Document:

conversion
agreement 

 

SUBORDINATED
CONVERTIBLE PROMISSORY NOTES

 

This Conversion Agreement (this “Agreement”)
is entered into as of June 12, 2012 by and between CNS Response, Inc., a Delaware corporation (the “Company”) and the
undersigned (“Holders”), as the holders of subordinated convertible promissory notes (collectively, the “Notes”
and each, a “Note”) in the aggregate principal amount set forth opposite each such holder's name below, and of the
related warrants (collectively, the “Warrants” and each, a “Warrant”) to purchase the number of shares
of common stock, par value $0.001 per share (the “Common Stock”), set forth opposite each such holder’s name.

 

WHEREAS, the Company entered into an Amended
and Restated Note and Warrant Purchase Agreement dated as of November 11, 2011 (the “Original Agreement”) with the
Holders in respect of the Notes and Warrants.

 

WHEREAS, the Notes contain certain provisions
permitting each Holders to choose to convert or redeem their Note(s) upon the consummation of a public offering in which the Company
planned to issue securities yielding gross proceeds of at least $10 million.

 

WHEREAS, the Company effected a reverse
stock split (“Reverse Split”) of the Common Stock on April 2, 2012 at 5:00 pm Pacific Time, as a result of which the
Conversion Price, as defined in the Notes, was adjusted to $3.00, the exercise price of the Warrants was adjusted to $3.00 per
share, and the number of shares issuable upon exercise of the Warrants was proportionately reduced.

 

WHEREAS, the Company subsequently entered
into a Conversion Agreement, dated as of May 4, 2012 (the “May Agreement”) with certain Holders in connection with
a proposed public offering in which the Company planned to issue securities yielding gross proceeds of at least $5 million.

 

WHEREAS, the Company wishes to issue securities,
which will include Common Stock and warrants to purchase Common Stock (the “Offered Warrants”), in a public offering
at a per share price to be determined by the Company (the “Per Share Offering Price”), with such offering to yield
gross proceeds to the Company of at least $3 million (the “Qualified Offering”).

 

WHEREAS, pursuant to Section 9 of the Notes,
the Company will not, (i) without the written consent of Holders of a majority in outstanding principal amount of Notes (the “Majority
Holders”), amend, waive or modify any provision of the Notes other than Sections 6(a)(ii), 6(c)(iii) and the proviso in the
definition of “Conversion Price” in Section 6(b) and (ii) without the written consent of the Holder, the Company will
not amend, waive or modify Sections 6(a)(ii) and 6(c)(iii) and the proviso in the definition of “Conversion Price”
in Section 6(b) in such Holder’s Note(s).

 

    	 

    	 

    

 

WHEREAS, pursuant to Section 5.2 of the
Original Agreement, any term of the Original Agreement may be amended (either retroactively or prospectively) with the written
consent of the Company and the Majority Holders.

 

WHEREAS, the Company and the Holders wish
to agree and to amend the Notes and Warrants in accordance with the terms set forth herein.

 

NOW, THEREFORE, the Company and the Holders,
in consideration for the mutual promises and covenants herein, agree as follows:

 

1.          The
May Agreement is hereby superseded in its entirety and the Holders hereby relinquish any rights they may have under such agreement,
including with respect to warrants issued or to be issued pursuant to such agreement.

 

2.          Each
Holder hereby waives the provisions of Section 4.1 (“Registration Rights Agreement”) of the Original Agreement,
as they may apply to the Qualified Offering, and consents to the registration of the issuance of the securities in the Qualified
Offering.

 

3.          a.           Notwithstanding
anything to the contrary in the Original Agreement, the May Agreement or any Note, each Holder hereby irrevocably:

 

(i)          agrees
and consents to the amendment of its Note(s) as specified in Exhibit A hereto (the “Amendment”), with such amendment
being self-actuating and effective immediately upon receipt by the Company of consent to the Amendment by the Holders (i.e., the
Amendment will be effective immediately following receipt by the Company of executed copies of the Conversion Agreement and the
Irrevocable Consent to Amend and Irrevocable Notice to Convert (the form of which is attached hereto as Exhibit A) from
the Holders, without any further action by the Company or any Holder irrespective of whether the Note(s) to be amended are delivered
to the Company); and

 

(ii)         agrees
to convert such amended Note(s) into shares of Common Stock in accordance with the terms set forth herein and on Exhibit A
hereto (the “Conversion”). Such conversion shall be self-actuating in connection with the consummation of the Qualified
Offering, i.e., the Conversion shall be effective concurrently with the consummation of the Qualified Offering without any further
action by the Company or such Holder irrespective of whether the amended Note(s) being converted are delivered to the Company.
Upon the effectiveness of the Conversion, the Note(s) being converted pursuant hereto, and the related security interest pursuant
to the Amended and Restated Security Agreement dated as of September 30, 2011 between the Company and Paul Buck, as administrative
agent, shall be deemed canceled and each Holder shall be entitled to receive as the Conversion Amount shares of Common Stock at
the Conversion Price in accordance with the terms of the Note(s) as amended pursuant hereto and Exhibit A hereto. For the sake
of clarity, the parties agree that such Conversion Price will be the lesser of $3.00 (reflecting the Reverse Split), subject to
adjustment as provided in the Note(s), or the Per Share Offering Price. Upon the effective date of such conversion, any and all
obligations of the Company relating to the Notes, including those contained in the Original Agreement and the May Agreement, shall
cease to be of any further force or effect.

 

    	- 2 -

    	 

    

 

b.           The
Company hereby agrees to the amendments and conversions of the Notes described in (i) and (ii) above.

 

c.           Each
Holder acknowledges and agrees that (i) the Notes and Warrants have been, (ii) the shares of Common Stock issuable upon conversion
of the Notes and exercise of the Warrants will be, and (iii) the Consideration Warrants (as defined below) and shares of Common
Stock issuable upon exercise of the Consideration Warrants will be, offered and issued pursuant to an exemption from the registration
requirements of the Securities Act of 1933, as amended (the “Securities Act”) and may not be transferred unless (a)
they have been registered for resale pursuant to the Securities Act, (b) they may be sold without restriction pursuant to Rule
144 thereunder, or (c) the Company has received an opinion of counsel reasonably satisfactory to it that such transfer may lawfully
be made without registration under the Securities Act. Each Holder represents to the Company as follows:

 

i.            Accredited
Investor. The Holder is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D promulgated
under the Securities Act of 1933, as amended (the “Securities Act”).

 

ii.         Investment
for Own Account. The Consideration Warrants and the shares of Common Stock to be issued upon conversion of the Note(s) and
exercise of the Warrants and Consideration Warrants are being, and will be, acquired for his, her or its own account, for investment
and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the
Securities Act.

 

iii.         Knowledge
and Experience. The Holder has such knowledge and experience in financial and business matters that (s)he is capable of evaluating
the merits and risks of an investment in the securities of the Company and of making an informed investment decision with respect
thereto, has the ability and capacity to protect his/her interests and can bear the economic risk of the acceptance of the securities
of the Company, including a total loss of his/her investment.

 

iv.         Opportunity
to Ask Questions. The Holder has had the opportunity to ask questions and receive answers from the Company or any authorized
person acting on its behalf concerning the Company and its business and to obtain any additional information, to the extent possessed
by the Company (or to the extent it could have been acquired by the Company without unreasonable effort or expense) necessary to
verify the accuracy of the information received by the Holder. In connection therewith, the Holder acknowledges that (s)he has
had the opportunity to discuss the Company’s business, management and financial affairs with the Company’s management
or any authorized person acting on its behalf.

 

    	- 3 -

    	 

    

 

v.           Receipt
of Information. The Holder has received and reviewed all the information concerning the Company, the Note(s), the Warrants,
the Consideration Warrants and the shares of Common Stock underlying such Note(s), Warrants and Consideration Warrants, both written
and oral, that the Holder desires. Without limiting the generality of the foregoing, the Holder has been furnished with or has
had the opportunity to acquire, and to review: all information, both written and oral, that the Holder desires with respect to
the Company’s business, management, financial affairs and prospects. In determining whether to make this investment, the
Holder has relied solely on his/her own knowledge and understanding of the Company and its business based upon the Holder’s
own due diligence investigations and the Company’s filings with the SEC.

 

d.           Simultaneously
with the execution of this Agreement, each Holder is delivering a duly completed and executed Irrevocable Consent to Amend and
Irrevocable Notice to Convert, the form of which is attached hereto as Exhibit A, to the Company, which shall supersede
the consent delivered in connection with the May Agreement, be irrevocable and which, (i) with respect to the Amendment, shall
be effective immediately upon the receipt by the Company of consent to the Amendment by the Holders, and (ii) with respect to the
Conversion, shall be effective concurrently with the consummation of the Qualified Offering, both as specified in Section 3.a.
hereof and Exhibit A hereto.

 

e.           It
is understood and agreed that the Company is making available to all Holders the same opportunity to receive the consideration
set forth in Section 5 hereof.

 

4.             a.
Notwithstanding anything to the contrary in the Original Agreement, the May Agreement or any Warrant, each of the Holders hereby
irrevocably agrees and consents to the amendment of their Warrant(s), as set forth in Exhibit B hereto, and the Company
hereby agrees and consents to such amendment. Such amendment shall be self-actuating and effective immediately upon receipt by
the Company of consent to such amendment by the Holders (i.e., the amendment will be effective immediately following receipt by
the Company of executed copies of the Conversion Agreement and the Irrevocable Consent to Amend Warrants to Purchase Shares (the
form of which is attached hereto as Exhibit B) from the Holders, without any further action by the Company or any Holder
irrespective of whether the certificates evidencing the Warrants are delivered to the Company).

 

b.           Simultaneously
with the execution of this Agreement, each Holder is delivering to the Company a duly executed Irrevocable Consent to Amend Warrant
to Purchase Shares, the form of which is attached hereto as Exhibit B, which shall supersede the consent delivered in connection
with the May Agreement, be irrevocable and which shall be effective immediately upon the receipt by the Company of consent to such
amendment by the Holders as specified herein and in Exhibit B hereto.

 

c.            It
is understood and agreed that the Company is making available to all Holders the same opportunity to receive the consideration
set forth in Section 5 hereof.

 

    	- 4 -

    	 

    

 

5.            As
consideration for the Amendment and Conversion, the Company shall issue to each Holder a warrant to purchase a number of shares
of Common Stock equal to one share for each two shares issuable upon conversion of the principal amount of and accrued and unpaid
interest on the Note(s) amended and converted by such Holder. The terms and conditions of such new warrant shall be substantially
the same as the terms and conditions of the Offered Warrants. Such new warrant, which is referred to as the “Consideration
Warrant,” will be issued by the Company and the certificate representing the Consideration Warrant will be delivered to the
Holder within ten (10) business days of the date of Conversion.

 

5.          THIS
AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, INTERPRETATION
AND PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO
ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF CALIFORNIA OR ANY OTHER JURISDICTIONS) THAT WOULD
CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTIONS OTHER THAN THE STATE OF CALIFORNIA; PROVIDED, HOWEVER, THAT THE PERFECTION
OF THE SECURITY INTERESTS IN THE COLLATERAL SHALL BE GOVERNED AND CONTROLLED BY THE LAWS OF THE RELEVANT JURISDICTION OR JURISDICTIONS
UNDER THE UCC.

 

6.          Any
amendment effected in accordance with this Section 7 shall be binding upon each Investor, each future holder of Securities (as
defined in the Original Agreement) and the Company.

 

7.          A
Holder may only assign this Agreement with the written consent of the Company. The Company may freely assign this Agreement without
the consent of any other party. Any assignment of this Agreement in violation of this Section is null and void. This Agreement
shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

8.          No
failure on the part of any party hereto to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy by such party preclude any other
or further exercise thereof or the exercise of any other right, power or remedy. All rights, powers and remedies under this Agreement
are cumulative and are not exclusive of any other rights, powers and remedies provided by law.

 

9.          This
Agreement (including Exhibits A and B hereto) contains a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter hereof and shall constitute the entire agreement between the parties hereto with
respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements
between the parties hereto. In the event of a conflict between the terms of this Agreement, on the one hand, and the terms of the
Notes, Warrants, Original Agreement and/or May Agreement, on the other hand, the terms of this Agreement shall prevail and control.

 

10.         This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement will be binding upon the Company and the Holders and their respective successors,
assigns, heirs and personal representatives.

 

[Signature page follows]

 

    	- 5 -

    	 

    

 

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	CNS Response, Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 

 

	
        Holders of Subordinated Convertible

Promissory Notes:
	 	Aggregate Principal

Amount:	 	Number of Shares

Underlying Warrants

(Before and After

Adding the

Consideration

Warrant):

 

[Signature Page - Conversion Agreement]

 

    	 

    	 

    

 

Exhibit A

 

CNS RESPONSE, INC.

