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ago1231201910kex1075pdf

                                                                                              December 31, 2019                                                 Exhibit 10.75      Bruce Stern     [Address Redacted]          Dear Bruce:                This letter agreement (the “Agreement”) will confirm our understanding regarding your     separation from Assured Guaranty Ltd. and its Affiliates (as defined in Section 3.5) (collectively    referred to as the “Company”).                                        SECTION 1                                  SEPARATION DATE            In discussions with the Company, you and the Company have agreed that you will resign     as Executive Officer of the Company, effective as of December 31, 2019 (the “Resignation Date”).      Subject to the terms of this Agreement, during the period beginning on January 1, 2020 and ending     on May 1, 2020 (the “Termination Date” and the period between January 1, 2020 and the     Termination Date referred to as the “Transition Period”), you shall remain employed by the     Company as a non-executive officer with a title of Senior Advisor to the Chief Executive Officer     of the Company.  The effective date of your separation from all positions and employment with     the Company  will be the Termination Date or, if earlier, the date your termination occurs for any     other reason (the date of your termination referred to as the “Separation Date”).  The offer to you     set forth in this Agreement shall remain outstanding during the period described in the release of     claims attached hereto as Exhibit A (the “First Release”), provided that the Company may, in its     sole discretion, by written notice to you, extend this date.  The release of claims attached hereto as     Exhibit B (the “Second Release”) should be signed and returned to the Company on or after your     Separation Date such that the Second Release becomes effective within the sixty-day period    following your Separation Date.                                          SECTION 2                               PAYMENTS AND BENEFITS            You shall be entitled to compensation, benefits, payments, and  distributions from the    Company  in accordance with this Section 2.            2.1.  Amounts Prior to Termination Date.                  (a)   Base Salary.  Your annual base salary through the Separation Date shall           remain at no less than $500,000.                  (b)   2019 Cash Incentive Payment.  The Company shall pay you a cash incentive           award related to your 2019 performance (the “2019 Cash Incentive Payment”) in a total           amount equal to one million nine hundred twenty-seven thousand and eight hundred dollars           ($1,927,800) (with such total amount consisting of $1,227,800 as a cash payment for your   Assured Guaranty Ltd.    30 Woodbourne Avenue, 5th Floor main 441 279 5700 info@assuredguaranty.com www.assuredguaranty.com   Hamilton  HM 08     fax  441 279 5701                              Bermuda 

 

      non-equity incentive grant for 2019 and $700,000 as a cash payment in lieu of any equity        grants in 2020 for your 2019 performance).  Consistent with past practice and subject to        your continued employment through the Termination Date and compliance with the terms        of this Agreement, the Company shall pay you a cash payment equal to one million two        hundred twenty-seven thousand eight hundred dollars ($1,227,800) at the same time that        the non-equity incentive payments are made to other employees of the Company and in no        event later than March 15, 2020.  Subject to your continued employment through the        Termination Date and compliance with the terms of this Agreement, including the        requirements of Section 2.2 and Section 3, the Company shall pay the remaining seven        hundred thousand dollars ($700,000) between February 1, 2021 and March 15, 2021 as        specified below in Section 2.2(c).  If you incur a termination for any reason prior to the        Termination Date or you breach the terms of this Agreement, you shall forfeit your right        to receive any unpaid portion of the 2019 Cash Incentive Payment.                (c)   Employee Benefits.  Prior to your Separation Date, you shall remain eligible        for the employee benefits plans maintained by the Company  subject to the terms of such        plans.                (d)   Within thirty days of the Separation Date or such earlier date as required by        applicable law, the Company shall pay you (i) the amount of all earned and previously        unpaid salary for the period ending on your Separation Date, based upon your then-current        annual base salary, and (ii) an amount that is in settlement of any and all vacation days that        you have accrued but did not use, and to which you are entitled from the Company.  You        will not accrue or be entitled to any vacation after your Separation Date.            2.2.  Amounts On or After the Termination Date.  Subject to you remaining employed  until the Termination Date (except as provided below), your signing and not revoking the First and  Second Release, and your continued compliance with the terms of Section 3 below, the Company  shall pay you the following (collectively referred to herein as the “Separation Payments”);  provided, however, that, if the Second Release does not become effective on or before the sixtieth  day after your Termination Date or you violate the terms of Section 3 below, you shall forfeit your  right to receive the Separation Payments:               (a)   Severance Payment.  The Company shall pay you two million one hundred       four thousand six hundred thirty-one dollars ($2,104,631) in a single lump-sum payment       no later than the sixty-day anniversary of your Separation Date (the “Severance Payment”).       The Severance Payment consists of the total of the amounts which you are entitled to       receive pursuant to the Assured Guaranty Ltd. Executive Severance Plan (the “Severance       Plan”) following a termination without cause, including an amount for one-year of salary,       plus an amount equal to your pro-rata bonus (as determined pursuant to the Severance Plan       based on the average of your annual bonuses for the last three calendar years prior to the       Separation Date), plus an amount equal to your bonus amount (as determined pursuant to       the Severance Plan based on the average of your annual bonuses for the last three calendar       years prior to the Separation Date determined however without regard to $700,000 of the       2019 Cash Incentive Payment that is being paid in lieu of equity and determined without       regard to the Transaction Bonus (as defined below)), plus an amount equal to twelve       months of your health and dental premiums based on your election as in effect as of the       Separation Date.                                          2 

 

            (b)   Transaction Bonus. Subject to the consummation of the transaction on        which you have been working pursuant to which Assured Guaranty Municipal Corp. or an        Affiliate will purchase certain business operations on or prior to May 1, 2021, the Company        shall pay you five hundred thousand dollars ($500,000) (the “Transaction Bonus”) in a        single lump sum payment during calendar year 2021 and in any event no later than May        31, 2021.  For the avoidance of doubt, if such transaction does not close on or before May        1, 2021 or if you do not satisfy the conditions to receive the Severance Payment, you shall        forfeit your right to receive the Transaction Bonus.                (c)   Remaining 2019 Cash Incentive Payment. The Company shall pay the        remaining seven hundred thousand dollars ($700,000) of the 2019 Cash Incentive Payment        in a single-lump sum payment between February 1, 2021 and March 15, 2021.               (d)   Restricted Stock Units.  You shall become fully vested and receive a        distribution of shares pursuant to the restricted stock unit (“RSU”) awards granted        previously pursuant to the LTIP (“RSU Distributions”) as described in Exhibit C.               (e)   Performance Stock Units.  You shall be entitled to pro-rata vesting pursuant        to the performance stock unit (“PSU”) awards granted previously pursuant to the LTIP in        the amounts determined by the Compensation Committee based on the achievement of the        performance goals as of the last day of the applicable performance period (“PSU        Distributions”) as described in Exhibit C.         2.3.  COBRA Coverage.  On and after your Separation Date, your entitlement to  continue medical coverage under the benefit plans of the Company will be determined in  accordance with any retiree medical provisions of the plans and with the provisions of section  4980B of the Internal Revenue Code of 1986, as amended (the “Code”), and section 601 of the  Employee Retirement Income Security Act of 1974, as amended (which continuation coverage is  sometimes referred to as “COBRA coverage”).           2.4.  Other Benefits.  You will be entitled to benefits under the Company’s qualified  retirement plan and according to the terms of such plan, and you will be entitled to a distribution  of your accrued benefits in the AG US Group Services Inc. Supplemental Executive Retirement  Plan (the “SERP”) following the Separation Date pursuant to the terms of such plan.  Except as  otherwise provided herein, all other benefits shall cease as of the Separation Date.         2.5.  Withholding.  All amounts otherwise payable under this Agreement shall be subject  to customary withholding and other employment taxes, and shall be subject to such other  withholding as may be required in accordance with the terms of this Agreement.         2.6.  Other Payments.  Except as specified in this Section 2, or as otherwise expressly  provided in or pursuant to the Agreement, you shall be entitled to no compensation, benefits or  other payments or distributions, and references in the First Release and the Second Release to the  release of claims against the Company shall be deemed to also include reference to the release of  claims against all compensation and benefit plans and arrangements established or maintained by  the Company .                                          3 

