrument in writing signed
by a Responsible Officer of the Trustee, a copy of which instrument
shall be promptly furnished to the Company. Wherever reference is
made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed
on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall
at all times be a bank or trust company or corporation organized
and doing business and in good standing under the laws of the
United States of America or of any state or the District of
Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or
state authorities. If such Authenticating Agent publishes reports
of condition at least annually, pursuant to law or the requirements
of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so
published. In case at any time an Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner
and with the effect specified in this Section.

 

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

 

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

 

50

 

 

 

 

 

hereunder,
with like effect as if originally named as an Authenticating Agent
herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section.

 

The
Company agrees to pay to each Authenticating Agent from time to
time reasonable compensation including reimbursement of its
reasonable expenses for its services under this Section, subject to
Section 606.

 

If an
appointment with respect to one or more series is made pursuant to
this Section, the Securities of such series may have endorsed
thereon, in addition to or in lieu of the Trustee's certificate of
authentication, an alternate certificate of authentication
substantially in the following form:

 

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

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

,

 

	
 

	
 

	
 

	
 

	

as
Trustee

 

	
 

	
 

	
 

	
 

	

Dated:
                    

 

	
 

	

By:

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

as
Authenticating Agent

 

	
 

	
 

	
 

	
 

	
 

	
 

	

Dated:
                    

 

	
 

	

By:

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

as
Authenticating Agent

 

	
 

	
 

 

SECTION
612. Certain Duties and
Responsibilities of the Trustee.

 

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

 

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

 

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

 

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

 

51

 

 

 

 

 

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

 

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

 

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

 

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

 

(4) no
provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it;
and, the Trustee shall be under no obligation to exercise any of
its rights and powers under this Indenture at the request of any
Holder, unless such Holder shall have offered to the Trustee
security and indemnity satisfactory to it against any loss,
liability or expense.

 

(d)
Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the
provisions of this Section 612.

 

(e) The
Trustee shall not be liable for interest on any money or assets
held by it except to the extent the Trustee may agree in writing
with the Company. Assets held in trust by the Trustee need not be
segregated from other assets except to the extent required by
law.

 

ARTICLE
SEVEN - HOLDERS' LISTS AND REPORTS BY TRUSTEE AND
COMPANY

 

SECTION
701. Disclosure of Names
and Addresses of Holders. Every Holder of Securities or
coupons, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company nor the Trustee nor any
Authenticating Agent nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of
any information as to the names and addresses of the Holders of
Securities in accordance with TIA Section 312, regardless of
the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under TIA
Section 312(b).

 

52

 

 

 

 

 

SECTION
702. Reports by
Trustee. The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may
be required by TIA Section 313 at the times and in the manner
provided by the TIA, which shall initially be not less than every
twelve months commencing on
            ,
20        . A copy of each
such report shall, at the time of such transmission to Holders, be
filed by the Trustee with each over-the-counter market or
securities exchange, if any, upon which any Securities are quoted
or listed, with the Commission and with the Company. The Company
will notify the Trustee when any Securities are quoted or listed on
any over-the-counter market or securities exchange or delisted
therefrom.

 

SECTION
703. Reports by
Company. The Company will:

 

(1)
file with the Trustee, within 15 days after the Company is required
to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of
such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Company
may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act; or, if
the Company is not required to file information, documents or
reports pursuant to either of such Sections, then it will file with
the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of
the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Exchange
Act in respect of a security quoted or listed and registered on an
over-the-counter market or national securities exchange as may be
prescribed from time to time in such rules and
regulations;

 

(2)
file with the Trustee and the Commission, in accordance with rules
and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to
compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and
regulations;

 

(3)
transmit by mail to the Holders of Securities, within 30 days after
the filing thereof with the Trustee, in the manner and to the
extent provided in TIA Section 313(c), such summaries of any
information, documents and reports required to be filed by the
Company pursuant to paragraphs (1) and (2) of this
Section as may be required by rules and regulations prescribed from
time to time by the Commission; and

 

(4)
delivery of such reports, information and documents to the Trustee
is for informational purposes only and the Trustee's receipt of
such shall not constitute constructive notice of any information
contained therein or determinable from information contained
therein, including the Company's compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers' Certificates).

 

SECTION
704. Company to Furnish
Trustee Names and Addresses of Holders. The Company will
furnish or cause to be furnished to the Trustee:

 

(a)
semiannually, not later than 15 days after the Regular Record Date
for interest for each series of Securities, a list, in such form as
the Trustee may reasonably require, of the names and addresses of
the Holders of Registered Securities of such series as of such
Regular

 

53

 

 

 

 

 

Record
Date, or if there is no Regular Record Date for interest for such
series of Securities, semiannually, upon such dates as are set
forth in the Board Resolution or indenture supplemental hereto
authorizing such series, and

 

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

 

provided, however, that, so long as the
Trustee is the Security Registrar, no such list shall be required
to be furnished.

 

ARTICLE
EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR
CONVEYANCE

 

SECTION
801. Consolidations and
Mergers of Company and Sales, Leases and Conveyances Permitted
Subject to Certain Conditions. The Company may consolidate
with, or sell, lease or convey all or substantially all of its
assets to, or merge with or into any other corporation, provided
that in any such case, (1) either the Company shall be the
continuing corporation, or the successor corporation shall be a
corporation organized and existing under the laws of the United
States or a State thereof and such successor corporation shall
expressly assume the due and punctual payment of the principal of
(and premium or Make-Whole Amount, if any) and any interest on all
of the Securities, according to their tenor, and the due and
punctual performance and observance of all of the covenants and
conditions of this Indenture to be performed by the Company by
supplemental indenture, complying with Article Nine hereof,
satisfactory to the Trustee, executed and delivered to the Trustee
by such corporation, (2) immediately after giving effect to
such transaction and treating any indebtedness which becomes an
obligation of the Company or any Subsidiary as a result thereof as
having been incurred by the Company or such Subsidiary at the time
of such transaction, no Event of Default, and no event which, after
notice or the lapse of time, or both, would become an Event of
Default, shall have occurred and be continuing and (3) the
Company shall have delivered to the Trustee the Officer's
Certificate and Opinion of Counsel required pursuant to
Section 803 below.

 

SECTION
802. Rights and Duties of
Successor Corporation. In case of any such consolidation,
merger, sale, lease or conveyance and upon any such assumption by
the successor corporation, such successor corporation shall succeed
to and be substituted for the Company, with the same effect as if
it had been named herein as the party of the first part, and the
predecessor corporation, except in the event of a lease, shall be
relieved of any further obligation under this Indenture and the
Securities. Such successor corporation thereupon may cause to be
signed, and may issue either in its own name or in the name of the
Company, any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered
to the Trustee; and, upon the order of such successor corporation,
instead of the Company, and subject to all the terms, conditions
and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities which previously
shall have been signed and delivered by the officers of the Company
to the Trustee for authentication, and any Securities which such
successor corporation thereafter shall cause to be signed and
delivered to the Trustee for that purpose. All the Securities so
issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter
issued in accordance with the terms of this Indenture as though all
of such Securities had been issued at the date of the execution
hereof.

 

54

 

 

 

 

 

In case
of any such consolidation, merger, sale, lease or conveyance, such
changes in phraseology and form (but not in substance) may be made
in the Securities thereafter to be issued as may be
appropriate.

 

SECTION
803. Officers' Certificate
and Opinion of Counsel. Any consolidation, merger, sale,
lease or conveyance permitted under Section 801 is also
subject to the condition that the Trustee receive an Officers'
Certificate and an Opinion of Counsel to the effect that any such
consolidation, merger, sale, lease or conveyance, and the
assumption by any successor corporation, complies with the
provisions of this Article and that all conditions precedent herein
provided for relating to such transaction have been complied
with.

 

ARTICLE
NINE - SUPPLEMENTAL INDENTURES

 

SECTION
901. Supplemental
Indentures Without Consent of Holders. Without the consent
of any Holders of Securities or coupons, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee,
at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:

 

(1) to
evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants of the Company
contained herein and in the Securities; or

 

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

 

(3) to
add any additional Events of Default for the benefit of the Holders
of all or any series of Securities (and if such Events of Default
are to be for the benefit of less than all series of Securities,
stating that such Events of Default are expressly being included
solely for the benefit of such series); provided, however, that in respect of any
such additional Events of Default such supplemental indenture may
provide for a particular period of grace after default (which
period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon
such default or may limit the remedies available to the Trustee
upon such default or may limit the right of the Holders of a
majority in aggregate principal amount of that or those series of
Securities to which such additional Events of Default apply to
waive such default; or

 

(4) to
add to or change any of the provisions of this Indenture to provide
that Bearer Securities may be registrable as to principal, to
change or eliminate any restrictions on the payment of principal of
or premium or Make-Whole Amount, if any, or interest on Bearer
Securities, to permit Bearer Securities to be issued in exchange
for Registered Securities, to permit Bearer Securities to be issued
in exchange for Bearer

 

55

 

 

 

 

 

Securities of other
authorized denominations or to permit or facilitate the issuance of
Securities in uncertificated form, provided that any such action
shall not adversely affect the interests of the Holders of
Securities of any series or any related coupons in any material
respect; or

 

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

 

(6) to
secure the Securities; or

 

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

 

(8) to
evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee;
or

 

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

 

(10) to
supplement any of the provisions of this Indenture to such extent
as shall be necessary to permit or facilitate the Defeasance and
discharge of any series of Securities pursuant to Sections 401,
1402 and 1403; provided that any such action
shall not adversely affect the interests of the Holders of
Securities of such series and any related coupons or any other
series of Securities in any material respect; or

 

(11) to
make provisions with respect to Holders' rights of conversion with
respect to any series of Securities pursuant to Article
Sixteen.

 

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

 

(1)
change the Stated Maturity of the principal of (or premium or
Make-Whole Amount, if any, on) or any installment of principal of
or interest on, any Security; or reduce the principal amount
thereof or the rate or amount of interest thereon, or any premium
or Make-Whole Amount payable upon the redemption thereof, or reduce
the

 

56

 

 

 

 

 

amount
of the principal of an Original Issue Discount Security that would
be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 502 or the amount thereof
provable in bankruptcy pursuant to Section 504, or adversely
affect any right of repayment at the option of the Holder of any
Security, or change any Place of Payment where, or the currency or
currencies, currency unit or units or composite currency or
currencies in which, any Security or any premium or Make-Whole
Amount or the interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption or
repayment at the option of the Holder, on or after the Redemption
Date or the Repayment Date, as the case may be), or (if Securities
of such series are convertible) adversely affect the right of the
Holder to convert any Security as provided in Article Sixteen;
or

 

(2)
reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose
Holders is required for any waiver with respect to such series (or
compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements of Section 1504 for
quorum or voting, or

 

(3)
modify any of the provisions of this Section, Section 513 or
Section 1009, except to increase the required percentage to
effect such action or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Security affected thereby,
provided,
however, that this
clause shall not be deemed to require the consent of any Holder
with respect to changes in the references to "the Trustee" and
concomitant changes in this Section 902 and Section 1009,
or the deletion of this proviso, in accordance with the
requirements of Sections 609(b) and 901(11).

 

It
shall not be necessary for any Act of Holders under this
Section 902 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

 

A
supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of
Securities, or which modifies the rights of the Holders of
Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other
series.

 

SECTION
903. Execution of
Supplemental Indentures. In executing, or accepting the
additional trusts created by, any supplemental indenture permitted
by this Article or the modification thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 612) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee's
own rights, duties or immunities under this Indenture or
otherwise.

