Document:

Exhibit
4.1

 

Certificate

Pursuant
to § 181 Para. 1 Sentence 2 of the German Stock Corporation Act (AktG)

 

I
hereby certify that the wording presented below of the Articles of Association of

 

Biofrontera
AG

with
its Head Office in Leverkusen

 

contains
the provisions of the Articles of Association amended by resolution of the Supervisory Board of 23 October 2019, and that the
provisions of the Articles of Association not amended by the Supervisory Board resolution of 23 October 2019 match the complete
wording of these provisions of the Articles of Association most recently submitted to the Commercial Register.

 

By
viewing the Register files, I have satisfactorily ascertained the complete wording of the Articles of Association most recently
submitted to the Commercial Register.

 

Leverkusen,
28 October 2019

 

	 	 	[Signature]
	 	 	 
	 	[Stamp:
    Dr Thilo Weimer	 
	 	Notary
    in Leverkusen]	 

 

    	 	 	 

    	 

    

 

ARTICLES
OF ASSOCIATION

 

Of

 

Biofrontera
AG

 

I.
General Provisions

 

§
1

 

Company
Name

The
Company’s name is:

Biofrontera
AG

 

§
2

Head
Office

 

The
Company’s Head Office is located in Leverkusen.

 

§
3

Purpose
of the Company

 

	(1)	The
    Company’s purpose is to research, develop and sell pharmaceuticals, and to assume the status of a holding company, i.e.
    to acquire and manage companies or stakes in companies.
	 	 
	(2)	The
    Company can perform all transactions suitable for promoting the Company’s purpose, either directly or indirectly.
	 	 
	(3)	The
    Company can establish branches and hold stakes in companies of the same or a similar kind, both domestically and abroad. It
    can unite companies in which it holds stakes under its single management, or it can restrict itself to managing its own stakes.
    It can outsource or transfer some or all of its operations to associated companies.

 

§
4

Financial
Year

 

The
financial year is the calendar year.

 

§
5

Duration
of the Company

 

The
company is established for an indefinite period.

 

    	 	 	 

    	 

    

 

§
6

Announcements
and Information

 

	(1)	The
    Company’s announcements are published in the German Electronic Federal Gazette, unless otherwise required by law.
	 	 
	(2)	Information
    can also be sent electronically to the holders of approved Company securities. In this context, approved securities are those
    that are approved domestically for trading on an organised market, within the meaning of § 2 Para. 5 of the German Securities
    Trading Act.

 

II.
Share Capital and Shares

 

§
7

Share
Capital

 

	(1)	The
    Company’s share capital amounts to EUR 44,849,365 (in words: forty-four million eight hundred and forty nine thousand
    three hundred and sixty-four euros) and is divided into 44, 849,365 individual shares (share capital).
	 	 
	(2)	The
    share capital is conditionally increased by up to EUR 3,998,014, through the issue of 3,998,014 new registered no-par-value
    ordinary shares (individual shares) (Conditional Capital I). The conditional capital increase serves (i) to ensure that, in
    accordance with the bond conditions, option rights are granted and option obligations are agreed and/or (ii) to ensure that,
    in accordance with the bond conditions, conversion rights and obligations are fulfilled, where these are in each case issued,
    agreed or guaranteed by the Company or via its direct or indirect majority holdings (associated companies) on the basis of
    the authorisation of the General Meeting of Shareholders of 28th August 2015, in the period up to 27th August 2020.
	 	 
	 	The
    conditional capital increase must be implemented only in the event of the issue of financial instruments on the basis of the
    authorisation of the General Meeting of Shareholders of 28th August 2015 and only if the holders and/or creditors
    of the financial instruments issued by the Company make use of their option or conversion rights or fulfil their option or
    conversion obligations. The new shares entitle their holders to dividends of Company profits from the beginning of the financial
    year in which they are issued.

 

    	 	 	 

    	 

    

 

	 	The
    Management Board is authorised, subject to the approval of the Supervisory Board, to make further stipulations regarding the
    implementation of the conditional capital increase. The Supervisory Board is authorised to amend § 7 of the Articles
    of Association according to each use of conditional capital and after all option or conversion periods have expired. 
	(3)	 
	 	(a)
[cancelled]

	 	 
	(4)	In
    the event of a capital increase, the way in which the profit dividends of the new shares are regulated may deviate from §
    60 of the German Stock Corporation Act.
	 	 
	(5)	[cancelled]
	 	 
	(6)	The
    Company’s share capital is conditionally increased by EUR 249,050, through the issue of up to 249,050 no-par-value registered
    shares (individual shares) (Conditional Capital III). The conditional capital increase serves exclusively to fulfil options
    granted until 1st July 2015 pursuant to the authorisation by resolution of the General Meeting of Shareholders
    of 2nd July 2010. The conditional capital increase will be implemented only if the holders of the options issued
    exercise their right to purchase shares in the Company, and if the Company does not grant its own shares or pay a cash settlement
    in order to fulfil the options. The new shares entitle their holders to dividends from Company profits from the beginning
    of the financial year in which they are created as a result of the exercise of options.
	 	 
	(7)	[cancelled]
	 	 
	(8)	The
    Company’s share capital is conditionally increased by [up to] EUR 1,814,984.00, through the issue of up to 1,814,984
    no-par-value registered shares (individual shares) (Conditional Capital V). The conditional capital increase serves exclusively
    to fulfil option rights granted until 27th August 2020 on the basis of the authorisation of the General Meeting
    of Shareholders of 28th August 2015. The conditional capital increase will be implemented only if the holders of
    the options issued exercise their right to purchase shares in the Company, and if the Company does not grant its own shares
    or pay a cash settlement in order to fulfil the options. The new shares entitle their holders to dividends from Company profits
    from the beginning of the financial year in which they are created as a result of the exercise of options. The Supervisory
    Board is authorised to amend § 7 of the Articles of Association according to each use of the conditional capital and
    after all option or conversion periods have expired. 

 

    	 	 	 

    	 

    

 

§
8

Shares

 

	 	(1)	The
    shares are registered shares.
	 	 	 
	 	(2)	Any
    right for shareholders to securitise their stakes or individual shares is excluded. The form and content of the share certificates
    is specified by the Management Board, subject to the approval of the Supervisory Board. The Company can securitise multiple
    individual shares in the same share certificates (global shares, global certificates). The same applies to dividend warrants
    and renewal certificates, as well as bonds, interest coupons and renewal certificates.
	 	 	 
	 	(3)	If
    a capital increase resolution does not contain any provision as to whether or not the new shares are bearer shares or registered
    shares, they are registered shares.

 

III.
Management Board

 

§
9

Composition
of the Management Board, and General Management

 

	 	(1)	The
    Management Board consists of one or several individuals. The number of members of the Management Board is determined by the
    Supervisory Board.
	 	 	 
	 	(2)	The
    members of the Management Board are appointed and dismissed by the Supervisory Board. The Supervisory Board can appoint a
    member of the Management Board as the Chairperson or Speaker of the Management Board and another member as the Deputy Chairperson.
	 	 	 
	 	(3)	The
    Management Board establishes its own Rules of Procedure, unless the Supervisory Board issues Rules of Procedure for the Management
    Board.

 

§
10

Representation

 

If
several members of the Management Board are appointed, the Company can be represented jointly by two members of the Management
Board, or by one member of the Management Board in conjunction with a proxy. If only one member of the Management Board is appointed,
s/he represents the Company alone. The Supervisory Board can authorise one, several or all members of the Management Board to
represent the Company alone. The Supervisory Board can exempt members of the Management Board, either generally or in individual
cases, from the prohibition on multiple representation pursuant to § 181 2nd Alt. BGB (Second Alternative German Civil Code);
§ 112 AktG (German Stock Corporation Act) is not affected.

 

§
11

General
Management

 

The
Management Board carries out the Company’s business in accordance with the law, the Articles of Association and the Rules
of Procedure.

 

    	 	 	 

    	 

    

 

IV.
Supervisory Board

 

§
12

Composition
and Term of Office of the Supervisory Board

 

	 	(1)	The
    Supervisory Board consists of six members.
	 	 	 
	 	(2)	The
    members of the Supervisory Board are elected by the General Meeting of Shareholders. The members of the Supervisory Board
    are elected for a term lasting until the end of the General Meeting of Shareholders which resolves on whether or not to discharge
    them for the fourth financial year after the beginning of their term of office, provided that the General Meeting of Shareholders
    does not stipulate a shorter term of office at the time of the election. The financial year in which their term of office
    begins is not included. It is permissible for members to be re-elected several times.
	 	 	 
	 	(3)	At
    the same time as electing members of the Supervisory Board, the General Meeting of Shareholders can also elect substitute
    members who will become members of the Supervisory Board – in a way to be determined at the time of the election –
    in the event that existing members of the Supervisory Board leave their posts before the end of their term of office.
	 	 	 
	 	(4)	If
    a member elected by the General Meeting of Shareholders quits the Supervisory Board before the end of his/her term of office,
    a new election must be held for the vacant post at the next General Meeting of Shareholders, unless a substitute member has
    already been promoted to this post. The term of office of the newly-elected member or the promoted substitute member is the
    same as the remaining term of office of the departed member of the Supervisory Board.

 

§
13

Resignation/Dismissal
from the Supervisory Board

 

Each
member of the Supervisory Board can resign from his/her post by addressing a written notification to this effect to the Management
Board, subject to one month’s notice to the end of the month. The right to resign from his/her post for good cause is not
affected. The dismissal of a member of the Supervisory Board elected by the shareholders must have the approval of a majority
of at least three quarters of votes cast.

 

    	 	 	 

    	 

    

 

§
14

Chairperson
and Rules of Procedure of the Supervisory Board

 

	 	(1)	From
    among its members, the Supervisory Board elects a Chairperson and a Deputy Chairperson. The election follows each General
    Meeting of Shareholders in which members of the Supervisory Board to be elected by the General Meeting of Shareholders have
    been elected by the shareholders, in a meeting that is held without being specially convened. A member requires only a simple
    majority in order to be elected. In the event of a tie, the outcome is decided by the drawing of lots.
	 	 	 
	 	(2)	If
    the Chairperson or Deputy Chairperson of the Supervisory Board quits his/her post before the end of his/her term of office,
    the Supervisory Board will elect a successor at its next meeting. If the Chairperson of the Supervisory Board quits prematurely,
    the Deputy Chairperson will convene the Supervisory Board.
	 	 	 
	 	(3)	The
    Supervisory Board establishes its own Rules of Procedure.

 

§
15

Convening
the Supervisory Board

 

	 	(1)	The
    Supervisory Board must hold two meetings each calendar year. It also holds additional meetings if required by law or advisable
    on commercial grounds.
	 	 	 