 

                                   SECTION 3                       PROTECTION OF COMPANY INTERESTS          3.1.  Restrictive Covenants.  As a condition to receiving the payments in Section 2, you   expressly agree and acknowledge that you agree to the terms of this Section 3, and you expressly   agree and acknowledge that all applicable terms of the LTIP and all award agreements for awards   previously granted to you pursuant to the LTIP shall survive and that you remain bound by the   terms of such agreements (including, but not limited to, all applicable restrictive covenants   contained in such agreements which shall apply to each applicable award under the LTIP in   addition to the restrictive covenants listed in this Section 3).          3.2.  Non-competition and Non-solicitation.  You agree that you shall not, at any time   during your employment with the Company or during the two-year period following the Separation   Date, directly or indirectly engage in a Competitive Activity.  For purposes of this Agreement,   “Competitive Activity” shall mean (i) your engaging in an activity, directly or indirectly, whether   as an employee, consultant, director, partner, principal, agent, distributor, representative,   stockholder (except as a less than one percent stockholder of a publicly traded company or a less   than five percent stockholder of a privately held company) or otherwise, within the United States,   Bermuda, Europe or Australia, if such activities involve insurance or reinsurance of entities or   risks that are competitive with the insurance or reinsurance business then being conducted or   contemplated by the Company or any Affiliate and which, during the period covered by your   employment, were conducted or contemplated by the Company or any Affiliate; or (ii) you   engaging in any activity, directly or indirectly, whether on behalf of yourself or any other person   or entity (x) to solicit any client and/or customer of the Company or any Affiliate or (y) to hire any   employee or former employee of the Company or any present or former Affiliate of the Company   or encourage any employee of the Company or Affiliate to leave the employ of the Company or  Affiliate.          3.3.  Non-Disparagement.  At all times prior to and following the Separation Date, you   agree that you shall not make any statements or express any views that disparage the business   reputation or goodwill of the Company and/or any of its Affiliates.          3.4.  Confidentiality.  You agree that you shall not, without the prior written consent of   the Company, use, or disclose to any person (other than an employee of either of the Company or   an Affiliate, or other person, to whom disclosure is necessary to the performance by you of your   duties in the employ of the Company or Affiliate) any confidential or proprietary information about   the Company or any Affiliate or their business, unless and until such information has become   known to the public generally (other than as a result of unauthorized disclosure by you). The   foregoing covenants by you shall be without limitation as to time and geographic applications.   Nothing in this Section 3.4 or this Agreement prohibits you from reporting possible violations of   applicable law or regulation to any governmental agency or entity or making other disclosures that   are protected under the whistleblower provisions of any applicable law or regulation.          3.5.  Property.  You represent and warrant that you have or prior to the Separation Date   you will have (i) removed your personal effects from your office at the Company, (ii) vacated such   office, (iii) returned to the Company all property of the Company , including, without limitation,   any Company computer, Blackberry, iPhone, iPad, any keys, credit cards, passes, files,   confidential documents or material, or other property belonging to the Company or its Affiliates,   and (iv) returned all writings, files, records, correspondence, notebooks, notes and other documents                                          4 

 

 and things (including any copies thereof) containing any trade secrets relating to the Company or   its Affiliates.  For purposes of the preceding sentence, the term “trade secrets” shall mean   information, including a formula, pattern, compilation, program device, method, technique, or   process, that: (i) derives independent economic value, actual or potential, from not being generally   known to, and not being readily ascertainable by proper means by, other persons who can obtain   economic value from its disclosure or use, and (ii) is the subject of efforts that are reasonable under   the circumstances to maintain its secrecy.  You further represent and warrant that (i) prior to your   Separation Date, you have not deleted or altered any documents, files or information in the   Company computer, BlackBerry, iPhone, iPad, or in the Company’s electronic or other records, or   duplicated, downloaded or otherwise retained any documents, files or other information belonging   to the Company or its Affiliates, other than a routine deletion or alteration in the ordinary course   of business and (ii) after your Separation Date, you will not delete or alter any documents, files or   information in the Company laptop computer, BlackBerry, iPhone, iPad, or duplicated,   downloaded or otherwise retained any documents, files or other information belonging to the   Company or its Affiliates, other than a routine deletion or alteration in the ordinary course of   business.  For purposes of this Agreement, the term “Affiliate” means (a) any corporation,   partnership, joint venture or other entity which, owns, directly or indirectly, at least a fifty percent   interest in the Company (or any successor to the Company); (b) any corporation, partnership, joint   venture or other entity in which at least a fifty percent interest is owned, directly or indirectly, by   the Company or by any entity that is an Affiliate by reason of clause (a) next above; or (c) any   other corporation, partnership, joint venture or other entity which is under common control with   the Company.  For purposes of the definition of Affiliate, “control” (including with correlative   meanings, the terms “controlling”, “controlled by” or “under common control with”), as used with   respect to any entity, shall mean the possession, directly or indirectly, of the power to direct or   cause the direction of the management and policies of such entity, whether through the ownership   of voting securities or by contract or otherwise.          3.6.  No Interference With Rights:  The Parties agree that nothing in this Agreement shall   be construed to prohibit you from challenging illegal conduct or engaging in protected activity,   including without limitation reporting possible violations of any law or regulation to any   governmental agency or entity or making other disclosures that are protected under the  whistleblower provisions of any law or regulation, filing a charge or complaint with, and/or  participating in any investigation or proceeding conducted by, the National Labor Relations Board,   the Equal Employment Opportunity Commission, the Securities and Exchange Commission,   and/or any other federal, state or local government agency.  Further, the Parties agree that nothing   in this Agreement shall be construed to interfere with the ability of any federal, state or local   government agency to investigate any such charge or complaint, or your ability to communicate   voluntarily with any such agency.  However, by signing this Agreement, you understand that you   are waiving your right to receive individual relief based on claims asserted in any such charge or   complaint, except where such a waiver is prohibited.  You understand that your release of claims   as contained in this Agreement does not extend to any rights you may have under any laws  governing the filing of claims for COBRA, unemployment, disability insurance and/or workers’  compensation benefits.  You further understand that nothing herein shall be construed to prohibit  you from: (a) challenging the Company’s failure to comply with its promises to make payment  and provide other consideration under this Agreement; (b) asserting your right to any vested  benefits to which you are entitled pursuant to the terms of the applicable plans and/or applicable  law; (c) challenging the knowing and voluntary nature of your release of claims under the Age                                           5 

 

 Discrimination in Employment Act of 1967; and/or (d) asserting any claim that cannot lawfully be   waived by private agreement.          3.7.  Cooperation. You agree that you will reasonably cooperate with the Company , and   their respective counsel in connection with any investigation, administrative proceeding or   litigation, or in response to a reasonable request for assistance from the Company or its Affiliates,   relating to any matter that occurred during your employment in which you were involved or of   which you have knowledge.  The Company or its Affiliates will reimburse you for your reasonable   costs incurred, upon proper and timely submission of receipts with respect thereto, in accordance   with the Company’s or its Affiliates’ then-current policy, practices or procedures.  You agree that,  in the event you are subpoenaed by any person or entity (including, but not limited to, any  government agency) to provide documents or give testimony (in a deposition, court proceeding or   otherwise) or are requested by a governmental or regulatory body to provide an interview, which   in any way relates to your employment by the Company or any of its Affiliates, you will give   prompt notice of such request to General Counsel, AG US Group Services Inc., 1633 Broadway,   New York, NY 10019 (generalcounsel@agltd.com) (or his or her successor or designee) and,   unless otherwise required by law, will make no disclosure or production until the Company or its   Affiliates have had a reasonable opportunity to contest the right of the requesting person or entity   to such disclosure or production.          3.8.  Effect of Covenants.  Nothing in this Section 3 shall be construed to adversely affect   the rights that the Company would possess in the absence of the provisions of such Section.                                      SECTION 4                              RELEASE AND WAIVER          As part of this Agreement, and in consideration of the additional payments provided to you   in accordance with this Agreement, you are required to execute the First Release, in the form set   forth as Exhibit A of this Agreement, and the Second Release, in the form set forth as Exhibit B   of this Agreement, which are attached to and form a part of this Agreement.  This Agreement   (including all Exhibits to this Agreement), and the commitments and obligations of all parties   hereunder: (a) shall become final and binding immediately following the expiration of your right   to revoke the execution of the Second Release in accordance with paragraph 2(d) of the release;   (b) shall not become final and binding until the expiration of such right to revoke; and (c) shall not   become final and binding if you revoke such execution.                                      SECTION 5                                 MISCELLANEOUS          5.1.  Amendment.  This Agreement may be amended or canceled only by mutual   agreement of the parties in writing, without the consent of any other person.  So long as you live,   no person, other than the parties hereto, shall have any rights under or interest in this Agreement   or the subject matter hereof.  It is the intention of the parties that the payments and benefits to   which you could become entitled under this Agreement not be subject to accelerated recognition   of income or imposition of additional tax under Code Section 409A, and the Agreement shall be   construed in a manner that is consistent with this intent.          5.2.  Waiver of Breach.  The waiver by either you or the Company (or its Affiliates) of   a breach of any provision of this Agreement shall not operate as or be deemed a waiver of any                                          6 

