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  Exhibit 4.1    
    

 

INDENTURE

(For Unsecured Debt Securities)  

by and between  

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)  

and  

U.S. BANK NATIONAL ASSOCIATION,

As Trustee  

Dated as of December 22, 2010  

 

  

 

 
 

  TABLE OF CONTENTS    
    

 

 

						
	 
	 	 
	 	Page 
	 ARTICLE I
	 	 DEFINITIONS
	 	1
	 ARTICLE II
	 	 SECURITIES
	 	8
	 	 Section 2.1
	 	 Forms Generally. 
	 	8
	 	 Section 2.2
	 	 Form Of Trustee's Certificate Of Authentication. 
	 	8
	 	 Section 2.3
	 	 Amount Unlimited: Issuable In Series. 
	 	8
	 	 Section 2.4
	 	 Authentication And Delivery Of Securities. 
	 	10
	 	 Section 2.5
	 	 Execution Of Securities. 
	 	12
	 	 Section 2.6
	 	 Certificate Of Authentication. 
	 	12
	 	 Section 2.7
	 	 Denomination And Date Of Securities; Payment Of Interest. 
	 	12
	 	 Section 2.8
	 	 Registration, Transfer And Exchange. 
	 	13
	 	 Section 2.9
	 	 Mutilated, Defaced, Destroyed, Lost And Stolen Securities. 
	 	15
	 	 Section 2.10
	 	 Cancellation Of Securities; Destruction Thereof. 
	 	16
	 	 Section 2.11
	 	 Temporary Securities. 
	 	16
	 ARTICLE III
	 	 COVENANTS OF THE COMPANY
	 	17
	 	 Section 3.1
	 	 Payment Of Principal And Interest. 
	 	17
	 	 Section 3.2
	 	 Maintenance of Office or Agency. 
	 	17
	 	 Section 3.3
	 	 Appointment To Fill A Vacancy In Office Of Trustee. 
	 	17
	 	 Section 3.4
	 	 Money for Payments to be Held in Trust; Repayment of Unclaimed Money. 
	 	17
	 	 Section 3.5
	 	 Compliance Certificates. 
	 	18
	 	 Section 3.6
	 	 Corporate Existence. 
	 	18
	 	 Section 3.7
	 	 Limitations on Liens. 
	 	18
	 	 Section 3.8
	 	 The Company May Not Merge. 
	 	19
	 ARTICLE IV
	 	 SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	 	19
	 	 Section 4.1
	 	 Company To Furnish Trustee Information As To Names And Addresses Of Securityholders. 
	 	19
	 	 Section 4.2
	 	 Preservation and Disclosure of Securityholder Lists. 
	 	20
	 	 Section 4.3
	 	 Reports By The Company. 
	 	21
	 	 Section 4.4
	 	 Reports By The Trustee. 
	 	21
	 ARTICLE V
	 	 EVENTS OF DEFAULT; REMEDIES
	 	22
	 	 Section 5.1
	 	 Event Of Default Defined, Acceleration Of Maturity; Waiver Of Default. 
	 	22
	 	 Section 5.2
	 	 Collection Of Indebtedness By Trustee; Trustee May Prove Debt. 
	 	25
	 	 Section 5.3
	 	 Application Of Proceeds. 
	 	27
	 	 Section 5.4
	 	 Suits For Enforcement. 
	 	27
	 	 Section 5.5
	 	 Restoration Of Rights On Abandonment Of Proceedings. 
	 	27
	 	 Section 5.6
	 	 Limitations On Suits By Securityholders. 
	 	28
	 	 Section 5.7
	 	 Unconditional Right Of Securityholders To Institute Certain Suits. 
	 	28
	 	 Section 5.8
	 	 Powers And Remedies Cumulative; Delay Or Omission Not Waiver Of Default. 
	 	28
	 	 Section 5.9
	 	 Control By Holders Of Securities. 
	 	29
	 	 Section 5.10
	 	 Waiver Of Past Defaults. 
	 	29
	 	 Section 5.11
	 	 Trustee To Give Notice Of Default, But May Withhold In Certain Circumstances. 
	 	29
	 	 Section 5.12
	 	 Waiver of Stay or Extension Laws. 
	 	30
	 	 Section 5.13
	 	 Right Of Court To Require Filing Of Undertaking To Pay Costs. 
	 	30
	 ARTICLE VI
	 	 CONCERNING THE TRUSTEE
	 	30
	 	 Section 6.1
	 	 Duties And Responsibilities Of The Trustee; During Default; Prior To Default. 
	 	30