 

57

 

 

 

 

 

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

 

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

 

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

 

ARTICLE
TEN - COVENANTS

 

SECTION
1001. Payment of
Principal, Premium or Make-Whole Amount, if any; and
Interest. The Company covenants and agrees for the benefit
of the Holders of each series of Securities that it will duly and
punctually pay the principal of (and premium or Make-Whole Amount,
if any) and interest on the Securities of that series in accordance
with the terms of such series of Securities, any coupons
appertaining thereto and this Indenture. Unless otherwise specified
as contemplated by Section 301 with respect to any series of
Securities, any interest due on Bearer Securities on or before
Maturity shall be payable only upon presentation and surrender of
the several coupons for such interest installments as are evidenced
thereby as they severally mature. Unless otherwise specified with
respect to Securities of any series pursuant to Section 301,
at the option of the Company (upon written notice to the Trustee),
all payments of principal may be paid by check to the registered
Holder of the Registered Security or other Person entitled thereto
against surrender of such Security.

 

SECTION
1002. Maintenance of
Office or Agency. If Securities of a series are issuable
only as Registered Securities, the Company shall maintain in each
Place of Payment for any series of Securities an office or agency
where Securities of that series may be presented or surrendered for
payment or conversion, where Securities of that series may be
surrendered for registration of transfer or conversion or exchange
and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served. If
Securities of a series are issuable as Bearer Securities, the
Company will maintain: (A) in the Borough of Manhattan, The
City of New York, an office or agency where any Registered
Securities of that series may be presented or surrendered for
payment or conversion, where any Registered Securities of that
series may be surrendered for registration of transfer, where
Securities of that series may be surrendered for conversion or
exchange, where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be
served and where Bearer Securities of that series and related
coupons may be presented

 

58

 

 

 

 

 

or
surrendered for payment or conversion in the circumstances
described in the following paragraph (and not otherwise);
(B) subject to any laws or regulations applicable thereto, in
a Place of Payment for that series which is located outside the
United States, an office or agency where Securities of that series
and related coupons may be presented and surrendered for payment;
provided,
however, that if
the Securities of that series are listed on any stock exchange
located outside the United States and such stock exchange shall so
require, the Company will maintain a Paying Agent for the
Securities of that series in any required city located outside the
United States, as the case may be, so long as the Securities of
that series are listed on such exchange; and (C) subject to
any laws or regulations applicable thereto, in a Place of Payment
for that series located outside the United States an office or
agency where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that
series may be surrendered for conversion or exchange and where
notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the
location, and any change in the location, of each such office or
agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the
Trustee, except that Bearer Securities of that series and the
related coupons may be presented and surrendered for payment or
conversion at the offices specified in the Security, in London,
England, and the Company hereby appoints the same as its agent to
receive such respective presentations, surrenders, notices and
demands, and the Company hereby appoints the Trustee its agent to
receive all such presentations, surrenders, notices and
demands.

 

Unless
otherwise specified with respect to any Securities pursuant to
Section 301, no payment of principal, premium or Make-Whole
Amount or interest on Bearer Securities shall be made at any office
or agency of the Company in the United States or by check mailed to
any address in the United States or by transfer to an account
maintained with a bank located in the United States; provided, however, that, if the
Securities of a series are payable in Dollars, payment of principal
of and any premium or Make-Whole Amount and interest on any Bearer
Security shall be made at the office of the Company's Paying Agent
in the Borough of Manhattan, The City of New York, if (but only if)
payment in Dollars of the full amount of such principal, premium or
Make-Whole Amount, or interest, as the case may be, at all offices
or agencies outside the United States maintained for the purpose by
the Company in accordance with this Indenture, is illegal or
effectively precluded by exchange controls or other similar
restrictions.

 

The
Company may from time to time designate one or more other offices
or agencies (in or outside the Place of Payment) where the
Securities of one or more series may be presented or surrendered
for any or all of 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 accordance
with the requirements set forth above for Securities of any series
for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency. Unless
otherwise specified with respect to any Securities pursuant to
Section 301 with respect to a series of Securities, the
Company hereby designates as a Place of Payment for each series of
Securities, each of (i) the office or agency of the Company in
the Borough of Manhattan, The City of New York, and (ii) the
Corporate Trust

 

59

 

 

 

 

 

Office
of the Trustee (as Paying Agent); and the Company hereby initially
appoints the Trustee at its Corporate Trust Office as Paying Agent
in such city; and the Company hereby initially appoints as its
agent to receive all such presentations, surrenders, notices and
demands each of the Trustee, at its Corporate Trust
Office.

 

Unless
otherwise specified with respect to any Securities pursuant to
Section 301, if and so long as the Securities of any series
(i) are denominated in a Foreign Currency or (ii) may be
payable in a Foreign Currency, or so long as it is required under
any other provision of the Indenture, then the Company will
maintain with respect to each such series of Securities, or as so
required, at least one exchange rate agent (of which it shall give
written notice to the Trustee).

 

SECTION
1003. Money for Securities
Payments to Be Held in Trust. If the Company shall at any
time act as its own Paying Agent with respect to any series of any
Securities and any related coupons, it will, on or before each due
date of the principal of (and premium or Make-Whole Amount, if
any), or interest on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled
thereto a sum in the currency or currencies, currency unit or units
or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to
Section 301 for the Securities of such series) sufficient to
pay the principal (and premium or Make-Whole Amount, if any) or
interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and will
promptly notify the Trustee of its action or failure so to
act.

 

Whenever the
Company shall have one or more Paying Agents for any series of
Securities and any related coupons, it will, on or before each due
date of the principal of (and premium or Make-Whole Amount, if
any), or interest on any Securities of that series, deposit with a
Paying Agent a sum (in the currency or currencies, currency unit or
units or composite currency or currencies described in the
preceding paragraph) sufficient to pay the principal (and premium
or Make-Whole Amount, if any) or interest so becoming due, such sum
to be held in trust for the benefit of the Persons entitled to such
principal, premium or Make-Whole Amount, if any, or interest and
(unless such Paying Agent is the Trustee) the Company will promptly
notify the Trustee of its action or failure so to act.

 

The
Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section, that such Paying Agent
will

 

(1)
hold all sums held by it for the payment of principal of (and
premium or Make-Whole Amount, if any) or interest on Securities in
trust for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as
herein provided;

 

(2)
give the Trustee notice of any default by the Company (or any other
obligor upon the Securities) in the making of any such payment of
principal (and premium or Make-Whole Amount, if any) or interest on
the Securities of that series; and

 

(3) at
any time during the continuance of any such default upon the
written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

60

 

 

 

 

 

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

 

Except
as otherwise provided in the Securities of any series, and subject
to applicable laws, any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment
of the principal of (and premium or Make-Whole Amount, if any) or
interest on any Security of any series and remaining unclaimed for
two years after such principal (and premium or Make-Whole Amount,
if any) or interest has become due and payable shall be paid to the
Company upon Company Request or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to
the Company for payment of such principal of (and premium or
Make-Whole Amount, if any) or interest on any Security, without
interest thereon, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published
once, in an Authorized Newspaper, notice that such money remains
unclaimed and that, after a date specified therein, which shall not
be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to
the Company.

 

SECTION
1004. Existence.
Subject to Article Eight, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect
its corporate existence, all material rights (by articles of
incorporation, by-laws and statute) and material franchises;
provided,
however, that the
Company shall not be required to preserve any such right or
franchise if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the
business of the Company.

 

SECTION
1005. Maintenance of
Properties. The Company will cause all of its material
properties used or useful in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good
condition, repair and working order, normal wear and tear, casualty
and condemnation excepted, and supplied with all necessary
equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof (and
the Company may take out of service for a period of time, any of
its properties that have been condemned or suffered any loss due to
casualty in order to make such repairs, betterments and
improvements), all as in the judgment of the Company may be
necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times;
provided,
however, that the
Company and its Subsidiaries shall not be prevented from
(i) removing permanently any property that has been condemned
or suffered a loss due to casualty based on the Company's
reasonable judgment that such removal is in the best interest of
the Company, or (ii) selling or otherwise disposing of their
properties for value in the ordinary course of
business.

 

61

 

 

 

 

 

SECTION
1006. Insurance.
The Company will cause each of its and its Subsidiaries' insurable
properties to be insured against loss or damage in an amount deemed
reasonable by the Board of Directors with insurers of recognized
responsibility.

 

SECTION
1007. Payment of Taxes and
Other Claims. The Company will pay or discharge or cause to
be paid or discharged, before the same shall become delinquent,
(1) all taxes, assessments and governmental charges levied or
imposed upon it or any Subsidiary or upon the income, profits or
property of the Company or any Subsidiary, and (2) all lawful
claims for labor, materials and supplies which, if unpaid, might by
law become a lien upon the property of the Company or any
Subsidiary; provided, however, that the Company shall
not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by
appropriate proceedings.

 

SECTION
1008. Statement as to
Compliance. The Company will deliver to the Trustee, within
120 days after the end of each fiscal year, a brief certificate
from the principal executive officer, principal financial officer
or principal accounting officer as to his or her knowledge of the
Company's compliance with all conditions and covenants under this
Indenture and, in the event of any noncompliance, specifying such
noncompliance and the nature and status thereof. For purposes of
this Section 1008, such compliance shall be determined without
regard to any period of grace or requirement of notice under this
Indenture.

 

SECTION
1009. Waiver of Certain
Covenants. The Company may omit in any particular instance
to comply with any term, provision or condition set forth in
Sections 1004 to 1008, inclusive, if before or after the time for
such compliance the Holders of at least a majority in principal
amount of all outstanding Securities of such series, by Act of such
Holders, either waive such compliance in such instance or generally
waive compliance with such covenant or condition, but no such
waiver shall extend to or affect such covenant or condition except
to the extent so expressly waived, and, until such waiver shall
become effective, the obligations of the Company and the duties of
the Trustee in respect of any such term, provision or condition
shall remain in full force and effect.

 

ARTICLE
ELEVEN - REDEMPTION OF SECURITIES

 

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

 

SECTION
1102. Election to Redeem;
Notice to Trustee. The election of the Company to redeem any
Securities shall be evidenced by or pursuant to a Board Resolution.
In case of any redemption at the election of the Company of less
than all of the Securities of any series, the Company shall, at
least 45 days prior to the giving of the notice of redemption in
Section 1104 (unless a shorter notice shall be satisfactory to
the Trustee), notify the Trustee of such Redemption Date and of the
principal amount of Securities of such series to be redeemed. In
the case of any redemption of Securities prior to the expiration of
any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

 

62

 

 

 

 

 

SECTION
1103. Selection by Trustee
of Securities to Be Redeemed. If less than all the
Securities of any series issued on the same day with the same terms
are to be redeemed, the particular Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by
the Trustee, from the Outstanding Securities of such series issued
on such date with the same terms not previously called for
redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption
of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the
principal amount of Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of
that series.

 

The
Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) in writing of the Securities
selected for redemption and, in the case of any Securities selected
for partial redemption, the principal amount thereof to be
redeemed.

 

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

 

SECTION
1104. Notice of
Redemption. Notice of redemption shall be given in the
manner provided in Section 106, not less than 30 days nor more
than 60 days prior to the Redemption Date, unless a shorter period
is specified by the terms of such series established pursuant to
Section 301, to each Holder of Securities to be redeemed, but
failure to give such notice in the manner herein provided to the
Holder of any Security designated for redemption as a whole or in
part, or any defect in the notice to any such Holder, shall not
affect the validity of the proceedings for the redemption of any
other such Security or portion thereof.

 

Any
notice that is mailed to the Holders of Registered Securities in
the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the
notice.