 

subsequent breach by either you or the Company.  Continuation of benefits hereunder by the  Company following a breach by you of any provision of this Agreement shall not preclude the  Company from thereafter exercising any right that it may otherwise independently have to  terminate said benefits based upon the same violation.         5.3.  Effect of Breach.  You acknowledge that the Company would be irreparably injured  by your violation of Section 3, and you agree that the Company , in addition to any other remedies  available to them for such breach or threatened breach, shall be entitled to a preliminary injunction,  temporary restraining order, or other equivalent relief, restraining you from any actual or  threatened breach of Section 3.  If a bond is required to be posted in order for the Company to  secure an injunction or other equitable remedy, the parties agree that said bond need not be more  than a nominal sum. You acknowledge that each of the covenants contained in Section 3 are an  essential part of this Agreement and a condition to the Company’s agreement to provide the  payments and benefits described in Section 2. If any covenant or term of Sections 3 is determined  to be invalid or unenforceable in any instance, such determination shall not prevent the reassertion  thereof with respect of any other breach or violation. If, in any proceeding, a court (or other  tribunal) refuses to enforce the covenants contained in Sections 3 because such covenants cover  too extensive a geographic area or too long a period of time, any such covenant shall be deemed  amended to the extent (but only to the extent) required by law to permit its enforceability  hereunder.  You also agree that, if you ever challenge the validity of this Agreement, the First  Release or the Second Release or if you breach the terms of this Agreement, the First Release or  the Second Release or the terms of any applicable grant agreement pursuant to the LTIP, you will  forfeit your right to any unpaid payments pursuant to this Agreement and, if paid prior to such  breach, you agree to repay the Separation Payments to the Company together with an amount equal  to any gain received as a result of the RSU Distributions and the PSU Distributions.           5.4.  Severability.  The invalidity or unenforceability of any provision of this Agreement  will not affect the validity or enforceability of any other provision of this Agreement, and this  Agreement will be construed as if such invalid or unenforceable provision were omitted (but only  to the extent that such provision cannot be appropriately reformed or modified); provided,  however, that if one or more provisions of the First and Second Release are invalid or  unenforceable, the Company may, in its sole discretion, elect to have the entire Agreement treated  as invalid and unenforceable.         5.5.  Other Agreements.  Except as otherwise specifically provided in this Agreement,  this instrument constitutes the entire agreement between you and the Company and supersedes all  prior agreements and understandings, written or oral, including, without limitation, the  Employment Agreement and any other agreements that may have been made by and between you  and the Company or its predecessors or Affiliates; provided, however, that for the avoidance of  doubt, as noted in Section 3 of this Agreement, you agree that you remain bound by all applicable  terms of the LTIP and all award agreements for awards previously granted to you pursuant to the  LTIP.         5.6.  Governing Law.  This Agreement shall be construed in accordance with the laws  of the State of New York without regard to the conflict of law provisions of any state.         5.7.  Costs. The parties shall each bear their own costs, attorneys’ fees and other fees  incurred in connection with this Agreement and the First and Second Release.                                            7 

 

       5.8.  Exhibits, Other Documents.  Except as otherwise expressly provided in this   Agreement, or except where the context clearly requires otherwise, all references in this   Agreement to “the Agreement” or “this Agreement” shall be deemed to include references to each   of the Exhibits to this Agreement.  To the extent that the terms of this Agreement (including the   Exhibits to this Agreement) provide that your rights or obligations set forth in this Agreement   (including the Exhibits to this Agreement) are to be determined under, or are to be subject to, the   terms of any other plan or other document, this Agreement (including the Exhibits to this  Agreement) shall be deemed to incorporate by reference such plan or other document.          5.9.  Counterparts.  This Agreement may be executed in more than one counterpart, but   all of which together will constitute one and the same agreement.          If you accept the terms of this Agreement, please indicate your acceptance by signing and   returning a copy of this Agreement to the undersigned, along with a signed copy of Exhibit A (First   Release) and a signed copy of Exhibit B (Second Release) within the time period specified on or   after your Separation Date.                                        Very truly yours,                                                                                    Assured Guaranty Ltd. and its Affiliates                                                                                                                                                                              By:   /s/ Dominic Frederico___________                                             Name: Dominic Frederico                                             Its: President and Chief Executive Officer        Accepted and agreed:    Date:  December 31, 2019 _____        _/s/ Bruce Stern  ____________   Name: Bruce Stern                                                   8 

 

 Offer Date: December 31, 2019                                      EXHIBIT A                              RELEASE AND WAIVER          1.  This document is attached to, is incorporated into, and forms a part of, the separation   agreement dated December 31, 2019 (the “Agreement”) by and between Bruce Stern (the   “Executive”) and Assured Guaranty Ltd. (the “Company”).  The Executive, on behalf of himself   and the other Executive Releasors, releases and forever discharges the Company and the other   Company Releasees from any and all Claims which the Executive now has or claims, or might   hereafter have or claim (or the other Executive Releasors may have, to the extent that it is derived   from a Claim which the Executive may have), against the Company Releasees based upon or   arising out of any matter or thing whatsoever, occurring or arising on or before the date of this   Release and Waiver, including, but not limited to, Claims that arise out of or relate to the   Executive’s employment by the Company and its Affiliates as defined in the Agreement and/or   the Executive’s termination or resignation therefrom.  However, nothing in this Release and   Waiver shall constitute a release of any Claims of the Executive (or other Executive Releasors) for   a breach by the Company of the Agreement; or purport to release any claims which may not   lawfully be released.          2.  For purposes of this Release and Waiver, the terms set forth below shall have the   following meanings:    (a)   The term “Agreement” shall include the Agreement and the Exhibits thereto, and including         the plans and arrangements under which the Executive is entitled to benefits in accordance         with the Agreement and the Exhibits.   (b)   The term “Claims” shall include (except for claims for breach of the Agreement) any and        all rights, claims, demands, debts, dues, sums of money, accounts, attorneys’ fees,        complaints, judgments, executions, actions and causes of action of any nature whatsoever,        known or unknown, cognizable at law or equity, shall include claims related to pay,        commission, hours, bonuses, pension, disability, physical or mental affliction, benefits        including vacation days and payment for unused vacation, reimbursement for expenses,        terms and conditions of employment and claims of discrimination on account of age, race,        color, sex, sexual harassment, sexual orientation, marital status, disability, national origin,        citizenship, religion, or retaliation and shall include, without limitation, claims arising        under (or alleged to have arisen under) (i) the Age Discrimination in Employment Act of        1967, as amended; (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) The Civil        Rights Act of 1991; (iv) Section 1981 through 1988 of Title 42 of the United States Code,        as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi)        The Immigration Reform Control Act, as amended; (vii) The Americans with Disabilities        Act of 1990, as amended; (viii) The National Labor Relations Act, as amended; (ix) The        Fair Labor Standards Act, as amended; (x) The Occupational Safety and Health Act, as        amended; (xi) The Family and Medical Leave Act of 1993; (xii) the Sarbanes-Oxley Act;        (xiii) the federal Worker Adjustment and Retraining Notification Act and any similar state        laws; (xiv) any state antidiscrimination law; (xv) any state or local wage and hour law;        (xvi) any other local, state or federal law, regulation or ordinance; (xvii) any whistleblower                                      Exhibit A – Page 1                              