 

 i

 
 

 

						
	 
	 	 
	 	Page 
	 	 Section 6.2
	 	 Certain Rights Of The Trustee. 
	 	31
	 	 Section 6.3
	 	 Trustee Not Responsible For Recitals, Disposition Of Securities Or Application Of Proceeds Thereof; Trustee's Disclaimer. 
	 	33
	 	 Section 6.4
	 	 Trustee And Agents May Hold Securities; Collections, Etc. 
	 	33
	 	 Section 6.5
	 	 Held By Trustee. 
	 	33
	 	 Section 6.6
	 	 Compensation And Indemnification Of Trustee And Its Prior Claim. 
	 	33
	 	 Section 6.7
	 	 Right Of Trustee To Rely On Officer's Certificate, Etc. 
	 	34
	 	 Section 6.8
	 	 Indentures Not Creating Potential Conflicting Interests For The Trustee. 
	 	34
	 	 Section 6.9
	 	 Qualification Of Trustee; Conflicting Interests. 
	 	34
	 	 Section 6.10
	 	 Persons Eligible For Appointment As Trustee. 
	 	34
	 	 Section 6.11
	 	 Resignation And Removal; Appointment Of Successor Trustee. 
	 	34
	 	 Section 6.12
	 	 Acceptance Of Appointment By Successor Trustee. 
	 	35
	 	 Section 6.13
	 	 Merger, Conversion, Consolidation Or Succession To Business Of Trustee. 
	 	36
	 	 Section 6.14
	 	 Preferential Collection Of Claims Against The Company. 
	 	37
	 	 Section 6.15
	 	 Appointment Of Authenticating Agent. 
	 	37
	 ARTICLE VII
	 	 CONCERNING THE SECURITYHOLDERS
	 	38
	 	 Section 7.1
	 	 Evidence Of Action Taken By Securityholders. 
	 	38
	 	 Section 7.2
	 	 Proof Of Execution Of Instruments And Of Holding Of Securities. 
	 	38
	 	 Section 7.3
	 	 Holders To Be Treated As Owners. 
	 	38
	 	 Section 7.4
	 	 Securities Owned By Company Deemed Not Outstanding. 
	 	39
	 	 Section 7.5
	 	 Right Of Revocation Of Action Taken. 
	 	39
	 ARTICLE VIII
	 	 SUPPLEMENTAL INDENTURES
	 	40
	 	 Section 8.1
	 	 Supplemental Indentures Without Consent Of Securityholders. 
	 	40
	 	 Section 8.2
	 	 Supplemental Indentures With Consent Of Securityholders. 
	 	41
	 	 Section 8.3
	 	 Effect Of Supplemental Indenture. 
	 	42
	 	 Section 8.4
	 	 Documents To Be Given To Trustee. 
	 	42
	 	 Section 8.5
	 	 Notation On Securities In Respect Of Supplemental Indentures. 
	 	42
	 ARTICLE IX
	 	 DEFEASANCE
	 	43
	 	 Section 9.1
	 	 Termination of Company's Obligations. 
	 	43
	 	 Section 9.2
	 	 Application By Trustee Of Funds Deposited For Payment Of Securities. 
	 	44
	 	 Section 9.3
	 	 Repayment to Company. 
	 	44
	 	 Section 9.4
	 	 Reinstatement. 
	 	45
	 	 Section 9.5
	 	 Indemnity For Defeasance Securities. 
	 	45
	 ARTICLE X
	 	 MISCELLANEOUS PROVISIONS
	 	45
	 	 Section 10.1
	 	 Members and Officers Of Company Exempt From Individual Liability. 
	 	45
	 	 Section 10.2
	 	 Provisions Of Indenture For The Sole Benefit Of Parties And Holders Of Securities. 
	 	45
	 	 Section 10.3
	 	 Successors And Assigns Of Company Bound By Indenture. 
	 	46
	 	 Section 10.4
	 	 Notices And Demands On Company, Trustee And Holders Of Securities. 
	 	46
	 	 Section 10.5
	 	 Officer's Certificates And Opinions Of Counsel: Statements To Be Contained Therein. 
	 	46
	 	 Section 10.6
	 	 Payments Due On Saturdays, Sundays And Holidays. 
	 	47
	 	 Section 10.7
	 	 Conflict Of Any Provision Of Indenture With Trust Indenture Act. 
	 	47
	 	 Section 10.8
	 	 GOVERNING LAW. 
	 	47
	 	 Section 10.9
	 	 Counterparts. 
	 	47
	 	 Section 10.10
	 	 Effect Of Headings. 
	 	47
	 ARTICLE XI
	 	 REDEMPTION OF SECURITIES AND SINKING FUNDS
	 	48
	 	 Section 11.1
	 	 Applicability Of Article. 
	 	48
	 	 Section 11.2
	 	 Notice Of Redemption; Partial Redemptions. 
	 	48
	 	 Section 11.3
	 	 Payment Of Securities Called For Redemption. 
	 	49