 

All
notices of redemption shall state:

 

(1) the
Redemption Date,

 

(2) the
Redemption Price, accrued interest to the Redemption Date payable
as provided in Section 1106, if any,

 

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

 

(4) in
case any Security is to be redeemed in part only, the notice which
relates to such Security shall state that on and after the
Redemption Date, upon surrender of such Security, the holder will
receive, without a charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining
unredeemed,

 

63

 

 

 

 

 

(5)
that on the Redemption Date the Redemption Price and accrued
interest to the Redemption Date payable as provided in
Section 1106, if any, will become due and payable upon each
such Security, or the portion thereof, to be redeemed and, if
applicable, that interest thereon shall cease to accrue on and
after said date,

 

(6) the
Place or Places of Payment where such Securities, together in the
case of Bearer Securities with all coupons appertaining thereto, if
any, maturing after the Redemption Date, are to be surrendered for
payment of the Redemption Price and accrued interest, if any, or
for conversion,

 

(7)
that the redemption is for a sinking fund, if such is the
case,

 

(8)
that, unless otherwise specified in such notice, Bearer Securities
of any series, if any, surrendered for redemption must be
accompanied by all coupons maturing subsequent to the date fixed
for redemption or the amount of any such missing coupon or coupons
will be deducted from the Redemption Price, unless security or
indemnity satisfactory to the Company, the Trustee for such series
and any Paying Agent is furnished,

 

(9) if
Bearer Securities of any series are to be redeemed and any
Registered Securities of such series are not to be redeemed, and if
such Bearer Securities may be exchanged for Registered Securities
not subject to redemption on this Redemption Date pursuant to
Section 305 or otherwise, the last date, as determined by the
Company, on which such exchanges may be made,

 

(10)
the CUSIP number of such Security, if any, and

 

(11) if
applicable, that a Holder of Securities who desires to convert
Securities for redemption must satisfy the requirements for
conversion contained in such Securities, the then existing
conversion price or rate, the place or places where such Securities
may be surrendered for conversion, and the date and time when the
option to convert shall expire.

 

Notice
of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company's request,
by the Trustee in the name and at the expense of the
Company.

 

SECTION
1105. Deposit of
Redemption Price. On or prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or,
if the Company is acting as its own Paying Agent, which it may not
do in the case of a sinking fund payment under Article Twelve,
segregate and hold in trust as provided in Section 1003) an
amount of money in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities
of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series) sufficient
to pay on the Redemption Date the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued
interest on, all the Securities or portions thereof which are to be
redeemed on that date.

 

If any
Securities called for redemption are converted, any money deposited
with the Trustee or with any Paying Agent or so segregated and held
in trust for the redemption of such Security shall be paid to the
Company upon Company Request or, if then held by the Company, shall
be discharged from such trust.

 

64

 

 

 

 

 

SECTION
1106. Securities Payable
on Redemption Date. Notice of redemption having been given
as aforesaid, the Securities so to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price
therein specified in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities
of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series) (together
with accrued interest, if any, to the Redemption Date), and from
and after such date (unless the Company shall default in the
payment of the Redemption Price and accrued interest) such
Securities shall, if the same were interest-bearing, cease to bear
interest and the coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided
below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all
coupons, if any, appertaining thereto maturing after the Redemption
Date, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest, if any, to the Redemption
Date; provided,
however, that
installments of interest on Bearer Securities whose Stated Maturity
is on or prior to the Redemption Date shall be payable only at an
office or agency located outside the United States (except as
otherwise provided in Section 1002) and, unless otherwise
specified as contemplated by Section 301, only upon
presentation and surrender of coupons for such interest; and
provided
further that except
as otherwise provided with respect to Securities convertible into
the Company's Common Stock or Preferred Stock, installments of
interest on Registered Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of
such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates
according to their terms and the provisions of
Section 307.

 

If any
Bearer Security surrendered for redemption shall not be accompanied
by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an
amount equal to the face amount of all such missing coupons, or the
surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there be furnished to them such security
or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing
coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the
amount so deducted; provided, however, that interest
represented by coupons shall be payable only at an office or agency
located outside the United States (except as otherwise provided in
Section 1002) and, unless otherwise specified as contemplated
by Section 301, only upon presentation and surrender of those
coupons.

 

If any
Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium or Make-Whole
Amount, if any) shall, until paid, bear interest from the
Redemption Date at the rate borne by the Security.

 

SECTION
1107. Securities Redeemed
in Part. Any Registered Security which is to be redeemed
only in part (pursuant to the provisions of this Article or of
Article Twelve) shall be surrendered at a Place of Payment therefor
(with, if the Company or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing) and the Company shall execute
and the Trustee shall authenticate and deliver to the Holder of
such Security without service charge a new Security or Securities
of the same series, of any authorized

 

65

 

 

 

 

 

denomination
as requested by such Holder in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the
Security so surrendered. If a Global Security is so surrendered,
the Company shall execute and the Trustee shall authenticate and
deliver to the depository, without service charge, a new Global
Security in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Global Security so
surrendered.

 

ARTICLE
TWELVE - SINKING FUNDS

 

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

 

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

 

SECTION
1202. Satisfaction of
Sinking Fund Payments with Securities. The Company may, in
satisfaction of all or any part of any mandatory sinking fund
payment with respect to the Securities of a series,
(1) deliver Outstanding Securities of such series (other than
any previously called for redemption) together in the case of any
Bearer Securities of such series with all unmatured coupons
appertaining thereto and (2) apply as a credit Securities of
such series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to
the terms of such Securities, as provided for by the terms of such
Securities, or which have otherwise been acquired by the Company;
provided that such
Securities so delivered or applied as a credit have not been
previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the applicable
Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced
accordingly.

 

SECTION
1203. Redemption of
Securities for Sinking Fund. Not less than 60 days prior to
each sinking fund payment date for Securities of any series, 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 in the currency or currencies, currency unit or units or
composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to
Section 301 for the Securities of such series) and the portion
thereof, if any, which is to be satisfied by delivering and
crediting Securities of that series pursuant to Section 1202,
and the optional amount, if any, to be added in cash to the next
ensuing mandatory sinking fund payment, and will also deliver to
the Trustee any Securities to be so delivered and credited. If such
Officers' Certificate shall specify an optional amount to be
added

 

66

 

 

 

 

 

in cash
to the next ensuing mandatory sinking fund payment, the Company
shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in
Section 1103 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the
manner provided in Section 1104. Such notice having been duly
given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 1106 and
1107.

 

ARTICLE
THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS

 

SECTION
1301. Applicability of
Article. Repayment of Securities of any series before their
Stated Maturity at the option of Holders thereof shall be made in
accordance with the terms of such Securities, if any, and (except
as otherwise specified by the terms of such series established
pursuant to Section 301) in accordance with this
Article.

 

SECTION
1302. Repayment of
Securities. Securities of any series subject to repayment in
whole or in part at the option of the Holders thereof will, unless
otherwise provided in the terms of such Securities, be repaid at a
price equal to the principal amount thereof, together with
interest, if any, thereon accrued to the Repayment Date specified
in or pursuant to the terms of such Securities. The Company
covenants that on or prior to the Repayment Date it will deposit
with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money in the currency
or currencies, currency unit or units or composite currency or
currencies in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the
Securities of such series) sufficient to pay the principal (or, if
so provided by the terms of the Securities of any series, a
percentage of the principal) of, and (except if the Repayment Date
shall be an Interest Payment Date) accrued interest on, all the
Securities or portions thereof, as the case may be, to be repaid on
such date.

 

SECTION
1303. Exercise of
Option. Securities of any series subject to repayment at the
option of the Holders thereof will contain an "Option to Elect
Repayment" form on the reverse of such Securities. In order for any
Security to be repaid at the option of the Holder, the Trustee must
receive at the Place of Payment therefor specified in the terms of
such Security (or at such other place or places of which the
Company shall from time to time notify the Holders of such
Securities) not earlier than 60 days nor later than 30 days prior
to the Repayment Date (1) the Security so providing for such
repayment together with the "Option to Elect Repayment" form on the
reverse thereof duly completed by the Holder (or by the Holder's
attorney duly authorized in writing) or (2) a telegram, telex,
facsimile transmission or a letter from a member of a national
securities exchange, or the FINRA, or a commercial bank or trust
company in the United States setting forth the name of the Holder
of the Security, the principal amount of the Security, the
principal amount of the Security to be repaid, the CUSIP number, if
any, or a description of the tenor and terms of the Security, a
statement that the option to elect repayment is being exercised
thereby and a guarantee that the Security to be repaid, together
with the duly completed form entitled "Option to Elect Repayment"
on the reverse of the Security, will be received by the Trustee not
later than the fifth Business Day after the date of such telegram,
telex, facsimile transmission or letter; provided, however, that such telegram,
telex, facsimile transmission or letter shall only be effective if
such Security and form duly completed are

 

67

 

 

 

 

 

received
by the Trustee by such fifth Business Day. If less than the entire
principal amount of such Security is to be repaid in accordance
with the terms of such Security, the principal amount of such
Security to be repaid, in increments of the minimum denomination
for Securities of such series, and the denomination or
denominations of the Security or Securities to be issued to the
Holder for the portion of the principal amount of such Security
surrendered that is not to be repaid, must be specified. The
principal amount of any Security providing for repayment at the
option of the Holder thereof may not be repaid in part if,
following such repayment, the unpaid principal amount of such
Security would be less than the minimum authorized denomination of
Securities of the series of which such Security to be repaid is a
part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder
thereof, exercise of the repayment option by the Holder shall be
irrevocable unless waived by the Company.

 

SECTION
1304. When Securities
Presented for Repayment Become Due and Payable. If
Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this
Article and as provided by or pursuant to the terms of such
Securities, such Securities or the portions thereof, as the case
may be, to be repaid shall become due and payable and shall be paid
by the Company on the Repayment Date therein specified, and on and
after such Repayment Date (unless the Company shall default in the
payment of such Securities on such Repayment Date) such Securities
shall, if the same were interest-bearing, cease to bear interest
and the coupons for such interest appertaining to any Bearer
Securities so to be repaid, except to the extent provided below,
shall be void. Upon surrender of any such Security for repayment in
accordance with such provisions, together with all coupons, if any,
appertaining thereto maturing after the Repayment Date, the
principal amount of such Security so to be repaid shall be paid by
the Company, together with accrued interest, if any, to the
Repayment Date; provided, however, that coupons whose
Stated Maturity is on or prior to the Repayment Date shall be
payable only at an office or agency located outside the United
States (except as otherwise provided in Section 1002) and,
unless otherwise specified pursuant to Section 301, only upon
presentation and surrender of such coupons; and provided further
that, in the case of Registered Securities, installments of
interest, if any, whose Stated Maturity is on or prior to the
Repayment Date shall be payable (but without interest thereon,
unless the Company shall default in the payment thereof) to the
Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of
Section 307.

 

If any
Bearer Security surrendered for repayment shall not be accompanied
by all appurtenant coupons maturing after the Repayment Date, such
Security may be paid after deducting from the amount payable
therefor as provided in Section 1302 an amount equal to the
face amount of all such missing coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the
Trustee if there be furnished to them such security or indemnity as
they may require to save each of them and any Paying Agent
harmless. If thereafter the Holder of such Security shall surrender
to the Trustee or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made as provided in
the preceding sentence, such Holder shall be entitled to receive
the amount so deducted; provided, however, that interest
represented by coupons shall be payable only at an office or agency
located outside the United States (except as otherwise provided in
Section 1002) and, unless otherwise specified as contemplated
by Section 301, only upon presentation and surrender of those
coupons.

 

68

 

 

 

 

 

If the
principal amount of any Security surrendered for repayment shall
not be so repaid upon surrender thereof, such principal amount
(together with interest, if any, thereon accrued to such Repayment
Date) shall, until paid, bear interest from the Repayment Date at
the rate of interest or Yield to Maturity (in the case of Original
Issue Discount Securities) set forth in such Security.

 

SECTION
1305. Securities Repaid in
Part. Upon surrender of any Registered Security which is to
be repaid in part only, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security,
without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, of any
authorized denomination specified by the Holder, in an aggregate
principal amount equal to and in exchange for the portion of the
principal of such Security so surrendered which is not to be
repaid.