 

      law; (xviii) any public policy, contract, tort, or common law; or (xix) any allegation for        costs, fees, or other expenses including attorneys’ fees incurred in these matters.         (Executive specifically releases any claim based on any amendment to the laws referenced,        whenever such amendment was enacted, and specifically releases any claim under the Lily        Ledbetter Fair Pay Act and any new laws enacted after January 1, 2009.  Executive does       not, however, release any claim which the statute provides may not be released under any       circumstances.)   (c)   The term “Company Releasees” shall include the Company and its Affiliates, and their        officers, directors, trustees, members, representatives, agents, employees, shareholders,        partners, attorneys, assigns, administrators and fiduciaries under any employee benefit plan        of the Company and its Affiliates, and insurers, and their predecessors and successors.   (d)   The term “Executive Releasors” shall include the Executive, and his family, heirs,        executors, representatives, agents, insurers, administrators, successors, assigns, and any        other person claiming through the Executive.         3.  The following provisions are applicable to and made a part of the Agreement and this  Release and Waiver:   (a)   By this Release and Waiver, the Executive Releasors do not release or waive any right or        claim which they may have which arises after the date of execution of this Release and        Waiver.   (b)   In exchange for this Release and Waiver, the Executive hereby acknowledges that he has        received separate consideration beyond that to which he is otherwise entitled under the        Company’s policy or applicable law.   (c)   The Company hereby expressly advises the Executive to consult with an attorney of his        choosing prior to executing this Release and Waiver.   (d)   The Executive has twenty-one (21) days from the Offer Date to consider whether or not to        execute this Release and Waiver.  In the event of such execution, the Executive has a further        period of seven (7) days from the date of said execution in which to revoke said execution.         This Release and Waiver will not become effective until expiration of such revocation        period.   (e)   This Release and Waiver, and the commitments and obligations of all parties under the        Agreement:         (i)  shall become final and binding immediately following the expiration of the Executive’s        right to revoke the execution of this Release and Waiver in accordance with paragraph 2(d)        of this Exhibit A;        (ii)  shall not become final and binding until the expiration of such right to revoke; and         (iii)  shall not become final and binding if the Executive revokes such execution.                                     Exhibit A – Page 2                             

 

       4.  The Executive hereby acknowledges that he has carefully read and understands the  terms of the Agreement and this Release and Waiver and each of his rights as set forth therein.                                                                                              _____________________________                                                     Bruce Stern                                                                                           Date: _______________________                       [Signature page to Exhibit A: Executive Release and Waiver]                                      Exhibit A – Page 3                              

 

                                   EXHIBIT B                              RELEASE AND WAIVER          1.  This document is attached to, is incorporated into, and forms a part of, the separation   agreement dated December 31, 2019 (the “Agreement”) by and between Bruce Stern (the   “Executive”) and Assured Guaranty Ltd. (the “Company”).  The Executive, on behalf of himself   and the other Executive Releasors, releases and forever discharges the Company and the other   Company Releasees from any and all Claims which the Executive now has or claims, or might   hereafter have or claim (or the other Executive Releasors may have, to the extent that it is derived   from a Claim which the Executive may have), against the Company Releasees based upon or   arising out of any matter or thing whatsoever, occurring or arising on or before the date of this   Release and Waiver, including, but not limited to, Claims that arise out of or relate to the   Executive’s employment by the Company and its Affiliates as defined in the Agreement and/or   the Executive’s termination or resignation therefrom.  However, nothing in this Release and   Waiver shall constitute a release of any Claims of the Executive (or other Executive Releasors) for   a breach by the Company of the Agreement; or purport to release any claims which may not   lawfully be released.          2.  For purposes of this Release and Waiver, the terms set forth below shall have the   following meanings:    (a)   The term “Agreement” shall include the Agreement and the Exhibits thereto, and including         the plans and arrangements under which the Executive is entitled to benefits in accordance         with the Agreement and the Exhibits.   (b)   The term “Claims” shall include (except for claims for breach of the Agreement) any and        all rights, claims, demands, debts, dues, sums of money, accounts, attorneys’ fees,        complaints, judgments, executions, actions and causes of action of any nature whatsoever,        known or unknown, cognizable at law or equity, shall include claims related to pay,        commission, hours, bonuses, pension, disability, physical or mental affliction, benefits        including vacation days and payment for unused vacation, reimbursement for expenses,        terms and conditions of employment and claims of discrimination on account of age, race,        color, sex, sexual harassment, sexual orientation, marital status, disability, national origin,        citizenship, religion, or retaliation and shall include, without limitation, claims arising        under (or alleged to have arisen under) (i) the Age Discrimination in Employment Act of        1967, as amended; (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) The Civil        Rights Act of 1991; (iv) Section 1981 through 1988 of Title 42 of the United States Code,        as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi)        The Immigration Reform Control Act, as amended; (vii) The Americans with Disabilities        Act of 1990, as amended; (viii) The National Labor Relations Act, as amended; (ix) The        Fair Labor Standards Act, as amended; (x) The Occupational Safety and Health Act, as        amended; (xi) The Family and Medical Leave Act of 1993; (xii) the Sarbanes-Oxley Act;        (xiii) the federal Worker Adjustment and Retraining Notification Act and any similar state        laws; (xiv) any state antidiscrimination law; (xv) any state or local wage and hour law;        (xvi) any other local, state or federal law, regulation or ordinance; (xvii) any whistleblower        law; (xviii) any public policy, contract, tort, or common law; or (xix) any allegation for        costs, fees, or other expenses including attorneys’ fees incurred in these matters.                                       Exhibit B – Page 1                              

 

       (Executive specifically releases any claim based on any amendment to the laws referenced,         whenever such amendment was enacted, and specifically releases any claim under the Lily         Ledbetter Fair Pay Act and any new laws enacted after January 1, 2009.  Executive does        not, however, release any claim which the statute provides may not be released under any        circumstances.)    (c)   The term “Company Releasees” shall include the Company and its Affiliates, and their         officers, directors, trustees, members, representatives, agents, employees, shareholders,         partners, attorneys, assigns, administrators and fiduciaries under any employee benefit plan         of the Company and its Affiliates, and insurers, and their predecessors and successors.    (d)   The term “Executive Releasors” shall include the Executive, and his family, heirs,         executors, representatives, agents, insurers, administrators, successors, assigns, and any         other person claiming through the Executive.          3.  The following provisions are applicable to and made a part of the Agreement and this   Release and Waiver:    (a)   By this Release and Waiver, the Executive Releasors do not release or waive any right or         claim which they may have which arises after the date of execution of this Release and         Waiver.    (b)   In exchange for this Release and Waiver, the Executive hereby acknowledges that he has         received separate consideration beyond that to which he is otherwise entitled under the         Company’s policy or applicable law.    (c)   The Company hereby expressly advises the Executive to consult with an attorney of his         choosing prior to executing this Release and Waiver.    (d)   The Executive has had at least twenty-one (21) days from the Offer Date to consider        whether or not to execute this Release and Waiver.  In the event of such execution, the        Executive has a further period of seven (7) days from the date of said execution in which        to revoke said execution.  This Release and Waiver will not become effective until        expiration of such revocation period.   (e)   This Release and Waiver, and the commitments and obligations of all parties under the        Agreement:         (i)  shall become final and binding immediately following the expiration of the Executive’s        right to revoke the execution of this Release and Waiver in accordance with paragraph 2(d)        of this Exhibit B;         (ii)  shall not become final and binding until the expiration of such right to revoke; and         (iii)  shall not become final and binding if the Executive revokes such execution.                                       Exhibit B – Page 2                              