 

 ii

 
 

 

						
	 
	 	 
	 	Page 
	 	 Section 11.4
	 	 Exclusion Of Certain Securities From Eligibility For Selection For Redemption. 
	 	49
	 	 Section 11.5
	 	 Mandatory And Optional Sinking Funds. 
	 	50

 

 iii

 

  RECONCILIATION AND TIE BETWEEN SECTIONS 310 THROUGH 318(a), INCLUSIVE, OF THE TRUST INDENTURE ACT OF 1939 AND THIS INDENTURE  

 

 

			
	Trust Indenture

Act Section

 
	 	Indenture

Section 
	 § 310 (a)(1)
	 	6.10
	            (a)(2)
	 	6.10
	            (a)(3)
	 	Not Applicable
	            (a)(4)
	 	Not Applicable
	            (a)(5)
	 	6.10
	            (b)
	 	6.9
	 § 311 (a)
	 	6.14
	            (b)
	 	6.14
	 § 312 (a)
	 	4.1
	            (b)
	 	4.2
	            (c)
	 	4.2
	 § 313 (a)
	 	4.4(A)
	            (b)
	 	4.4(B)
	            (c)
	 	4.4(C)
	            (d)
	 	4.4(D)
	 § 314 (a)
	 	4.3 & 3.5
	            (a)(4)
	 	3.5
	            (b)
	 	Not Applicable
	            (c)(1)
	 	10.5
	            (c)(2)
	 	10.5
	            (c)(3)
	 	Not Applicable
	            (d)
	 	Not Applicable
	            (e)
	 	10.5
	 § 315 (a)
	 	6.1(A)
	            (b)
	 	5.11
	            (c)
	 	6.1
	            (d)
	 	6.1
	            (e)
	 	5.13
	 § 316 (a)
	 	5.9
	            (b)
	 	5.7
	            (c)
	 	7.1
	 § 317 (a)(1)
	 	5.2
	            (a)(2)
	 	5.2
	            (b)
	 	3.4
	 § 318 (a)
	 	10.7

 

 iv

 

 

        THIS INDENTURE, dated as of December 22, 2010, is by and between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), a Georgia electric membership corporation (the
"Company"), and U.S. Bank National Association, a national banking association, as trustee (the
"Trustee"). 

W I T N E S S E T H: 

        WHEREAS,
the Company has duly authorized the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in
one or more series (the "Securities") up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this
Indenture; 

        WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to provide, among other things, for the authentication, delivery and administration of the
Securities; and 

        WHEREAS,
all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done; 

        NOW,
THEREFORE, in consideration of the premises and the purchases of the Securities by the holders thereof, and intending to be legally bound hereby, the Company and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities and of the coupons, if any, appertaining thereto as follows: 

 
 

  ARTICLE I    
    
    DEFINITIONS    
    

        Each of the following terms (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes
of this Indenture and of any indenture supplemental hereto shall have the meaning specified in this Article I. Every other term used in this Indenture that is defined in the Trust Indenture Act
(as hereinafter defined), directly or indirectly, including terms defined therein by reference to the Securities Act (as hereinafter defined)(except as herein otherwise expressly provided or unless
the context otherwise requires), shall have the meaning assigned to such term in the Trust Indenture Act and in the Securities Act as in effect from time to time. Each accounting term used herein and
not expressly defined shall have the meaning assigned to such term in accordance with Accounting Requirements at the time of any computation unless a different time shall be specified with respect to
such series of Securities as provided for in Section 2.3. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 

        "Accounting Requirements" means the requirements of the system of accounts prescribed by RUS so long as RUS is a holder or guarantor of
any indebtedness of the Company and as a result requires the Company to employ the system of accounts prescribed by RUS; PROVIDED, HOWEVER, that if the
Company is specifically required by FERC to employ the system of accounts prescribed by FERC, then "Accounting Requirements" means the system of accounts prescribed by FERC;  PROVIDED, FURTHER, HOWEVER,
that if RUS is not a holder or guarantor of any indebtedness of the Company or RUS does not prescribe a system of accounts
applicable to the Company, and the Company is not specifically required by FERC to employ the system of accounts prescribed by FERC, or FERC does not prescribe a system of accounts applicable to the
Company, then "Accounting Requirements" means the requirements of generally accepted accounting principles applicable to similar entities conducting business similar to that of the Company. Generally
accepted accounting principles refers to a common set of accounting standards and procedures that are either promulgated by an authoritative accounting 

1

 

rulemaking
body or accepted as appropriate due to wide-spread application in the United States of America. 