	 	(2)	The
    meetings of the Supervisory Board are convened in writing with at least 14 days’ notice by the Chairperson or, if s/he
    is prevented from doing so, by his/her Deputy. The date on which the invitation is sent and that of the meeting itself are
    not included in the notice period. In an emergency, the notice period can be reduced as appropriate, and the meeting can be
    convened verbally or by telephone. The meetings of the Supervisory Board take place at the Company’s Head Office or
    at another location agreed by all the members of the Supervisory Board. The items on the agenda must be included with the
    invitation.

 

§
16

Resolutions
of the Supervisory Board

 

	 	(1)	Resolutions
    of the Supervisory Board are generally passed in meetings. They can also be passed without convening a meeting, and votes
    can also be cast verbally, in writing, by telephone, by fax, electronically or by video conference, if the Chairperson of
    the Supervisory Board prescribes this procedure, and fewer than three members of the Supervisory Board immediately object
    to it.

 

    	 	 	 

    	 

    

 

	 	(2)	Resolutions
    of the Supervisory Board require a majority of votes cast, unless otherwise required by law. In the event of a tie, there
    will be a second vote on the same proposed resolution, and if this second vote results in a tie, the Chairperson will have
    two votes.
	 	 	 
	 	(3)	Minutes
    must be kept of the resolutions of the Supervisory Board. The minutes must be signed by the Chairperson of the Supervisory
    Board. The minutes must include the place and date of the meeting, its participants, the items on the agenda, the resolutions
    of the Supervisory Board (including the Chairperson’s statement concerning the result of the resolution) and the significant
    contents of the negotiations. The minutes must be forwarded immediately to all members of the Supervisory Board.
	 	 	 
	 	(4)	Declarations
    of intent by the Supervisory Board are issued by the Chairperson in the name of the Supervisory Board. The Chairperson, but
    not every member, is authorised to accept declarations for the Supervisory Board.
	 	 	 
	 	(5)	The
    Supervisory Board is able to pass resolutions provided that at least three members of the Supervisory Board participate in
    passing the resolution. A member is deemed to have participated in passing the resolution even if s/he abstains from voting.
    Absent members of the Supervisory Board can also participate in passing the resolution if they arrange for other members of
    the Supervisory Board to submit written votes on their behalf.
	 	 	 
	 	(6)	The
    Supervisory Board can resolve to make amendments to the Articles of Association that affect only the wording.

 

§
17

Committees
of the Supervisory Board

 

The
Supervisory Board can invite experts and other providers of information to its meetings. It can transfer individual responsibilities
within its remit to committees or individuals from among its members, provided that this does not contravene any legal provisions.

 

    	 	 	 

    	 

    

 

§
18

Remuneration
of the Supervisory Board

 

	 	(1)	In
    addition to reimbursement of expenses, each member of the Supervisory Board receives a fixed annual salary component of €
    15,000.00 (fixed salary component). If the consolidated result per share in the financial year for which the fixed salary
    pursuant to Sentence 1 is paid (salary year), and in the salary year of the previous financial year, improves by 25% or more
    compared with each respective previous financial year, each member of the Supervisory Board will be awarded annual performance-related
    pay of € 10,000.00 over and above the fixed salary component for the salary year (performance-related pay). If the consolidated
    result per share improves by 50% or more, the annual performance-related pay will amount to € 20,000.00. The basis for
    calculating whether or not the required improvement is achieved in the relevant successive financial years (period under consideration)
    is the consolidated result per share in the financial year 2006 and in subsequent years; for example, if the required improvement
    in terms of consolidated result per share is achieved in 2007 compared with 2006, and subsequently in 2008 compared with 2007,
    the performance-related pay for the financial year 2008 will have been earned.
	 	 	 
	 	(2)	The
    Chairperson receives twice, and his/her Deputy receives one-and-a-half times, the remuneration to be paid pursuant to Paragraph
    1.
	 	 	 
	 	(3)	Members
    of the Supervisory Board who have been part of the Supervisory Board only for part of the financial year will receive proportionately
    reduced remuneration for the time during which they have been members. If a member of the Supervisory Board quits his/her
    post before the end of a salary year for which performance-related pay is paid pursuant to Paragraph 1 Sentences 2-4, s/he
    will receive proportionate remuneration for the time during which s/he was still a member, provided that s/he was a member
    of the Supervisory Board in the period under consideration on which the pay calculation is based; this applies correspondingly
    if a member of the Supervisory Board is part of the latter in a salary year for which performance-related pay is paid pursuant
    to Paragraph 1 Sentence 2, but was not a member of the Supervisory Board for the whole duration of the period under consideration.
	 	 	 
	 	(4)	The
    Company reimburses members of the Supervisory Board for expenses incurred by the latter while exercising their duties, including
    any sales tax (VAT) on their remuneration and reimbursement for expenses.

 

    	 	 	 

    	 

    

 

	 	(5)	The
    Company can take out an indemnity insurance policy, to the benefit of the members of the Supervisory Board, which covers statutory
    liability arising from the activities of the Supervisory Board.
	 	 	 
	 	(6)	One
    quarter of the fixed remuneration of the members of the Supervisory Board for a given financial year, to be calculated pursuant
    to Paragraphs 1 to 3 above, is due after the end of each quarter of the calendar year.

 

V.
General Meeting of Shareholders

 

§
19

Venue
of the General Meeting of Shareholders

 

The
General Meeting of Shareholders takes place at the Company’s Head Office, a German town or city with more than 100,000 inhabitants,
or a German stock exchange.

 

§
20

Convening
the General Meeting of Shareholders, and Participation Entitlement

 

	 	(1)	The
    General Meeting of Shareholders is convened by the Management Board, provided that no other persons are authorised to do so
    by law. Unless the law permits a shorter notice period, the General Meeting of Shareholders must be convened at least 30 days
    before it is to be held. The date of the convocation and the date of the General Meeting of Shareholders are not included
    in the notice period. The notice period for convening the General Meeting of Shareholders is extended by the number of days
    in the registration period (§ 20 Paragraph 2).
	 	 	 
	 	(2)	The
    only shareholders entitled to participate in the General Meeting of Shareholders and exercise their voting rights are those
    recorded in the Share Register who registered in good time. The registration must reach the Company, at the address designated
    for this purpose in the convocation, at least six days before the Meeting; but, in derogation from this, the convocation may
    stipulate a shorter period, to be measured in days, of up to three days (registration period). The date of receipt and the
    date of the General Meeting of Shareholders are not included. The Management Board may make stipulations regarding the form
    of registration in the convocation – in particular, as to whether registration must be submitted in writing, by fax,
    in text form or in an (electronic) way to be specified by the Company.

 

    	 	 	 

    	 

    

 

	 	(3)	The
    General Meeting of Shareholders, which must decide whether or not to discharge the Management Board and the Supervisory Board,
    decide upon the appropriation of earnings, and – if necessary – decide whether or not to approve the annual financial
    statements, takes place within the first eight months of each financial year.

 

§
21

Procedure
of the General Meeting of Shareholders

 

	 	(1)	The
    Chairperson of the Supervisory Board, his/her Deputy (if s/he is prevented from doing so), or another member appointed by
    the Supervisory Board chairs the General Meeting of Shareholders. In the event that no member of the Supervisory Board chairs
    the General Meeting of Shareholders, the latter will elect its own chairperson.
	 	 	 
	 	(2)	The
    chairperson of the General Meeting of Shareholders can decide that the items on the agenda will be discussed in a different
    order from that indicated in the agenda. S/he also specifies the type and form of voting.
	 	 	 
	 	(3)	The
    chairperson of the General Meeting of Shareholders is entitled to set reasonable time limits for the shareholders’ rights
    to speak and ask questions; in particular, s/he can set a reasonable timetable for the meeting as a whole, for discussions
    of individual items on the agenda, and for individual speeches and questions.
	 	 	 
	 	(4)	The
    members of the Management Board and of the Supervisory Board should be present in person at the General Meeting of Shareholders.
    Members of the Supervisory Board who are prevented from attending in person for compelling reasons can also participate via
    video or audio link.
	 	 	 
	 	(5)	The
    chairperson of the General Meeting of Shareholders is authorised to permit the video and audio transmission of all or part
    of the General Meeting of Shareholders in a way to be determined by him/her.

 

§
22

Passing Resolutions

 

	 	(1)	Each
    share grants its holder one vote in the General Meeting of Shareholders.
	 	 	 
	 	(2)	Resolutions
    of the General Meeting of Shareholders require a simple majority of votes cast in order to be passed, provided that nothing
    to the contrary is required by the Articles of Association or by law. If, in addition to the simple majority of votes cast,
    the law prescribes a majority of the share capital represented when the resolution is passed, a simple majority of the share
    capital represented is sufficient, insofar as this is permitted by law; this applies, in particular, to resolutions pursuant
    to § 103 AktG (German Stock Corporation Act) (dismissal of members of the Supervisory Board), § 179 AktG (changes
    to the Articles of Association), § 182 AktG (share capital increase in return for contributions), § 207 AktG (share
    capital increase using Company resources) and § 221 AktG (in particular, the issue of convertible bonds and income bonds).

 

    	 	 	 

    	 

    

 

§
23

Exercise
of Voting Rights by Representatives

 

A
shareholder’s voting rights may be exercised by representative proxy. For a proxy to exercise voting rights, a corresponding
proxy authorisation must be issued. This proxy authorisation may be issued at any time in writing or by fax; any other forms provided
by law for issuing a proxy authorisation, revoking the latter or proving to the Company that authorisation has been granted, in
particular, facilitation measures that are compulsory under the law, are not restricted by the Articles of Association. Legal
provisions apply to the issue of proxy authorisations to credit institutions, shareholder associations or other persons equated
with the latter pursuant to § 135 AktG (German Stock Corporation Act).

 

VI.
Financial Reporting and Use of the Annual Surplus

 

§
24

Financial
Reporting

 

The
Management Board must compile the annual financial statements (balance sheet, profit and loss account and notes to the financial
statements) and the management report, as well as the consolidated financial statements and group management report, and submit
them to the Supervisory Board and the auditor within the statutory deadlines. Likewise, the Management Board must submit a proposal
for the use of the retained profit to the Supervisory Board. §§ 298 Para. 3 and 315 Para. 3 of the German Commercial
Code (HGB) are not affected.

 

    	 	 	 

    	 

    

 

§
25

Use
of the Annual Surplus

 

	 	(1)	When
    the annual financial statements are approved, the Management Board and the Supervisory Board are authorised to place in other
    reserves either some or all of the annual surplus that remains after deduction of the sums to be placed in the statutory reserve
    and of losses carried forward. The placement of more than half the annual surplus is not permitted if the other reserves would
    exceed half the share capital after this placement.
	 	 	 