 

Irrevocable Consent to Amend and Irrevocable
Notice to Convert

 

Subordinated Convertible
Promissory Note

 

issued pursuant to

 

Amended and Restated Note and Warrant
Purchase Agreement, dated as of November 11, 2011, between the Company and the investors signatory thereto

 

CNS Response, Inc., a Delaware corporation (the “Company”)
issued to the undersigned holder (the “Holder”) a convertible promissory note in the aggregate principal amount of
___________ (the “Note”), pursuant to the agreement specified above.

In accordance with and pursuant to the
Conversion Agreement (as defined below), the Holder hereby irrevocably (i) agrees and consents to the amendment of the Note as
specified below and (ii) agrees to convert such amended Note (including accrued but unpaid interest thereon through the Conversion
Date, as defined below) into shares of the Company’s common stock, $0.001 par value (the “Common Stock”) as further
specified below, with (i) such amendment being self-actuating and effective immediately upon receipt by the Company of consent
to the amendment by the Holders, i.e., such amendment will be effective immediately following receipt by the Company of executed
copies of the Conversion Agreement and this Irrevocable Consent to Amend and Irrevocable Consent to Convert from the Holders, without
any further action by the Company or any Holder irrespective of whether the Note(s) to be amended are delivered to the Company
and (ii) such conversion being self-actuating in connection with the consummation of a public offering in which the Company issues
shares of its Common Stock and/or other securities at a per share price to be determined by the Company (the “Per Share Offering
Price”) and yielding gross proceeds to the Company of at least $3 million (the “Qualified Offering”).

 

Upon the effective date of such conversion,
the Holder shall be entitled to receive as the Conversion Amount shares of Common Stock at the Conversion Price in accordance with
the terms of Section 6 of the Note, as amended as specified below.

 

1.           Amendment
of Note. The Note is amended as follows:

 

a.                 Section
1 (“Definitions”) is amended by amending and restating the following provision:

 

“(o)            
‘Qualified Offering’ means the issuance by the Company of shares of Common Stock and/or other securities in a public
offering at a per share price to be determined by the Company (the “Per Share Offering Price”), with such offering
to yield gross proceeds to the Company of at least $3 million.”

 

    	[A-1]

    	 

    

 

“(p)           
‘Conversion Agreement’ means the agreement, executed as of June 12, 2012, between the Company and the Holders in connection
with a proposed Qualified Offering.”

 

2.             The
Holder hereby acknowledges and agrees that the Note has previously been amended as follows:

 

a.           Section
6(a)(ii) was replaced in its entirety with the following:

 

“At the time specified in Section
6(c)(iii) hereof, the outstanding and unpaid Conversion Amount (as defined below) shall be automatically converted into fully paid
and nonassessable shares of Common Stock in accordance with Section 6(c)(iii), at the Conversion Rate (as defined below). The Company
shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a
fraction of a share of Common Stock equal to or in excess of one half of one share, the Company shall round such fraction of a
share of Common Stock up to the nearest whole share. The Company shall pay any and all stock transfer, stamp, documentary and similar
taxes (excluding any taxes on the income or gain of the Holder) that may be payable with respect to the issuance and delivery of
shares of Common Stock to the Holder upon conversion of any Conversion Amount.”

 

b.            The
definition of “Conversion Price” in Section 6(b) was replaced in its entirety with the following:

 

“’Conversion Price’ means,
as of any Conversion Date following the date of the Conversion Agreement, subject to adjustment following the date of the Conversion
Agreement as provided herein; provided that, in the case of mandatory conversion described in Section 6(c)(iii) hereof, ‘Conversion
Price’ shall mean the lesser of $3.00, subject to adjustment as provided herein, or the Per Share Offering Price.”

 

c.             Section
6(c)(iii) was replaced in its entirety with the following:

 

“(iii)
Mandatory Conversion. Notwithstanding Sections 6(c)(i) and 6(c)(ii) hereof, the Conversion Amount shall be automatically
converted into shares of Common Stock concurrently with the consummation of the Qualified Offering (the date on which such conversion
occurs, the ‘Conversion Date’). On or before 4:00 p.m., New York Time, on the tenth (10th) Business
Day following such Conversion Date (the ‘Share Delivery Date’), the Company shall issue and deliver to the address
as specified in the executed Irrevocable Consent to Amend and Irrevocable Notice to Convert, a form of which was attached to the
Conversion Agreement, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock
to which the Holder shall be entitled. If the Company complies with the terms of this Section 6(c)(iii), then, on the date on which
it so complies, the Outstanding Debt shall be deemed satisfied and paid in full and the Company shall have no other obligation
with respect to the Outstanding Debt, whether or not this Subordinated Secured Note is delivered for cancellation. 
The person or persons entitled to receive the shares of Common Stock issuable upon a conversion of this Subordinated Secured Note
shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.”

 

    	[A-2]

    	 

    

 

2.          Delivery
of Conversion Amount (Qualified Offering).

 

	Aggregate Principal Amount (plus accrued and unpaid interest) to be converted:	 	 
	 	 	 
	Title of Note:	 	 	 
	 	 	 	 

 

Please issue the Common Stock into which the Note is being converted
in the following name and to the following address:

 

	Issue to:	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	[A-3]

    	 

    

 

IN WITNESS WHEREOF, the undersigned has
duly executed and delivered to the Company this Irrevocable Consent to Amend and Irrevocable Notice to Convert on the date written
below.

 

 

	 	CONVERTING NOTEHOLDER:
	 	 	 
	 	Name:	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

	 	Date:	 	 

 

    	[A-4]

    	 

    

  

	Agreed and Accepted:	 
	 	 
	CNS RESPONSE, INC.	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

    	[A-5]

    	 

    

 

Exhibit B

 

CNS RESPONSE, INC. (the “Company”)

 

Irrevocable Consent to Amend Warrant
to Purchase Shares

issued pursuant to 

 

Amended and Restated Note and Warrant
Purchase Agreement, dated as of November 11, 2011, between the Company and the investors signatory thereto

 

CNS Response, Inc., a Delaware corporation (the “Company”)
issued to the undersigned holder (the “Holder”) a warrant to purchase ________________ fully paid and nonassessable
shares of common stock, par value $0.001 per share (the “Common Stock”), of the Company (the “Warrant”),
pursuant to the agreement specified above.

 

In accordance with and pursuant to the Conversion Agreement
executed as of June 12, 2012 by the Company and the Holders in connection with a proposed public offering of the Company’s
Common Stock and/or other securities and yielding gross proceeds to the Company of at least $3 million, the Holder hereby agrees
and consents to amend the Warrant as specified below, with such amendment to be self-actuating and effective immediately upon receipt
by the Company of consent to such amendment by the Holders (i.e., the amendment will be effective immediately following receipt
by the Company of executed copies of the Conversion Agreement and this Irrevocable Consent to Amend Warrant to Purchase Shares
from the Holders, without any further action by the Company or any Holder irrespective of whether the certificates evidencing
the Warrants are delivered to the Company).

 

1.          Amendment
of Warrant. The Warrant shall be amended as follows:

 

a.           Section
7(d) is to be replaced in its entirety with the following:

 

“(d) One-Time Ratchet. If and when the
Company issues shares of its Common Stock and/or other securities in a public offering at a per share price to be determined by
the Company (the “Per Share Offering Price”) and yielding gross proceeds to the Company of at least $3 million (the
“Qualified Offering”), the Exercise Price, to the extent it exceeds the Per Share Offering Price, shall be adjusted
so that it shall equal such Per Share Offering Price and the number of shares issuable upon exercise of this Warrant shall be proportionately
increased. Such adjustment shall only be made once, after which this Section 7(d) shall cease to be of further effect.”

 

    	B-1

    	 

    

 

IN WITNESS WHEREOF, the undersigned has
duly executed and delivered to the Company this Irrevocable Consent to Amend on the date written below.

 

 

	 	WARRANTHOLDER:
	 	 	 
	 	Name:	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Date:	 	 

 

    	[B-2]

    	 

    

 

	Agreed and Accepted:	 
	 	 
	CNS RESPONSE, INC.	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

    	[B-3]Exhibit 4.1

Execution Version

 

 

 

ASTORIA FINANCIAL CORPORATION,

 

as Issuer 

 

 

 

INDENTURE

 

Dated as of June 19, 2012

  

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as Trustee

 

 

5.000% SENIOR NOTES DUE 2017

 

    	 

    	 

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	Article I
	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Incorporation by Reference of Trust Indenture Act	5
	Section 1.3	Rules of Construction	5
	 	 	 
	Article II
	 	 	 
	THE NOTES
	 	 	 
	Section 2.1	Form and Dating	5
	Section 2.2	Execution and Authentication	7
	Section 2.3	Registrar and Paying Agent	7
	Section 2.4	Paying Agent to Hold Money and Notes in Trust	8
	Section 2.5	Holder Lists	8
	Section 2.6	Transfer and Exchange	8
	Section 2.7	Replacement Notes	11
	Section 2.8	Outstanding Notes; Determinations of Holders’ Action	11
	Section 2.9	Temporary Notes	12
	Section 2.10	Cancellation	12
	Section 2.11	Persons Deemed Owners	12
	Section 2.12	Computation of Interest	13
	Section 2.13	CUSIP Numbers	13
	Section 2.14	Ranking	13
	Section 2.15	Defaulted Interest	13
	Section 2.16	Further Issues Without Holders’ Consent	13
	 	 	 
	Article III
	 	 	 
	OPTIONAL REDEMPTION
	 	 	 
	Section 3.1	Notices to Trustee	14
	Section 3.2	Selection of Notes to be Redeemed	14
	Section 3.3	Notice of Redemption	14
	Section 3.4	Effect of Notice of Redemption	15
	Section 3.5	Deposit of Redemption Price	15
	Section 3.6	Notes Redeemed in Part	16
	Section 3.7	Optional Redemption	16
	Section 3.8	Mandatory Redemption	16
	 	 	 
	Article IV
	 	 	 
	COVENANTS
	 	 	 
	Section 4.1	Ownership of Material Subsidiary Stock	16
	Section 4.2	Liens	17

 

    	 

    	 

    

 

	Section 4.3	Payment of Notes	18
	Section 4.4	Maintenance of Office or Agency	18
	Section 4.5	Reports	19
	Section 4.6	Compliance Certificate	19
	 	 	 
	Article V
	 
	SUCCESSORS
	 	 	 
	Section 5.1	When the Company May Merge, Consolidate or Transfer Assets	19
	Section 5.2	Successor Corporation Substituted	20
	Section 5.3	Officer’s Certificate and Opinion of Counsel to be Given to Trustee	20
	 	 	 
	Article VI
	 
	EVENTS OF DEFAULT
	 	 	 
	Section 6.1	Events of Default	20
	Section 6.2	Acceleration	22
	Section 6.3	Other Remedies	22
	Section 6.4	Waiver of Defaults	22
	Section 6.5	Control by Majority	22
	Section 6.6	Limitation on Suits	23
	Section 6.7	Rights of Holders of Notes to Receive Payment	23
	Section 6.8	Collection Suit by Trustee	23
	Section 6.9	Trustee May File Proofs of Claim	23
	Section 6.10	Priorities	24
	Section 6.11	Undertaking for Costs	24
	 	 	 
	Article VII
	 
	TRUSTEE
	 	 	 
	Section 7.1	Duties of Trustee	25
	Section 7.2	Rights of Trustee	26
	Section 7.3	Individual Rights of Trustee	26
	Section 7.4	Notice of Defaults	26
	Section 7.5	Reports by Trustee to Holders	27
	Section 7.6	Compensation and Indemnity	27
	Section 7.7	Replacement of Trustee	28
	Section 7.8	Successor Trustee by Merger, Etc	29
	Section 7.9	Eligibility; Disqualification	29
	Section 7.10	Preferential Collection of Claims Against Company	29
	Section 7.11	Other Capacities	29
	 	 	 
	Article VIII
	 
	SATISFACTION AND DISCHARGE OF INDENTURE;
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	Section 8.1	Satisfaction and Discharge	29
	Section 8.2	Option to Effect Legal Defeasance or Covenant Defeasance	30

 

    	-ii-

    	 

    

 

 

	Section 8.3	Legal Defeasance and Discharge	30
	Section 8.4	Covenant Defeasance	31
	Section 8.5	Conditions to Legal or Covenant Defeasance	31
	Section 8.6	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	32
	Section 8.7	Repayment to Company	33
	Section 8.8	Reinstatement	33
	 	 	 
	Article IX
	 
	AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	 
	Section 9.1	Without Consent of Holders of Notes	33
	Section 9.2	With Consent of Holders of Notes	34
	Section 9.3	Compliance with Trust Indenture Act	36
	Section 9.4	Revocation and Effect of Consents	36
	Section 9.5	Notation on or Exchange of Notes	36
	Section 9.6	Trustee to Sign Amendments, Etc	36
	 	 	 