 

ARTICLE
FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION
1401. Applicability of
Article; Company's Option to Effect Defeasance or Covenant
Defeasance. If, pursuant to Section 301, provision is
made for either or both of (a) Defeasance of the Securities of
or within a series under Section 1402 or (b) Covenant
Defeasance of the Securities of or within a series under
Section 1403, then the provisions of such Section or Sections,
as the case may be, together with the other provisions of this
Article (with such modifications thereto as may be specified
pursuant to Section 301 with respect to any Securities), shall
be applicable to such Securities and any coupons appertaining
thereto, and the Company may at its option by Board Resolution, at
any time, with respect to such Securities and any coupons
appertaining thereto, elect to have Section 1402 (if
applicable) or Section 1403 (if applicable) be applied to such
Outstanding Securities and any coupons appertaining thereto upon
compliance with the conditions set forth below in this
Article.

 

SECTION
1402. Defeasance and
Discharge. Upon the Company's exercise of the above option
applicable to this Section with respect to any Securities of or
within a series, the Company shall be deemed to have been
discharged from its obligations with respect to such Outstanding
Securities and any coupons appertaining thereto on the date the
conditions set forth in Section 1404 are satisfied
(hereinafter, "Defeasance"). For this purpose, such Defeasance
means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by such Outstanding Securities
and any coupons appertaining thereto, which shall thereafter be
deemed to be "Outstanding" only for the purposes of
Section 1405 and the other Sections of this Indenture referred
to in clauses (A) and (B) below, and to have satisfied
all of its other obligations under such Securities and any coupons
appertaining thereto and this Indenture insofar as such Securities
and any coupons appertaining thereto are concerned (and the
Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which
shall survive until otherwise terminated or discharged hereunder:
(A) the rights of Holders of such Outstanding Securities and
any coupons appertaining thereto to receive, solely from the trust
fund described in Section 1404 and as more fully set forth in
such Section, payments in respect of the principal of (and premium
or Make-Whole Amount, if any) and interest, if any, on such
Securities and any coupons appertaining thereto when
such

 

69

 

 

 

 

 

payments
are due, (B) the Company's obligations with respect to such
Securities under Sections 305, 306, 1002 and 1003, and the
Company's obligations under Section 606 hereof (C) the
rights, powers, trusts, duties and immunities of the Trustee
hereunder and (D) this Article. Subject to compliance with
this Article Fourteen, the Company may exercise its option under
this Section notwithstanding the prior exercise of its option under
Section 1403 with respect to such Securities and any coupons
appertaining thereto.

 

SECTION
1403. Covenant
Defeasance. Upon the Company's exercise of the above option
applicable to this Section with respect to any Securities of or
within a series, the Company shall be released from its obligations
under Sections 1004 to 1009, inclusive, and, if specified pursuant
to Section 301, its obligations under any other covenant
contained herein or in any indenture supplemental hereto, with
respect to such Outstanding Securities and any coupons appertaining
thereto on and after the date the conditions set forth in
Section 1404 are satisfied (hereinafter, "Covenant
Defeasance"), and such Securities and any coupons appertaining
thereto shall thereafter be deemed to be not "Outstanding" for the
purposes of any direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with
Sections 1004 to 1009, inclusive, or such other covenant, but shall
continue to be deemed "Outstanding" for all other purposes
hereunder. For this purpose, such Covenant Defeasance means that,
with respect to such Outstanding Securities and any coupons
appertaining thereto, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation
set forth in any such Section or such other covenant, whether
directly or indirectly, by reason of any reference elsewhere herein
to any such Section or such other covenant or by reason of
reference in any such Section or such other covenant to any other
provision herein or in any other document and such omission to
comply shall not constitute a default or an Event of Default under
Section 501(4) or 501(8) or otherwise, as the case may be,
but, except as specified above, the remainder of this Indenture and
such Securities and any coupons appertaining thereto shall be
unaffected thereby.

 

SECTION
1404. Conditions to
Defeasance or Covenant Defeasance. The following shall be
the conditions to application of Section 1402 or
Section 1403 to any Outstanding Securities of or within a
series and any coupons appertaining thereto:

 

(a) The
Company shall irrevocably have deposited or caused to be deposited
with the Trustee (or another trustee satisfying the requirements of
Section 607 who shall agree to comply with the provisions of
this Article Fourteen applicable to it) as trust funds in trust for
the purpose of making the following payments, specifically pledged
as security for, and dedicated solely to, the benefit of the
Holders of such Securities and any coupons appertaining thereto,
(1) an amount in such currency, currencies or currency unit in
which such Securities and any coupons appertaining thereto are then
specified as payable at Stated Maturity, or (2) Government
Obligations applicable to such Securities and coupons appertaining
thereto (determined on the basis of the currency, currencies or
currency unit in which such Securities and coupons appertaining
thereto are then specified as payable at Stated Maturity) 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 of principal of (and premium or
Make-Whole Amount, if any) and interest, if any, on such Securities
and any coupons appertaining thereto, money in an amount, or
(3) a combination thereof, in any case, in an amount,
sufficient, without consideration of any reinvestment of such
principal and interest, in the opinion of a nationally

 

70

 

 

 

 

 

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, (i) the principal of
(and premium or Make-Whole Amount, if any) and interest, if any, on
such Outstanding Securities and any coupons appertaining thereto on
the Stated Maturity of such principal or installment of principal
or interest and (ii) any mandatory sinking fund payments or
analogous payments applicable to such Outstanding Securities and
any coupons appertaining thereto on the day on which such payments
are due and payable in accordance with the terms of this Indenture
and of such Securities and any coupons appertaining
thereto.

 

(b)
Such Defeasance or Covenant Defeasance shall not result in a breach
or violation of, or constitute a default under, this Indenture or
any other material agreement or instrument to which the Company is
a party or by which it is bound.

 

(c) No
Event of Default or event which with notice or lapse of time or
both would become an Event of Default with respect to such
Securities and any coupons appertaining thereto shall have occurred
and be continuing on the date of such deposit or, insofar as
Sections 501(6) and 501(7) are concerned, at any time during the
period ending on the 91st day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied
until the expiration of such period).

 

(d) In
the case of an election under Section 1402, 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, or (ii) since the
date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect
that, and based thereon such opinion shall confirm that, the
Holders of such Outstanding Securities and any coupons appertaining
thereto will not recognize income, gain or loss for Federal income
tax purposes as a result of such 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 Defeasance had
not occurred.

 

(e) In
the case of an election under Section 1403, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of such Outstanding Securities and any coupons
appertaining thereto 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.

 

(f) The
Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the Defeasance under Section 1402 or
the Covenant Defeasance under Section 1403 (as the case may
be) have been complied with and an Opinion of Counsel to the effect
that either (i) as a result of a deposit pursuant to
subsection (a) above and the related exercise of the Company's
option under Section 1402 or Section 1403 (as the case
may be), registration is not required under the Investment Company
Act of 1940, as amended, by the Company, with respect to the trust
funds representing such deposit or by the Trustee for such trust
funds or (ii) all necessary registrations under said Act have
been effected.

 

71

 

 

 

 

 

(g)
Notwithstanding any other provisions of this Section, such
Defeasance or Covenant Defeasance shall be effected in compliance
with any additional or substitute terms, conditions or limitations
which may be imposed on the Company in connection therewith
pursuant to Section 301.

 

(h) The
payment of amounts payable to the Trustee pursuant to this
Indenture shall be paid or provided for to the reasonable
satisfaction of the Trustee.

 

SECTION
1405. Deposited Money and
Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions. Subject to the provisions of the last paragraph
of Section 1003, all money and Government Obligations (or
other property as may be provided pursuant to Section 301)
(including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this
Section 1405, the "Trustee") pursuant to Section 1404 in
respect of any Outstanding Securities of any series and any coupons
appertaining thereto shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and
any coupons appertaining thereto and this Indenture, to the
payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Securities and any coupons
appertaining thereto of all sums due and to become due thereon in
respect of principal (and premium or Make-Whole Amount, if any) and
interest, but such money need not be segregated from other funds
except to the extent required by law.

 

Unless
otherwise specified with respect to any Security pursuant to
Section 301, if, after a deposit referred to in
Section 1404(a) has been made, (a) the Holder of a
Security in respect of which such deposit was made is entitled to,
and does, elect pursuant to Section 301 or the terms of such
Security to receive payment in a currency or currency unit other
than that in which the deposit pursuant to Section 1404(a) has
been made in respect of such Security, or (b) a Conversion
Event occurs in respect of the currency or currency unit in which
the deposit pursuant to Section 1404(a) has been made, the
indebtedness represented by such Security and any coupons
appertaining thereto shall be deemed to have been, and will be,
fully discharged and satisfied through the payment of the principal
of (and premium or Make-Whole Amount, if any), and interest, if
any, on such Security as the same becomes due out of the proceeds
yielded by converting (from time to time as specified below in the
case of any such election) the amount or other property deposited
in respect of such Security into the currency or currency unit in
which such Security becomes payable as a result of such election or
Conversion Event based on the applicable market exchange rate for
such currency or currency unit in effect on the second Business Day
prior to each payment date, except, with respect to a Conversion
Event, for such currency or currency unit in effect (as nearly as
feasible) at the time of the Conversion Event.

 

The
Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 1404 or the
principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of
the Holders of such Outstanding Securities and any coupons
appertaining thereto.

 

Anything in this
Article to the contrary notwithstanding, subject to
Section 606, the Trustee shall deliver or pay to the Company
from time to time upon Company Request any

 

72

 

 

 

 

 

money
or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in Section 1404 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 a Defeasance or Covenant
Defeasance, as applicable, in accordance with this
Article.

 

ARTICLE
FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES

 

SECTION
1501. Purposes for Which
Meetings May Be Called. A meeting of Holders of Securities
of any series may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be made, given or taken by Holders of
Securities of such series.

 

SECTION
1502. Call, Notice and
Place of Meetings.

 

(a) The
Trustee may at any time call a meeting of Holders of Securities of
any series for any purpose specified in Section 1501, to be
held at such time and at such place as the Trustee shall determine.
Notice of every meeting of Holders of Securities of any series,
setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be
given, in the manner provided in Section 106, not less than 20
nor more than 180 days prior to the date fixed for the
meeting.

 

(b) In
case at any time the Company, pursuant to a Board Resolution, or
the Holders of at least 25% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a
meeting of the Holders of Securities of such series for any purpose
specified in Section 1501, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting,
and the Trustee shall not have made the first publication of the
notice of such meeting within 20 days after receipt of such request
or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders of Securities of
such series in the amount above specified, as the case may be, may
determine the time and the place for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section.

 

SECTION
1503. Persons Entitled to
Vote at Meetings. To be entitled to vote at any meeting of
Holders of Securities of any series, a Person shall be (1) a
Holder of one or more Outstanding Securities of such series, or
(2) a Person appointed by an instrument in writing as proxy
for a Holder or Holders of one or more Outstanding Securities of
such series by such Holder or Holders. The only Persons who shall
be entitled to be present or to speak at any meeting of Holders of
Securities of any series shall be the Persons entitled to vote at
such meeting and their counsel, any representatives of the Trustee
and its counsel and any representatives of the Company and its
counsel.

 

SECTION
1504. Quorum;
Action. The Persons entitled to vote a majority in principal
amount of the Outstanding Securities of a series shall constitute a
quorum for a meeting of Holders of Securities of such series;
provided,
however, that if
any action is to be taken at such meeting with respect to a consent
or waiver which this Indenture expressly provides may
be

 

73

 

 

 

 

 

given
by the Holders of not less than a specified percentage in principal
amount of the Outstanding Securities of a series, the Persons
entitled to vote such specified percentage in principal amount of
the Outstanding Securities of such series shall constitute a
quorum. In the absence of a quorum within 30 minutes after the time
appointed for any such meeting, the meeting shall, if convened at
the request of Holders of Securities of such series, be dissolved.
In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a
quorum at the reconvening of any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less
than 10 days; at the reconvening of any meeting adjourned or
further adjourned for lack of a quorum, the Persons entitled to
vote 25% in aggregate principal amount of the then Outstanding
Securities shall constitute a quorum for the taking of any action
set forth in the notice of the original meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in
Section 1502(a), except that such notice need be given only
once not less than five days prior to the date on which the meeting
is scheduled to be reconvened.