	 	(2)	Shareholders’
    dividends are calculated in proportion to the size of their share of the share capital.

 

VII.
Concluding Provisions

 

§
26

Expenses
relating to foundation and change of form

 

	 	(1)	The
    Company is the result of the change of legal form of Biofrontera Pharmaceuticals GmbH, which had its Head Office in Leverkusen.
	 	 	 
	 	(2)	The
    Company bears the expenses incurred by its change of legal form into a public limited company (Aktiengesellschaft), and by
    its foundation, up to the sum of EUR 15,000.00.Exhibit 4.6

 

 

 

BIOFRONTERA
AG

TO

THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

As
Trustee

 

 

 

Indenture

Dated
as of [  ], 2020

 

 

 

Senior
Debt Securities

 

 

 

    	 	 	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	 	 	ARTICLE
    One	 	 
	 	 	Definitions
    And Other Provisions of General Application	 	 
	 	 	 	 	 
	SECTION
    101.	 	Definitions	 	1
	 	 	 	 	 
	SECTION
    102.	 	Compliance
    Certificates and Opinions	 	6
	 	 	 	 	 
	SECTION
    103.	 	Form
    of Documents Delivered to Trustee	 	7
	 	 	 	 	 
	SECTION
    104.	 	Acts
    of Holders; Record Dates	 	7
	 	 	 	 	 
	SECTION
    105.	 	Notices,
    Etc., to Trustee and Company	 	9
	 	 	 	 	 
	SECTION
    106.	 	Notice
    to Holders; Waiver	 	9
	 	 	 	 	 
	SECTION
    107.	 	Conflict
    with Trust Indenture Act	 	10
	 	 	 	 	 
	SECTION
    108.	 	Effect
    of Headings and Table of Contents	 	10
	 	 	 	 	 
	SECTION
    109.	 	Successors
    and Assigns	 	10
	 	 	 	 	 
	SECTION
    110.	 	Separability
    Clause	 	10
	 	 	 	 	 
	SECTION
    111.	 	Benefits
    of Indenture	 	11
	 	 	 	 	 
	SECTION
    112.	 	Governing
    Law and Submission to Jursidiction	 	11
	 	 	 	 	 
	SECTION
    113.	 	Certain
    Tax Matters	 	11
	 	 	 	 	 
	SECTION
    114.	 	Legal
    Holidays	 	11
	 	 	 	 	 
	SECTION
    115.	 	Force
    Majeure	 	11
	 	 	 	 	 
	SECTION
    116.	 	Execution
    in Counterparts	 	12
	 	 	 	 	 
	SECTION
    117.	 	Waiver
    of Jury Trial	 	12
	 	 	 	 	 
	 	 	ARTICLE
    Two	 	 
	 	 	Security
    Forms	 	 
	 	 	 	 	 
	SECTION
    201.	 	Forms
    Generally	 	12
	 	 	 	 	 
	SECTION
    202.	 	Form
    of Face of Security	 	13
	 	 	 	 	 
	SECTION
    203.	 	Form
    of Reverse of Security	 	14
	 	 	 	 	 
	SECTION
    204.	 	Form
    of Legend for Global Securities	 	17
	 	 	 	 	 
	SECTION
    205.	 	Form
    of Trustee’s Certificate of Authentication	 	17
	 	 	 	 	 
	 	 	ARTICLE
    Three	 	 
	 	 	The
    Securities	 	 
	 	 	 	 	 
	SECTION
    301.	 	Amount
    Unlimited; Issuable in Series	 	18
	 	 	 	 	 
	SECTION
    302.	 	Denominations	 	20
	 	 	 	 	 
	SECTION
    303.	 	Execution,
    Authentication, Delivery and Dating	 	20
	 	 	 	 	 
	SECTION
    304.	 	Temporary
    Securities	 	21
	 	 	 	 	 
	SECTION
    305.	 	Registration,
    Registration of Transfer and Exchange	 	22

 

    	 	-i-	 

    	 	 	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	SECTION
    306.	 	Mutilated,
    Destroyed, Lost and Stolen Securities	 	24
	 	 	 	 	 
	SECTION
    307.	 	Payment
    of Interest; Interest Rights Preserved	 	24
	 	 	 	 	 
	SECTION
    308.	 	Persons
    Deemed Owners	 	25
	 	 	 	 	 
	SECTION
    309.	 	Cancellation	 	26
	 	 	 	 	 
	SECTION
    310.	 	Computation
    of Interest	 	26
	 	 	 	 	 
	SECTION
    311.	 	CUSIP
    Numbers	 	26
	 	 	 	 	 
	 	 	ARTICLE
    Four	 	 
	 	 	Satisfaction
    and Discharge	 	 
	 	 	 	 	 
	SECTION
    401.	 	Satisfaction
    and Discharge of Indenture	 	26
	 	 	 	 	 
	SECTION
    402.	 	Application
    of Trust Money	 	27
	 	 	 	 	 
	 	 	ARTICLE
    Five	 	 
	 	 	Remedies	 	 
	 	 	 	 	 
	SECTION
    501.	 	Events
    of Default	 	27
	 	 	 	 	 
	SECTION
    502.	 	Acceleration
    of Maturity; Rescission and Annulment	 	28
	 	 	 	 	 
	SECTION
    503.	 	Collection
    of Indebtedness and Suits for Enforcement by Trustee	 	29
	 	 	 	 	 
	SECTION
    504.	 	Trustee
    May File Proofs of Claim	 	30
	 	 	 	 	 
	SECTION
    505.	 	Trustee
    May Enforce Claims Without Possession of Securities	 	30
	 	 	 	 	 
	SECTION
    506.	 	Application
    of Money Collected	 	31
	 	 	 	 	 
	SECTION
    507.	 	Limitation
    on Suits	 	31
	 	 	 	 	 
	SECTION
    508.	 	Unconditional
    Right of Holders to Receive Principal, Premium and Interest	 	32
	 	 	 	 	 
	SECTION
    509.	 	Restoration
    of Rights and Remedies	 	32
	 	 	 	 	 
	SECTION
    510.	 	Rights
    and Remedies Cumulative	 	32
	 	 	 	 	 
	SECTION
    511.	 	Delay
    or Omission Not Waiver	 	32
	 	 	 	 	 
	SECTION
    512.	 	Control
    by Holders	 	32
	 	 	 	 	 
	SECTION
    513.	 	Waiver
    of Past Defaults	 	33
	 	 	 	 	 
	SECTION
    514.	 	Undertaking
    for Costs	 	33
	 	 	 	 	 
	SECTION
    515.	 	Waiver
    of Usury, Stay or Extension Laws	 	33
	 	 	 	 	 
	 	 	ARTICLE
    Six	 	 
	 	 	The
    Trustee	 	 
	 	 	 	 	 
	SECTION
    601.	 	Certain
    Duties and Responsibilities	 	33
	 	 	 	 	 
	SECTION
    602.	 	Notice
    of Defaults	 	35
	 	 	 	 	 
	SECTION
    603.	 	Certain
    Rights of Trustee	 	35
	 	 	 	 	 
	SECTION
    604.	 	Not
    Responsible for Recitals or Issuance of Securities	 	36

 

    	 	-ii-	 

    	 	 	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	SECTION
    605.	 	May
    Hold Securities	 	36
	 	 	 	 	 
	SECTION
    606.	 	Money
    Held in Trust	 	37
	 	 	 	 	 
	SECTION
    607.	 	Compensation
    and Reimbursement	 	37
	 	 	 	 	 
	SECTION
    608.	 	Conflicting
    Interests	 	37
	 	 	 	 	 
	SECTION
    609.	 	Corporate
    Trustee Required; Eligibility	 	38
	 	 	 	 	 
	SECTION
    610.	 	Resignation
    and Removal; Appointment of Successor	 	38
	 	 	 	 	 
	SECTION
    611.	 	Acceptance
    of Appointment by Successor	 	39
	 	 	 	 	 
	SECTION
    612.	 	Merger,
    Conversion, Consolidation or Succession to Business	 	40
	 	 	 	 	 
	SECTION
    613.	 	Preferential
    Collection of Claims Against Company	 	40
	 	 	 	 	 
	SECTION
    614.	 	Appointment
    of Authenticating Agent	 	40
	 	 	 	 	 
	 	 	ARTICLE
    Seven	 	 
	 	 	Holder’s
    List and Reports By Trustee and Company	 	 
	 	 	 	 	 
	SECTION
    701.	 	Company
    to Furnish Trustee Names and Addresses of Holders	 	42
	 	 	 	 	 
	SECTION
    702.	 	Preservation
    of Information; Communications to Holders	 	42
	 	 	 	 	 
	SECTION
    703.	 	Reports
    by Trustee	 	42
	 	 	 	 	 
	SECTION
    704.	 	Reports
    by Company	 	43
	 	 	 	 	 
	 	 	ARTICLE
    Eight	 	 
	CONSOLIDATION, AMALGAMATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	 	 	 	 	 
	SECTION
    801.	 	Company
    May Consolidate, Etc., Only on Certain Terms	 	43
	 	 	 	 	 
	SECTION
    802.	 	Successor
    Substituted	 	44
	 	 	 	 	 
	 	 	ARTICLE
    Nine	 	 
	 	 	Supplemental
    Indentures	 	 
	 	 	 	 	 
	SECTION
    901.	 	Supplemental
    Indentures Without Consent of Holders	 	44
	 	 	 	 	 
	SECTION
    902.	 	Supplemental
    Indentures With Consent of Holders	 	45
	 	 	 	 	 
	SECTION
    903.	 	Execution
    of Supplemental Indentures	 	46
	 	 	 	 	 
	SECTION
    904.	 	Effect
    of Supplemental Indentures	 	46
	 	 	 	 	 
	SECTION
    905.	 	Conformity
    with Trust Indenture Act	 	46
	 	 	 	 	 
	SECTION
    906.	 	Reference
    in Securities to Supplemental Indentures	 	46
	 	 	 	 	 
	 	 	ARTICLE
    Ten	 	 
	 	 	Covenants	 	 
	 	 	 	 	 
	SECTION
    1001.	 	Payment
    of Principal, Premium and Interest	 	46
	 	 	 	 	 
	SECTION
    1002.	 	Maintenance
    of Office or Agency	 	46
	 	 	 	 	 
	SECTION
    1003.	 	Money
    for Securities Payments to Be Held in Trust	 	47
	 	 	 	 	 
	SECTION
    1004.	 	Statement
    by Officers as to Default	 	48

 

    	 	-iii-	 

    	 	 	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	SECTION
    1005.	 	Maintenance
    of Properties	 	48
	 	 	 	 	 