	Article X
	 
	MISCELLANEOUS
	 	 	 
	Section 10.1	Trust Indenture Act Controls	36
	Section 10.2	Notices, Etc. to Trustee and Company	36
	Section 10.3	Notice to Holders of Notes; Waiver	37
	Section 10.4	Communication by Holders of Notes with Other Holders of Notes	38
	Section 10.5	Certificate and Opinion as to Conditions Precedent	38
	Section 10.6	Statements Required in Certificate or Opinion	38
	Section 10.7	Form of Documents Delivered to Trustee	38
	Section 10.8	Rules by Trustee and Agents	39
	Section 10.9	Limitation on Individual Liability	39
	Section 10.10	Governing Law	39
	Section 10.11	Waiver of Jury Trial	40
	Section 10.12	No Adverse Interpretation of Other Agreements	40
	Section 10.13	Successors	40
	Section 10.14	Benefits of Indenture	40
	Section 10.15	Severability	40
	Section 10.16	Counterpart Originals	40
	Section 10.17	Table of Contents, Headings, Etc	40
	Section 10.18	Applicability of Depository	40
	 	 	 
	Exhibit A-1	Form of Global Note	 
	Exhibit A-2	Form of Definitive Note	 

 

    	-iii-

    	 

    

 

Cross Reference Table

 

 

 

Showing Reflection of Certain Provisions

Required Pursuant to Section 310 through
318(a)

of Trust Indenture Act of 1939, as Amended,
(Including

Cross-References to Provisions of Sections
310 through 318(a)

which, Pursuant to

Section 318(c) of the Trust Indenture Act
of 1939,

as Amended, are Part of and Govern Such
Provisions

of the Indenture Whether or not Physically
Contained Therein1

 

 

 

	 TIA	Section
	 	 
	SECTION 310	 
	(a)(1)	7.9
	(a)(2)	7.9
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.9
	(b)	7.7, 7.9
	 	 
	SECTION 311	 
	(a)	7.10
	(b)	7.10
	 	 
	SECTION 312	 
	(a)	2.5
	(b)	10.4
	(c)	10.4
	 	 
	SECTION 313	 
	(a)	7.5
	(b)(1)	Not Applicable
	(b)(2)	7.5, 7.6
	(c)	7.4, 7.5
	(d)	7.5
	 	 
	SECTION 314	 
	(a)(1), (2) and (3)	4.5
	(a)(4)	4.5, 10.6
	(b)	Not Applicable
	(c)(1)	1.1, 3.1, 10.5(a)-(b)

 

 

1
This Table is not, and shall not, for any purpose, be deemed, a part of the Indenture. 

 

    	-iv-

    	 

    

 

	(c)(2)	1.1, 10.5(a)-(b)
	(c)(3)	Not Applicable
	(d)	.Not Applicable
	(e)	10.6
	(f)	Not Applicable
	 	 
	
        SECTION 315 
	 
	(a)	7.1, 7.2(a), (b)
	(b)	7.1, 7.4
	(c)	7.1
	(d)	7.1, 7.6
	(d)(1)	7.1, 7.6
	(d)(2)	7.1, 7.6
	(d)(3)	7.1, 7.6
	(e)	6.11, 7.1
	 	 
	SECTION 316	 
	(a)(1)(A)	6.4, 6.5
	(a)(1)(B)	6.4, 6.5
	(a)(2)	Not Applicable
	(a) last sentence	Not Applicable
	(b)	6.7, 6.8, 6.10
	(c)	6.10
	 	 
	SECTION 317	 
	(a)(1)	6.3
	(a)(2)	6.9
	(b)	2.4
	 	 
	SECTION 318	 
	(a)	10.1
	(b)	10.1

 

    	-v-

    	 

    

 

INDENTURE, dated as of
June 19, 2012, between Astoria Financial Corporation, a Delaware corporation (the “Company”), and Wilmington Trust,
National Association, a national banking association, as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance of the Notes (as defined below), to be issued
as provided in this Indenture.

 

All things necessary
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

This Indenture is subject
to the provisions of the Trust Indenture Act that are required to be a part of this Indenture and, to the extent applicable, shall
be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

For and in consideration
of the premises and the purchase of the Notes by the registered holders thereof (the “Holders”), the Company and the
Trustee agree as follows for the equal and proportionate benefit of the Holders of the Notes:

 

Article
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
1.1    Definitions.

 

“Additional
Notes” means the Company’s 5.000% Senior Notes due 2017 (other than the Initial Notes) issued under this Indenture
in accordance with Section 2.16 hereof.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used
with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided
that beneficial ownership of 20% or more of the voting securities of a Person shall be deemed to be control.

 

“Agent”
means the Registrar or any Paying Agent, authenticating agent or securities custodian.

 

“Agent Members”
has the meaning assigned to it in Section 2.1.

 

    	 

    	 

    

 

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of the Depositary that apply to such transfer or exchange.

 

“Authentication
Order” means a written order of the Company, signed by two Officers of the Company, directing the Trustee to authenticate
the Notes for original issue.

 

“Bankruptcy
Law” means Title 11 of the United States Code (11 U.S.C.§§101 et. seq.) or any similar federal or state law
for the relief of debtors.

 

“Board of Directors”
means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board of Directors.

 

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

 

“Business Day”
means any day other than a Legal Holiday.

 

“Capital Stock”
means (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership
or limited liability company, partnership or membership interests (whether general or limited) and (iv) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets of, the issuing Person.

 

“Company”
has the meaning assigned to it in the preamble to this Indenture.

 

“Consolidated
Assets” means all assets owned directly by the Company or indirectly by the Company through any Subsidiary and reflected
on the Company’s consolidated balance sheet prepared in accordance with GAAP.

 

“Corporate Trust
Office of the Trustee” means the corporate trust office of the Trustee located at 50 South Sixth Street, Suite 1290,
Minneapolis, MN 55402, Attn: Astoria Financial Corporation Administrator, or such other address as the Trustee may designate from
time to time by notice to the Company.

 

“Covenant Defeasance”
has the meaning assigned to it in Section 8.4.

 

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

 

“Definitive
Notes” means Notes that are in the form of the Note attached hereto as Exhibit A-2.

 

“Depositary”
means DTC and any successor thereto or nominee thereof.

 

“DTC”
means The Depository Trust Company. 

 

“Event of Default”
has the meaning assigned to it in Section 6.1.

 

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

 

    	-2-

    	 

    

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants, the statements and pronouncements of the Financial
Accounting Standards Board and such other statements by such other entities (including the SEC) as have been accepted by a significant
segment of the accounting profession, which are applicable at the date of this Indenture.

 

“Global Notes”
means Notes that are in the form of the Note attached hereto as Exhibit A-1.

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment
for which the United States pledges its full faith and credit.

 

“Holder”
has the meaning assigned to it in the preamble to this Indenture.

 

“Indebtedness”
means, without duplication, the principal or face amount of (i) all obligations for borrowed money, (ii) all obligations evidenced
by debentures, notes or other similar instruments, (iii) all obligations in respect of letters of credit or bankers acceptances
or similar instruments (or reimbursement obligations with respect thereto), (iv) all obligations to pay the deferred purchase price
of property or services, except trade accounts payable arising in the ordinary course of business, (v) all obligations as lessee
which are capitalized in accordance with GAAP, and (vi) all Indebtedness of others guaranteed by the Company or any of its Subsidiaries
or for which the Company or any of its Subsidiaries is legally responsible or liable (whether by agreement to purchase indebtedness
of, or to supply funds or to invest in, others).

 

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

 

“Initial Notes”
means the $250,000,000 aggregate Principal Amount of the Company’s 5.000% Senior Notes due 2017 issued under this Indenture
on the date hereof.

 

“Legal Defeasance”
has the meaning assigned to it in Section 8.3.

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or place for payment are authorized by
law, regulation or executive order to remain closed. If a payment date is a Legal Holiday, payment may be made on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.

 

“Lien”
has the meaning assigned to it in Section 7.6.

 

“Material Subsidiary”
means Astoria Federal Savings and Loan Association and any successor thereof.

 

“Notes”
means the Initial Notes and the Additional Notes, to the extent applicable.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice President of such
Person.

 

    	-3-

    	 

    

 

“Officers’
Certificate” means, with respect to any Person, a certificate that meets the requirements of Section 10.5 hereof signed
on behalf of such Person by either the principal executive officer, the principal financial officer, the treasurer or the principal
accounting officer of such Person and another Officer of such Person.

 

“Opinion of
Counsel” means a written opinion that meets the requirements of Section 10.5 hereof from legal counsel who is reasonably
acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company.

 

“Paying Agent”
has the meaning assigned to it in Section 2.3.

 

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

 

“Principal Amount”
means the amount of a Note as set forth on the face of the Note.

 

“Redemption
Date” has the meaning assigned to it in Section 3.1.

 

“Registrar”
has the meaning assigned to it in Section 2.3.

 

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

 

“SEC”
means the Securities and Exchange Commission.

 

“Subsidiary”
means, with respect to any Person, (i) 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, (ii) any
partnership (a) the sole general partner or the managing general partner of which is such Person or an entity described in clause
(i) and related to such Person or (b) the only general partners of which are such Person or of one or more entities described in
clause (i) and related to such Person (or any combination thereof) and (iii) any limited liability company of which more than 50%
of the total membership interests is at the time owned or controlled, directly or indirectly, by such Person.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date on which this Indenture is
qualified under the TIA.

 

    	-4-

    	 

    

 

“Trustee”
means the party named as such in the preamble to this Indenture until a successor replaces such party in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder.

 

“Voting Stock”
means outstanding shares of capital stock having voting power for the election of directors, whether at all times or only so long
as no senior class of stock has such voting power because of default in dividends or other default.

 

Section
1.2    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. All 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
have the meanings so assigned to them.

 

Section
1.3    Rules of Construction. Unless the context otherwise requires:

 

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

 

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

 

(c)      “or”
is not exclusive;

 

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

 

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

 

(f)       headings
are used for convenience of reference only and do not affect interpretation.

 

Article
II

THE NOTES

 

Section
2.1    Form and Dating

 

(a)       General.
The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A-1 and Exhibit
A-2 which are a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange
rule, agreements to which the Company is subject, if any, or depository procedure or usage (provided that any such notation, legend
or endorsement is in a form acceptable to the Company). The Company shall provide any such notations, legends or endorsements
to the Trustee in writing. Each Note shall be dated the date of its authentication. The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and
be controlling.

 

    	-5-

    	 

    

 

(b)      Global
Notes. The Notes shall be issued initially in the form of one or more Global Notes. Each Global Note issued under this Indenture
shall be deposited with the Trustee at its Corporate Trust Office, as custodian for the Depositary, and registered in the name
of the Depositary or the nominee thereof, duly executed by the Company and authenticated by the Trustee as hereinafter provided.
The aggregate Principal Amount of any Global Note may from time to time be increased or decreased by adjustments made on the records
of the Trustee and the Depositary as hereinafter provided. Any adjustment of the aggregate Principal Amount of a Global Note to
reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee
in accordance with instructions given by the Holder thereof as required by Section 2.6 hereof and shall be made on the records
of the Trustee and the Depositary.

 

Each Global Note shall
bear a legend in substantially the following form:

 

“THIS NOTE
IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO AS
NOMINEE OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED
IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER
NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE.

 

UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

Neither any members of,
or participants in, the Depositary (collectively, the “Agent Members”) nor any other Persons on whose behalf Agent
Members may act shall have any rights under this Indenture with respect to any Global Note held on their behalf by the Depositary
or by the Trustee as the custodian for the Depositary or under such Global Note, and the Depositary may be treated by the Company,
the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee
from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between
the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices
of such Persons governing the exercise of the rights of a holder of a beneficial interest in any Global Note.

 

    	-6-

    	 

    

 

(c)      Definitive
Notes. Except as provided in Section 2.6, owners of beneficial interests in Global Notes will not be entitled to receive physical
delivery of Definitive Notes.

 

(d)      Legends.
Each Note shall bear the applicable legends substantially in the form set forth in Exhibit A-1 or Exhibit A-2 hereto,
as applicable.

 

Section
2.2     Execution and Authentication. The Notes shall be executed on behalf of the Company by any Officer. The signature
of the Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signatures of individuals who were
at the time of the execution of the Notes the proper Officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not
hold such offices at the date of authentication of such Notes.

 

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

 

The Trustee shall authenticate
and deliver Notes for original issue in an aggregate Principal Amount of up to $250,000,000 upon one or more Authentication Orders.
The aggregate Principal Amount of Notes outstanding at any time may not exceed the amount set forth in the foregoing sentence,
except as provided in Section 2.7. The Notes shall be issued only in registered form without coupons and only in denominations
of $2,000 of Principal Amount and any integral multiple of $1,000 in excess thereof.

  

Section
2.3    Registrar and Paying Agent. The Company shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”), and an office or agency where Notes may be presented for purchase
or payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange.
The Company may have one or more additional paying agents. The term Paying Agent includes any additional paying agent, including
any named pursuant to Section 4.4.

 

The Company shall enter
into an appropriate agency agreement with any Registrar or Paying Agent (in each case, if such person is a person other than the
Trustee). The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the
Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall
act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.6. The Company or any Subsidiary of
the Company or an Affiliate of any of them may act as Paying Agent or Registrar.