 

      4.  The Executive hereby acknowledges that he has carefully read and understands the  terms of the Agreement and this Release and Waiver and each of his rights as set forth therein.                                                                                           _____________________________                                                    Bruce Stern                                                                                         Date: _______________________                                                                                                                                                                                          [Signature page to Exhibit B: Executive Release and Waiver]                                     Exhibit B – Page 3                             

 

                                                        EXHIBIT C                             TREATMENT OF OUTSTANDING GRANTS UNDER LTIP                                                                       Type of        Base Amount         Payment/Vesting Date                                 Comments*  Compensation  2018 RSU Grant     11,442 units     Distribution of shares in          Cash payment for dividend equivalents, if any, following                                      February 2021                      distribution.  Distribution of shares in settlement of                                                                         RSUs subject to your compliance with terms of this                                                                         Agreement and the terms of the grant agreement.    2019 RSU Grant     6,983 units      Distribution of shares in          Cash payment for dividend equivalents, if any, following                                      February 2022                      distribution.  Distribution of shares in settlement of                                                                         RSUs subject to your compliance with terms of this                                                                         Agreement and the terms of the grant agreement.  2018 PSU Grant     11,442 units     Distribution of shares in          Cash payment for dividend equivalents, if any, following                                      February 2021.  Total number of    distribution.  Distribution of shares in settlement of                                      shares to be distributed equal to  PSUs subject to your compliance with terms of this                                      number of PSUs multiplied by       Agreement and the terms of the grant agreement.                                       the Performance Percentage         Actual amount to be paid depends on actual performance                                      multiplied by the Pro-Rata         through performance period.  Units may vest up to 200%                                      Fraction.  Pro-Rata Fraction       depending on actual performance as determined by                                      shall equal 799/1095 if            Compensation Committee prior to distribution date.                                      Separation Date is 5/1/20.    2019 TSR PSU       5,237 units      Distribution of shares in          Cash payment for dividend equivalents, if any, following  Grant                               February 2022.  Total number       distribution.  Distribution of shares in settlement of                                      of shares to be distributed equal  PSUs subject to your compliance with terms of this                                      to number of PSUs multiplied       Agreement and the terms of the grant agreement.                                      by the Performance Percentage      Actual amount to be paid depends on actual performance                                      multiplied by the Pro-Rata         through performance period.  Units may vest up to 250%                                      Fraction.  Pro-Rata Fraction       depending on actual performance as determined by                                      shall equal 428/1095 if            Compensation Committee prior to distribution date.                                      Separation Date is 5/1/20.    2019 Growth in     5,237 units      Distribution of shares in          Cash payment for dividend equivalents, if any, following  ABV PSU Grant                       February 2022.  Total number       distribution.  Distribution of shares in settlement of                                      of shares to be distributed equal  PSUs subject to your compliance with terms of this                                      to number of PSUs multiplied       Agreement and the terms of the grant agreement.                                        by the Performance Percentage      Actual amount to be paid depends on actual performance                                      multiplied by the Pro-Rata         through performance period.  Units may vest up to 200%                                      Fraction.  Pro-Rata Fraction       depending on actual performance as determined by                                      shall equal 428/1095 if            Compensation Committee prior to distribution date.                                      Separation Date is 5/1/20.                                                                                                                                                                                                 Exhibit B – Page 1Exhibit
4.1

 

FORM OF
INDENTURE

 

CATCHMARK
TIMBER TRUST, INC.

as the Company

 

 

as
Trustee

 

Dated
as of __________, 20___

 

     
 

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1         Definitions	1
	Section 1.2         Other Definitions	3
	Section 1.3         Incorporation by Reference of Trust Indenture Act	4
	Section 1.4         Rules of Construction	4
	ARTICLE II THE SECURITIES	4
	Section 2.1         Issuable in Series	4
	Section 2.2         Establishment of Terms of Series of Securities	4
	Section 2.3         Execution and Authentication	6
	Section 2.4         Registrar and Paying Agent	7
	Section 2.5         Paying Agent to Hold Money in Trust	8
	Section 2.6         Securityholder Lists	8
	Section 2.7         Transfer and Exchange	8
	Section 2.8         Mutilated, Destroyed, Lost and Stolen Securities	8
	Section 2.9         Outstanding Securities	9
	Section 2.10       Treasury Securities	9
	Section 2.11       Temporary Securities	9
	Section 2.12       Cancellation	10
	Section 2.13       Defaulted Interest	10
	Section 2.14       Global Securities	10
	Section 2.15       CUSIP Numbers	11
	ARTICLE III REDEMPTION	11
	Section 3.1         Notice to Trustee	11
	Section 3.2         Selection of Securities to be Redeemed	11
	Section 3.3         Notice of Redemption	11
	Section 3.4         Effect of Notice of Redemption	12
	Section 3.5         Deposit of Redemption Price	12
	Section 3.6         Securities Redeemed in Part	12
	ARTICLE IV COVENANTS	13
	Section 4.1         Payment of Principal and Interest	13
	Section 4.2         SEC Reports	13
	Section 4.3         Compliance Certificate	13
	Section 4.4         Stay, Extension and Usury Laws	13
	ARTICLE V SUCCESSORS	14
	Section 5.1         When Company May Merge, Etc.	14
	Section 5.2         Successor Corporation Substituted	14
	ARTICLE VI DEFAULTS AND REMEDIES	14
	Section 6.1          Events of Default	14
	Section 6.2         Acceleration of Maturity; Rescission and Annulment	15
	Section 6.3         Collection of Indebtedness and Suits for Enforcement by Trustee	16
	Section 6.4         Trustee May File Proofs of Claim	16
	Section 6.5         Trustee May Enforce Claims Without Possession of Securities	17
	Section 6.6         Application of Money Collected	17
	Section 6.7         Limitation on Suits	17
	Section 6.8         Unconditional Right of Holders to Receive Principal and Interest	18
	Section 6.9         Restoration of Rights and Remedies	18
	Section 6.10       Rights and Remedies Cumulative	18
	Section 6.11       Delay or Omission Not Waiver	18
	Section 6.12       Control by Holders	19
	Section 6.13       Waiver of Past Defaults	19
	Section 6.14       Undertaking for Costs	19

 

    i

     

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE VII TRUSTEE	19
	Section 7.1         Duties of Trustee	19
	Section 7.2         Rights of Trustee	20
	Section 7.3         Individual Rights of Trustee	21
	Section 7.4         Trustee’s Disclaimer	21
	Section 7.5         Notice of Defaults	22
	Section 7.6         Reports by Trustee to Holders	22
	Section 7.7         Compensation and Indemnity	22
	Section 7.8         Replacement of Trustee	23
	Section 7.9         Successor Trustee by Merger, Etc.	23
	Section 7.10       Eligibility; Disqualification	23
	Section 7.11       Preferential Collection of Claims Against Company	23
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	24
	Section 8.1         Satisfaction and Discharge of Indenture	24
	Section 8.2         Application of Trust Funds; Indemnification	25
	Section 8.3         Legal Defeasance of Securities of any Series	25
	Section 8.4         Covenant Defeasance	26
	Section 8.5         Repayment to Company	27
	Section 8.6         Reinstatement	27
	ARTICLE IX AMENDMENTS AND WAIVERS	28
	Section 9.1         Without Consent of Holders	28
	Section 9.2         With Consent of Holders	28
	Section 9.3          Limitations	29
	Section 9.4         Compliance with Trust Indenture Act	29
	Section 9.5         Revocation and Effect of Consents	29
	Section 9.6         Notation on or Exchange of Securities	30
	Section 9.7         Trustee Protected	30
	ARTICLE X MISCELLANEOUS	30
	Section 10.1      Trust Indenture Act Controls	30
	Section 10.2       Notices	30
	Section 10.3       Communication by Holders with Other Holders	31
	Section 10.4       Certificate and Opinion as to Conditions Precedent	31
	Section 10.5       Statements Required in Certificate or Opinion	31
	Section 10.6       Rules by Trustee and Agents	32
	Section 10.7       Legal Holidays	32
	Section 10.8       No Recourse Against Others	32
	Section 10.9       Counterparts	32
	Section 10.10     Governing Law	32
	Section 10.11     No Adverse Interpretation of Other Agreements	33
	Section 10.12     Successors	33
	Section 10.13     Severability	33
	Section 10.14     Headings, Etc.	33
	Section 10.15     Securities in a Foreign Currency	33
	Section 10.16     Judgment Currency	34
	Section 10.17     Force Majeure	34
	Section 10.18     U.S.A. Patriot Act	34
	ARTICLE XI SINKING FUNDS	34
	Section 11.1       Applicability of Article	34
	Section 11.2       Satisfaction of Sinking Fund Payments with Securities	35
	Section 11.3       Redemption of Securities for Sinking Fund	35
	ARTICLE XII GUARANTEE	35
	Section 12.1       Guarantees	35