	SECTION
    1006.	 	Payment
    of Taxes and Other Claims	 	48
	 	 	 	 	 
	SECTION
    1007.	 	Waiver
    of Certain Covenants	 	48
	 	 	 	 	 
	SECTION
    1008.	 	Calculation
    of Original Issue Discount	 	49
	 	 	 	 	 
	 	 	ARTICLE
    Eleven	 	 
	 	 	Redemption
    of Securities	 	 
	 	 	 	 	 
	SECTION
    1101.	 	Applicability
    of Article	 	49
	 	 	 	 	 
	SECTION
    1102.	 	Election
    to Redeem; Notice to Trustee	 	49
	 	 	 	 	 
	SECTION
    1103.	 	Selection
    by Trustee of Securities to Be Redeemed	 	49
	 	 	 	 	 
	SECTION
    1104.	 	Notice
    of Redemption	 	50
	 	 	 	 	 
	SECTION
    1105.	 	Deposit
    of Redemption Price	 	51
	 	 	 	 	 
	SECTION
    1106.	 	Securities
    Payable on Redemption Date	 	51
	 	 	 	 	 
	SECTION
    1107.	 	Securities
    Redeemed in Part	 	51
	 	 	 	 	 
	 	 	ARTICLE
    Twelve	 	 
	 	 	Sinking
    Fund	 	 
	 	 	 	 	 
	SECTION
    1201.	 	Applicability
    of Article	 	51
	 	 	 	 	 
	SECTION
    1202.	 	Satisfaction
    of Sinking Fund Payments with Securities	 	52
	 	 	 	 	 
	SECTION
    1203.	 	Redemption
    of Securities for Sinking Fund	 	52
	 	 	 	 	 
	 	 	ARTICLE
    Thirteen	 	 
	 	 	Defeasance
    and Covenant Defeasance	 	 
	 	 	 	 	 
	SECTION
    1301.	 	Company’s
    Option to Effect Defeasance or Covenant Defeasance	 	52
	 	 	 	 	 
	SECTION
    1302.	 	Defeasance
    and Discharge	 	52
	 	 	 	 	 
	SECTION
    1303.	 	Covenant
    Defeasance	 	53
	 	 	 	 	 
	SECTION
    1304.	 	Conditions
    to Defeasance or Covenant Defeasance	 	53
	 	 	 	 	 
	SECTION
    1305.	 	Deposited
Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous 

Provisions	 	55
	 	 	 	 	 
	SECTION
    1306.	 	Reinstatement	 	55

 

    	 	-iv-	 

    	 	 	 

    

 

INDENTURE,
dated as of [  ], 2020, between Biofrontera AG, a company duly incorporated and existing under the laws of the Federal Republic
of Germany (herein called the “Company”), having its principal office at Hemmelrather Weg 201, D-51377 Leverkusen,
Germany and The Bank of New York Mellon Trust Company, N.A., a national banking association, as Trustee (herein called the “Trustee”).

 

Recitals
of the Company

 

Whereas,
the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of
its senior debt securities (herein called the “Securities”), to be issued in one or more series as in this Indenture
provided;

 

Whereas,
the Company represents that all things necessary to make this Indenture a valid agreement of the Company, in accordance with its
terms, have been done; and WHEREAS, the foregoing recitals are made as representations and statements of fact by the Company and
not by the Trustee.

 

Now,
Therefore, This Indenture Witnesseth:

 

For
and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the
equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows:

 

ARTICLE
One

Definitions And Other Provisions of General Application

 

SECTION
101. Definitions.

 

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

 

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

 

(2)
all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3)
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles;

 

(4)
unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article
or a Section, as the case may be, of this Indenture; and

 

(5)
the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

(6)
“Act”, when used with respect to any Holder, has the meaning specified in Section 104.

 

“Additional
Interest” means the interest, if any, that shall accrue on any interest on the Securities of any series the payment of which
has not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined
as specified in such Security.

 

    	 	 	 

    	 

    

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Agent
Member” means any member of, or participant in, the Depositary.

 

“Applicable
Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein,
the rules and procedures of the Depositary for such Security, in each case to the extent applicable to such transaction and as
in effect from time to time.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

“Bankruptcy
Code” means Title 11 of the United States Code or any successor statute thereto, in each case as amended from time to time.
“Board of Directors” means either the board of directors of the Company or any duly authorized committee of that board.

 

“Board
Resolution” means a copy of a resolution certified by the General Counsel, Chief Legal Officer, 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”, when used with respect to any Place of Payment, means (i) each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close,
or (ii) a day on which the Corporate Trust Office of the Trustee is not closed for business.

 

“Commission”
means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time
after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

 

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

 

“Company
Request” or “Company Order” mean, respectively, the written request or order signed in the name of the Company
by the Chairman of the Board of Directors, its Chief Executive Officer, President, Chief Financial Officer or a Vice President,
and by its Treasurer, an Assistant Treasurer, its General Counsel or Chief Legal Officer, its Secretary or an Assistant Secretary,
and delivered to the Trustee.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall
be administered, which office at the date of the execution of this Indenture is located at 601 Travis Street, 16th Floor, Houston,
Texas 77002, Attention: Corporate Trust Administration, or at any other time at such other address as the Trustee may designate
from time to time by notice to the Company or the principal corporate trust office of any successor Trustee (or such other address
as such successor Trustee may designate from time to time by notice to the Company).

 

“corporation”
means a corporation, association, company, joint-stock company or business trust.

 

    	 	2	 

    	 

    

 

“Covenant
Defeasance” has the meaning specified in Section 1303.

 

“Defaulted
Interest” has the meaning specified in Section 307.

 

“Defeasance”
has the meaning specified in Section 1302.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section
301. “Event of Default” has the meaning specified in Section 501.

 

“Exchange
Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.
“Expiration Date” has the meaning specified in Section 104.

 

“Global
Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in
Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities) issued to the Depositary or
its nominee for such series, and registered in the name of such Depositary or its nominee.

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument
and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this
instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of
particular series of Securities established as contemplated by Section 301.

 

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

 

“Interest
Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.
“Investment Company Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case
as amended from time to time.

 

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

 

“Notice
of Default” means a written notice of the kind specified in Section 501(4).

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board of Directors, the Chief Executive Officer, President,
Chief Financial Officer or a Vice President, and by the Treasurer, an Assistant Treasurer, its General Counsel or Chief Legal
Officer, the Secretary or an Assistant Secretary, of the Company and delivered to the Trustee that meets the requirements of Section
103.

 

“Opinion
of Counsel” means a written opinion of counsel, who may be counsel for the Company, and which opinion shall be acceptable
to the Trustee and meet the requirements of Section 103.

 

    	 	3	 

    	 

    

 

“Original
Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

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

 

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

 

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

 

(3)
Securities as to which Defeasance has been effected pursuant to Section 1302; and

 

(4)
Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are
valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount
of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver
or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed
to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon acceleration
of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated
Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall
be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in
one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent,
determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or,
in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided in such Clause), and (D)
Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor
shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so
to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor. Upon the written request of the Trustee, the Company shall furnish to the Trustee
promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned by, held
by or for the account of the Company, or any other obligor on the Securities or any Affiliate of the Company or such obligor,
and subject to the provisions of Section 601, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive
evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose
of any such determination.

 

    	 	4	 

    	 

    

 

“Paying
Agent” means the Trustee or any Person authorized by the Company to pay the principal of or any premium or interest on any
Securities on behalf of the Company.

 

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

 

“Place
of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of and
any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

 

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

 

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

 

“Regular
Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means, unless otherwise
provided pursuant to Section 301, the date that is fifteen days next preceding such Interest Payment Date (whether or not a Business
Day).

 

“Responsible
Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer
of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with
the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Securities
Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. “Security
Register” and “Security Registrar” have the respective meanings specified in Section 305.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307.

 

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

 

“Subsidiary”
means a corporation more than 50% of the issued and outstanding voting stock of which is owned, directly or indirectly, by the
Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition,
“voting stock” means stock or shares which ordinarily have voting power for the election of directors, whether at
all times or only so long as no senior class of stock or shares have such voting power by reason of any contingency.

 

    	 	5	 

    	 

    

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except
as provided in Section 905; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date,
“Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

“U.S.
Government Obligation” has the meaning specified in Section 1304.

 

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

 

SECTION
102. Compliance Certificates and Opinions.

 

Upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company
shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate
or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, stating
that all conditions precedent (including covenants compliance with which constitutes a condition precedent), if any, provided
for in this Indenture relating to the proposed action have been complied with, or an Opinion of Counsel, if to be given by counsel,
stating that in the opinion of such counsel, all such conditions precedent (including covenants compliance with which constitutes
a condition precedent), if any, have been complied with, except that in the case of any such application or request as to which
the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application
or request, no additional certificate or opinion need be furnished.

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

    	 

    

 

SECTION
103. Form of Documents Delivered to Trustee.

 

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

 

Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon 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, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous.

 

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

 

SECTION
104. Acts of Holders; Record Dates.

 

Any
request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to
be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive
in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

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

 

The
ownership of Securities shall be proved by the Security Register.

 

Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security.

 

    	 	7	 

    	 

    

 

The
Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled
to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted
by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a
record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in the next paragraph. If not set by the Company before the first solicitation of a Holder made
by any Person in respect of any such matter referred to in the foregoing sentence, the record date for any such matter shall be
the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 701) before
the first solicitation. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant
series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain
Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record
date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which
a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing
and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

The
Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled
to join in the giving or making of (i) any Notice of Default, (ii) any request to institute proceedings referred to in Section
507(2) or (iii) any direction referred to in Section 512, in each case with respect to Securities of such series. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders
after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration
Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action
taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing
and to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

With
respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that
no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing,
and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which
set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date
with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph.

 

Notwithstanding
the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date.

 

    	 	8	 

    	 

    

 

Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do
so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any part of such principal amount.

 

SECTION
105. Notices, Etc., to Trustee and Company.

 

Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with,

 

(1)
the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing and delivered in person or mailed by first-class mail, postage prepaid, addressed to the Trustee at its Corporate Trust
Office, or transmitted by facsimile transmission (confirmed by delivery in person) or mail by first-class mail, postage prepaid,
or by guaranteed overnight courier, or - 10 -

 

(2)
the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal
office specified in the first paragraph of this instrument, Attention: Corporate Counsel, or at any other address previously furnished
in writing to the Trustee by the Company.

 

(3)
The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf,
facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received
an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures
of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or
deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar
electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of
such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict
or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

SECTION
106. Notice to Holders; Waiver.