 

    	-7-

    	 

    

 

The Company initially
appoints the Trustee as Registrar and Paying Agent in connection with the Notes. The Trustee may resign from any or all of such
appointments upon 30 days’ written notice to the Company.

 

Section
2.4    Paying Agent to Hold Money and Notes in Trust. Except as otherwise provided herein, on or prior to each due
date of payments in respect of any Note, the Company shall deposit with the Paying Agent a sum of money (in immediately available
funds if deposited on the due date) sufficient to make such payments when so becoming due. The Company shall require each Paying
Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or
the Trustee all money held by the Paying Agent for the making of payments in respect of the Notes and shall notify the Trustee
of any default by the Company in making any such payment. At any time during the continuance of any such default, the Paying Agent
shall, upon the written request of the Trustee, forthwith pay to the Trustee all money so held in trust. If the Company, a Subsidiary
of the Company or an Affiliate of any of them acts as Paying Agent, it shall segregate the money held by it as Paying Agent and
hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee
and to account for any funds disbursed by it. Upon doing so, the Paying Agent shall have no further liability for the money.

 

Section
2.5    Holder 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 the Holders. If the Trustee is not the Registrar, the Company shall cause to
be furnished to the Trustee at least semiannually on January 1 and July 1 a listing of the Holders dated within 15 days of the
date on which the list is furnished 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 the Holders.

 

Section
2.6    Transfer and Exchange

 

(a)      Transfer
and Exchange of Global Notes. A Global Note may not be transferred except by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive
Notes if:

 

(i)    the
Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such Global Note or such Depositary
has ceased to be a “clearing agency” registered under the Exchange Act, and a successor depositary is not appointed
by the Company within 90 days,

 

(ii)   the
Company determines that the Notes are no longer to be represented by Global Notes and so notifies the Trustee, or

 

(iii)  an
Event of Default has occurred and is continuing with respect to the Notes and the Depositary or its participant(s) has requested
the issuance of Definitive Notes.

 

    	-8-

    	 

    

 

Any Global Note
exchanged pursuant to clause (i) or (ii) above shall be so exchanged in whole and not in part, and any Global Note exchanged pursuant
to clause (iii) above may be exchanged in whole or from time to time in part as directed by the Depositary.

 

Upon the occurrence of
any of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be issued in fully registered form, without interest
coupons, shall have an aggregate Principal Amount equal to that of the Global Note or portion thereof to be so exchanged, shall
be registered in such names and be in such authorized denominations as the Depositary shall instruct the Trustee in writing and
shall bear such legends as provided herein. Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections 2.7 and 2.9 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.6 or Section 2.7 or 2.9 hereof, shall be authenticated and delivered in the form of, and shall
be, a Global Note, except as otherwise provided herein. A Global Note may not be exchanged for another Note other than as provided
in this Section 2.6(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section
2.6(b) hereof.

 

Any Global Note to be
exchanged in whole shall be surrendered by the Depositary to the Trustee, as Registrar. With regard to any Global Note to be exchanged
in part, either such Global Note shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary
or its nominee with respect to such Global Note, the Principal Amount thereof shall be reduced, by an amount equal to the portion
thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or
adjustment, the Trustee shall authenticate and deliver the Note issuable on such exchange to or upon the order of the Depositary
or an authorized representative thereof.

 

(b)      Transfer
and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of
beneficial interests in the Global Notes shall be effected through the Depositary in accordance with the Applicable Procedures
and this Section 2.6.

 

(c)      Transfer
and Exchange of Definitive Notes. When Definitive Notes are presented by a Holder to the Registrar with a request:

 

(i)    to
register the transfer of such Definitive Notes; or

 

(ii)    to
exchange such Definitive Notes for an equal Principal Amount of Definitive Notes of other authorized denominations, the Registrar
shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided,
however, that the Definitive Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or
such Holder’s attorney duly authorized in writing.

 

    	-9-

    	 

    

 

(d)      Restrictions
on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a
beneficial interest in a Global Note except upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by
appropriate instruments of transfer, in form satisfactory to the Trustee, together with written instructions from such Holder
directing the Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with respect to such
Global Note to reflect an increase in the aggregate Principal Amount of the Notes represented by the Global Note, such instructions
to contain information regarding the Depositary account to be credited with such increase, the Trustee shall cancel such Definitive
Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between
the Depositary and the Registrar, the aggregate Principal Amount of Notes represented by the Global Note to be increased by the
aggregate Principal Amount of the Definitive Note to be exchanged, and shall credit or cause to be credited to the account of
the Person specified in such instructions a beneficial interest in the Global Note equal to the Principal Amount of the Definitive
Note so cancelled. If no Global Notes are then outstanding, the Company shall issue and the Trustee shall authenticate, upon written
order of the Company in the form of an Authentication Order, a new Global Note in the appropriate Principal Amount.

 

(e)      Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.10 hereof. At any time prior
to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the Principal Amount of Notes represented
by such Global Note shall be reduced accordingly by adjustments made on the records of the Trustee to reflect such reduction;
and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of
a beneficial interest in another Global Note, such other Global Note shall be increased accordingly by adjustments made on the
records of the Trustee to reflect such increase.

 

(f)       General
Provisions Relating to Transfers and Exchanges.

  

(i)        To
permit registrations of transfers and exchanges of Notes, the Company shall execute and the Trustee shall authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.2 hereof or upon receipt of a written
request of the Registrar.

 

(ii)      The
Company shall not charge a service charge for any registration of transfer or exchange, but the Company may require payment of
a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer
or exchange of the Notes from the Holder requesting such transfer or exchange.

 

(iii)     The
Company shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption
(except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or any Notes for a period of 15 days
before the mailing of a notice of redemption of Notes to be redeemed.

 

(iv)     Any
Registrar appointed pursuant to Section 2.3 hereof shall provide to the Trustee such information as the Trustee may reasonably
require in connection with the delivery by such Registrar of Notes upon transfer or exchange of Notes.

 

    	-10-

    	 

    

 

 

(v)      No
Registrar shall be required to make registrations of transfer or exchange of Notes during any periods designated in the text of
the Notes or in this Indenture as periods during which such registration of transfers and exchanges need not be made.

 

Section
2.7    Replacement Notes. If (a) any mutilated Note is surrendered to the Trustee, or (b) the Company and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there is delivered to the Company and
the Trustee such Note or indemnity bond as may be required by them to save each of them harmless, then, in the absence of notice
to the Company or the Trustee that such Note has been acquired by a bona fide purchaser, the Company shall execute, and upon its
written request the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such destroyed,
lost or stolen Note, a new Note of like tenor and Principal Amount, bearing a number not contemporaneously outstanding.

 

In case any such mutilated,
destroyed, lost or stolen Note has become or is about to become due and payable, or is about to be redeemed by the Company pursuant
to Article 3 hereof, the Company in its discretion may, instead of issuing a new Note, pay or redeem such Note, as the case may
be.

 

Upon the issuance of
any new Notes 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 reasonable fees and expenses of the Trustee
and the reasonable fees and disbursements of its counsel) connected therewith.

 

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

 

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

 

Section
2.8    Outstanding Notes; Determinations of Holders’ Action. Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those cancelled by it, those paid pursuant to Section 2.7, those delivered to it for cancellation
and those described in this Section 2.8 as not outstanding. A Note does not cease to be outstanding because the Company or an
Affiliate thereof holds the Note; provided, however, that in determining whether the Holders of the requisite Principal
Amount of Notes have given or concurred in any request, demand, authorization, direction, notice, consent, amendment or waiver
hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or such other obligor
shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent, amendment or waiver, only Notes which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding
at the time of such determination shall be considered in any such determination (including, without limitation, determinations
pursuant to Articles 6 and 9).

 

    	-11-

    	 

    

 

If a Note is replaced
pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note
is held by a bona fide purchaser.

 

If the Paying Agent holds,
in accordance with this Indenture, on a Redemption Date or at maturity, money or securities, if permitted hereunder, sufficient
to pay Notes payable on that date, then immediately after such Redemption Date or maturity, as the case may be, such Notes shall
cease to be outstanding and interest on such Notes shall cease to accrue; provided, that, if such Notes are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has
been made.

 

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

 

If temporary Notes are
issued, the Company will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency
of the Company designated for such purpose pursuant to Section 2.3, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Notes the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor
a like Principal Amount of definitive Notes of authorized denominations. Until so exchanged the temporary Notes shall in all respects
be entitled to the same benefits under this Indenture as definitive Notes.

 

Section
2.10   Cancellation. All Notes surrendered for payment, redemption or registration of transfer or exchange shall,
if surrendered to any person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company
may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. The Company
may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation. No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance with the Trustee’s customary procedure.

 

Section
2.11   Persons Deemed Owners. Prior to due presentment of a Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Note is registered as the owner of
such Note for the purpose of receiving payment of principal of, premium, if any, on and interest on the Note or the payment of
any redemption price in respect thereof, for all purposes whatsoever, whether or not such Note be overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

    	-12-

    	 

    

 

 

Section
2.12   Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve
30-day months and interest on the Notes for any partial period shall be computed on the basis of a 360-day year of twelve 30-day
months and the number of days elapsed in any partial month.

 

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

 

Section
2.14   Ranking. The Indebtedness of the Company arising under or in connection with this Indenture and every outstanding
Note issued under this Indenture from time to time constitutes and will constitute a senior unsecured general obligation of the
Company, ranking equally with other existing and future senior unsecured Indebtedness of the Company and ranking senior in right
of payment to any future Indebtedness of the Company that is expressly made subordinate to the Notes by the terms of such Indebtedness.

 

Section
2.15   Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders
on a subsequent special record date, in each case at the rate provided in the Notes. The Company shall notify the Trustee in writing
of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix
or cause to be fixed each such special record date and payment date, provided that no such special record date shall be less than
10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company
(or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to
be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to
be paid.

 

Section
2.16   Further Issues Without Holders’ Consent. The Company may at any time and from time to time, without
notice to or the consent of the Holders of the Notes, but in compliance with the terms of this Indenture, issue Additional Notes
having the same ranking, interest rate, maturity date and other terms as the Notes. Any such Additional Notes, together with the
Initial Notes, will constitute a single series under the Indenture; provided, however, that no Additional Notes may be issued
unless they will be fungible with the Initial Notes for United States federal income tax and securities law purposes; and provided,
further, that the Additional Notes have the same CUSIP number as the Initial Notes. No Additional Notes may be issued if any Event
of Default has occurred and is continuing with respect to the Notes.

 

    	-13-

    	 

    

 

 

Article
III

OPTIONAL REDEMPTION

 

Section
3.1    Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption provisions
of Section 3.7 hereof, it shall furnish to the Trustee, at least 45 days (unless a shorter period shall be satisfactory to the
Trustee) but not more than 60 days before a Redemption Date, an Officers’ Certificate setting forth (i) the Section of this
Indenture pursuant to which the redemption shall occur, (ii) the date on which the redemption shall occur (“Redemption Date”),
(iii) the Principal Amount of Notes to be redeemed and (iv) the redemption price.

 

Section
3.2    Selection of Notes to be Redeemed. If less than all of the Notes are to be redeemed pursuant to Section 3.7
at any time, the Trustee shall select the Notes to be redeemed among the Holders of the Notes, on a pro rata basis, by
lot or in accordance with any other method the Trustee deems fair and appropriate, subject to the rules and procedures of the
Depositary. In the event of partial redemption, the particular Notes to be redeemed shall be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously
called for redemption.

 

The Trustee shall promptly
notify the Company of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the Principal
Amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000,
except that, if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even
if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that
apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

Section
3.3    Notice of Redemption. At least 30 days but not more than 60 days before a Redemption Date, the Company shall
mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered
address; provided that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. Failure to give notice by mailing
in the manner herein provided to the Holder of any Note designated for redemption as a whole or in part, or any defect in the
notice to any Holders, shall not affect the validity of the proceedings for the redemption of any other Note or portion thereof.
Any notice that is mailed to the Holder of any Note in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not such Holder receives the notice.

 

The notice shall identify
the Notes to be redeemed and shall state:

 

(a)the Redemption
Date;

 

(b)the redemption
price;

 

    	-14-

    	 

    

 

(c)       if any Note is
being redeemed in part, the portion of the Principal Amount of such Note to be redeemed and that, after the Redemption Date upon
surrender of such Note, a new Note or Notes in Principal Amount equal to the unredeemed portion shall be issued upon cancellation
of the original Note;

 

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

 

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

 

(f)       that on the Redemption
Date the redemption price will become due and payable upon each such Note to be redeemed and that interest thereon unless the Company
fails to make such redemption will cease to accrue on and after the Redemption Date;

 

(g)      that no representation
is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes; and

 

(h)       the Section of
this Indenture pursuant to which the redemption shall occur.