 

    ii

     

    

 

 

 

CATCHMARK TIMBER TRUST, INC.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of _________, 20___

 

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

 

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

 

    iii

     

    

 

Indenture dated as
of ____________, 20____ between CatchMark Timber Trust, Inc., a Maryland corporation (the “Company”), and __________________
as trustee (the “Trustee”).

 

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

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

		Section	1.1                
Definitions.

 

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

 

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

 

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

 

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

 

“Business Day”
means unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular
Series, any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any payment,
the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Capital Stock”
means (a) in the case of a corporation, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock, including each class of common stock and preferred stock of such person and (b) in the case of a partnership
or limited liability company, partnership or membership interests (whether general or limited).

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor. “Company Order”
means a written order signed in the name of the Company by an Officer.

 

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

 

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

 

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

 

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

 

“Dollars”
and “$” means the currency of The United States of America. “Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

    4

     

    

 

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

 

“Foreign Government
Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations
of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“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 as of the date of determination.

 

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

 

“Guarantee”
means the guarantee by any guarantor of the obligations under this Indenture.

 

“Guarantor”
means each person that provides a Guarantee of any Series of Securities as a guarantor and its respective successors and assigns.

 

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

 

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

 

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

 

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

 

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

 

“Officer’s
Certificate” means a certificate signed by any Officer.

 

“Opinion of Counsel”
means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the
Company. The opinion may contain customary limitations, conditions and exceptions.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this
Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter
is referred because of his or her knowledge of and familiarity with a particular subject.

 

    2

     

    

 

“SEC” means
the Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

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

 

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

 

“U.S. Government
Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for the payment
of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and
shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government
Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for
the account of the holder of a depositary 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 depositary receipt from any amount received by the custodian in
respect of the U.S. Government Obligation evidenced by such depositary receipt.

 

		Section	1.2                
Other Definitions.

 

 

	Term	 	Defined in Section
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Guarantee”	 	12.1(b)
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“Market Exchange Rate”	 	10.15
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“Specified Courts”	 	10.10
	“successor person”	 	5.1

 

    3

     

    

 

		Section	1.3                
Incorporation by Reference of Trust Indenture Act.

 

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

 

“Commission”
means the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Securityholder.

 

“indenture to
be qualified” means this Indenture.

 

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

 

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

 

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

 

		Section	1.4                
Rules of Construction.

 

Unless the context
otherwise requires:

 

a term has the meaning
assigned to it;

 

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

 

“or” is
not exclusive;

 

words in the singular
include the plural, and in the plural include the singular; and

 

provisions apply to
successive events and transactions.

 

ARTICLE II

THE SECURITIES

 

		Section	2.1                
Issuable in Series.

 

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

 

		Section	2.2                
Establishment of Terms of Series of Securities.

 

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

 

    4

     

    

 

2.2.1          the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including
the terms of any subordination provisions) of the Series;

 

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

 

2.2.3         
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.2.11       
the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

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

 

2.2.13       
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such
currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite
currency;

 

    5

     

    

 

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

 

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

 

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

 

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

 

2.2.18       
any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable
pursuant to Section 6.2;

 

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

 

2.2.20       
any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein;

 

2.2.21       
the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the
conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory,
at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price
or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed;

 

2.2.22       
any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies
to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the
marketing of Securities of that Series; and

 

2.2.23       
whether the Securities of such Series are entitled to the benefits of any Guarantee and, if so, the identity of the Guarantor
or Guarantors and the terms and provisions applicable to any such Guarantee.

 

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

 

		Section	2.3                
Execution and Authentication.

 

Any Officer shall sign
the Securities for the Company by manual, facsimile or electronic mail in “portable document format” signature.

 

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

 

A Security shall not
be valid until authenticated by the manual, facsimile or electronic mail in “portable document format” signature of
the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under
this Indenture.

 

    6

     

    

 

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

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section
2.2, except as provided in Section 2.8.

 

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

 

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

 

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

 

		Section	2.4                
Registrar and Paying Agent.

 

The Company shall maintain,
with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2,
an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where
Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices
and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice
Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.
The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying
Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as
its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment
of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive
the service of legal process on the Company.

 

The Company may also
from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to
time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company
of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for
Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent.
The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying
agent; and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates may serve
as Registrar or Paying Agent.

 

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

 

    7

     

    

 

		Section	2.5                
Paying Agent to Hold Money in Trust.

 

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

 

		Section	2.6                
Securityholder Lists.

 

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

 

		Section	2.7                
Transfer and Exchange.

 

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

 

Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

		Section	2.8                
Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

		Section	2.9                
Outstanding Securities.

 

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

 

If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser.

 

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

 

The Company may purchase
or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not
cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

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

 

		Section	2.10             
Treasury Securities.

 

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

 

		Section	2.11             
Temporary Securities.

 

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

 

    9

     

    

 

 

	Section	2.12       
Cancellation.

 

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

 

	Section	2.13       
Defaulted Interest.

 

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

 

	Section	2.14      
Global Securities.

 

2.14.1       
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary
for such Global Security or Securities.

 

2.14.2       
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names
of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary notifies the Company that it
is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as
a clearing agency under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an
Officer’s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable
pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct
in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided
in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global
Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

2.14.3       
Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

2.14.4       
“This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered
in the name of the Depositary or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name
of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and may not
be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a
successor Depositary.” Acts of Holders. The Depositary, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other
action which a Holder is entitled to give or take under the Indenture.

 

    10

     

    

 

2.14.5       
Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section
2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6       
Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such
principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement
of the Depositary or by the applicable procedures of the Depositary with respect to such Global Security, for purposes of obtaining
any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

		Section	2.15       
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 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 elements of identification printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers.

 

ARTICLE III

REDEMPTION

 

		Section	3.1         
Notice to Trustee.

 

The Company may, with
respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee
in writing of the redemption date and the principal amount of the Series of Securities to be redeemed. The Company shall give the
notice at least 15 days before the redemption date (or such shorter period as may be acceptable to the Trustee).

 

		Section	3.2        
Selection of Securities to be Redeemed.

 

Unless otherwise indicated
for a particular Series by a Board Resolution, supplemental indenture hereto or an Officer’s Certificate, if less than all
the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if
the Securities are in the form of Global Securities, in accordance with the applicable rules and procedures of the Depositary,
(b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national
securities exchange, if any, on which the Securities are listed, or (c) if not otherwise provided for under clause (a) or (b) in
the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law . The
Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption. Portions
of the principal of Securities of the Series that have denominations larger than $1,000 may be selected for redemption. Securities
of the Series and portions of them selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with
respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination
for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series
called for redemption also apply to portions of Securities of that Series called for redemption.

 

		Section	3.3         
Notice of Redemption.