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

        "Applicants" shall have the meaning set forth in Section 4.2(B). 

        "Authenticating Agent" shall have the meaning set forth in Section 6.15. 

        "Board of Directors" means either the board of directors of the Company or any duly authorized committee of such board. 

        "Board Resolution" means a copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted or consented to by the Board of Directors, or such committee of the Board of Directors to which authority to act on behalf of the Board of Directors has been delegated, and to be in
full force and effect on the date of such certification, and delivered to the Trustee. 

        "Business Day" means, with respect to any Security, a day that is not a day on which banking institutions in the city (or in any of the
cities, if more than one) in which amounts are payable on such Security, as specified pursuant to Section 2.3, or in which the Corporate Trust Office of the Trustee is located, are authorized
or required by any applicable law or regulation to be closed. 

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

        "Company" means Oglethorpe Power Corporation (An Electric Membership Corporation), a Georgia electric membership corporation, and its
successors and permitted assigns. 

        "Company Request" means a written statement, consent, order or request signed in the name of the Company by an Officer of the Company, and
delivered to the Trustee. 

        "Corporate Trust Office" means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular
time, be administered, which office is, as of the date of this Indenture, located at 1349 West Peachtree Street, Suite 1050, Atlanta, Georgia 30309. 

        "Debt" means any outstanding (i) indebtedness of the Company for borrowed money or deferred purchase price of property,
(ii) indebtedness of the Company evidenced by notes, debentures, bonds or other securities or instruments, (iii) obligations of the Company under conditional sale or other title
retention agreements relating to the purchase of property to the extent of the value of such property, (iv) principal portion of all obligations of the Company under capital lease obligations,
and (v) guaranty obligations of the Company of outstanding indebtedness or obligations of another Person of the type described in clauses (i), (ii), (iii) and (iv) of this
definition. 

        "Defeasance Securities" means and includes any of the following obligations, if and to the extent the same are not subject to redemption
or call prior to maturity by anyone other than the holder thereof and are at the time legal for investment of the Company's funds: 

        (A)  any
bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America;
and 

2

 

        (B)  any
certificates or any other evidences of an ownership interest in obligations or in specified portions thereof (which may consist of specified portions of the interest
thereon) of the character described in paragraph A above. 

        "Depository" means, with respect to the Securities of any series issuable or issued in the form of one or more Global Securities, the
Person designated as Depository by the Company pursuant to Section 2.3 until a successor Depository shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter "Depository" shall mean or include each Person who is then a Depository hereunder, and if at any time there is more than one such Person, "Depository" as used with respect to the Securities
of any such series shall mean the Depository with respect to the Global Securities of that series. Each Depository designated pursuant to Section 2.3 must, at the time of its designation and at
all times while it serves as Depository, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. 

        "Dollar" or "$" means the coin or currency of the United States of America as at the time
of payment is legal tender for the payment of public and private debts. 

        "Event of Default" means any event or condition specified as such in Section 5.1. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "FERC" means the Federal Energy Regulatory Commission, or any agency or other governmental body succeeding to the functions thereof. 

        "Global Security" means a Security evidencing all or a part of a series of Securities, issued to the Depository for such series in
accordance with Section 2.4, and bearing the legend prescribed in Section 2.4 and any other legend required by the Depository for such series. 

        "Holder," "Holder of Securities,"
"Securityholder" or any other similar term means the Person in whose name such Security is registered in the Security register kept by the Company for
that purpose in accordance with the terms hereof. 

        "Incorporated Provision" shall have the meaning set forth in Section 10.7. 

        "Indenture" means this instrument as originally executed and delivered, as it may from time to time be supplemented, modified or amended
by one or more mortgage indentures or other instruments supplemental hereto (including Supplemental Indentures) 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 supplemental indenture,
respectively. The term "Indenture" shall also include the terms of particular series of Securities as contemplated by Section 2.3. 

        "IRS" means the Internal Revenue Service of the United States Department of the Treasury, or any agency or other governmental body
succeeding to the functions thereof. 