 

Except
as limited by the proviso to Section 902, any resolution
presented to a meeting or adjourned meeting duly reconvened at
which a quorum is present as aforesaid may be adopted by the
affirmative vote of the Persons entitled to vote a majority in
aggregate principal amount of the Outstanding Securities
represented at such meeting; provided, however, that, except as
limited by the proviso to Section 902, any resolution with
respect to any request, demand, authorization, direction, notice,
consent, waiver or other action which this Indenture expressly
provides may be made, given or taken by the Holders of a specified
percentage, which is less than a majority, in principal amount of
the Outstanding Securities of a series may be adopted at a meeting
or an adjourned meeting duly reconvened and at which a quorum is
present as aforesaid by the affirmative vote of the Holders of such
specified percentage in principal amount of the Outstanding
Securities of that series.

 

Any
resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section
shall be binding on all the Holders of Securities of such series
and the related coupons, whether or not present or represented at
the meeting.

 

Notwithstanding the
foregoing provisions of this Section 1504, if any action is to
be taken at a meeting of Holders of Securities of any series with
respect to any request, demand, authorization, direction, notice,
consent, waiver or other action that this Indenture expressly
provides may be made, given or taken by the Holders of a specified
percentage in principal amount of all Outstanding Securities
affected thereby, or of the Holders of such series and one or more
additional series:

 

(i)
there shall be no minimum quorum requirement for such meeting;
and

 

(ii)
the principal amount of the Outstanding Securities of such series
that vote in favor of such request, demand, authorization,
direction, notice, consent, waiver or other action shall be taken
into account in determining whether such request, demand,
authorization, direction, notice, consent, waiver or other action
has been made, given or taken under this Indenture.

 

74

 

 

 

 

 

SECTION
1505. Determination of
Voting Rights; Conduct and Adjournment of
Meetings.

 

(a)
Notwithstanding any provisions of this Indenture, the Trustee may
make such reasonable regulations as it may deem advisable for any
meeting of Holders of Securities of a series in regard to proof of
the holding of Securities of such series and of the appointment of
proxies and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations,
the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be
proved in the manner specified in Section 104 or by having the
signature of the Person executing the proxy witnessed or guaranteed
by any trust company, bank or banker authorized by Section 104
to certify to the holding of Bearer Securities. Such regulations
may provide that written instruments appointing proxies, regular on
their face, may be presumed valid and genuine without the proof
specified in Section 104 or other proof.

 

(b) The
Trustee shall, by an instrument in writing appoint a temporary
chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in
Section 1502(b), in which case the Company or the Holders of
Securities of the series calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected
by vote of the Persons entitled to vote a majority in principal
amount of the Outstanding Securities of such series represented at
the meeting.

 

(c) At
any meeting each Holder of a Security of such series or proxy shall
be entitled to one vote for each $1,000 principal amount of the
Outstanding Securities of such series held or represented by him;
provided,
however, that no
vote shall be cast or counted at any meeting in respect of any
Security challenged as not Outstanding and ruled by the chairman of
the meeting to be not Outstanding. The chairman of the meeting
shall have no right to vote, except as a Holder of a Security of
such series or proxy.

 

(d) Any
meeting of Holders of Securities of any series duly called pursuant
to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in
principal amount of the Outstanding Securities of such series
represented at the meeting, and the meeting may be held as so
adjourned without further notice.

 

SECTION
1506. Counting Votes and
Recording Action of Meetings. The vote upon any resolution
submitted to any meeting of Holders of Securities of any series
shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities of such series or of their
representatives by proxy and the principal amounts and serial
numbers of the Outstanding Securities of such series held or
represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at
the meeting for or against any resolution and who shall make and
file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at
least in duplicate, of the proceedings of each meeting of Holders
of Securities of any Series shall be prepared by the secretary of
the meeting and there shall be attached to said record the
original

 

75

 

 

 

 

 

reports
of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more persons having knowledge of the fact,
setting forth a copy of the notice of the meeting and showing that
said notice was given as provided in Section 1502 and, if
applicable, Section 1504. Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary
of the meeting and one such copy shall be delivered to the Company
and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of
the matters therein stated.

 

ARTICLE
SIXTEEN - CONVERSION OF SECURITIES

 

SECTION
1601. Applicability of
Article; Conversion Privilege and Conversion Price.
Securities of any series which are convertible shall be convertible
in accordance with their terms and (except as otherwise specified
as contemplated by Section 301 for Securities of any series)
in accordance with this Article Sixteen. Subject to and upon
compliance with the provisions of this Article Sixteen, at any
time during the period specified in the Securities, at the option
of the Holder thereof, any Security or any portion of the principal
amount thereof which is $1,000 or an integral multiple of $1,000
may be converted at the principal amount thereof, or of such
portion thereof, into fully paid and nonassessable shares
(calculated as to each conversion to the nearest 1/100 of a share)
of Common Stock of the Company, at the Conversion Price, determined
as hereinafter provided, in effect at the time of conversion. In
case a Security or portion thereof is called for redemption, such
conversion right in respect of the Security or portion so called
shall expire at the close of business on the Business Day
immediately preceding the Redemption Date, unless the Company
defaults in making the payment due upon redemption, in which case
such conversion right shall terminate on the date such default is
cured.

 

The
price at which shares of Common Stock shall be delivered upon
conversion (herein called the "Conversion Price") of Securities of
any series shall be specified in such Securities. The Conversion
Price shall be adjusted in certain instances as provided in
Section 1604.

 

In case
the Company shall, by dividend or otherwise, declare or make a
distribution on its Common Stock referred to in paragraph
(4) of Section 1604, the Holder of each Security, upon
the conversion thereof pursuant to this Article Sixteen
subsequent to the close of business on the date fixed for the
determination of stockholders entitled to receive such distribution
and prior to the effectiveness of the Conversion Price adjustment
in respect of such distribution pursuant to paragraph (4) of
Section 1604, shall be entitled to receive for each share of
Common Stock into which such Security is converted, the portion of
the evidence of indebtedness, shares of Capital Stock or assets so
distributed applicable to one share of Common Stock; provided, however, that, at the election
of the Company (whose election shall be evidenced by a Board
Resolution filed with the Trustee) with respect to all Holders so
converting, the Company may, in lieu of distributing to such Holder
any portion of such distribution not consisting of cash or
securities of the Company, pay such Holder an amount in cash equal
to the fair market value thereof (as determined in good faith by
the Board of Directors, whose determination shall be conclusive and
described in a Board Resolution filed with the Trustee). If any
conversion of a Security entitled to the benefits described in the
immediately preceding sentence occurs prior to the payment date for
a distribution to holders of Common Stock which the Holder of the
Security so converted is entitled to receive in accordance with the
immediately preceding sentence, the Company may elect (such
election to be evidenced by a Board Resolution filed with the
Trustee) to distribute to

 

76

 

 

 

 

 

such
Holder a due bill for the evidences of indebtedness, shares of
Capital Stock or assets to which such Holder is so entitled,
provided that such due bill (i) meets any applicable
requirements of the principal over-the-counter market or national
securities exchange or other market on which the Common Stock is
then traded, and (ii) requires payment or delivery of such
evidences of indebtedness or assets no later than the date of
payment or delivery thereof to holders of Common Stock receiving
such distribution.

 

SECTION
1602. Exercise of
Conversion Privilege. In order to exercise the conversion
privilege, the Holder of any Security to be converted shall
surrender such Security, duly endorsed or assigned to the Company
or in blank, at any office or agency maintained by the Company
pursuant to Section 1002, accompanied by written notice to the
Company at such office or agency that the Holder elects to convert
such Security or, if less than the entire principal amount thereof
is to be converted, the portion thereof to be converted and shall
comply with any additional requirements set forth in such Security.
Securities surrendered for conversion during the period from the
close of business on any Regular Record Date next preceding any
Interest Payment Date to the opening of business on such Interest
Payment Date shall (except for Securities the Maturity of which is
prior to such Interest Payment Date) be accompanied by payment in
funds acceptable to the Company of an amount equal to the interest
payable on such Interest Payment Date on the principal amount of
Securities being surrendered for conversion and such interest shall
be paid on such Interest Payment Date as provided in
Section 307. Except as provided in the preceding sentence, no
payment or adjustment shall be made upon any conversion on account
of any interest accrued on the Securities surrendered for
conversion or on account of any dividends on the Common Stock
issued upon conversion.

 

The
Company's delivery to the Holder of the fixed number of shares of
the Common Stock of the Company (and any cash in lieu of any
fractional share of Common Stock) into which the Security is
convertible shall be deemed to satisfy the Company's obligation to
pay the principal amount of the Security and all accrued interest
and original issue discount that has not previously been paid. The
shares of Common Stock of the Company so delivered shall be treated
as issued first in payment of accrued interest and original issue
discount and then in payment of principal. Thus, accrued interest
and original issue discount shall be treated as paid, rather than
canceled, extinguished or forfeited.

 

Securities shall be
deemed to have been converted immediately prior to the close of
business on the day of surrender of such Securities for conversion
in accordance with the foregoing provisions, and at such time the
rights of the Holders of such Securities as Holders shall cease,
and the Person or Persons entitled to receive the Common Stock
issuable upon conversion shall be treated for all purposes as the
record holder or holders of such Common Stock at such time. As
promptly as practicable on or after the conversion date, the
Company shall issue and shall deliver at such office or agency a
certificate or certificates for the number of full shares of Common
Stock issuable upon conversion, together with payment in lieu of
any fraction of a share, as provided in
Section 1603.

 

In the
case of any Security which is converted in part only, as promptly
as practicable on or after the conversion date the Company shall
execute and the Trustee shall authenticate and make available for
delivery to the Holder thereof (or the Depositary in the case of a
Global Security), at the expense of the Company, a new Security or
Securities, of authorized denominations in aggregate principal
amount equal to the unconverted portion of the principal amount of
such Security.

 

77

 

 

 

 

 

SECTION
1603. Fractions of
Shares. No fractional shares of Common Stock shall be issued
upon conversion of Securities. If more than one Security shall be
surrendered for conversion at one time by the same Holder, the
number of full shares of Common Stock which shall be issuable upon
conversion thereof shall be computed on the basis of the aggregate
principal amount of the Securities (or specified portions thereof)
so surrendered. Instead of any fractional share of Common Stock
which would otherwise be issuable upon conversion of any Security
or Securities (or specified portions thereof), the Company shall
pay a cash adjustment (rounded to the nearest cent) in respect of
such fraction in an amount equal to the same fraction of the
Closing Price per share of the Common Stock on the day of
conversion (or, if such day is not a Trading Day, on the Trading
Day immediately preceding such day).

 

SECTION
1604. Adjustment of
Conversion Price. The Conversion Price shall be subject to
adjustment from time to time as follows:

 

(1) If
the Company pays or makes a dividend or other distribution
(a) on its Common Stock exclusively in Common Stock or
(b) on any other class of Capital Stock of the Company, which
dividend or distribution includes Common Stock of the Company, the
Conversion Price in effect at the opening of business on the day
following the date fixed for the determination of stockholders
entitled to receive such dividend or other distribution (the
"Dividend Record Date") shall be reduced by multiplying such
Conversion Price by a fraction of which the numerator shall be the
number of shares of Common Stock of the Company outstanding at the
close of business on the Dividend Record Date and the denominator
shall be the sum of such number of shares and the total number of
shares constituting such dividend or other distribution. Such
reduction shall become effective immediately after the opening of
business on the day following the date fixed for such
determination. For the purposes of this paragraph (1), the number
of shares of Common Stock of the Company at any time outstanding
shall not include shares held in the treasury of the Company, but
shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock. The Company
shall not pay any dividend or make any distribution on shares of
Common Stock held in the treasury of the Company.