 

Notice of redemption
of Notes to be redeemed shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the
expense of the Company, provided that the Company shall have delivered to the Trustee, at least 5 Business Days prior to the requested
date of the giving of such notice, an Officers’ Certificate requesting that the Trustee give such notice and setting forth
the information to be stated in such notice as provided in this Section.

 

Section
3.4     Effect of Notice of Redemption. If notice of redemption is given as provided in Section 3.3, the Notes to
be redeemed shall, on the Redemption Date, become irrevocably due and payable at the redemption price, and from and after such
Redemption Date (unless the Company shall default in the payment of the redemption price) such Notes shall cease to bear interest.
A notice of redemption may not be conditional.

 

Section
3.5     Deposit of Redemption Price. One Business Day prior to the Redemption Date, the Company shall deposit with
the Trustee or with the Paying Agent money sufficient to pay the redemption price of all Notes to be redeemed on that date. The
Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the
Company in excess of the amounts necessary to pay the redemption price of all Notes to be redeemed.

 

If the Company complies
with the provisions of the preceding paragraph, on and after the Redemption Date interest shall cease to accrue on the Notes or
the portions thereof called for redemption. If any Note called for redemption is not so paid upon surrender for redemption because
of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the Redemption
Date until such principal is paid, and, to the extent lawful, on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes.

 

    	-15-

    	 

    

 

Section
3.6    Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon
receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal
in Principal Amount to the unredeemed portion of the Note surrendered.

 

Section
3.7     Optional Redemption. The Company at its option may, at any time on or after the date that is 30 days prior
to the maturity date, redeem the Notes, in whole or in part, upon payment of a redemption price equal to 100% of the Principal
Amount of the Notes to be redeemed plus accrued and unpaid interest on the Principal Amount of Notes being redeemed to the Redemption
Date.

 

Section
3.8     Mandatory Redemption. The Company shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes.

 

Article
IV

COVENANTS

 

Section
4.1     Ownership of Material Subsidiary Stock. So long as any of the Notes are outstanding but subject to the provisions
of Article V hereof, the Company:

 

(a)       will not,
nor will it permit the Material Subsidiary to, directly or indirectly, sell or otherwise dispose of any shares of, securities convertible
into, or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of the Material Subsidiary, nor will
the Company permit the Material Subsidiary to issue any shares of, or securities convertible into, or options, warrants or rights
to subscribe for or purchase shares of, Voting Stock of the Material Subsidiary if, in each case, after giving effect to any such
transaction and to the issuance of the maximum number of shares of Voting Stock of the Material Subsidiary issuable upon the exercise
of all such convertible securities, options, warrants or rights, the Company would cease to own, directly or indirectly, at least
80% of the issued and outstanding Voting Stock of the Material Subsidiary; and

 

(b)      will not
permit the Material Subsidiary to:

 

(i)       merge
or consolidate with or into any corporation or other Person, unless the Company is the surviving corporation or Person, or unless,
upon consummation of the merger or consolidation, the Company will own, directly or indirectly, at least 80% of the surviving corporation’s
issued and outstanding Voting Stock; or

 

(ii)       lease,
sell, assign or transfer all or substantially all of its properties and assets to any Person (other than the Company), unless,
upon such sale, assignment or transfer, the Company will own, directly or indirectly, at least 80% of the issued and outstanding
Voting Stock of that Person.

 

    	-16-

    	 

    

 

Notwithstanding the foregoing,
any such sale, assignment or transfer of securities, any such merger or consolidation or any such lease, sale, assignment or transfer
of properties and assets shall not be prohibited if: (A) required by law, such lease, sale, assignment or transfer of securities
is made to any Person for the purpose of the qualification of such Person to serve as a director; (B) such lease, sale, assignment
or transfer of securities is made by the Company or any of its Subsidiaries acting in a fiduciary capacity for any Person other
than the Company or any Subsidiary; (C) made in connection with the consolidation of the Company with or the sale, lease or conveyance
of all or substantially all of the assets of the Company to, or merger of the Company with or into any other Person (as to which
Article V of this Indenture shall apply); (D) required by any law or any rule, regulation or order of any governmental agency or
authority; or (E) required as a condition imposed by any law or any rule, regulation or order of any governmental agency or authority
to the acquisition by the Company, directly or indirectly, through purchase of stock or assets, merger, consolidation or otherwise,
of any Person; provided, that, in the case of (E) only, after giving effect to such disposition and acquisition, (y) at
least 80% of the issued and outstanding Voting Stock of such Person will be owned, directly or indirectly, by the Company and (z)
the Consolidated Assets of the Company will be at least equal to 70% of the Consolidated Assets of the Company prior thereto; and
nothing in this Section shall prohibit the Company or the Material Subsidiary from the sale or transfer of assets pursuant to any
securitization transaction or the pledge of any assets to secure borrowings incurred in the ordinary course of business, including,
without limitation, deposit liabilities, mortgage escrow funds, reverse repurchase agreements, Federal Home Loan Bank of New York
advances, recourse obligations incurred in connection with the Material Subsidiary’s lending activities and letters of credit.

 

Section
4.2     Liens. For so long as any of the Notes are outstanding, the Company will not, nor will the Company permit
the Material Subsidiary to, create, assume, incur or suffer to be created, assumed or incurred or to exist, any pledge, encumbrance
or lien, as security for indebtedness for borrowed money, upon any shares of Voting Stock of the Material Subsidiary (or securities
convertible into, or options, warrants or rights to subscribe for or purchase shares of that Voting Stock), directly or indirectly,
without making effective provision whereby the Notes shall be equally and ratably secured with any and all such indebtedness if,
treating such pledge, encumbrance or lien as a transfer of the shares of, or securities convertible into or options, warrants
or rights to subscribe for or purchase shares of, Voting Stock of the Material Subsidiary subject thereto to the secured party
and after giving effect to the issuance of the maximum number of shares of Voting Stock of the Material Subsidiary issuable upon
the exercise of all such convertible securities, options, warrants or rights, the Company would not continue to own at least 80%
of the issued and outstanding Voting Stock of the Material Subsidiary. Notwithstanding the foregoing, this Section shall not apply
to any:

 

(a)      pledge, encumbrance
or lien upon any such shares of Voting Stock to secure indebtedness of the Company or a Subsidiary as part of the purchase price
of such shares of Voting Stock, or incurred prior to, at the time of or within 120 days after acquisition thereof for the purpose
of financing all or any part of the purchase price thereof;

 

(b)       lien for taxes,
assessments or other government charges or levies (i) which are not yet due or payable without penalty, (ii) which the Company
is contesting in good faith by appropriate proceedings so long as the Company has set aside on its books such reserves as shall
be required in respect thereof in conformity with GAAP or (iii) which secure obligations of less than $1 million in amount;

 

    	-17-

    	 

    

 

(c)       lien of any judgment,
if that judgment (i) is discharged, or stayed on appeal or otherwise, within 60 days, (ii) is currently being contested in good
faith by appropriate proceedings so long as the Company has set aside on its books such reserves as shall be required in respect
thereof in conformity with GAAP or (iii) involves claims of less than $1 million; or

 

(d)      any pledge or
lien on the Voting Stock of the Material Subsidiary to secure a loan or other extension of credit by a Subsidiary subject to Section
23A of the Federal Reserve Act.

 

In case the Company or
the Material Subsidiary shall propose to create, assume, incur or suffer to be created, assumed or incurred or to exist, any pledge,
encumbrance or lien, as security for indebtedness for borrowed money, upon any shares of Voting Stock of the Material Subsidiary
(or securities convertible into, or options, warrants or rights to subscribe for or purchase shares of that Voting Stock), directly
or indirectly, other than as permitted by subdivisions (a) to (d), inclusive, of this Section, the Company will prior thereto give
written notice thereof to the Trustee, and will prior to or simultaneously with such pledge, encumbrance or lien, by supplemental
indenture delivered to the Trustee, in form satisfactory to it, effectively secure all the Notes equally and ratably with such
indebtedness, by pledge, encumbrance or lien of such Voting Stock. Such supplemental indenture shall contain the provisions, concerning
the possession, control, release and substitution of encumbered and pledged property and securities and other appropriate matters
which are required or permitted by the TIA (as in effect at the date of execution of such supplemental indenture) to be included
in a secured indenture qualified under the TIA, and may also contain such additional and mandatory provisions permitted by the
TIA as the Company and the Trustee shall deem advisable or appropriate or as the Trustee shall deem necessary in connection with
such pledge, encumbrance or lien.

 

Section
4.3    Payment of Notes. The Company covenants and agrees for the benefit of the Holders of the Notes that it will
duly and punctually pay or cause to be paid the principal of, premium, if any, on and interest on the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited
by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due.

 

Section
4.4    Maintenance of Office or Agency. The Company shall maintain an office or agency (which may be an office of
the Trustee or an Affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange
and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

The Company may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or agency.

 

    	-18-

    	 

    

 

The Company hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.3.

 

Section
4.5     Reports. The Company shall file with the Trustee and transmit to the Holders, within 15 days after it files
such annual and quarterly reports, information, documents and other reports with the SEC, copies of its annual report 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 section 15(d) of the Exchange Act. In
the event the Company is at any time no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act,
it shall continue to provide the Trustee and the Holders with reports containing substantially the same information as would have
been required to be filed with the SEC had the Company continued to have been subject to such reporting requirements. In such
event, such reports shall be provided at the times the Company would have been required to provide reports had it continued to
have been subject to such reporting requirements. The Company also shall comply with the other provisions of Section 314(a) of
the TIA. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely conclusively on Officers’ Certificates).

 

Section
4.6     Compliance Certificate. (a) The Company will deliver to the Trustee on or before 120 days after the end of
each fiscal year of the Company, commencing with the first fiscal year ending after the date hereof, so long as Notes are outstanding
hereunder, an Officers’ Certificate stating that, in the course of the performance by the signers of their duties as officers
of the Company, they would normally have knowledge of any Default or Event of Default by the Company in the performance of any
covenants contained herein, stating whether or not they have knowledge of any such Default or Event of Default, the nature thereof
and the action, if any, the Company intends to undertake as a result of such Default.

 

(b)      The Company
shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 30 days upon any Officer becoming aware of any
Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company
is taking or proposes to take with respect thereto.

 

Article
V

SUCCESSORS

 

Section
5.1    When the Company May Merge, Consolidate or Transfer Assets. The Company shall not merge or consolidate with
or into any other Person and the Company shall not sell, lease or convey, in a single transaction or in a series of transactions,
all or substantially all of its assets to any Person, unless (1) the Company is the continuing corporation, or the successor corporation
or the Person that acquires all or substantially all of the Company’s assets is a corporation organized and existing under
the laws of the United States or a state thereof or the District of Columbia and expressly assumes all the Company’s obligations
under the Notes and this Indenture or assumes such obligations as a matter of law and (2) immediately after giving effect to such
merger, consolidation, sale, lease or conveyance, there is no Default or Event of Default hereunder.

 

    	-19-

    	 

    

 

 

Section
5.2     Successor Corporation Substituted. Upon any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1 hereof,
the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, assignment,
transfer, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, conveyance or other disposition, the provisions of this Indenture referring to the “Company”
shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Person had been named as the Company herein, and, thereupon, the
Company shall be relieved of any further liability or obligation hereunder or under the Notes.

 

Section
5.3     Officer’s Certificate and Opinion of Counsel to be Given to Trustee. Upon the occurrence of the transactions
permitted under the provisions of Sections 5.1 and 5.2, the Company shall deliver to the Trustee an Officer’s Certificate
and an Opinion of Counsel in each case stating that such transaction and agreement, if any, complies with this Article V, that
all conditions precedent provided for herein relating to such transaction have been complied with, and that such agreement or
supplemental indenture, if any, is the legal, valid and binding obligation of the Company or such other Person, as the case may
be, enforceable against them in accordance with its terms, subject to customary exceptions, on which the Trustee may rely as conclusive
evidence that any consolidation, merger, sale, conveyance, transfer or lease, and any assumption, permitted or required by the
terms of this Article V complies with the provisions of this Article V and this Indenture.