        "Lien" means any mortgage, security interest, pledge, collateral assignment, deposit arrangement or lien, including any chattel mortgages,
conditional sales agreements or other title retention agreements. 

        "Mandatory Sinking Fund Payment" shall have the meaning set forth in Section 11.5. 

        "Mortgage Indenture" means that certain Indenture, dated as of March 1, 1997, from the Company, as grantor, to U.S. Bank National
Association, as successor to SunTrust Bank (formerly known as SunTrust Bank, Atlanta), as trustee, as the same has been and may from time to time be supplemented,
modified or amended, or any alternate mortgage, deed to secure debt, deed of trust, trust indenture, security agreement or other security instrument entered into by the Company as a substitute or
replacement therefor. 

3

 

        "Non-U.S. Person" means any Person that is not a "U.S. person" as such term is defined in Rule 902 of the Securities
Act. 

        "Officer" for purposes of any consent, order, certificate, opinion, request or other action hereunder means the Chairman, Vice Chairman,
Secretary, Treasurer, Chief Executive Officer, President, Chief Financial Officer, any Senior Vice President or any Vice President of the Company, or any other officer or employee of the Company
authorized by a Board Resolution to give such consent, order, certificate or opinion, or make such request or perform such action. 

        "Officer's Certificate" means a certificate signed by an Officer of the Company and delivered to the Trustee. 

        "Operating Property" means (i) any interest in real property owned by the Company and (ii) any asset owned by the Company
that is depreciable, whether or not fully depreciated, in accordance with Accounting Requirements. 

        "Opinion of Counsel" means a written opinion of counsel who may be employed by, or be outside counsel to, the Company and who shall be
reasonably acceptable to the Trustee. The acceptance by the Trustee of such opinion shall be sufficient evidence that such counsel is reasonably acceptable to the Trustee. 

        "Optional Sinking Fund Payment" shall have the meaning set forth in Section 11.5. 

        "Original Issue Date" of any Security (or portion thereof) means the earlier of (a) the date of such Security or (b) the
date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 

        "Original Issue Discount Security" means any Security that 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 5.1. 

        "Outstanding" when used with reference to Securities, means, except as otherwise provided in Section 7.4, as of any particular
time, all Securities authenticated and delivered by the Trustee under this Indenture, except: 

        (A)  Securities,
or portions thereof, theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

        (B)  Securities,
or portions thereof, for the payment or redemption of which moneys or Defeasance Securities (as provided for in Section 9.1) in the necessary amount
shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside, segregated and held in trust by the Company for the Holders of such
Securities (if the Company shall act as its own paying agent), PROVIDED, that if such Securities, or portions thereof, are to be redeemed prior to the
maturity thereof, notice of such redemption shall have been given as herein provided, or provisions satisfactory to the Trustee shall have been made for giving such notice; and 

        (C)  Securities
which shall have been paid or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of
Section 2.9 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is a legal,
valid and binding obligation of the Company). 

        In
determining whether the Holders of the requisite principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that
would be due and 

4

 

payable
as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 5.1. 

        "Periodic Offering" means an offering of Securities of a series from time to time, the specific terms of which Securities, including,
without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the
Company or its agents upon the issuance of such Securities. 

        "Permitted Liens" means: 

        A.    Liens
created under the Mortgage Indenture, whether existing on the date hereof or in the future; 

        B.    Liens
on the Operating Property of a Person, which Liens are existing at the time such person is merged into or consolidated with, or at the time such Person sells,
leases or otherwise disposes of all of its properties (or any division thereof) as or substantially as an entirety to, the Company; 

        C.    Liens
securing or arising in connection with Special Leases; 

        D.    Liens
securing or arising in connection with other sale and leaseback transactions; 

        E.    Liens
for taxes, assessments and other governmental charges not delinquent, and ordinances establishing assessments for sewer, lighting or other local improvement
districts; 

        F.     Liens
for taxes, assessments and other governmental charges already delinquent which are currently being contested in good faith by appropriate proceedings and with
respect to which the Company shall have set aside on its books adequate reserves, if required by Accounting Requirements; 

        G.    Mechanics',
workmen's, repairmen's, materialmen's, warehousemen's, contractors', subcontractors' and carriers' Liens and other similar Liens arising in the ordinary
course of business or incident to current construction for charges which (i) have been in existence less than ninety (90) days or (ii) are being contested in good faith and have
not proceeded to judgment and with respect to which the Company shall have set aside on its books adequate reserves, if required by Accounting Requirements; 