 

(2)
Subject to paragraph (6) of this Section, if the Company pays
or makes a dividend or other distribution on its Common Stock
consisting exclusively of Short Term Rights (as defined below), or
otherwise issues Short Term Rights to all holders of its Common
Stock, the Conversion Price in effect at the opening of business on
the day following the record date for the determination of holders
of Common Stock entitled to receive such Short Term Rights (the
"Rights Record Date") shall be reduced by multiplying such
Conversion Price by a fraction of which the numerator shall be the
number of shares of Common Stock of the Company outstanding at the
close of business on the Rights Record Date plus the number of
shares of Common Stock of the Company which the aggregate of the
offering price of the total number of shares of Common Stock so
offered for subscription or purchase would purchase at such current
market price and the denominator shall be the number of shares of
Common Stock of the Company

 

78

 

 

 

 

 

outstanding at the
close of business on the Rights Record Date plus the number of
shares of Common Stock so offered for subscription or purchase.
Such reduction shall become effective immediately after the opening
of business on the day following the Rights Record Date. For the
purposes of this paragraph (2), the number of shares of Common
Stock of the Company at any time outstanding shall not include
shares held in the treasury of the Company, but shall include
shares issuable in respect of scrip certificates issued in lieu of
fractions of shares of Common Stock of the Company. The Company
shall not issue any rights, options or warrants in respect of
shares of its Common Stock held in the treasury of the Company.
When used in this Section 1604, the term "Short Term Rights"
shall mean rights, warrants or options entitling the holders
thereof (for a period commencing no earlier than the Rights Record
Date and expiring not more than 45 days after the Rights Record
Date) to subscribe for or purchase shares of Common Stock of the
Company at a price per share less than the current market price per
share (determined as provided in paragraph (7) of this
Section 1604) of the Common Stock of the Company on the Rights
Record Date.

 

(3) In
case outstanding shares of Common Stock of the Company shall be
subdivided into a greater number of shares of Common Stock, the
Conversion Price in effect at the opening of business on the day
following the day upon which such subdivision becomes effective
shall be proportionately reduced, and, conversely, in case
outstanding shares of Common Stock of the Company shall be combined
into a smaller number of shares of Common Stock, the Conversion
Price in effect at the opening of business on the day following the
day upon which such combination becomes effective shall be
proportionately increased, such reduction or increase, as the case
may be, to become effective immediately after the opening of
business on the day following the day upon which such subdivision
or combination becomes effective.

 

(4)
Subject to the last sentence of this paragraph (4) of this
Section, if the Company, by dividend or otherwise,
(a) distributes to all holders of its Common Stock evidences
of its indebtedness, shares of any class of Capital Stock of the
Company or other assets (other than cash dividends out of current
or retained earnings), or (b) distributes to substantially all
holders of Common Stock rights or warrants to subscribe for
securities (other than Short Term Rights to which
paragraph (2) of this Section 1604 applies), the
Conversion Price shall be reduced by multiplying such Conversion
Price by a fraction of which the numerator shall be the current
market price per share (determined as provided in paragraph
(7) of this Section 1604) of the Common Stock of the
Company on the Reference Date (as defined below) less the fair
market value (as determined in good faith by the Board of
Directors, whose determination shall be conclusive and described in
a Board Resolution filed with the Trustee), on the Reference Date,
of the portion of the evidences of indebtedness and other assets so
distributed or of such subscription rights or warrants applicable
to one share of Common Stock (collectively, the "Market Value of
the Distribution") and the denominator shall be such current market
price per share of the Common Stock of the Company. Such reduction
shall become effective immediately prior to the opening of business
on the day (the "Reference Date") following the later of
(a) the date fixed for the payment of such distribution and
(b) the date 20 days after notice relating to such
distribution is required to be given pursuant to
Section 1606(a). If the Board of Directors determines the fair
market value of any distribution for purposes of this paragraph
(4) by reference to the

 

79

 

 

 

 

 

actual
or when issued trading market for any securities comprising such
distribution, it must in doing so consider the prices in such
market over the same period used in computing the current market
price per share pursuant to paragraph (7) of this
Section 1604. In the event that, with respect to any
distribution to which this paragraph (4) of Section 1604
would otherwise apply, the Market Value of the Distribution is
greater than the current market price per share of the Common Stock
(such distribution being referred to herein as an "Unadjusted
Distribution"), then the adjustment provided by this paragraph
(4) shall not be made and in lieu thereof the provisions of
Section 1611 shall apply with respect to such Unadjusted
Distribution.

 

(5) The
Company may, but shall not be required to, make such reductions in
the Conversion Price, in addition to those required by paragraphs
(1), (2), (3), and (4) of this Section 1604, as it
considers to be advisable in order that any event treated for
federal income tax purposes as a dividend of stock or stock rights
shall not be taxable to the recipients. In addition, the Company,
from time to time, may decrease the Conversion Price by any amount
and for any reason, temporarily or otherwise, including situations
where the Board of Directors determines such decrease to be fair
and appropriate with respect to transactions in which holders of
Common Stock have the right to participate.

 

(6)
Rights or warrants issued or distributed by the Company to all
holders of its Common Stock entitling the holders thereof to
subscribe for or purchase shares of Common Stock or Preferred
Stock, which rights or warrants (i) are deemed to be
transferred with such shares of Common Stock, (ii) are not
exercisable and (iii) are also issued or distributed in
respect of future issuances of Common Stock, in each case in
clauses (i) through (iii) until the occurrence of a
specified event or events ("Trigger Events"), shall for purposes of
this Section 1604 not be deemed issued or distributed until
the occurrence of the earliest Trigger Event. Each share of Common
Stock issued upon conversion of Securities pursuant to this Article
Sixteen shall be entitled to receive the appropriate number of
Common Stock purchase rights (the "Rights"), if any, and the
certificates representing the Common Stock issued upon conversion
shall bear such legends, if any. Notwithstanding anything to the
contrary in this Article Sixteen, there shall not be any adjustment
to the Conversion Price as a result of (i) the distribution of
separate certificates representing the Rights; (ii) the
occurrence of certain events entitling holders of Rights to
receive, upon exercise thereof, Common Stock or other securities of
the Company or other securities of another corporation; or
(iii) the exercise of such Rights. No adjustment in the
Conversion Price need be made for rights to purchase or the sale of
Common Stock pursuant to a Company plan providing for reinvestment
of dividends or interest.

 

(7) For
the purpose of any computation under paragraph (2), (4) or
(5) of this Section 1604, the "current market price" per
share of Common Stock of the Company on any date shall be deemed to
be the average of the daily Closing Prices for the 15 consecutive
Trading Days selected by the Company commencing not more than 30
Trading Days before, and ending not later than, the date in
question.

 

(8) No
adjustment in the Conversion Price shall be required unless such
adjustment would require an increase or decrease of at least 1% in
the Conversion Price; provided, however, that any adjustments
which by reason of this paragraph (8) are not

 

80

 

 

 

 

 

required to be made
shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Article Sixteen shall be
made to the nearest cent or to the nearest one-hundredth of a share
of Common Stock, as the case may be.

 

(9)
Anything herein to the contrary notwithstanding, in the event the
Company shall declare any dividend or distribution requiring an
adjustment in the Conversion Price hereunder and shall, thereafter
and before the payment of such dividend or distribution to
stockholders, legally abandon its plan to pay such dividend or
distribution, the Conversion Price then in effect hereunder, if
changed to reflect such dividend or distribution, shall upon the
legal abandonment of such plan be changed to the Conversion Price
which would have been in effect at the time of such abandonment
(after giving effect to all other adjustments not so legally
abandoned pursuant to the provisions of this Article Sixteen) had
such dividend or distribution never been declared.

 

(10)
Notwithstanding any other provision of this Section 1604, no
adjustment to the Conversion Price shall reduce the Conversion
Price below the then par value per share of the Common Stock of the
Company, and any such purported adjustment shall instead reduce the
Conversion Price to such par value. Notwithstanding the foregoing
sentence, the Company hereby covenants that it will from time to
time take all such action as may be required to assure that the par
value per share of the Common Stock is at all times equal to or
less than the Conversion Price.

 

(11) In
the event that this Article Sixteen requires adjustments to the
Conversion Price under more than one of paragraphs (1), (2),
(3) or (4) of this Section 1604, and the record or
effective dates for the transaction giving rise to such adjustments
shall occur on the same date, then such adjustments shall be made
by applying (to the extent they are applicable), first, the
provisions of paragraph (3) of this Section 1604, second,
the provisions of paragraph (1) of this Section 1604,
third, the provisions of paragraph (4) of this
Section 1604 and, fourth, the provisions of paragraph (2)
of this Section 1604. Anything herein to the contrary
notwithstanding, no single event shall require or result in
duplicative adjustments in the Conversion Price pursuant to this
Section 1604. After an adjustment to the Conversion Price
under this Article Sixteen, any subsequent event requiring an
adjustment under this Article Sixteen shall cause an adjustment to
the Conversion Price as so adjusted. If, after an adjustment, a
Holder of a Security upon conversion of such Security receives
shares of two or more classes of Capital Stock of the Company, the
Conversion Price shall thereafter be subject to adjustment upon the
occurrence of an action taken with respect to any such class of
Capital Stock as is contemplated by this Article Sixteen with
respect to the Common Stock in this Article Sixteen.

 

SECTION
1605. Notice of
Adjustments of Conversion Price. Whenever the Conversion
Price is adjusted as herein provided:

 

(1) the
Company shall compute the adjusted Conversion Price in accordance
with Section 1604 or Section 1611 and shall prepare an
Officer's Certificate setting forth the adjusted Conversion Price
and showing in reasonable detail the facts upon which such
adjustment is based, and such certificate shall forthwith be filed
(with a copy to the Trustee) at each office or agency maintained
for the purpose of conversion of any Securities pursuant to
Section 1002; and

 

81

 

 

 

 

 

(2) a
notice stating that the Conversion Price has been adjusted and
setting forth the adjusted Conversion Price shall forthwith be
required, and as soon as practicable after it is required, such
notice shall be mailed by the Company to all Holders at their last
addresses as they shall appear in the Security
Register.

 

SECTION
1606. Notice of Certain
Corporate Action. In case:

 

(1) the
Company shall take any action that would require a Conversion Price
adjustment pursuant to Section 1604 or Section 1611;
or

 

(2)
there shall occur any reclassification of the Common Stock of the
Company (other than a subdivision or combination of its outstanding
shares of Common Stock), or any consolidation or merger to which
the Company is a party, or the sale, transfer or lease of all or
substantially all of the assets of the Company and for which
approval of any stockholders of the Company is required;
or

 

(3)
there shall occur the voluntary or involuntary dissolution,
liquidation or winding up of the Company, then the Company shall
cause to be filed at each office or agency maintained for the
purpose of conversion of Securities pursuant to Section 1002,
and shall cause to be mailed to all Holders at their last addresses
as they shall appear in the Security Register, at least 10 days
prior to the applicable record, effective or expiration date
hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of any dividend,
distribution or granting of rights, warrants or options, or, if a
record is not to be taken, the date as of which the holders of
Common Stock of record to be entitled to such dividend,
distribution, rights, options or warrants are to be determined, or
(y) the date on which such reclassification, consolidation,
merger, sale, transfer, dissolution, liquidation or winding up is
expected to become effective, and, if applicable, the date as of
which it is expected that holders of Common Stock of record shall
be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up.

 

SECTION
1607. Company to Reserve
Common Stock. The Company shall at all times reserve and
keep available, free from preemptive rights, out of its authorized
but unissued Common Stock, for the purpose of effecting the
conversion of Securities, a number of shares of Common Stock for
the conversion of all outstanding Securities of any series which is
convertible into Common Stock.

 

SECTION
1608. Taxes on
Conversion. The Company will pay any and all taxes that may
be payable in respect of the issue or delivery of shares of Common
Stock on conversion of Securities pursuant hereto. The Company
shall not, however, be required to pay any tax which may be payable
in respect of any transfer involved in the issue and delivery of
shares of Common Stock in a name other than that of the Holder of
the Security or Securities to be converted, and no such issue or
delivery shall be made unless and until the Person requesting such
issue has paid to the Company the amount of any such tax, or has
established to the satisfaction of the Company that such tax has
been paid.