 

Article
VI

EVENTS OF DEFAULT

 

Section
6.1    Events of Default. An “Event of Default” occurs if:

 

(a)      the Company
defaults in the payment of any installment of interest on any of the Notes as and when the same shall become due and payable, and
such default continues for a period of 30 days;

 

(b)      the Company
defaults in the payment of all or any part of the principal of any of the Notes as and when the same shall become due and payable
either at maturity, upon any redemption, by declaration of acceleration of maturity or otherwise;

 

(c)       the Company
fails to perform any other covenant or agreement on the part of the Company contained in the Notes or in this Indenture and such
failure continues for a period of 90 days after the date on which notice specifying such failure, stating that such notice is a
“Notice of Default” hereunder and demanding that the Company remedy the same, shall have been given, by registered
or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in aggregate
Principal Amount of the Notes at the time outstanding;

 

    	-20-

    	 

    

 

 

(d)      a court
having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Material Subsidiary
in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter
in effect, or a decree or order adjudging the Company or the Material Subsidiary a bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Company or the Material
Subsidiary under any applicable federal or state law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Company or the Material Subsidiary or for any substantial part of its property or ordering the winding
up or liquidation of its affairs, shall have been entered, and such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days;

 

(e)       the Company
or the Material Subsidiary shall commence a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law now or hereafter in effect or any other case or proceeding to be adjudicated a bankrupt or
insolvent, or consent to the entry of a decree or order for relief in an involuntary case or proceeding under any such law, or
to the commencement of any bankruptcy or insolvency case or proceeding against the Company or the Material Subsidiary, or the filing
by the Company or the Material Subsidiary of a petition or answer to consent seeking reorganization or relief under any such applicable
federal or state law, or the consent by the Company or the Material Subsidiary to the filing of such petition or to the appointment
of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Company or the Material Subsidiary or of any substantial part of its property, or the making by the Company or the Material
Subsidiary of an assignment for the benefit of creditors, or the taking of action by the Company or the Material Subsidiary in
furtherance of any such action; or

 

(f)       the Company
shall default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or the Material
Subsidiary having an aggregate principal amount outstanding of at least $50,000,000, or under any mortgage, indenture or instrument
(including this Indenture) under which there may be issued or by which there may be secured or evidenced any indebtedness for money
borrowed by the Company or the Material Subsidiary having an aggregate principal amount outstanding of at least $50,000,000, whether
such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a failure to pay any portion
of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results
in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due
and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without
such indebtedness having been discharged or such acceleration having been rescinded or annulled.

 

Upon becoming aware of
any Event of Default, the Company shall promptly deliver to the Trustee a written statement specifying such Event of Default.

 

    	-21-

    	 

    

 

 

Section
6.2     Acceleration. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25%
in Principal Amount of the then outstanding Notes may declare the Principal Amount of all the Notes and interest accrued thereon
to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by the Holders of the outstanding
Notes). Holders of the Notes may not enforce this Indenture or the Notes except as provided in this Indenture. Subject to Sections
6.6, 7.1(e) and 7.6, Holders of a majority in Principal Amount of the then outstanding Notes may direct the Trustee in its exercise
of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default
in accordance with Section 7.4 hereof. The Holders of a majority in aggregate Principal Amount of the then outstanding Notes by
written notice to the Trustee may on behalf of the Holders of all of the Notes rescind an acceleration and its consequences if
the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and if all existing Events
of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been
cured or waived.

 

In case the Trustee shall
have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because
of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every
such case the Company, the Trustee and the Holders shall be restored respectively to their several positions and rights hereunder,
and all rights, remedies and powers of the Company, the Trustee and the Holders shall continue as though no such proceeding had
been taken.

 

Section
6.3     Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal of, premium, if any, on and interest on the Notes or to enforce the performance of any provision
of the Notes or this Indenture.

 

The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.

 

Section
6.4     Waiver of Defaults. Holders of a majority in aggregate Principal Amount of the then outstanding Notes by
written notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and
its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of and interest on
the Notes. 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
6.5     Control by Majority. Holders of a majority in Principal Amount of the then outstanding Notes may direct the
time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust
or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or
that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes not joining the giving of such direction
or that may involve the Trustee in personal liability. The Trustee may take any other action consistent with this Indenture relating
to any such direction.

 

    	-22-

    	 

    

 

 

Section
6.6     Limitation on Suits. A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only
if and subject to Section 6.7 hereof:

 

(a)      the Holder
of a Note gives to the Trustee written notice of a continuing Event of Default;

 

(b)      the Holders
of at least 25% in Principal Amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy;

 

(c)      such Holders
offer and provide to the Trustee security or indemnity acceptable to it against any loss, liability or expense;

 

(d)      the Trustee
does not comply with the request within 60 days after receipt of the request and the offer and the provision of security or indemnity
acceptable to it; and

 

(e)       the Holders
of a majority in Principal Amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request
within such 60-day period.

 

No Holder of a Note shall
have any right in any manner whatsoever by virtue of or by availing itself of any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holder of a Note, or to obtain or seek to obtain priority over or preference to any other
Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common
benefit of all Holders of Notes.

 

Section
6.7     Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the
right of any Holder of a Note to receive payment of principal of, premium, if any, on, and interest on such Note, on or after
the respective due dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

 

Section
6.8    Collection Suit by Trustee. If an Event of Default specified in Section 6.1(a) or (b) occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole
amount of principal, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, fees, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

Section
6.9     Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and 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, fees, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes
allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property
and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any
such claims and any custodian 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 to it for the compensation, fees, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under or in connection with this Indenture. To the extent that the payment of any such compensation,
fees, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
or in connection with this Indenture out of the estate in any such proceeding shall be denied for any reason, payment of the same
shall be secured by a perfected, first priority Lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under
any plan of reorganization or arrangement or otherwise, and such Lien in favor of a predecessor Trustee shall be senior to the
Lien in favor of the current Trustee. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

    	-23-

    	 

    

 

Section
6.10   Priorities. If the Trustee collects any money or other property pursuant to this Article, it shall be applied
in the following order:

 

First: to the Trustee
(including any predecessor Trustee), its agents and attorneys for amounts due under Section 7.6 hereof, including payment of all
compensation, fees, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to Holders of
Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

Third: to the Company
or to such party as a court of competent jurisdiction shall direct in writing.

 

The Trustee may fix a
record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.

 

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

 

    	-24-

    	 

    

 

 

Article
VII

 

TRUSTEE

 

Section
7.1           Duties of Trustee.

 

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

 

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

 

(i)          the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

 

(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 certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture but need not verify the accuracy of the contents thereof.

 

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

 

(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; and

 

(iii)        the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.5 or 6.6 hereof.

 

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

 

(e)          No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall
be under no obligation to exercise any of its rights and powers under this Indenture at the request or direction of any Holders,
unless such Holders shall have offered and provided to the Trustee security or indemnity satisfactory to it against any loss, liability
or expense that might be incurred by it in compliance with such request or direction.

 

    	-25-

    	 

    

 

(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.

 

Section
7.2           Rights of Trustee. (a) The Trustee may conclusively
rely upon any document 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, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company personally or by agent or attorney.

 

(b)          Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may rely upon
an Officers’ Certificate, an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 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 from liability
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

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

 

(d)          The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture.

 

(e)          Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient
if signed by an Officer of the Company.

 

(f)          No
permissive right of the Trustee to act hereunder shall be construed as a duty.

 

Section
7.3           Individual Rights of Trustee. The Trustee,
in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires
any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee
or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.9 and 7.10 hereof.

 

Section
7.4           Notice of Defaults. If a Default or Event of
Default occurs and is continuing and if the Trustee receives written notice thereof, the Trustee shall (at the expense of the
Company) mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it receives notice thereof.
Except in the case of a Default or Event of Default in payment of and interest on any Note, the Trustee may withhold the notice
if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of the Holders of the Notes. For purposes of this Indenture, the Trustee shall not be deemed to have received notice of any Default
(except a Default or Event of Default in payment of principal of, premium, if any, on and interest on any Note) unless a Responsible
Officer of the Trustee has received actual notice of such Default.

 

    	-26-

    	 

    

 

 

Section
7.5           Reports by Trustee to Holders. Within 60 days
after each June 15 beginning with the June 15 following the date of this Indenture, and for so long as Notes remain outstanding,
the Trustee shall (at the expense of the Company) mail to the Holders of the Notes a brief report dated as of such reporting date
that complies with Section 313(a) of the TIA (but if no event described in Section 313(a) of the TIA has occurred within the twelve
months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Section 313(b)(2) of the
TIA. The Trustee shall also transmit by mail all reports as required by Section 313(c) of the TIA.

 

A copy of each report
at the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the SEC and each stock exchange
on which the Notes are listed in accordance with Section 313(d) of the TIA. The Company shall promptly notify the Trustee when
the Notes are listed on any stock exchange and thereafter shall promptly file all reports with the SEC and such stock exchange
as are required to be filed by the rules and regulations of the SEC and of such stock exchange.

 

Section
7.6           Compensation and Indemnity. The Company agrees
to pay to the Trustee from time to time compensation as agreed upon by the Trustee and the Company, and, in the absence of any
such agreement, reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. Except as otherwise expressly provided herein,
the Company shall reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any provision of this Indenture (including reasonable compensation, disbursements and expenses
of the Trustee’s agents and reasonable fees and expenses of its counsel), except any such expense, disbursement or advance
as shall be determined to have been caused by its own negligence or willful misconduct. The Company shall indemnify the Trustee
against any and all losses, liabilities or expenses incurred by it without negligence or willful misconduct on its own part, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent that any such loss, liability or expense shall be determined to have been caused by the Trustee’s
own negligence or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it intends to seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company
shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have 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.

 

The obligations of the
Company to the Trustee under this Indenture shall survive the satisfaction and discharge of this Indenture.

 

    	-27-

    	 

    

 

To secure the Company’s
payment obligations in this Section, the Trustee shall have a mortgage, pledge, lien, charge, security interest or encumbrance
(each, a “Lien”) prior to the Notes on all money or property held or collected by the Trustee, except that held in
trust to pay principal and interest on particular Notes.

 

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

 

The Trustee shall comply
with the provisions of Section 313(b)(2) of the TIA to the extent applicable.

 

Section
7.7           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
in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a majority
in Principal Amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing.
The Company may by a Board Resolution remove the Trustee if:

 

(a)          the
Trustee fails to comply with Section 7.9 hereof;

 

(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.

 

If a successor Trustee
does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the
Holders of at least 10% in Principal Amount of the then outstanding Notes may petition any court of competent jurisdiction for
the appointment of a successor Trustee.

 

If the Trustee, after
receiving a written request to resign by any Holder of a Note who has been a bona fide Holder of a Note for at least six months,
fails to comply with Section 7.9, such Holder of a Note may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

 

A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, 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
under this Indenture. The successor Trustee shall mail a notice of its succession to Holders of the Notes. The retiring Trustee
shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder
have been paid and subject to the Lien provided for in Section 7.6 hereof. Notwithstanding replacement of the Trustee pursuant
to this Section 7.7, the Company’s obligations under Section 7.6 hereof shall continue for the benefit of the retiring Trustee.

 

    	-28-

    	 

    

 

Section
7.8           Successor Trustee by Merger, Etc. If the Trustee
or any Agent consolidates, 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 or Agent, as the case may
be.

 

Section
7.9           Eligibility; Disqualification. There shall
at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision
or examination by federal or state authorities and that together with its direct parent, if any, or in the case of a corporation
included in a bank holding company system, its related bank holding company, has a combined capital and surplus of at least $50
million as set forth in its most recent published annual report of condition. This Indenture shall always have a Trustee who satisfies
the requirements of Section 310(a)(1), (2) and (5) of the TIA. The Trustee is subject to Section 310(b) of the TIA.

 

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

 

Section
7.11         Other Capacities. All references in this Indenture to
the Trustee with the exception of Section 7.1(a) shall be deemed to refer to the Trustee in its capacity as Trustee and in its
capacities as any Agent, to the extent acting in such capacities, and every provision of this Indenture relating to the conduct
or affecting the liability or offering protection, immunity or indemnity to the Trustee shall be deemed to apply with the same
force and effect to the Trustee acting in its capacity as any Agent.

 

Article
VIII

SATISFACTION AND DISCHARGE OF INDENTURE;

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section
8.1           Satisfaction and Discharge. This Indenture
shall be discharged and shall cease to be of further effect as to all Notes, when:

 

(a)          either;

 

(i)          all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment has been deposited in trust by the Company and thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or

 

    	-29-

    	 

    
 

(ii)         all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice
of redemption or otherwise or shall become due and payable within one year and the Company has irrevocably deposited with the Trustee
or the Paying Agent, in trust, for the benefit of the Holders of the Notes, cash in United States dollars, non-callable Government
Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation
for principal, premium, if any, and accrued interest, to the date of maturity or redemption;

 

(b)          the
Company has paid all sums payable by it under this Indenture with respect to the Notes;

 

(c)          the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or on the redemption date, as the case may be; and

 

(d)          the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that the conditions precedent
to the satisfaction and discharge of the Notes pursuant to this Section have been satisfied.

 

Notwithstanding the satisfaction
and discharge of this Indenture with respect to the Notes, the obligations of the Company to the Trustee under Section 7.5 and,
if money shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section 8.1, the obligations
of the Company and the Trustee with respect to the Notes under Sections 2.3, 2.6, 2.7, 4.4 and 8.6, shall survive such satisfaction
and discharge. The Trustee, on demand and at the cost and expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture.

 

Section
8.2           Option to Effect Legal Defeasance or Covenant Defeasance.
The Company may, at its option and at any time, elect to have either Section 8.3 or 8.4 hereof be applied to all outstanding Notes
upon compliance with the conditions set forth below in this Article VIII.