 

Where
this Indenture provides for notice to Holders of any event, 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 his address as it appears
in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice. In any case where notice to Holders 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. 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.

 

    	 	9	 

    	 

    

 

In
case by reason 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.

 

Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event or
any other communication to a holder of a Global Security, such notice shall be sufficiently given if given to the Depositary (or
its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance
with accepted practices at the Depositary.

 

SECTION
107. Conflict with Trust Indenture Act.

 

Except
as otherwise expressly provided herein, the Trust Indenture Act shall apply as a matter of contract to this Indenture for purposes
of interpretation, construction and defining the rights and obligations hereunder, and this Indenture, the Company, and the Trustee
shall be deemed for all purposes hereof to be subject to and governed by the Trust Indenture Act. Except as otherwise provided
herein, if and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by any
of Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of Section 318(c) thereof, such imposed duties
shall control.

 

Whenever
this Indenture refers to a provision of the Trust Indenture Act, that provision is incorporated by reference in and made a part
of this Indenture. The Indenture shall also include those provisions of the Trust Indenture Act required to be included herein
by the provisions of the Trust Indenture Reform Act of 1990. The following Trust Indenture Act terms used in this Indenture have
the following meanings:

 

“indenture
securities” means the Securities;

 

“indenture
trustee” means the Trustee; and “obligor” on the Securities means the Company or any other obligor on the Securities.

 

All
other terms used in this Indenture that are defined in the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by any Commission rule and not otherwise defined herein shall have the meanings assigned to them therein.

 

SECTION
108. Effect of Headings and Table of Contents.

 

The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

SECTION
109. Successors and Assigns.

 

All
covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION
110. Separability Clause.

 

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

 

    	 	10	 

    	 

    

 

SECTION
111. Benefits of Indenture.

 

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

 

SECTION
112. Governing Law and Submission to Jursidiction.

 

This
Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York.

 

The
Company submits to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in The City of
New York over any suit, action or proceeding arising out of or relating to this Indenture or the Securities. The Company irrevocably
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any
such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such
a court has been brought in an inconvenient forum.

 

SECTION
113. Certain Tax Matters.

 

In
order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated
by competent authorities) in effect from time to time (“Applicable Law”) the Company agrees (i) to provide to the
Trustee sufficient information about holders or other applicable parties and/or transactions (including any modification to the
terms of such transactions) so the Trustee can determine whether it has tax related obligations under Applicable Law, (ii) that
the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to
comply with Applicable Law for which the Trustee shall not have any liability, and (iii) to hold harmless the Trustee for any
losses it may suffer due to the actions it takes to comply with such Applicable Law. The terms of this section shall survive the
termination of this Indenture.

 

SECTION
114. Legal Holidays.

 

In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any
Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of
any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal
(and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at
the Stated Maturity. No interest shall accrue for the period after that Interest Payment Date, Redemption Date or Stated Maturity,
as the case may be, and up to and including the next succeeding Business Day.

 

SECTION
115. Force Majeure.

 

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

 

    	 	11	 

    	 

    

 

SECTION
116. Execution in Counterparts.

 

This
Indenture may be executed and delivered in any number of counterparts, each of which when so executed and delivered shall be deemed
to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

SECTION
117. 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 TRANSACTION CONTEMPLATED
HEREBY.

 

ARTICLE
Two

Security Forms

 

SECTION
201. Forms Generally.

 

The
Securities of each series and the Trustee’s Certificate of Authentication shall be in substantially the form set forth in
this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently
herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities
of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the General Counsel or Chief Legal Officer, Secretary or an Assistant Secretary of the Company and delivered to
the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of
such Securities.

 

The
definitive securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution of such Securities.

 

    	 	12	 

    	 

    

 

SECTION
202. Form of Face of Security.

 

THIS
SECURITY IS AN UNSECURED SENIOR DEBT OBLIGATION OF BIOFRONTERA AG. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

[Insert
any legend required by the Internal Revenue Code and the regulations thereunder.]

 

BIOFRONTERA
AG

____%
Senior Notes due ____

 

	No.
    ____	$__________

 

Biofrontera
AG, a company duly incorporated and existing under the laws of Germany (herein called the “Company”, which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to , or registered
assigns, the principal sum of ______________ Dollars on _____________[if the Security is to bear interest prior to Maturity, insert
- , and to pay interest thereon from or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on ________ and ________ in each year, commencing _____________, at the rate of ____% per annum, until the
principal hereof is paid or made available for payment [If applicable, insert , provided that any principal and premium,
and any such installment of interest, which is overdue shall bear interest at the rate of ____% per annum (to the extent that
the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available
for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be the ____ or ____ (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall
be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture].

 

[If
the Security is not to bear interest prior to Maturity, insert - The principal of this Security shall not bear interest except
in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the
overdue principal and any overdue premium shall bear interest at the rate of ____% per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment.
Interest on any overdue principal or premium shall be payable on demand. [Any such interest on overdue principal or premium which
is not paid on demand shall bear interest at the rate of ____% per annum (to the extent that the payment of such interest on interest
shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment.
Interest on any overdue interest shall be payable on demand.]]

 

    	 	13	 

    	 

    

 

Payment
of the principal of (and premium, if any) and [If applicable, insert any such] interest on this Security will be made at
the office or agency of the Company maintained for that purpose in ______________, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts [If applicable, insert; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register].

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 

	Dated:	 	 
	 	BIOFRONTERA AG
	 	By	                      

 

Attest:

 

_____________________

 

SECTION
203. Form of Reverse of Security.

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of [  ], 2018 (herein called the “Indenture”, which
term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company,
N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof [If applicable, insert, limited in aggregate principal amount to $______________].

 

[If
applicable, insert The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail,
[If applicable, insert (1) on ____ in any year commencing with the year ____ and ending with the year ____ through operation
of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [If applicable,
insert on or after ____________, 20__], as a whole or in part, at the election of the Company, at the following Redemption
Prices (expressed as percentages of the principal amount): If redeemed [If applicable, insert on or before ________, ____%,
and if redeemed] during the 12-month period beginning ____ of the years indicated,

 

	Year	 	Redemption

        Price
	 	Year	 	Redemption

        Price

	 	 	 	 	 	 	 

 

and
thereafter at a Redemption Price equal to ____% of the principal amount, together in the case of any such redemption [If applicable,
insert (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest
installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, of record at the close of business on the relevant record dates referred to on the face hereof,
all as provided in the Indenture.]

 

    	 	14	 

    	 

    

 

[If
applicable, insert The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail,
(1) on ____ in any year commencing with the year ____ and ending with the year ____ through operation of the sinking fund for
this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below, and (2) at any time [If applicable, insert on or after ____], as a whole or in part,
at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning ________
of the years indicated,

 

	Year	 	Redemption
    Price For Redemption through Operation of the Sinking Fund	 	Redemption
    Price For Redemption Otherwise Than Through Operation of the Sinking Fund
	 	 	 	 	 

 

and
thereafter at a Redemption Price equal to ____% of the principal amount, together in the case of any such redemption (whether
through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose
Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as provided in
the Indenture.]

 

[If
applicable, insert Notwithstanding the foregoing, the Company may not, prior to ____, redeem any Securities of this series
as contemplated by [If applicable, insert Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any
refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated
in accordance with generally accepted financial practice) of less than ____ % per annum.]

 

[If
applicable, insert The sinking fund for this series provides for the redemption on ____ in each year beginning with the year
____ and ending with the year ____ of [If applicable, insert not less than $________ (“mandatory sinking fund”)
and not more than] $________ aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed
by the Company otherwise than through [If applicable, insert mandatory] sinking fund payments may be credited against subsequent
[If applicable, insert mandatory] sinking fund payments otherwise required to be made [If applicable, insert, in
the inverse order in which they become due].]

 

[If
the Security is subject to redemption of any kind, insert - In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.]

 

[If
applicable, insert The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security]
[or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with
certain conditions set forth in the Indenture.]

 

[If
the Security is not an Original Issue Discount Security, insert - If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture.]

 

    	 	15	 

    	 

    

 

[If
the Security is an Original Issue Discount Security, insert - If an Event of Default with respect to Securities of this series
shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture. Such amount shall be equal to - insert formula for determining the amount.
Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium
and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s
obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall
terminate.]

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities
at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute
any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder,
unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered
the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have
failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed herein.

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the
times, place and rate, and in the coin or currency, herein prescribed.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained
under Section 1002 of the Indenture for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The
Securities of this series are issuable only in registered form without coupons in denominations of $________ and any integral
multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

    	 	16	 

    	 

    

 

No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This
Security shall be governed by and construed in accordance with the laws of the State of New York.

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

SECTION
204. Form of Legend for Global Securities.

 

Unless
otherwise specified as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the following form:

 

THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

SECTION
205. Form of Trustee’s Certificate of Authentication.

 

The
Trustee’s certificates of authentication shall be in substantially the following form:

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	 	THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 	 	As
    Trustee
	 	By	 
	 	 	Authorized
    Officer

 

    	 	17	 

    	 

    

 

ARTICLE
Three

The Securities

 

SECTION
301. Amount Unlimited; Issuable in Series.

 

The
aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to
Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series,

 

(1)
the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2)
any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any Securities which, pursuant
to Section 303, are deemed never to have been authenticated and delivered hereunder);

 

(3)
the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

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

 

(5)
the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such
interest payable on any Interest Payment Date;

 

(6)
the place or places where the principal of and any premium and interest on any Securities of the series shall be payable, the
place or places where the Securities of such series may be presented for registration of transfer or exchange, and the place or
places where notices or demands to or upon the Company in respect of the Securities of such series may be made;

 

(7)
the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the
series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner
in which any election by the Company to redeem the Securities shall be evidenced;

 

(8)
the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the
terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to
such obligation;

 

    	 	18	 

    	 

    

 

(9)
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series
shall be issuable;

 

(10)
if the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an
index or pursuant to a formula, the manner in which such amounts shall be determined;

 

(11)
if other than the currency of the United States of America, the currency, currencies or currency units (which, in each instance,
shall be acceptable to the Trustee) in which the principal of or any premium or interest on any Securities of the series shall
be payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose,
including for purposes of the definition of “Outstanding” in Section 101;

 

(12)
if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company
or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated
to be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such Securities
as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election
is to be made and the amount so payable (or the manner in which such amount shall be determined);

 

(13)
if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)
if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one
or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as
of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable
upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated
Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined);

 

(15)
if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 1302
or Section 1303 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company
to defease such Securities shall be evidenced;

 

(16)
if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 204 and any circumstances in addition to or
in lieu of those set forth in Clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged
in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(17)
any addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of
the Trustee or the requisite Holders of such Securities to, declare the principal amount thereof due and payable pursuant to Section
502;

 

    	 	19	 

    	 

    

 

(18)
any addition to or change in the covenants set forth in Article Ten which applies to Securities of the series; and

 

(19)
any other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this Indenture,
except as permitted by Section 901(5)).