 

SECTION
1609. Covenants as to Common Stock. The Company covenants that all
shares of Common Stock which may be issued upon conversion of
Securities will upon issue be

 

82

 

 

 

 

 

duly
and validly issued, fully paid and nonassessable, free of
preemptive or any similar rights, and, except as provided in
Section 1608, the Company will pay all taxes, liens and
charges with respect to the issue thereof.

 

The
Company will endeavor promptly to comply with all Federal and state
securities laws regulating the offer and delivery of shares of
Common Stock upon conversion of Securities, if any, and will list
or cause to have quoted such shares of Common Stock on each
national securities exchange or in the over-the-counter market or
such other market on which the Common Stock is then listed or
quoted.

 

SECTION
1610. Cancellation of
Converted Securities. All Securities delivered for
conversion shall be delivered to the Trustee to be cancelled by or
at the direction of the Trustee, which shall dispose of the same as
provided in Section 309.

 

SECTION
1611. Provisions in Case
of Consolidation, Merger or Sale of Assets; Special
Distributions. If any of the following shall occur, namely:
(i) any reclassification or change of outstanding shares of
Common Stock issuable upon conversion of Securities (other than a
change in par value, or from par value to no par value, or from no
par value to par value, or as a result of a subdivision or
combination), (ii) any consolidation or merger to which the
Company is a party other than a merger in which the Company is the
continuing corporation and which does not result in any
reclassification of, or change (other than a change in name, or par
value, or from par value to no par value, or from no par value to
par value or as a result of a subdivision or combination) in,
outstanding shares of Common Stock or (iii) any sale or
conveyance of all or substantially all of the property or business
of the Company as an entirety, then the Person formed by such
consolidation or resulting from such merger or which acquires such
properties or assets, as the case may be, shall as a condition
precedent to such transaction execute and deliver to the Trustee a
supplemental indenture providing that the Holder of each Security
then outstanding shall have the right thereafter, during the period
such Security shall be convertible as specified in
Section 1601, to convert such Security only into the kind and
amount of securities, cash and other property receivable, if any,
upon such consolidation, merger, sale, transfer or lease by a
holder of the number of shares of Common Stock of the Company into
which such Security might have been converted immediately prior to
such consolidation, merger, sale, transfer or lease; provided that
the kind and amount of securities, cash and other property so
receivable shall be determined on the basis of the following
assumptions. The holder of Common Stock referred to in the
foregoing sentence:

 

(1) is
not (a) a Person with which the Company consolidated,
(b) a Person into which the Company merged or which merged
into the Company, or (c) a Person to which such sale, transfer
or lease was made (any Person described in the foregoing clauses
(a), (b), or (c), hereinafter referred to as a "Constituent
Person"), or (d) an Affiliate of a Constituent Person;
and

 

(2)
failed to exercise his rights of election, if any, as to the kind
or amount of securities, cash and other property receivable upon
such consolidation, merger, sale, transfer or lease (provided that
if the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale transfer or lease
is not the same for each share of Common Stock of the Company in
respect of which such rights of election shall

 

83

 

 

 

 

 

not
have been exercised, then for the purpose of this Section 1611
the kind and amount of securities, cash and other property
receivable upon such consolidation, merger, sale, transfer or lease
shall be deemed to be the kind and amount so receivable per share
by a plurality of such shares of Common Stock).

 

Such
supplemental indenture shall provide for adjustments which, for
events subsequent to the effective date of such supplemental
indenture, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Article Sixteen. If, in
the case of any such consolidation, merger, sale transfer or lease
the stock or other securities and property (including cash)
receivable thereupon by a holder of Common Stock includes shares of
stock or other securities and property of a corporation other than
the successor or purchasing corporation, as the case may be, in
such consolidation, merger, sale, transfer or lease then such
supplemental indenture shall also be executed by such other
corporation and shall contain such additional provisions to protect
the interests of the Holders of the Securities as the Board of
Directors of the Company shall reasonably consider necessary by
reason of the foregoing. The above provisions of this
Section 1611 shall similarly apply to successive
consolidations, mergers, sales, transfers or leases.

 

In the
event the Company shall execute a supplemental indenture pursuant
to this Section 1611, the Company shall promptly file with the
Trustee an Officers' Certificate briefly stating the reasons
therefor, the kind or amount of shares of stock or securities or
property (including cash) receivable by Holders of the Securities
upon the conversion of their Securities after any such
reclassification, change, consolidation, merger, sale, transfer or
lease and any adjustment to be made with respect
thereto.

 

If the
Company makes a distribution to all holders of its Common Stock
that constitutes an Unadjusted Distribution pursuant to the last
sentence of paragraph (4) of Section 1604, then, from and
after the record date for determining the holders of Common Stock
entitled to receive such distribution (the "Distribution Record
Date"), a Holder of a Security who converts such Security in
accordance with the provisions of this Indenture shall, upon
conversion, be entitled to receive, in addition to the shares of
Common Stock into which the Security is convertible, the kind and
amount of evidences of indebtedness, shares of Capital Stock, or
other assets or subscription rights or warrants, as the case may
be, comprising the distribution that such Holder would have
received if such Holder had converted the Security immediately
prior to the Distribution Record Date.

 

SECTION
1612. Trustee Adjustment
Disclaimer; Company Determination Final. The Trustee has no
duty to determine when an adjustment under this Article Sixteen
should be made, how it should be made or what it should be. The
Trustee has no duty to determine whether a supplemental indenture
under Section 1611 need be entered into or whether any
provisions of any supplemental indenture are correct. The Trustee
shall not be accountable for and makes no representation as to the
validity or value of any securities or assets issued upon
conversion of Securities. The Trustee shall not be responsible for
the Company's failure to comply with this Article Sixteen. Any
determination that the Company or the Board of Directors must make
pursuant to this Article Sixteen is conclusive, absent
manifest error.

 

84

 

 

 

 

 

SECTION
1613. When No Adjustment
Required. Except as expressly set forth in
Section 1604, no adjustment in the Conversion Price shall be
made because the Company issues, in exchange for cash, property or
services, shares of its Common Stock, or any securities convertible
into or exchangeable for shares of its Common Stock, or securities
(including warrants, rights and options) carrying the right to
subscribe for or purchase shares of its Common Stock or such
convertible or exchangeable securities.

 

(1)
Notwithstanding anything herein to the contrary, no adjustment in
the Conversion Price shall be made pursuant to Section 1604 in
respect of any dividend or distribution if the Holders may
participate therein (on a basis to be determined in good faith by
the Board of Directors) and receive the same consideration they
would have received if they had converted the Securities
immediately prior to the record date with respect to such dividend
or distribution.

 

SECTION
1614. Equivalent
Adjustments. In the event that, as a result of an adjustment
made pursuant to Section 1604 above, the holder of any
Security thereafter surrendered for conversion shall become
entitled to receive any shares of Capital Stock of the Company
other than shares of its Common Stock, thereafter the Conversion
Price of such other shares so receivable upon conversion of any
Securities shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the
provisions with respect to Common Stock contained in this
Article Sixteen.

 

85

 

 

 

 

 

SIGNATURES

 

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

 

	
 

	
 

	
 

	
 

	
 

	

SOLITARIO
ZINC CORP.

 

	
 

	
 

	

By:

 

	
 

	
 

	

Name:

 

	
 

	
 

	

Title:

 

	
 

	
 

	
 

	
 

	
 

	
 

	

,

 

	

as
Trustee

 

	
 

	
 

	

By:

 

	
 

	
 

	

Name:

 

	
 

	
 

	

Title:

 

	
 

	
 

 

86

 

 

 

 

 

EXHIBIT
A

 

FORM OF
REDEEMABLE OR NON-REDEEMABLE SENIOR SECURITY

 

[Face
of Security]

 

[If the
Holder of this Security (as indicated below) is The Depository
Trust Company ("DTC") or a nominee of DTC, this Security is a
Global Security and the following three legends apply:

 

This Security is a Global Security within the meaning set forth in
the Indenture hereinafter referred to and is registered in the name
of a Depository or a nominee of a 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 or by a nominee of the Depository to the Depository or
another nominee of the Depository or by the Depository or its
nominee to a successor Depository or its nominee.

 

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

 

Unless and until this Security is exchanged in whole or in part for
Securities in certificated form, this Security may not be
transferred except as a whole by DTC to a nominee thereof or by a
nominee thereof to DTC or another nominee of DTC or by DTC or any
such nominee to a successor of DTC or a nominee of such
successor.]

 

[If
this Security is an Original Issue Discount Security, insert
— FOR PURPOSES OF SECTION 1273 and 1275 OF THE UNITED STATES
INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON
THIS SECURITY IS         %
OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS
            ,
20    , AND THE YIELD TO MATURITY IS
        %. THE METHOD USED
TO DETERMINE THE AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO
THE SHORT ACCRUAL PERIOD OF
            ,
20    TO
            ,
20    , IS
        % OF THE PRINCIPAL
AMOUNT OF THIS SECURITY.]

 

SOLITARIO
ZINC CORP.

 

[Designation
of Series]

 

	
 

	
 

	
 

	

No.
                    

	

  

	

$
                    

 

CUSIP No.
                    

 

SOLITARIO
ZINC CORP., a Colorado corporation (herein referred to as the
"Company," which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received,
hereby promises to pay to
            or
registered assigns the principal sum of
            Dollars
on
            (the
"Stated Maturity Date") [or insert date fixed for earlier
redemption (the "Redemption Date," and together with the
Stated Maturity Date with respect to principal repayable on such
date, the "Maturity Date.")]

 

[If
the Security is to bear interest prior to Maturity, insert
— and to pay interest thereon from
            or
from the most recent Interest Payment Date to which interest has
been paid or

 

A-1

 

 

 

 

 

duly
provided for, semi-annually on
            and
            in
each year (each, an "Interest Payment Date"), commencing
            ,
at the rate of         %
per annum, until the principal hereof is paid or duly provided for.
The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture,
be paid to the Holder in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest, which shall be the
            or
            (whether
or not a Business Day), as the case may be, next preceding such
Interest Payment Date [at the office or agency of the Company
maintained for such purpose; provided, however, that such interest may
be paid, at the Company's option, by mailing a check to such Holder
at its registered address or by transfer of funds to an account
maintained by such Holder within the United States]. Any such
interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record
Date, and may be paid to the Holder in whose name this Security (or
one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any
over-the-counter market or securities exchange on which the
Securities of this series may be quoted or listed, and upon such
notice as may be required by such market or exchange, all as more
fully provided in the Indenture. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.]

 

[If
the Security is not to bear interest prior to Maturity,
insert — The principal of this Security shall not bear
interest except in the case of a default in payment of principal
upon acceleration, upon redemption or at the [Stated] Maturity Date
and in such case the overdue principal of this Security shall bear
interest at the rate of
        % per annum (to the
extent that the payment of such interest shall be legally
enforceable), which shall accrue from the date of such default in
payment to the date payment of such principal has been made or duly
provided for. Interest on any overdue principal shall be payable on
demand. Any such interest on any overdue principal that is not so
paid on demand shall bear interest at the rate of
        % per annum (to the
extent that the payment of such interest shall be legally
enforceable), which shall accrue from the date of such demand for
payment to the date payment of such interest has been made or duly
provided for, and such interest shall also be payable on
demand.]

 

The
principal of this Security payable on the Stated Maturity Date [or
the principal of, premium or Make-Whole Amount, if any, and, if the
Redemption Date is not an Interest Payment Date, interest on this
Security payable on the Redemption Date] will be paid against
presentation of this Security at the office or agency of the
Company maintained for that purpose in
            ,
in such coin or currency of the United States of America as at the
time of payment is legal tender for the payment of public and
private debts.