 

Section
8.3           Legal Defeasance and Discharge. Upon the Company’s
exercise under Section 8.2 hereof of the option applicable to this Section 8.3, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.5 hereof, be deemed to have been discharged from its obligations with respect to all
outstanding Notes (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall
be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be
deemed to be “outstanding” only for the purposes of Section 8.6 hereof and the other Sections of this Indenture referred
to in clause (a) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee,
on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes
to receive solely from the trust fund described in Section 8.5 hereof, and as more fully set forth in such Section, payments in
respect of the principal of, premium, if any, on and interest on such Notes when such payments are due, (b) the Company’s
obligations with respect to such Notes under Article II and Section 4.4 hereof, (c) the rights, powers, trusts, duties and immunities
of the Trustee and any Agent hereunder and the Company’s obligations in connection therewith, including, without limitation,
Article VII and Section 8.6 and 8.8 hereunder, and (d) this Article VIII. Subject to compliance with this Article VIII, the Company
may exercise its option under this Section 8.3 notwithstanding the prior exercise of its option under Section 8.4 hereof.

 

    	-30-

    	 

    
 

Section
8.4           Covenant Defeasance. Upon the Company’s
exercise under Section 8.2 hereof of the option applicable to this Section 8.4, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.5 hereof, be released from its obligations under the covenants contained in Sections
4.1, 4.2, 4.5 and 4.6 hereof, under Section 6.1(c) hereof with respect to such covenants, and under Section 6.1 (d) and (e) hereof
with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.5 are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that
such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect
to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above,
the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.2 hereof of the option applicable to this Section 8.4 hereof, subject to the satisfaction of the conditions set forth
in Section 8.5 hereof, Sections 6.1(d) and (e) hereof shall not constitute Events of Default.

 

Section
8.5           Conditions to Legal or Covenant Defeasance.
The following shall be the conditions to the application of either Section 8.3 or 8.4 hereof to the outstanding Notes:

 

In order to exercise
either Legal Defeasance or Covenant Defeasance:

 

(a)          the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in United States
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of
a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, on and interest on the
outstanding Notes on the stated maturity or on the applicable Redemption Date, as the case may be, and the Company must specify
whether the Notes are being defeased to maturity or to a particular Redemption Date;

 

(b)          in
the case of an election under Section 8.3 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States reasonably acceptable to the Trustee confirming that (A) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (B) since the date of this 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 outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Legal Defeasance had not occurred;

 

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(c)          the
Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming
that, among other things, the defeasance trust does not constitute an “investment company” within the meaning of the
Investment Company Act of 1940, as amended;

 

(d)          in
the case of an election under Section 8.4 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders
of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred;

 

(e)          the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that (subject to customary qualifications and assumptions)
after the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally;

 

(f)          no
Default or Event of Default shall have occurred and be continuing on the date of such deposit or, insofar as Sections 6.01(d) or
6.1(e) hereof are concerned, at any time in the period ending on the 91st day after the date of deposit;

 

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

 

(h)          the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that, subject
to customary assumptions and exclusions, all conditions precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance have been complied with; and

 

(i)          the
Trustee shall have received such other documents, assurances and Opinions of Counsel as the Trustee shall have reasonably required.

 

Section
8.6           Deposited Money and Government Securities to Be
Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.7 hereof, all money and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section
8.6, the “Trustee”) pursuant to Section 8.1 or Section 8.5 hereof, as applicable, in respect of the outstanding Notes
shall be held in trust and applied by the Trustee or the Paying Agent, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent), to the
Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such
money need not be segregated from other funds except to the extent required by law.

 

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Anything in this Article
VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request
of the Company any money or non-callable Government Securities held by it as provided in Section 8.1 or Section 8.5 hereof, as
applicable, which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.1 or Section 8.5(a) hereof, as applicable),
are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.

 

Section
8.7           Repayment to Company. Any money deposited with
the Trustee or any Paying Agent, or then held by the Company in trust for the payment of the principal of, premium, if any, on
or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due
and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Note shall thereafter, as a creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once in The New York Times and The Wall Street Journal (national
edition) notice that such money remains unclaimed and that after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section
8.8           Reinstatement. If the Trustee or Paying Agent
is unable to apply any United States dollars or non-callable Government Securities in accordance with this Article VIII by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had
occurred pursuant to this Indenture until such time as the Trustee or Paying Agent is permitted by such court or governmental
authority to apply all such money in accordance with this Article VIII; provided, however, that, if the Company
makes any payment of principal of, premium, if any, on or interest on any Note following the reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the
Trustee or Paying Agent.

 

Article
IX

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section
9.1           Without Consent of Holders of Notes. Notwithstanding
Section 9.2 of this Indenture, the Company and the Trustee may from time to time and at any time enter into one or more indentures
supplemental hereto without the consent of any Holder of a Note, for one or more of the following purposes:

 

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

 

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(b)          to
provide for uncertificated Notes in addition to or in place of Definitive Notes or to alter the provisions of Article II hereof
(including the related definitions) in a manner that does not adversely affect any Holder;

 

(c)          to
provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the Company pursuant
to Article V hereof;

 

(d)          to
conform the text of this Indenture, any supplemental indenture, if applicable, or the Notes to any provision of set forth under
the heading “Description of the Notes” in a prospectus supplement applicable to the Notes;

 

(e)          to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of any Note pursuant to Article VIII, provided that any such action shall not adversely affect the interests of any
Holder in any material respect;

 

(f)          to
make any change that would provide any additional rights or benefits to the Holders of the Notes;

 

(g)          to
make any change that is not inconsistent with this Indenture and does not adversely affect the legal rights hereunder of any Holder
of a Note; or

 

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

 

Upon the request of the
Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental Indenture, and upon receipt
by the Trustee of the documents described in Sections 7.2 and 9.6 hereof, the Trustee shall join with the Company in the execution
of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

Section
9.2           With Consent of Holders of Notes. Except as
provided below in this Section 9.2, the Company and the Trustee may amend or supplement this Indenture and the Notes with the
consent of the Holders of at least a majority in Principal Amount of the Notes then outstanding voting as a single class (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and,
subject to Sections 6.4, 6.6 and 6.7 hereof, any existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, on and interest on the Notes, except a payment default resulting from an
acceleration that has been rescinded) may be waived with the consent of the Holders of a majority in Principal Amount of the then
outstanding Notes voting as a single class (including consents obtained in connection with a tender offer or exchange offer for,
or purchase of, the Notes). Section 2.8 hereof shall determine which Notes are considered to be “outstanding” for
purposes of this Section 9.2.

 

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Upon the request of the
Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental Indenture, and upon receipt
by the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by
the Trustee of the documents described in Sections 7.2 and 9.6 hereof, the Trustee shall join with the Company in the execution
of such amended or supplemental Indenture unless such amended or supplemental Indenture directly affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may, but shall not be obligated to, enter
into such amended or supplemental Indenture.

 

It shall not be necessary
for the consent of the Holders of Notes under this Section 9.2 to approve the particular form of any proposed amendment or waiver,
but it shall be sufficient if such consent approves the substance thereof.

 

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

 

Subject to Sections 6.4,
6.6 and 6.7 hereof, the Holders of a majority in aggregate Principal Amount of the Notes then outstanding voting as a single class
may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes. However, without
the consent of each Holder affected, an amendment or waiver under this Section 9.2 may not (with respect to any Notes held by a
non-consenting Holder):

 

(a)          change
the stated maturity of the principal of and interest on any Note;

 

(b)          reduce
the Principal Amount of, reduce the rate of, or extend or change the time for payment of interest on, any Note;

 

(c)          change
the place or currency of payment of principal of, premium, if any, on and interest on any Note;

 

(d)          reduce
any amount payable upon the redemption of any Note;

 

(e)          impair
the right to institute suit for the enforcement of any payment on or with respect to any Note;

 

(f)          reduce
the percentage in Principal Amount of outstanding Notes the consent of whose Holders is required for modification or amendment
of this Indenture;

 

(g)          reduce
the percentage in Principal Amount of outstanding Notes necessary for waiver of compliance with certain provisions of this Indenture
or for waiver of certain Defaults; or

 

(h)          modify
such provisions with respect to modification and waiver.

 

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Section
9.3           Compliance with Trust Indenture Act. Every
amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental Indenture that complies
with the TIA as then in effect.

 

Section
9.4           Revocation and Effect of Consents. Until an
amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation
of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if
the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

Section
9.5           Notation on or Exchange of Notes. The Trustee
may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect
the amendment, supplement or waiver.

 

Failure to make the appropriate
notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

Section
9.6           Trustee to Sign Amendments, Etc. The Trustee
shall sign any amended or supplemental Indenture authorized pursuant to this Article IX if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental
Indenture until the Board of Directors approves it. In executing any amended or supplemental Indenture, the Trustee shall be entitled
to receive and (subject to Section 7.1 hereof) shall be fully protected in relying upon, in addition to the documents required
by Section 10.5 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or
supplemental Indenture is authorized or permitted by this Indenture.

 

Article
X

MISCELLANEOUS

 

Section
10.1         Trust Indenture Act Controls. If any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the TIA, the duties imposed by Section 318(c)
of the TIA shall control.

 

Section
10.2         Notices, Etc. to Trustee and Company. Any request, demand,
authorization, direction, notice, consent, waiver or other act of Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with,

 

(a)          the
Trustee by any Holder or the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at Corporate Trust Office of the Trustee; or

 

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(b)          the
Company, by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and deposited postage prepaid by first class mail, registered or certified mail, overnight courier service or conformed
telecopy addressed (until another address is filed by the Company with the Trustee for the purpose) to:

 

Astoria Financial Corporation

One Astoria Federal Plaza

Lake Success, New York 11042

Attention: General Counsel

and

Arnold & Porter LLP

399 Park Avenue

New York, New York 10022

Attention: Robert C. Azarow, Esq.

 

The Company or the Trustee,
by notice to the other, may designate additional or different addresses for subsequent notices or communications. All notices and
communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when
receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

 

Section
10.3         Notice to Holders of Notes; Waiver. Where this Indenture
provides for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event at such Holder’s address as it appears on
the register kept by the Registrar, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect
to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received
by such Holder, whether or not such Holder actually receives such notice. If the Company mails a notice or communication to Holders,
it shall mail a copy to the Trustee and each Agent at the same time.

 

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

 

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

 

    	-37-

    	 

    
 

In the case of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section
10.4         Communication by Holders of Notes with Other Holders of Notes.
Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture
or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the TIA.

 

Section
10.5         Certificate and Opinion as to Conditions Precedent. Upon
any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to
the Trustee:

 

(a)          an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 10.6 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(b)          an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 10.6 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section
10.6         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 Section 314(a)(4) of the TIA) shall comply with the provisions of Section 314(e) of the TIA and shall include:

 

(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 or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

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

 

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

 

    	-38-

    	 

    
 

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

 

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

 

Section
10.8         Rules by Trustee and Agents. The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section
10.9         Limitation on Individual Liability. No recourse under
or upon any obligation, covenant or agreement contained in this Indenture or in any Note, or for any claim based thereon or otherwise
in respect thereof, shall be had against any incorporator, shareholder, employee, officer, or director, as such, past, present
or future, of the Company, either directly or through the Company, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations
issued hereunder are solely obligations of the Company, and that no such personal liability whatever shall attach to, or is or
shall be incurred by, the incorporators, shareholders, employees, officers or directors, as such, of the Company, or any of them,
because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any Note or implied therefrom; and that any and all such personal liability of every name and
nature, either at common law or in equity or by constitution or statute or otherwise, of, and any and all such rights and claims
against, every such incorporator, shareholder, employee, officer or director, as such, because of the creation of the indebtedness
hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Note
or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of
this Indenture and the issuance of such Note.

 

Section
10.10         Governing Law. This Indenture and the Notes shall be
governed by, and construed in accordance with, the laws of the State of New York without regard to conflict of law principles
thereof other than Section 5-1401 of the New York General Obligations Law.

 

    	-39-

    	 

    
 

Section
10.11         Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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

 

Section
10.13         Successors. All agreements of the Company in this Indenture
and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors.

 

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

 

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

 

Section
10.16         Counterpart Originals. The parties may sign any number
of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

 

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

 

Section
10.18         Applicability of Depository. Notwithstanding any other
provision of this Indenture, so long as a Note is a Global Note, the parties hereto will be bound at all times by the applicable
procedures of the Depositary with respect to such Note.

 

[Signature page follows.]

 

    	-40-

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused their duly authorized officers to execute and deliver this Indenture, as of the date first above written.

 

	 	ASTORIA FINANCIAL CORPORATION
	 	 	 
	 	By:	/s/ Frank E. Fusco
	 	 	Name:	Frank E. Fusco
	 	 	Title:	Senior Executive Vice President,
	 	 	 	Chief Financial Officer and
	 	 	 	Treasurer

 

	 	WILMINGTON TRUST, NATIONAL 

ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Jane Y. Schweiger
	 	 	Name:	Jane Y. Schweiger
	 	 	Title:	Vice President

 

    	 

    	 

    

 

EXHIBIT A-1

 

(Form of Global Note)

 

Astoria Financial Corporation

 

THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO AS NOMINEE OF THE
DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF
A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC)
MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE.