 

All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided
in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided,
in the Officers’ Certificate referred to above or in any such indenture supplemental hereto.

 

If
any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record
of such action shall be certified by the General Counsel, Chief Legal Officer, Secretary or an Assistant Secretary of the Company
and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series.

 

SECTION
302. Denominations.

 

The
Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be
specified as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of
any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

 

SECTION
303. Execution, Authentication, Delivery and Dating.

 

The
Securities shall be executed on behalf of the Company by its Chairman of the Board of Directors, its Chief Executive Officer,
President, Chief Financial Officer or a Vice President, and by its Treasurer, an Assistant Treasurer, its General Counsel or Chief
Legal Officer, its Secretary or an Assistant Secretary. The signature of any of these officers on the Securities may be manual
or facsimile.

 

Securities
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of
such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form
or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by
Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in
relying upon, an Opinion of Counsel stating,

 

(1)
if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such
form has been established in conformity with the provisions of this Indenture;

 

(2)
if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such
terms have been established in conformity with the provisions of this Indenture; and

 

    	 	20	 

    	 

    

 

(3)
that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

If
such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of
such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities
and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at
one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the
Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication
of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the
first Security of such series to be issued.

 

Each
Security shall be dated the date of its authentication.

 

No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears
on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual
signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has
been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated
and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

SECTION
304. Temporary Securities.

 

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

 

If
temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall
be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office
or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and
aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities of such series and tenor.

 

    	 	21	 

    	 

    

 

SECTION
305. Registration, Registration of Transfer and Exchange.

 

The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office
and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the
“Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar”
for the purpose of registering Securities and transfers of Securities as herein provided.

 

Upon
surrender for registration of transfer of any Security of a series at the office or agency of the Company in a Place of Payment
for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount.

 

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

 

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

 

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

 

No
service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 not involving any transfer.

 

If
the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required
(A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the
case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption
of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing,
or (B) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed
portion of any Security being redeemed in part.

 

The
provisions of Clauses (1) through (7) below shall apply only to Global Securities:

 

(1)
Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such
Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such
Global Security shall constitute a single Security for all purposes of this Indenture.

 

    	 	22	 

    	 

    

 

(2)
Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities
registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Trustee in writing that
it is unwilling or unable to continue as Depositary for such Global Security and the Company is unable to locate a qualified successor
or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B) there shall have occurred and be continuing
an Event of Default with respect to such Global Security or (C) there shall exist such circumstances, if any, in addition to or
in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301.

 

(3)
Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

 

(4)
If any Global Security is to be exchanged for other Securities or cancelled in whole, it shall be surrendered by or on behalf
of the Depositary or its nominee to the Securities Registrar for exchange or cancellation as provided in this Article Three. If
any Global Security is to be exchanged for other Securities or cancelled in part, or if another Security is to be exchanged in
whole or in part for a beneficial interest in any Global Security, then either (i) such Global Security shall be so surrendered
for exchange or cancellation as provided in this Article Three or (ii) the principal amount thereof shall be reduced, or increased
by an amount equal to the portion thereof to be so exchanged or cancelled, or equal to the principal amount of such other Security
to be so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records
of the Securities Registrar, whereupon the Trustee, in accordance with the Applicable Procedures, shall instruct the Depositary
or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a
Global Security by the Depositary, accompanied by registration instructions, the Trustee shall, subject to Section 305(2) and
as otherwise provided in this Article Three, authenticate and deliver any Securities issuable in exchange for such Global Security
(or any portion thereof) in accordance with the instructions of the Depositary. The Trustee shall not be liable for any delay
in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions.

 

(5)
The Depositary or its nominee, as the registered owner of a Global Security, shall be the Holder of such Global Security for all
purposes under this Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests
pursuant to the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global Security shall be shown
only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee
or its Agent Members. Neither the Trustee nor the Securities Registrar shall have any liability in respect of any transfers effected
by the Depositary.

 

(6)
The rights of owners of beneficial interests in a Global Security shall be exercised only through the Depositary and shall be
limited to those established by law and agreements between such owners and the Depositary and/or its Agent Members.

 

(7)
Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security
or any portion thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof.

 

    	 	23	 

    	 

    

 

SECTION
306. Mutilated, Destroyed, Lost and Stolen Securities.

 

If
any mutilated Security is surrendered to the Trustee together with such security or indemnity as may be required by the Company
or the Trustee to save each of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

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

 

SECTION
307. Payment of Interest; Interest Rights Preserved.

 

Except
as otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security of any
series which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest in respect of Securities of such series, except that, unless otherwise provided in the Securities of such
series, interest payable on the Stated Maturity of the principal of a Security shall be paid to the Person to whom principal is
paid. The initial payment of interest on any Security of any series that is issued between a Regular Record Date and the related
Interest Payment Date shall be payable as provided in such Security or in the Board Resolution pursuant to Section 301 with respect
to the related series of Securities.

 

    	 	24	 

    	 

    

 

Any
interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:

 

(1)
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in
this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall
be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record
Date and, in the name and at the expense of the Company, shall cause notice, which notice shall be prepared by the Company and
shall be acceptable to the Trustee, of the proposed payment of such Defaulted Interest and the Special Record Date therefor to
be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been
so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant
to the following Clause (2).

 

(2)
The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities of the series in respect of which interest is in default
may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee.

 

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

 

SECTION
308. Persons Deemed Owners.

 

Prior
to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
shall treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment
of principal of and any premium and (subject to Section 307) any interest on such Security and for all other purposes whatsoever,
whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall
be affected by notice to the contrary.

 

None
of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect
of the records relating to or payments made on account of beneficial ownership interests of a Security in global form, or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing,
with respect to any Security in global form, nothing herein shall prevent the Company or Trustee, or any agent of the Company
or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary (or its
nominee), as a Holder, with respect to such Security in global form or impair, as between such Depositary and owners of beneficial
interests in such Security in global form, the operation of customary practices governing the exercise of the rights of such Depositary
(or its nominee) as Holder of such Security in global form.

 

    	 	25	 

    	 

    

 

SECTION
309. Cancellation.

 

All
Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it.
The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery
to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or
in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled
Securities held by the Trustee shall be disposed of as directed by a Company Order.

 

SECTION
310. Computation of Interest.

 

Except
as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year of twelve 30-day months.

 

SECTION
311. CUSIP Numbers.

 

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

 

ARTICLE
Four

Satisfaction and Discharge

 

SECTION
401. Satisfaction and Discharge of Indenture.

 

This
Indenture shall upon a Company Request cease to be of further effect (except as to any surviving rights of registration of transfer
or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

 

  (1) either

 

	 	(A)	all
    Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and
    which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been
    deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
    such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

    	 	26	 

    	 

    

 

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

 

	 	(i)	have
    become due and payable, or
	 	 	 
	 	(ii)	will
    become due and payable at their Stated Maturity within one year, or
	 	 	 
	 	(iii)	are
    to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
    by the Trustee in the name, and at the expense, of the Company, and the Company,

 

in
the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such
purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities
which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(2)
the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(3)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel complying with Section 103,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have
been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations
of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant
to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section
1003 shall survive.

 

SECTION
402. Application of Trust Money.

 

Subject
to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be
held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the
Trustee.

 

ARTICLE
Five

Remedies

 

SECTION
501. Events of Default.

 

“Event
of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)
default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such
default for a period of 30 days; or

 

    	 	27	 

    	 

    

 

(2)
default in the payment of the principal of any Security of that series at its Maturity; or

 

(3)
default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series, and a continuance
of such default for a period of five days; or

 

(4)
default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or
warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such
default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series
a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

(5)
the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging
the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company under any applicable law, or appointing a receiver or other similar official of the
Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive
days; or

 

(6)
the commencement by the Company of a voluntary case or proceeding under any applicable bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable law, or the consent
by it to the filing of such petition or to the appointment of or taking possession by a receiver or similar official of the Company
or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission
by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company
in furtherance of any such action; or

 

(7)
any other Event of Default provided with respect to Securities of that series.

 

SECTION
502. Acceleration of Maturity; Rescission and Annulment.

 

If
an Event of Default (other than an Event of Default specified in Section 501(5) or 501(6)) with respect to the Securities of any
series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that
series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in Section 501(5) or 501(6) with respect to the Securities of any
series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that
series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by
the terms thereof) shall automatically, and without any declaration or other act on the part of the Trustee or any Holder, become
immediately due and payable.

 

    	 	28	 

    	 

    

 

At
any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of
a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if

 

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

 

	 	(A)	all
    overdue interest on all Securities of that series,
	 	 	 
	 	(B)	the
    principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration
    of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities,
	 	 	 
	 	(C)	to
    the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor
    in such Securities, and
	 	 	 
	 	(D)	all
    sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
    Trustee, its agents and counsel;

 

(2)
all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of
that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section
513. No such rescission shall affect any subsequent default or impair any right consequent thereon.

 

SECTION
503. Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The
Company covenants that if

 

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

 

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

 

    	 	29	 

    	 

    

 

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

 

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

 

SECTION
504. Trustee May File Proofs of Claim.

 

In
case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors,
the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized
under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular,
the Trustee shall be authorized (i) to file and prove a claim for the whole amount of principal (and premium, if any) and interest
owing and unpaid in respect of the Securities in accordance with the terms thereof and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expense, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding,
and (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

 

No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that
the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member
of a creditors’ or other similar committee.

 

SECTION
505. Trustee May Enforce Claims Without Possession of Securities.

 

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

 

    	 	30	 

    	 

    

 

SECTION
506. Application of Money Collected.

 

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

 

FIRST:
To the payment of all amounts due the Trustee and any predecessor Trustee under Section 607;

 

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

 

THIRD:
To the Person or Persons entitled thereto; and

 

FOURTH:
The balance, if any, to the Company.

 

SECTION
507. Limitation on Suits.

 

Subject
to Section 508, no Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

(1)
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that series;

 

(2)
the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)
such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

(4)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(5)
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of
a majority in principal amount of the Outstanding Securities of that series;

 

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

 

    	 	31	 

    	 

    

 

SECTION
508. Unconditional Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security of any series shall have the right, which is absolute and unconditional,
to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for
the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

SECTION
509. Restoration of Rights and Remedies.

 

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

 

SECTION
510. Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

SECTION
511. Delay or Omission Not Waiver.

 

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

 

SECTION
512. Control by Holders.