 

Interest
payable on this Security on any Interest Payment Date and on the
[Stated] Maturity Date [or Redemption Date, as the case may be,]
will include interest accrued from and including the next preceding
Interest Payment Date in respect of which interest has been paid or
duly provided for (or from and including
            ,
if no interest has been paid on this Security) to but excluding
such Interest Payment Date or the [Stated] Maturity Date [or
Redemption Date, as the case may be.] If any Interest Payment Date
or the [Stated] Maturity Date or [Redemption Date] falls on a day
that is not a Business Day, as defined below, principal, premium or
Make-Whole

 

A-2

 

 

 

 

 

Amount,
if any, and/or interest payable with respect to such Interest
Payment Date or [Stated] Maturity Date [or Redemption Date, as the
case may be,] will be paid on the next succeeding Business Day with
the same force and effect as if it were paid on the date such
payment was due, and no interest shall accrue on the amount so
payable for the period from and after such Interest Payment Date or
[Stated] Maturity Date [or Redemption Date, as the case may be.]
"Business Day" means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which banking institutions
in The City of New York are required or authorized by law,
regulation or executive order to close.

 

[If
this Security is a Global Security, insert — All
payments of principal, premium or Make-Whole Amount, if any, and
interest in respect of this Security will be made by the Company in
immediately available funds.]

 

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

 

Unless
the Certificate of Authentication hereon has been executed by the
Trustee by manual signature of one of its authorized signatories,
this Security shall not be entitled to any benefit under the
Indenture, or be valid or obligatory for any purpose.

 

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

 

Dated:
                    

 

	
 

	
 

	
 

	

SOLITARIO
ZINC CORP.

 

	
 

	
 

	

By:

 

	
 

	
 

	
 

	
 

	

Name:

 

	
 

	
 

	

Title:

 

 

	
 

	

Attest:

 

	
 

	
 

	

Secretary

 

 

A-3

 

 

 

 

 

[Reverse
of Security]

 

SOLITARIO
ZINC CORP.

 

This
Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued
in one or more series under an

 

Indenture,
dated as of
            ,
20    (herein called the "Indenture") between
the Company and
            ,
as Trustee (herein called the "Trustee," which term includes any
successor trustee under the Indenture with respect to the series of
which this Security is a part), to which Indenture and all
indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the
Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This
Security is one of the duly authorized series of Securities
designated on the face hereof (collectively, the "Securities"),
[if applicable,
insert — and the aggregate principal amount of the
Securities to be issued under such series is limited to
$            (except
for Securities authenticated and delivered upon transfer of, or in
exchange for, or in lieu of other Securities).] All terms used in
this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

 

If an
Event of Default, as defined in the Indenture, shall occur and be
continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided
in the Indenture.

 

[If
applicable, insert — The Securities may not be
redeemed prior to the Stated Maturity Date.]

 

[If
applicable, insert — The Securities are subject to
redemption [ (l) (If
applicable, insert — on
            in
any year commencing with the year
            and
ending with the year
            through
operation of the sinking fund for this series at a Redemption Price
equal to 100% of the principal amount, and (2) ] [If applicable, insert —
at any time [on or after
            ],
as a whole or in part, at the election of the Company, at the
following Redemption Prices (expressed as percentages of the
principal amount):

 

If
redeemed on or before
            ,
        % and if redeemed
during the 12-month period beginning
            of
the years indicated at the Redemption Prices indicated
below.

 

	
Year

	
 
Redemption Price

 

	
 
Year

 

	
 
Redemption Price

 

	
 

	
     

	
     

	
     

 

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

 

A-4

 

 

 

 

 

[If applicable, insert —
The Securities are subject to redemption (1) on
            in
any year commencing with the year
            and
ending with the year
            through
operation of the sinking fund for this series at the Redemption
Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the
table below, and (2) at any time [on or after
            ],
as a whole or in part, at the election of the Company, at the
Redemption Prices for redemption otherwise than through operation
of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below: If redeemed during the
12-month period beginning
            of
the years indicated,

 

	

Year

	
 
Redemption
Price for

Redemption
Through

Operation
of the Sinking Fund

 

	
 
Redemption
Price for

Redemption
Otherwise Than

Through
Operation of the

Sinking
Fund

 

	
 sss

	
    
 

	
       

 

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

 

[If applicable, insert —
Notwithstanding the foregoing, the Company may not, prior to
            ,
redeem any Securities as contemplated by [Clause (2) of] the
preceding paragraph as a part of, or in anticipation of, any
refunding operation by the application, directly or indirectly, of
moneys borrowed having an interest cost to the Company (calculated
in accordance with generally accepted financial practice) of less
than         % per
annum.]

 

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

 

Notice
of redemption will be given by mail to Holders of Securities, not
less than 30 nor more than 60 days prior to the Redemption Date,
all as provided in the Indenture.

 

A-5

 

 

 

 

 

In the
event of redemption of this Security in part only, a new Security
or Securities for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the cancellation
hereof.

 

[If
applicable, insert conversion provisions set forth in any Board
Resolution or indenture supplemental to the
Indenture.]

 

The
Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the
Securities under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority
of the aggregate principal amount of all Securities issued under
the Indenture at the time Outstanding and affected thereby. The
Indenture also contains provisions permitting the Holders of not
less than a majority of the aggregate principal amount of the
Outstanding Securities, on behalf of the Holders of all such
Securities, to waive compliance by the Company with certain
provisions of the Indenture. Furthermore, provisions in the
Indenture permit the Holders of not less than a majority of the
aggregate principal amount, in certain instances, of the
Outstanding Securities of any series to waive, on behalf of all of
the Holders of Securities of such series, certain past defaults
under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this
Security and other Securities issued upon the registration of
transfer hereof or conversion or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made
upon this Security.

 

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

 

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

 

As
provided in the Indenture and subject to certain limitations
therein [and herein] set forth, this Security is exchangeable for a
like aggregate principal amount of Securities of different
authorized denominations but otherwise having the same terms and
conditions, as requested by the Holder hereof surrendering the
same.

 

The
Securities of this series are issuable only in registered form
[without coupons] in denominations of
$            and
any integral multiple thereof.

 

A-6

 

 

 

 

 

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

 

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

 

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

 

The
Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York applicable to
agreements made and to be performed entirely in such
State.

 

A-7

 

 

 

 

 

EXHIBIT
B

 

FORMS
OF CERTIFICATION

 

EXHIBIT
B-1

 

FORM OF
CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO RECEIVE
BEARER

SECURITY
OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE
DATE

 

CERTIFICATE

 

[Insert
title or sufficient description of Securities to be
delivered]

 

This is
to certify that, as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account
(i) are owned by person(s) that are not citizens or residents
of the United States, domestic partnerships, domestic corporations
or any estate or trust the income of which is subject to United
States Federal income taxation regardless of its source ("United
States person(s)"), (ii) are owned by United States person(s)
that are (a) foreign branches of United States financial
institutions (financial institutions, as defined in United States
Treasury Regulations Section 2.165-12(c)(1)(v) are herein
referred to as "financial institutions") purchasing for their own
account or for resale, or (b) United States person(s) who
acquired the Securities through foreign branches of United States
financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in
either case (a) or (b), each such United States financial
institution hereby agrees, on its own behalf or through its agent,
that you may advise Solitario Zinc Corp. or its agent that such
financial institution will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the United
States Internal Revenue Code of 1986, as amended, and the
regulations thereunder), or (iii) are owned by United States
or foreign financial institution(s) for purposes of resale during
the restricted period (as defined in United States Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition,
if the owner is a United States or foreign financial institution
described in clause (iii) above (whether or not also described
in clause (i) or (ii)), this is to further certify that such
financial institution has not acquired the Securities for purposes
of resale directly or indirectly to a United States person or to a
person within the United States or its possessions.

 

As used
herein, "United States" means the United States of America
(including the States and the District of Columbia); and its
"possessions" include Puerto Rico, the U.S. Virgin Islands, Guam,
American Samoa, Wake Island and the Northern Mariana
Islands.

 

We
undertake to advise you promptly by tested telex or by telecopy on
or prior to the date on which you intend to submit your
certification relating to the above-captioned Securities held by
you for our account in accordance with your operating procedures if
any applicable statement herein is not correct on such date, and in
the absence of any such notification it may be assumed that this
certification applies as of such date.

 

This
certificate excepts and does not relate to [U.S.$] of such interest
in the above-captioned Securities in respect of which we are not
able to certify and as to which we

 

B-1

 

 

 

 

 

understand
an exchange for an interest in a permanent Global Security or an
exchange for and delivery of definitive Securities (or, if
relevant, collection of any interest) cannot be made until we do so
certify.

 

We
understand that this certificate may be required in connection with
certain tax legislation in the United States. If administrative or
legal proceedings are commenced or threatened in connection with
which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate or a copy thereof to any
interested party in such proceedings.

 

Dated:
                    

 

[To be
dated no earlier than the 15th day prior to (i) the Exchange
Date or (ii) the relevant Interest Payment Date occurring
prior to the Exchange Date, as applicable]

 

	
 

	

[Name
of Person Making Certification]

 

	
 

	
 

	

(Authorized
Signature)

 

	

Name:

 

	

Title:

 

 

B-2

 

 

 

 

 

EXHIBIT
B-2

 

FORM OF
CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM S.A.
IN

CONNECTION
WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL

SECURITY
OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE
DATE

 

CERTIFICATE

 

[Insert
title or sufficient description of Securities to be
delivered]

 

This is
to certify that, based solely on written certifications that we
have received in writing, by tested telex or by electronic
transmission from each of the persons appearing in our records as
persons entitled to a portion of the principal amount set forth
below (our "Member Organizations") substantially in the form
attached hereto, as of the date hereof, [U.S.$] principal amount of
the above-captioned Securities (i) is owned by person(s) that
are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the
income of which is subject to United States Federal income taxation
regardless of its source ("United States person(s)"), (ii) is
owned by United States person(s) that are (a) foreign branches
of United States financial institutions (financial institutions, as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)
are herein referred to as "financial institutions") purchasing for
their own account or for resale, or (b) United States
person(s) who acquired the Securities through foreign branches of
United States financial institutions and who hold the Securities
through such United States financial institutions on the date
hereof (and in either case (a) or (b), each such financial
institution has agreed, on its own behalf or through its agent,
that we may advise Solitario Zinc Corp. or its agent that such
financial institution will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder),
or (iii) is owned by United States or foreign financial
institution(s) for purposes of resale during the restricted period
(as defined in United States Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect,
that financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) have
certified that they have not acquired the Securities for purposes
of resale directly or indirectly to a United States person or to a
person within the United States or its possessions.

 

As used
herein, "United States" means the United States of America
(including the States and the District of Columbia); and its
"Possessions" include Puerto Rico, the U.S. Virgin Islands, Guam,
American Samoa, Wake Island and the Northern Mariana
Islands.

 

We
further certify that (i) we are not making available herewith
for exchange (or, if relevant, collection of any interest) any
portion of the temporary Global Security representing the
above-captioned Securities excepted in the above-referenced
certificates of Member Organizations and (ii) as of the date
hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member
Organizations with respect to any portion of the part submitted
herewith for exchange (or, if relevant, collection of any interest)
are no longer true and cannot be relied upon as of the date
hereof.

 

We
understand that this certification is required in connection with
certain tax legislation in the United States. If administrative or
legal proceedings are commenced or threatened in connection with
which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate or a copy thereof to any
interested party in such proceedings.

 

B-3

 

 

 

 

 

Dated:
                    

 

[To be
dated no earlier than the Exchange Date or the relevant Interest
Payment Date occurring prior to the Exchange Date, as
applicable]

 

[Morgan
Guaranty Trust Company of New York, Brussels Office, as Operator of
the Euroclear System Clearstream Banking Luxembourg]

 

	
 

	
 

	
 

	

By:

 

	
 

	
 

	
 

	
 

	

Name:

 

	
 

	
 

	

Title:

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