 

UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS NOTE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

ANY PURCHASER OR HOLDER
OF THE NOTES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED BY ITS PURCHASE AND HOLDING THEREOF THAT
EITHER (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO SECTION 406 OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), A PLAN, ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS
OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR AN
ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, AND
THAT NO PORTION OF THE ASSETS USED BY IT TO ACQUIRE AND HOLD THE NOTES CONSTITUTES ASSETS OF ANY SUCH PLAN, ACCOUNT, ARRANGEMENT
OR ENTITY FOR PURPOSES OF ERISA, THE CODE OR SIMILAR LAWS, AS APPLICABLE, OR (II) THE PURCHASE AND HOLDING OF THE NOTES WILL NOT
CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY
APPLICABLE SIMILAR LAW.

 

    	A - 1- 1

    	 

    

 

THE NOTES DO NOT EVIDENCE
SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

 

CUSIP __________

 

_____% Senior Notes due 2017

 

	No.______	$__________

 

Astoria Financial Corporation

 

promises to pay to Cede & Co. or registered
assigns, the principal sum of __________________ dollars, as such sum may be increased or reduced as reflected on the records of
the Trustee in accordance with Section 2.1(b) of the within-mentioned Indenture, on _______________.

 

Interest Payment Dates:  _______________

 

Record Dates:  _______________

 

	 	Astoria
    Financial Corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	A - 1- 2

    	 

    

 

 

This represents Notes of Astoria Financial
Corporation

referred to in the within-mentioned Indenture:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

 

	By:	 	 	Dated:
	 	Name:	 	 
	 	Title:	 	 

 

    	A - 1- 3

    	 

    

 

(Reverse of Note)

 

[___]% Senior Notes due 2017

 

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.          Interest.
Astoria Financial Corporation (the “Company”), a Delaware corporation, promises to pay interest on the Principal Amount
of this Note at _____ % per annum from _______________until maturity. The Company shall pay interest semi-annually on _______________and
_______________of each year, or if any such day is not a Business Day, on the next succeeding Business Day each, an “Interest
Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from the date of issuance; provided, that if there is no existing Default in the payment of interest, and
if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be _______________. Interest will be computed on the basis of a 360-day year of twelve 30-day months and interest
for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed
in any partial month.

 

2.          Method
of Payment. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business
on the _______________ or _______________ next preceding the Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date, except as provided in Section 2.15 of the Indenture (as herein defined)
with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency
of the Paying Agent (which may be the Company), or, at the option of the Company, payment of interest may be made by check mailed
to the Holders at their addresses set forth in the register of Holders, and provided that all payments of principal, premium, if
any, and interest with respect to Notes a Holder of which owns at least $50 million aggregate Principal Amount of Notes and has
given wire transfer instructions to the Company at least ten Business Days prior to the applicable payment date, will be required
to be made by wire transfer of immediately available funds to the accounts specified by the Holder thereof. Such payment shall
be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts.

 

3.          Paying
Agent and Registrar. Initially, Wilmington Trust, National Association, the Trustee (“Trustee”) under the Indenture,
will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The
Company or any of its Subsidiaries may act in any such capacity.

 

4.          Indenture.
The Company issued this Note under an Indenture dated as of _____ ___, ______, as amended or supplemented from time to time (“Indenture”),
between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement
of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling.

 

    	A - 1- 4

    	 

    

 

 

The Notes are unsecured
obligations of the Company.

 

5.          Optional
Redemption. The Notes may be redeemed at any time on or after the date that is 30 days prior to the maturity date at the option
of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at a price equal to 100% of the
Principal Amount of the Notes to be redeemed plus accrued and unpaid interest on the Principal Amount of the Notes being redeemed
to the Redemption Date.

 

In addition to the Company’s
right to redeem the Notes as set forth in Section 3.7 of the Indenture, the Company may at any time and from time to time purchase
Notes in open market transactions, tender offers or otherwise.

 

6.          Notice
of Redemption. Notice of redemption will be mailed, by first class mail, at least 30 days but not more than 60 days before
the Redemption Date to each Holder whose Notes are to be redeemed at its registered address; provided that redemption notices may
be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes or
a satisfaction and discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. Notes to be redeemed shall, on the Redemption
Date, become due and payable at the redemption price, and from and after such date (unless the Company shall default in the payment
of the redemption price) such Notes shall cease to bear interest. The Company shall deposit with the Trustee or with the Paying
Agent, one Business Day prior the Redemption Date, money sufficient to pay the redemption price on all Notes to be redeemed on
that date.

 

7.          Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company and the Registrar need
not exchange or register the transfer of any Note selected for redemption, in whole or in part, except for the unredeemed portion
of any Note being redeemed in part. The Company need not exchange or register the transfer of any Notes for a period of 15 days
before a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment
Date.

 

8.          Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

    	A - 1- 5

    	 

    

 

9.          Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent
of the Holders of at least a majority in Principal Amount of the then outstanding Notes voting as a single class (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and, subject
to Sections 6.4, 6.6 and 6.7 of the Indenture, any existing Default or Event of Default (other than a Default or Event of Default
in the payment of the principal of, premium, if any, on and interest on the Notes, except a payment default resulting from an acceleration
that has been rescinded). Subject to Sections 6.4, 6.6 and 6.7 of the Indenture, compliance with any provision of the Indenture
or the Notes may be waived with the consent of the Holders of a majority in Principal Amount of the then outstanding Notes voting
as a single class. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to cure
any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of Definitive Notes or to
alter the provisions of Article II of the Indenture (including the related definitions) in a manner that does not adversely affect
any Holder; to provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the
Company pursuant to Article V of the Indenture; to confirm the text of the Indenture, any supplemental indenture, if applicable,
or the Notes to any provision set forth under the heading “Description of the Notes” in a prospectus supplement applicable
to the Notes; to supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate
the defeasance and discharge of any Note pursuant to Article VIII, provided that any such action shall not adversely affect the
interests of any Holder in any material respect; to make any change that would provide any additional rights or benefits to the
Holders of the Notes; to make any change that is not inconsistent with the Indenture and does not adversely affect the legal rights
under the Indenture of any Holder of Notes; or to comply with the requirements of the SEC in order to effect or maintain the qualification
of the Indenture under the TIA.

 

10.         Defaults
and Remedies. An “Event of Default” occurs if: (i) the Company defaults in the payment of any installment of interest
upon any of the Notes as and when the same shall become due and payable, and such default continues for a period of 30 days; (ii)
the Company defaults in the payment of all or any part of the principal of any of the Notes as and when the same shall become due
and payable either at maturity, upon any redemption, by declaration of acceleration or otherwise; (iii) the Company fails to perform
any other covenant or agreement on the part of the Company contained in the Notes or in the Indenture and such failure continues
for a period of 90 days after the date on which notice specifying such failure, stating that such notice is a “Notice of
Default” under the Indenture and demanding that the Company remedy the same, shall have been given to the Company by the
Trustee, or to the Company and the Trustee by the Holders of at least 25% in aggregate Principal Amount of the Notes at the time
outstanding; (iv) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company
or the Material Subsidiary in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or
other similar law now or hereafter in effect, or a decree or order adjudging the Company or the Material Subsidiary a bankrupt
or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in
respect of the Company or the Material Subsidiary under any applicable federal or state law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Company or the Material Subsidiary or for any substantial
part of its property or ordering the winding up or liquidation of its affairs, shall have been entered, and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days; (v) the Company or the Material Subsidiary shall commence
a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law
now or hereafter in effect or any other case or proceeding to be adjudicated a bankrupt or insolvent, or consent to the entry of
a decree or order for relief in an involuntary case or proceeding under any such law, or to the commencement of any bankruptcy
or insolvency case or proceeding against the Company or the Material Subsidiary, or the filing by the Company or the Material Subsidiary
of a petition or answer to consent seeking reorganization or relief under any such applicable federal or state law, or the consent
by the Company or the Material Subsidiary to the filing of such petition or to the appointment of or the taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or the Material Subsidiary
or of any substantial part of its property, or the making by the Company or the Material Subsidiary of an assignment for the benefit
of creditors, or the taking of action by the Company or the Material Subsidiary in furtherance of any such action; or (vi) the
Company shall default under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or the
Material Subsidiary having an aggregate principal amount outstanding of at least $50,000,000, or under any mortgage, indenture
or instrument (including this Indenture) under which there may be issued or by which there may be secured or evidenced any indebtedness
for money borrowed by the Company or the Material Subsidiary having an aggregate principal amount outstanding of at least $50,000,000,
whether such indebtedness now exists or is created or incurred in the future, which default (a) constitutes a failure to pay any
portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (b) results
in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due
and payable without, in the case of clause (a), such indebtedness having been discharged or, in the case of clause (b), without
such indebtedness having been discharged or such acceleration having been rescinded or annulled. If any Event of Default occurs
and is continuing, the Trustee or the Holders of at least 25% in Principal Amount of the then outstanding Notes may declare all
the Notes to be due and payable immediately. Holders of the Notes may not enforce the Indenture or the Notes except as provided
in the Indenture. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except
a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in
their interest. The Holders of a majority in aggregate Principal Amount of the then outstanding Notes by written notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under
the Indenture, except a continuing Default or Event of Default in the payment of the principal of or interest on the Notes.

 

    	A - 1- 6

    	 

    
 

11.         Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may
otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not the Trustee.

 

12.         Discharge
and Defeasance. Subject to certain conditions, the Company at any time shall be entitled to terminate some or all of its obligations
under the Notes and the Indenture if the Company deposits with the Trustee cash in United States dollars, non-callable Government
Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium, if any, on and interest on the outstanding Notes on the stated
maturity or on the applicable Redemption Date, as the case may be.

 

    	A - 1- 7

    	 

    

 

13.         No
Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in this Indenture or in
any Note, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, employee,
officer, or director, as such, past, present or future, of the Company, either directly or through the Company, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely obligations of the Company, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, employees, officers or directors,
as such, of the Company, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of
the obligations, covenants or agreements contained in this Indenture or in any Note or implied therefrom; and that any and all
such personal liability of every name and nature, either at common law or in equity or by constitution or statute or otherwise,
of, and any and all such rights and claims against, every such incorporator, shareholder, employee, officer or director, as such,
because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any Note or implied therefrom, are hereby expressly waived and released as a condition of, and
as a consideration for, the execution of this Indenture and the issuance of such Note.

 

14.         Authentication.
This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

15.         Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.

 

16.         CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

17.         Available
Information. The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests
may be made to:

 

Astoria Financial Corporation

One Astoria Federal Plaza

Lake Success, New York 11042

Attention: General Counsel

 

18.         Counterparts.
This Note may be executed by one or more of the parties to this Note on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.

 

    	A - 1- 8

    	 

    

 

19.         Governing
Law. THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	A - 1- 9

    	 

    

 

Assignment Form

 

	To assign this Note, fill in the form below:  (I) or (we) assign and transfer this Note to
	 
	(Insert assignee’s Social Security or Tax Identification number)
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)
	 
	and irrevocably appoint      	 	   to transfer this Note
	on the books of the Company.  The agent may substitute another to act for him.
	 
	 

Date:______________________

 

	 	Your signature:___________________________ (Sign exactly as your name appears on the face of this Note)
	 	 
	 	Tax Identification No.:  __________________ SIGNATURE GUARANTEE:
	 	 
	 	 
	 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	A - 1- 10

    	 

    

 

EXHIBIT A-2

 

(Form of Definitive Note)

 

ANY PURCHASER OR HOLDER
OF THE NOTES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED BY ITS PURCHASE AND HOLDING THEREOF THAT
EITHER (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO SECTION 406 OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), A PLAN, ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS
OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR AN
ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, AND
THAT NO PORTION OF THE ASSETS USED BY IT TO ACQUIRE AND HOLD THE NOTES CONSTITUTES ASSETS OF ANY SUCH PLAN, ACCOUNT, ARRANGEMENT
OR ENTITY FOR PURPOSES OF ERISA, THE CODE OR SIMILAR LAWS, AS APPLICABLE, OR (II) THE PURCHASE AND HOLDING OF THE NOTES WILL NOT
CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY
APPLICABLE SIMILAR LAW.

 

THE NOTES DO NOT EVIDENCE
SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

 

CUSIP __________

 

_____% Senior Notes due 2017

 

	No.______	$__________

 

Astoria Financial Corporation

 

promises to pay to Cede & Co. or registered
assigns, the principal sum of __________________ dollars on _______________.

 

Interest Payment Dates: _______________

 

Record Dates: _______________

 

    	A - 2- 1

    	 

    
 

	 	Astoria Financial Corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

This represents one of the Notes of Astoria Financial Corporation

referred to in the within-mentioned Indenture:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

 

	By:	 	 	Dated:
	 	Name:	 	 
	 	Title:	 	 

 

[FORM OF REVERSE SIDE IS IDENTICAL TO EXHIBIT
A-1]

 

    	A - 2- 2

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