 

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

 

    11

     

    

 

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

 

		(a)	the redemption date;

 

		(b)	the redemption price;

 

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

 

		(d)	if any Securities are being redeemed in part, the portion of the principal amount of such Securities
to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal
amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation
of the original Security;

 

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

 

		(f)	that interest on Securities of the Series called for redemption ceases to accrue on and after the
redemption date unless the Company defaults in the deposit of the redemption price;

 

		(g)	the CUSIP number, if any; and

 

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

 

At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, however, that
the Company has delivered to the Trustee, at least five days (unless a shorter time shall be acceptable to the Trustee) prior to
the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice.

 

		Section	3.4         
Effect of Notice of Redemption.

 

Once notice of redemption
is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date
and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid
at the redemption price plus accrued interest to the redemption date.

 

		Section	3.5         
Deposit of Redemption Price.

 

On or before 11:00
a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

		Section	3.6         
Securities Redeemed in Part.

 

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

 

    12

     

    

 

ARTICLE IV

COVENANTS

 

		Section	4.1         
Payment of Principal and Interest.

 

The Company covenants
and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and
interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before
11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient
to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities
and this Indenture.

 

		Section	4.2        
SEC Reports.

 

The Company shall,
so long as any Securities of a Series are outstanding, deliver to the Trustee within 15 days after it files them with the SEC 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 SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or
15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA Section 314(a). Reports, information
and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing
via EDGAR for purposes of this Section 4.2.

 

Delivery of reports,
information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt
of the foregoing shall not constitute constructive or actual 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 Officer’s Certificates).

 

		Section	4.3         
Compliance Certificate.

 

The Company and each
Guarantor, if any, (to the extent that such Guarantor is so required under the TIA) shall, so long as any Securities of a Series
are outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate
stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed
and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the
best of such Officer’s knowledge the Company and any Guarantor has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and
conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default
of which such Officer may have knowledge).

 

		Section	4.4        
Stay, Extension and Usury Laws.

 

The Company covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture or the Securities and the Company (to the extent it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law,
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 has been enacted.

 

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ARTICLE V

SUCCESSORS

 

		Section	5.1         
When Company May Merge, Etc.

 

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

 

		(a)	the Company is the surviving entity or the successor person (if other than the Company) is a corporation,
partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly
assumes the Company’s obligations on the Securities and under this Indenture;

 

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

 

		(c)	if the Company is not the successor person, then each Guarantor, if any, unless it has become the
successor person, shall confirm that its Guarantee shall continue to apply to the obligations under the Securities and this Indenture
to the same extent as prior to such merger, conveyance, transfer or lease, as applicable.

 

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

 

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

 

		Section	5.2         
Successor Corporation Substituted.

 

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

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

		Section	6.1         
Events of Default.

 

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

 

		(a)	default in the payment of any interest on any Security of that Series when it becomes due and payable,
and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with
the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or

 

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

 

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		(c)	default in the performance or breach of any covenant or warranty of the Company in this Indenture
(other than defaults pursuant to paragraph (a) or (b) above or pursuant to a covenant or warranty that has been included in this
Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period
of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of not less than a majority 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

 

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

 

		(i)	commences a voluntary case,

 

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

 

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

 

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

 

		(v)	generally is unable to pay its debts as the same become due; or

 

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

 

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

 

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

 

		(iii)	orders the liquidation of the Company, and the order or decree remains unstayed and in effect for
60 days; or

 

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

 

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

 

The Company will provide
the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default
or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action
the Company is taking or proposes to take in respect thereof.

 

		Section	6.2         
Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default
with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred
to in Section 6.1(d) or (e)), then in every such case the Trustee or the Holders of not less than a majority in principal amount
of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount
Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid
interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued
and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e)
shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities
shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder.

 

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

 

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

 

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

 

The Company covenants
that if:

 

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

 

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

 

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

 

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

 

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

 

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

 

		Section	6.4         
Trustee May File Proofs of Claim.

 

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

 

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

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

		Section	6.5         
Trustee May Enforce Claims Without Possession of Securities.

 

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

 

		Section	6.6         
Application of Money Collected.

 

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 or property on account of principal or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First: To the payment
of all amounts due the Trustee under Section 7.7; and

 

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

 

Third: To the Company
or the Guarantors, if any, as applicable.

 

		Section	6.7         
Limitation on Suits.

 

No Holder of any Security
of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

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

 

		(b)	the Holders of at least a majority 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;

 

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

 

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

 

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

 

it being understood, intended and expressly
covenanted by the Holder of every Security with every other Holder and the Trustee 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 of the applicable Series.

 

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

 

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

 

		Section	6.9         
Restoration of Rights and Remedies.

 

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

 

		Section	6.10       
Rights and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of
any other appropriate right or remedy.

 

		Section	6.11      
Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

 

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		Section	6.12       
Control by Holders.

 

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

 

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

 

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

 

		(c)	subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow
any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so
directed would involve the Trustee in personal liability, and

 

		(d)	prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to
indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction.

 

		Section	6.13       
Waiver of Past Defaults.

 

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

 

		Section	6.14      
Undertaking for Costs.

 

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

 

ARTICLE VII

TRUSTEE

 

		Section	7.1         
Duties of Trustee.

 

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

 

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

 

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

 

		(ii)	In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel
furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s
Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the
form requirements of this Indenture.

 

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

 

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

 

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

 

		(iii)	The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken
by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect
to the Securities of such Series in accordance with Section 6.12.

 

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

 

		(e)	The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity
reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty
or exercising such right or power.

 

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

 

		(g)	No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur
any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate
indemnity against such risk is not assured to the Trustee to its reasonable satisfaction.

 

		(h)	The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections
and immunities as are set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.

 

		Section	7.2         
Rights of Trustee.

 

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

 

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		(b)	Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate.
The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate.

 

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

 

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

 

		(e)	The Trustee may consult with counsel 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 without willful
misconduct or negligence, and in reliance thereon.

 

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

 

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

 

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

 

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

 

		Section	7.3         
Individual Rights of Trustee.

 

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

 

		Section	7.4         
Trustee’s Disclaimer.

 

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

 

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		Section	7.5          
Notice of Defaults.

 

If a Default or Event
of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of
the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default
within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event
of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series,
the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

		Section	7.6         
Reports by Trustee to Holders.

 

Within 60 days after
each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses
appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the
extent required under, TIA Section 313.

 

A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on
which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any
Series are listed on any national securities exchange.

 

		Section	7.7          
Compensation and Indemnity.

 

The Company shall pay
to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree upon
in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall
include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify
each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any cost, expense or liability,
including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as
set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve
the Company of its obligations under this Section 7.7 except to the extent that the Company suffers actual prejudice as a result
of such failure. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate
counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.

 

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

 

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

 

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

 

The provisions of this
Section shall survive the termination of this Indenture.

 

    22

     

    

 

 

		Section	7.8          
Replacement of Trustee.

 

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

 

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

 

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

 

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

 

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

 

		(d)	the Trustee becomes incapable of acting.

 

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

 

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

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring
Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.
A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement
of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit
of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance
with its rights, powers and duties under this Indenture prior to such replacement.

 

		Section	7.9          
Successor Trustee by Merger, Etc.

 

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

 

		Section	7.10       
Eligibility; Disqualification.

 

This Indenture shall
always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined
capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall
comply with TIA Section 310(b).

 

		Section	7.11        
Preferential Collection of Claims Against Company.

 

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

 

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ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

		Section	8.1          
Satisfaction and Discharge of Indenture.

 

This Indenture shall
upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities
of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute
instruments acknowledging satisfaction and discharge of this Indenture, when

 

		(a)	either

 

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

 

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

 

		(1)	have become due and payable by reason of sending a notice of redemption or otherwise, or

 

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

 

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

 

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

 

and the Company, in the case of (1), (2)
or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of
money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment
of principal (including mandatory sinking fund or analogous payments, if any) of and interest on all the Securities of such Series
on the dates such installments of principal or interest are due;

 

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

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

If the Company exercises
the satisfaction and discharge provisions in compliance with this Indenture with respect to Securities of a particular Series that
are entitled to the benefit of a Guarantee of any Guarantor, such Guarantee will terminate with respect to that Series of Securities.