 

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

 

(1)
such direction shall not be in conflict with any rule of law or with this Indenture,

 

(2)
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and

 

(3)
subject to the provisions of Section 601, the Trustee shall have the right to decline to follow such direction if a Responsible
Officer or Responsible Officers of the Trustee shall, in good faith, determine that the proceeding so directed would be unjustly
prejudicial to the Holders not joining in any such direction or would involve the Trustee in personal liability.

 

    	 	32	 

    	 

    

 

SECTION
513. Waiver of Past Defaults.

 

The
Holders of not less than a majority in principal amount of the Outstanding Securities of any series affected thereby may on behalf
of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences,
except a default

 

(1)
in the payment of the principal of or any premium or interest on any Security of such series, or

 

(2)
in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the
Holder of each Outstanding Security of such series affected.

 

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
514. Undertaking for Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs
of such suit, and may assess costs, including attorneys’ fees and expenses, against any such party litigant, in the manner
and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be
deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Trustee,
a suit by a Holder pursuant to Section 508 or a suit by the holders of more than 10% in aggregate principal amount of Securities
then outstanding.

 

SECTION
515. Waiver of Usury, Stay or Extension Laws.

 

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

 

ARTICLE
Six

The Trustee

 

SECTION
601. Certain Duties and Responsibilities.

 

The
duties and responsibilities of the Trustee shall be as provided by Section 315 of the Trust Indenture Act and this Indenture.

 

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

 

    	 	33	 

    	 

    

 

	 	(A)	the
    Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
    covenants or obligations shall be read into this Indenture against the Trustee; and
	 	 	 
	 	(B)	in
    the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
    of the opinions expressed therein upon certificates or opinions furnished to the Trustee and conforming to the requirements
    of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required
    to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
    to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other
    facts stated therein).

 

(2)
In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under
the circumstances in the conduct of his or her own affairs.

 

(3)
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

 

	 	(A)	this
    Subsection shall not be construed to limit the effect of Subsection (1) of this Section;
	 	 	 
	 	(B)	the
    Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved
    that the Trustee was negligent in ascertaining the pertinent facts;
	 	 	 
	 	(C)	the
    Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
    the direction of the Holders pursuant to Section 512, relating to the time, method and place of conducting any proceeding
    for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture
    with respect to the Securities of such series; and
	 	 	 
	 	(D)	no
    provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
    in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
    grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
    assured to it.

 

(4)
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section.

 

    	 	34	 

    	 

    

 

SECTION
602. Notice of Defaults.

 

Within
90 days after the occurrence of any default hereunder with respect to Securities of any series, the Trustee shall give the Holders
of Securities of such series notice of such default hereunder known to a Responsible Officer of the Trustee pursuant to Section
603(8), unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment
of the principal of (or premium, if any) or interest, if any, on any Security of such series when due, the Trustee shall be protected
in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of
the Holders of Securities of such series; and provided, further, that in the case of any default of the character specified in
Section 501(1) and Section 501(4) with respect to Securities of such series, no such notice to Holders shall be given until at
least 30 days or 60 days, respectively, after the occurrence thereof. For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become an Event of Default.

 

SECTION
603. Certain Rights of Trustee.

 

Subject
to the provisions of Section 601:

 

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

 

(2)
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order,
and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

(3)
whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may
require and, in the absence of bad faith on its part, rely upon an Officers’ Certificate or an Opinion of Counsel, or both,
which shall comply with Section 102;

 

(4)
the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon;

 

(5)
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security
or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction;

 

(6)
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, 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 at the sole cost of the Company
and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; and

 

    	 	35	 

    	 

    

 

(7)
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder.

 

(8)
the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
received written notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture;

 

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

 

(10)
in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action;

 

(11)
delivery of reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates);

 

(12)
the Trustee shall have no responsibility for any actions taken or not taken by the Depositary;

 

(13)
the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder; and

 

(14)
the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.

 

SECTION
604. Not Responsible for Recitals or Issuance of Securities.

 

The
recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as
the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

SECTION
605. May Hold Securities.

 

The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual
or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal
with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.

 

    	 	36	 

    	 

    

 

SECTION
606. Money Held in Trust.

 

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

 

SECTION
607. Compensation and Reimbursement.

 

The
Company agrees

 

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

 

(2)
except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the compensation and
the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence or bad faith; and to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense
(including taxes and the reasonable

 

(3)
compensation and the expenses and disbursements of its agents and counsel) incurred without negligence or bad faith on its part,
arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and
expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers
or duties hereunder or in connection with enforcing the provisions of this Section.

 

This
indemnification shall survive the termination of this Indenture.

 

To
secure the Company’s payment obligations in this Section 607, the Trustee shall have a lien senior to the Securities as
to all money or property held or collected by the Trustee for any amount owing it or any predecessor Trustee pursuant to this
Section 607, except such money or property held in trust for the benefit of holders of particular Securities. The obligations
of the Company under this Section 607 shall survive the satisfaction and discharge of this Indenture or the resignation or removal
of the Trustee.

 

When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 501(5) or 501(6) occurs, such expenses
and compensation for services are intended to constitute expenses of administration under the Bankruptcy Reform Act of 1978 or
any successor statute.

 

SECTION
608. Conflicting Interests.

 

If
the Trustee for the Securities of any series issued hereunder has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided
by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee
shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to
in the penultimate paragraph of Section 310(b) of the Trust Indenture Act.

 

    	 	37	 

    	 

    

 

SECTION
609. Corporate Trustee Required; Eligibility.

 

There
shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee
hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture
Act to act as such and has (or in the case of a corporation included in a bank holding company system, the related holding company
has) a combined capital and surplus of at least $50,000,000 and is a corporation organized and existing under the laws of the
United States of America or of any State or Territory thereof or the District of Columbia, authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by Federal, State, Territorial or District of Columbia authority.
If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising
or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined
capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

 

SECTION
610. Resignation and Removal; Appointment of Successor.

 

No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

 

The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

The
Trustee may be removed by 30 days’ written notice with respect to the Securities of any series by Act of the Holders of
a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.

 

If
at any time:

 

(1)
the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been
a bona fide Holder of a Security for at least six months, or

 

(2)
the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company
or by any such Holder, or

 

(3)
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the Company by a Board Resolution may
remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of
a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

    	 	38	 

    	 

    

 

If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section
611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company.
If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders
and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series
in the manner provided in Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

 

SECTION
611. Acceptance of Appointment by Successor.

 

In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver
an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall, upon
payment of any fees and expenses due and owing to it hereunder, duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder.

 

In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of
the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each
such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company
or any successor Trustee, such retiring Trustee shall, upon payment of any fees and expenses due and owing to it hereunder with
respect to such series, duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

    	 	39	 

    	 

    

 

Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph,
as the case may be.

 

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

 

SECTION
612. Merger, Conversion, Consolidation or Succession to Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of the Trustee, by sale or otherwise, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or
any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered,
by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated
such Securities.

 

SECTION
613. Preferential Collection of Claims Against Company.

 

If
and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall
be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other
obligor).

 

SECTION
614. Appointment of Authenticating Agent.

 

The
Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized
to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration
of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever
reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section.

 

    	 	40	 

    	 

    

 

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

 

An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may
at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and
to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 106
to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section,
and the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607.

 

If
an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the
following form:

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

As
Trustee

 

	 	By:	 
	 	 	As
    Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized
    Officer

 

    	 	41	 

    	 

    

 

ARTICLE
Seven

Holder’s List and Reports By Trustee and Company

 

SECTION
701. Company to Furnish Trustee Names and Addresses of Holders.

 

The
Company will furnish or cause to be furnished to the Trustee

 

(1)
not more than 15 days after each Regular Record Date, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders of Securities of each series as of such Regular Record Date, and

 

(2)
at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; excluding
from any such list names and addresses received by the Trustee in its capacity as Security Registrar.

 

SECTION
702. Preservation of Information; Communications to Holders.

 

The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee
in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt
of a new list so furnished.

 

The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities,
and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor
the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the Trust Indenture Act.

 

SECTION
703. Reports by Trustee.

 

The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto.

 

Reports
so required to be transmitted at stated intervals of not more than 12 months shall be transmitted within 60 days after [  ] of
each calendar year, commencing after the first issuance of Securities under this Indenture.

 

A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities
are listed on any stock exchange.

 

    	 	42	 

    	 

    

 

SECTION
704. Reports by Company.

 

The
Company shall file with the Trustee and the Commission, and transmit to Holders, copies of such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided
pursuant to such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission.

 

ARTICLE
Eight

CONSOLIDATION, AMALGAMATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

SECTION
801. Company May Consolidate, Etc., Only on Certain Terms.

 

The
Company shall not consolidate with, amalgamate with or merge into any other Person or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, unless:

 

(1)
the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance
or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership,
limited liability company or trust, shall be incorporated or organized and validly existing under the laws of Germany, the United
States of America, any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and
any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part
of the Company to be performed or observed;

 

(2)
immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or
any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction,
no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened
and be continuing;

 

(3)
if, as a result of any such consolidation, amalgamation, or merger or such conveyance, transfer or lease, properties or assets
of the Company would become subject to a mortgage, pledge, lien, security interest or other encumbrance that would not be permitted
by this Indenture, the Company or such successor Person shall take such steps as shall be necessary to secure the Securities equally
and ratably with (or senior to) all indebtedness secured thereby; and

 

(4)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connect with such transaction,
such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction
have been complied with; and the Trustee, subject to Section 601, may rely on such Officers’ Certificate and Opinion of
Counsel as conclusive evidence that such transaction complies with this Section 801.

 

    	 	43	 

    	 

    

 

SECTION
802. Successor Substituted.

 

Upon
any consolidation or amalgamation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer
or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 801, the successor
Person formed by such consolidation or amalgamation or into which the Company is merged or to which such conveyance, transfer
or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
Nine

Supplemental Indentures

 

SECTION
901. Supplemental Indentures Without Consent of Holders.

 

Without
the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following
purposes:

 

(1)
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Securities; or

 

(2)
to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants
are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely
for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

(3)
to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default
are expressly being included solely for the benefit of such series); or

 

(4)
to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance
of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit
or facilitate the issuance of Securities in uncertificated form; or

 

(5)
to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such
Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or

 

(6)
to secure the Securities; or

 

(7)
to establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or

 

(8)
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or

 

    	 	44	 

    	 

    

 

(9)
to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such
action pursuant to this Clause (9) shall not adversely affect the interests of the Holders of Securities of any series.

 

SECTION
902. Supplemental Indentures With Consent of Holders.

 

With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected
by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized
by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner
the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security affected thereby,

 

(1)
change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount
of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency
in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date) or
modify the provisions of this Indenture with respect to the subordination of the Securities in a manner adverse to Holders, or

 

(2)
reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(3)
modify any of the provisions of this Section, Section 513 or Section 1007, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with
respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1007, or
the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(8).

 

A
supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of
Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

 

It
shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

 

    	 	45	 

    	 

    

 

SECTION
903. Execution of Supplemental Indentures.

 

In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall
be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and that all conditions herein provided for relating to such
action have been complied with. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

SECTION
904. Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and
such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore
or thereafter authenticated and delivered hereunder shall be bound thereby.

 

SECTION
905. Conformity with Trust Indenture Act.

 

Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then
in effect.

 

SECTION
906. Reference in Securities to Supplemental Indentures.

 

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

 

ARTICLE
Ten

Covenants

 

SECTION
1001. Payment of Principal, Premium and Interest.

 

The
Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of
and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

 

SECTION
1002. Maintenance of Office or Agency.

 

The
Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series
may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be served. The Company initially appoints the Trustee, acting through its Corporate Trust Office, as its agent for said purposes.
The Company will 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, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices
and demands.

 

    	 	46	 

    	 

    

 

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

 

SECTION
1003. Money for Securities Payments to Be Held in Trust.

 

If
the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each
due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee
in writing of its action or failure so to act.

 

Whenever
the Company shall have one or more Paying Agents for any series of Securities, it will, prior to each due date of the principal
of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount,
such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly
notify the Trustee in writing of its action or failure so to act.

 

The
Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying
Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent; (2) during the continuance
of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect
of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust
by such Paying Agent for payment in respect of the Securities of that series; (3) hold all sums held by it for the payment of
the principal of (and premium, if any) or interest on the Securities of a series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; and (4) give the Trustee notice
of any default by the Company (or any other obligor upon such Securities) in the making of any payment of principal (and premium,
if any) or interest in respect of any Security of any series.

 

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

 

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
or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or
interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment 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 a newspaper published in
the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, the City
of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

    	 	47	 

    	 

    

 

SECTION
1004. Statement by Officers as to Default.

 

The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof,
an Officers’ Certificate covering the preceding calendar year, stating whether or not to the best knowledge of the signers
thereof the Company is in default in the performance or observance of any of the terms, provisions and conditions of this Indenture
(without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying
all such defaults and the nature and status thereof of which they may have knowledge.

 

SECTION
1005. Maintenance of Properties.

 

The
Company will cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained
and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary
so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however,
that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance of any of such properties
if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary
and not disadvantageous in any material respect to the Holders.

 

SECTION
1006. Payment of Taxes and Other Claims.

 

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

 

SECTION
1007. Waiver of Certain Covenants.

 

Except
as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the Securities
of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided
pursuant to Section 301(18), 901(2) or 901(7) for the benefit of the Holders of such series, if before the time for such compliance
the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or
condition shall remain in full force and effect.

 

    	 	48	 

    	 

    

 

SECTION
1008. Calculation of Original Issue Discount.

 

For
each year during which any Securities that were issued with original issue discount are Outstanding, the Company shall furnish
to each Paying Agent in a timely fashion such information as may be reasonably requested by each Paying Agent in order that each
Paying Agent may prepare the information which it is required to report for such year on Internal Revenue Service Forms 1096 and
1099 pursuant to Section 6049 of the Internal Revenue Code of 1986, as amended. Such information shall include the amount of original
issue discount includible in income for each $1,000 of principal amount at Stated Maturity of outstanding Securities during such
year.

 

ARTICLE
Eleven

Redemption of Securities

 

SECTION
1101. Applicability of Article.

 

Securities
of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 301 for such Securities) in accordance with such form of Security and this Article;
provided, however, that if any provision of any such form of Security shall conflict with any provision of this Article, the provision
of such form of Security shall govern. Except as otherwise set forth in the form of Security for such series, such Security of
a series shall be subject to partial redemption only in the amount of $1,000 or any integral multiples thereof.

 

SECTION
1102. Election to Redeem; Notice to Trustee.

 

The
election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated
by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of
any series (including any such redemption affecting only a single Security), the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing
of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor
of the Securities to be redeemed and provide the additional information required to be included in the notice or notices contemplated
by Section 1104. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided
in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’
Certificate evidencing compliance with such restriction.

 

SECTION
1103. Selection by Trustee of Securities to Be Redeemed.

 

If
the Company elects to redeem less than all of the outstanding Securities, the Securities will be selected for redemption as follows:

 

(1)
in accordance with the procedures of the Depositary and in compliance with the requirements of the applicable stock exchange to
the extent the Securities are held in the form of Global Securities; or

 

(2)
on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate to the extent the Securities are held
in the form of definitive Securities; provided that the unredeemed portion of the principal amount of any Security shall be in
an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. In the event
of a partial redemption by lot, the particular Securities to be redeemed will be selected, unless otherwise provided herein, not
less than 30 nor more than 60 days prior to the Redemption Date from the outstanding Securities not previously called for redemption;

 

    	 	49	 

    	 

    

 

The
Trustee shall promptly notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any
Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed.

 

For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of
such Securities which has been or is to be redeemed.

 

SECTION
1104. Notice of Redemption.

 

If
the Company elects to redeem the Securities of any series, it shall notify the Trustee at least 45 days prior to the Redemption
Date (unless a shorter period shall be satisfactory to the Trustee). Notice of redemption shall be given by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be
redeemed, at his address appearing in the Security Register.

 

All
notices of redemption shall state:

 

(1)
the Redemption Date,

 

(2)
the Redemption Price,

 

(3)
if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed
and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal
amount of the particular Security to be redeemed,

 

(4)
that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

 

(5)
the place or places where each such Security is to be surrendered for payment of the Redemption Price,

 

(6)
that the redemption is for a sinking fund, if such is the case,

 

(7)
CUSIP numbers, if any, and

 

(8)
such other provisions as may be required in respect of the terms of a particular series of Securities.

 

Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company and shall be irrevocable.

 

    	 	50	 

    	 

    

 

SECTION
1105. Deposit of Redemption Price.

 

Prior
to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date.

 

SECTION
1106. Securities Payable on Redemption Date.

 

Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption
in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments
of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their
terms and the provisions of Section 307.

 

If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall,
until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security.

 

SECTION
1107. Securities Redeemed in Part.

 

Any
Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee
duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same
series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and
in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

ARTICLE
Twelve

Sinking Fund

 

SECTION
1201. Applicability of Article.

 

The
provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 301 for such Securities.

 

The
minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory
sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is
herein referred to as an “optional sinking fund payment”. If provided for by the terms of any Securities, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be
applied to the redemption of Securities as provided for by the terms of such Securities.

 

    	 	51	 

    	 

    

 

SECTION
1202. Satisfaction of Sinking Fund Payments with Securities.

 

The
Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply
as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required
to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities; provided
that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received
and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

SECTION
1203. Redemption of Securities for Sinking Fund.

 

Not
less than 30 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee
an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to
the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash in the currency in which
the Securities of such series are payable (except as provided pursuant to Section 301) and the portion thereof, if any, that is
to be satisfied by delivering and crediting Securities pursuant to Section 1202 and will also deliver to the Trustee any Securities
to be so delivered.

 

The
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 1106.

 

ARTICLE
Thirteen

Defeasance and Covenant Defeasance

 

SECTION
1301. Company’s Option to Effect Defeasance or Covenant Defeasance.

 

The
Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of
Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303,
in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth
below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated
by Section 301 for such Securities.

 

SECTION
1302. Defeasance and Discharge.

 

Upon
the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities,
as the case may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities as
provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Defeasance”).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject
to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities
to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect
of the principal of and any premium and interest on such Securities when payments are due, (2) the Company’s obligations
with respect to such Securities under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities
of the Trustee hereunder and (4) this Article. Subject to compliance with this Article, the Company may exercise its option (if
any) to have this Section applied to any Securities or any series of Securities notwithstanding the prior exercise of its option
(if any) to have Section 1303 applied to such Securities.

 

    	 	52	 

    	 

    

 

SECTION
1303. Covenant Defeasance.

 

Upon
the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities,
as the case may be, (1) the Company shall be released from its obligations under Section 1007, and any covenants provided pursuant
to Section 301(18), 901(2) or 901(7) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified
in Sections 501(4) (with respect to Section 1007 and any such covenants provided pursuant to Section 301(18), 901(2) or 901(7))
and 501(7) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided
in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit
to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section
(to the extent so specified in the case of Section 501(4)), whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document,
but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

SECTION
1304. Conditions to Defeasance or Covenant Defeasance.

 

The
following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities,
as the case may be:

 

(1)
The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the
requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the
benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before
the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal
of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture
and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i) a direct obligation
of the United States of America for the payment of which the full faith and credit of the United States of America is pledged
or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States
of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,
which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation
which is specified in Clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with
respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held,
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principal or interest evidenced by such depositary receipt.

 

    	 	53	 

    	 

    

 

(2)
In the event of an election to have Section 1302 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel stating 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 instrument, there has been a change in
the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm
that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit,
Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same
amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur.

 

(3)
In, the event of an election to have Section 1303 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would
be the case if such deposit and Covenant Defeasance were not to occur.

 

(4)
The Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor
any other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5)
No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities
or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified
in Sections 501(5) and (6), at any time during the period ending on the 90th day after the date of such deposit or, if longer,
ending on the day following the expiration of the longest preference period applicable to the Company in respect of such deposit
(it being understood that the condition in this clause is a condition subsequent and shall not be deemed satisfied until the expiration
of such period).

 

(6)
Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of such Act).

 

(7)
Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is bound.

 

(8)
Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company
within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration
thereunder.

 

    	 	54	 

    	 

    

 

(9)
The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

SECTION
1305. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject
to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1306, the Trustee and
any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304 in respect of any Securities
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to
the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium
and interest, but money so held in trust need not be segregated from other funds except to the extent required by law.

 

The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything
in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance
or Covenant Defeasance, as the case may be, with respect to such Securities.

 

SECTION
1306. Reinstatement.

 

If
the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by
reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant
to Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect
to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section
1305 with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment
of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall
be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust.

 

    	 	55	 

    	 

    

 

In
Witness Whereof, the parties hereto have caused
this Indenture to be duly executed as of the day and year first above written.

 

	 	BIOFRONTERA
    AG
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	THE
                                         BANK OF NEW YORK MELLON TRUST

        COMPANY,
        N.A.

	 	 
	 	By:	 
	 	 	Authorized
    Officer

 

    	 	56

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