 

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		Section	8.2          
Application of Trust Funds; Indemnification.

 

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

 

		(b)	The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 8.1, 8.3 or
8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 

		(c)	The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government
Obligations or Foreign Government Obligations or money held by it as provided in Section 8.1, 8.3 or 8.4 which, in the opinion
of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification
thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited
for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.
This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations
held under this Indenture.

 

		Section	8.3          
Legal Defeasance of Securities of any Series.

 

Unless this Section
8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date
of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect and any Guarantee will terminate with respect to that Series of Securities
(and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the
same), except as to:

 

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

 

		(b)	the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and

 

		(c)	the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations
in connection therewith; provided that, the following conditions shall have been satisfied:

 

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

 

    25

     

    

 

		(e)	such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other
indebtedness of the Company or any Subsidiary) and the granting of liens to secure such borrowings);

 

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

 

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

 

		(h)	the Company shall have delivered to the Trustee an Officer’s Certificate stating that the
deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the
Company; and

 

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

 

		Section	8.4         
Covenant Defeasance.

 

Unless this Section
8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply
with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1
and, unless otherwise specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities
or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such
covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence
of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate
delivered pursuant to Section 2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder,
with respect to the Securities of such Series, but except as specified above, the remainder of this Indenture and such Securities
will be unaffected thereby; provided that the following conditions shall have been satisfied:

 

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

 

    26

     

    

 

		(b)	such deposit will not result in a breach or violation of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit related to other
indebtedness of the Company or any Subsidiary) and the granting of liens to secure such borrowings);

 

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

 

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

 

		(e)	the Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;
and

 

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

 

		Section	8.5         
Repayment to Company.

 

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

 

		Section	8.6          
Reinstatement.

 

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

 

    27

     

    

 

ARTICLE IX

AMENDMENTS AND WAIVERS

 

		Section	9.1         
Without Consent of Holders.

 

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

 

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

 

		(b)	to comply with Article V;

 

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

 

		(d)	to surrender any of the Company’s rights or powers under this Indenture;

 

		(e)	to add covenants or events of default for the benefit of the holders of Securities of any Series;

 

		(f)	to comply with the applicable procedures of the applicable depositary;

 

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

 

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

 

		(i)	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;

 

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

 

		(k)	to add Guarantees with respect to any or all of the Securities or to secure any or all of the Securities
or the Guarantees.

 

		Section	9.2         
With Consent of Holders.

 

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

 

    28

     

    

 

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

 

		Section	9.3         
Limitations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(i)	if the Securities of that Series are entitled to the benefit of a Guarantee, release any Guarantor
of such Series other than as provided in this Indenture or modify such Guarantee in any manner adverse to the Holders.

 

		Section	9.4         
Compliance with Trust Indenture Act.

 

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

 

		Section	9.5         
Revocation and Effect of Consents.

 

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

 

    29

     

    

 

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

 

The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take
any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the second immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated
proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any
such action, whether or not such persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 120 days after such record date.

 

		Section	9.6          
Notation on or Exchange of Securities.

 

The Company or the
Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.
The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order
in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.

 

		Section	9.7          
Trustee Protected.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying
upon, an Officer’s Certificate or an Opinion of Counsel complying with Section 10.4. The Trustee shall sign all supplemental
indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel, except that the Trustee need not sign any
supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture.

 

ARTICLE X

MISCELLANEOUS

 

		Section	10.1       
Trust Indenture Act Controls.

 

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

 

		Section	10.2       
Notices.

 

Any notice or communication
by the Company, any Guarantor or the Trustee to the other, or by a Holder to the Company, any Guarantor or the Trustee, is duly
given if in writing and delivered in person or mailed by first-class mail (registered or certificated, return receipt requested),
email or overnight air courier guaranteeing next day delivery, to the others’ address:

 

if to the Company or any Guarantor:

 

CatchMark Timber Trust, Inc.

5 Concourse Parkway, Suite 2650

Atlanta, Georgia 30328

Attention: Ursula A. Godoy-Arbelaez, Chief Financial
Officer, Senior Vice President and Treasurer

E-mail: ursula.godoy@catchmark.com

 

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with a copy to:

 

Alston & Bird LLP

1201 Peachtree Street

Atlanta, Georgia 30309

Attention: Rosemarie A. Thurston and Michael Kessler

E-mail: rosemarie.thurston@alston.com and
michael.kessler@alston.com

 

if to the Trustee:

 

____________________________

____________________________

____________________________

 

 

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

 

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

 

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

 

If the Company or any
Guarantor sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any
other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given
to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

		Section	10.3       
Communication by Holders with Other Holders.

 

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

 

		Section	10.4       
Certificate and Opinion as to Conditions Precedent.

 

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

 

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

 

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

 

		Section	10.5       
Statements Required in Certificate or Opinion.

 

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

 

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

 

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

 

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

 

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

 

		Section	10.6       
Rules by Trustee and Agents.

 

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

 

		Section	10.7       
Legal Holidays.

 

Unless otherwise provided
by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

		Section	10.8       
No Recourse Against Others.

 

A director, officer,
employee or stockholder (past, present or future), as such, of the Company, any Guarantor or the Trustee (other than a stockholder,
partner or other owner which itself is the Company or a Guarantor of the Securities), as such, shall not have any liability for
any obligations of the Company under the Securities or for any obligations of the Company, any Guarantor or the Trustee under this
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting
a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

		Section	10.9       
Counterparts.

 

This Indenture may
be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one and the same agreement. 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	10.10     
Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

THIS INDENTURE AND
THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

 

THE COMPANY, THE TRUSTEE
AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, 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 SECURITIES OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

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Any legal suit, action
or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal
courts of the United States of America located in the City of New York or the courts of the State of New York in each case located
in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail
(to the extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective
service of process for any suit, action or other proceeding brought in any such court. The Company, the Guarantors, if any, the
Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection
to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive
and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.

 

		Section	10.11     
No Adverse Interpretation of Other Agreements.

 

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

 

		Section	10.12    
Successors.

 

All agreements of the
Company and the Guarantors, if any, in this Indenture and the Securities shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successor.

 

		Section	10.13    
Severability.

 

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

 

		Section	10.14    
Headings, Etc.

 

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

 

		Section	10.15     
Securities in a Foreign Currency.

 

Unless otherwise specified
in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this
Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular
action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more
than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose
of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance
of any particular Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities,
such conversion shall be at the spot rate for the purchase of the designated currency as published in The Financial Times in the
 “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available
in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. The provisions
of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in
currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations
provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive
for all purposes and irrevocably binding upon the Trustee and all Holders.

 

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		Section	10.16      
Judgment Currency.

 

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

 

		Section	10.17      
 Force Majeure.

 

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

 

		Section	10.18      
U.S.A. Patriot Act.

 

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

 

ARTICLE XI

SINKING FUNDS

 

		Section	11.1        
Applicability of Article.

 

The provisions of this
Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of
such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued
pursuant to this Indenture.

 

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

 

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		Section	11.2        
Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to
the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either
at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund)
or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee,
together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee
begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified
in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the
principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than
$100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such
action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking
fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order
pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company
to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment
required to be released to the Company.

 

		Section	11.3        
Redemption of Securities for Sinking Fund.

 

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

 

ARTICLE XII

GUARANTEE

 

		Section	12.1        
Guarantees.

 

Any series of Securities
may be guaranteed by one or more Guarantors. The terms and the form of any such Guarantee will be established in the manner contemplated
by Section 2.2 for that particular series of Securities.

 

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

 

	 	CATCHMARK TIMBER TRUST, INC.
	 	 	 
	 	By:	           
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	[TRUSTEE]
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

[SIGNATURE PAGE TO INDENTURE]

 

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