        H.    Liens
in respect of judgments or awards with respect to which there exists a stay of execution pending such appeal or proceedings for review and with respect to which the
Company shall in good faith currently be prosecuting an appeal or proceedings for review and shall have set aside on its books adequate reserves, if required by Accounting Requirements; 

        I.     Liens
upon lands over which easements, licenses or rights-of-way are acquired by the Company securing indebtedness neither created, assumed nor
guaranteed by the Company nor on account of which it customarily pays interest; 

        J.     Liens
or privileges vested in any lessor, landlord, licensor, permittor or other Person for rent to become due or for other obligations or acts to be performed, the
payment of which rent or the performance of which other obligations or acts is required under leases, usufructs, subleases, licenses or permits, so long as the payment of such rent or the performance
of such other obligations or acts is (i) not delinquent or (ii) being contested in good faith and has not proceeded to judgment and with respect to which the Company shall have set aside
on its books adequate reserves, if required by Accounting Requirements; 

        K.    Liens
or privileges of any employees of the Company for salary or wages earned but not yet payable; 

5

 

        L.    Liens
which any municipal or governmental authority may have by virtue of any franchise, license, contract or statute; 

        M.   Liens
arising from, permitted by, or required by, any law or governmental regulation relating to environmental matters, so long as such Liens do not materially impair the
use of such Operating Property for the purposes for which it is held and as to any liquidated Liens, the Company shall have set aside on its books adequate reserves with respect thereto, if required
by Accounting Requirements; 

        N.    Liens
required by law or governmental regulation as a condition to the transaction of any business or the exercise of any privilege or license, or to enable the Company
to maintain self-insurance or to participate in any funds established to cover any insurance risks or in connection with worker's compensation, unemployment insurance, retirement pensions
or other social security, or to share in the privileges or benefits required for companies participating in such arrangements; 

        O.    Liens
created or assumed by the Company in connection with the issuance of debt securities the interest on which is excludable from gross income of the holder of such
security pursuant to the Internal Revenue Code, as amended, for the purposes of financing or refinancing, in whole or in part, the acquisition or construction of Operating Property used or to be used
by the Company, including Liens in connection with (i) any bond or similar fund established by the Company with respect to any such debt securities to the extent of amounts deposited in such
funds in the ordinary course to make regularly scheduled payments on such debt securities, or (ii) in connection with any debt service or similar fund established by the Company for the payment
of principal or interest on any such debt securities if such fund is funded solely from the proceeds of the issuance of such debt securities (or funded in connection with the refinancing of other debt
by such debt securities); 

        P.     Liens
in connection with the pledge of current assets, in the ordinary course of business, to secure current liabilities; 

        Q.    Liens
securing Debt if such Debt has been legally or economically defeased; 

        R.    the
undivided or other interest of other owners, and Liens on such interest, in Operating Property owned in common or jointly with the Company or in which the Company has
an executory or future interest, and all rights of such co-owners or joint owners in such Operating Property, including the rights of such owners to such Operating Property pursuant to
ownership contracts; 

        S.     Liens
of any Person arising on account of the ownership in common or jointly with the Company of an undivided or other interest in Operating Property which relate to
amounts which are not due and payable, or which are being contested by the Company in good faith, and with respect to which the Company shall have set aside on its books adequate reserves, if required
by Accounting Requirements; and 

        T.     Liens
which have been bonded for the full amount of the obligations secured by such Lien or for the payment of which the Company has deposited with a trustee or with an
escrow agent cash or other property with a value equal to the full amount of the obligations secured by such Lien. 

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

6

 

 

        "principal" whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to include "and
premium, if any," and as to any Original Issue Discount Security means the amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity
thereof pursuant to Section 5.1, PROVIDED, HOWEVER, that such inclusion of premium, if any, shall
under no circumstances result in the double counting of such premium for the purpose of any calculation required hereunder. 

        "Record Date" shall have the meaning set forth in Section 2.7. 

        "Reporting Date" shall have the meaning set forth in Section 4.4(A). 

        "Responsible Officer" when used with respect to the Trustee means any officer of the Trustee assigned to administer the trusts established
hereunder. 

        "RUS" means the Rural Utilities Service, or any agency or other governmental body succeeding to the functions thereof. 

        "Security" or "Securities" has the meaning stated in the first recital of this Indenture. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Sinking Fund Payment Date" shall have the meaning set forth in Section 11.5. 

        "Special Leases" means any transaction or series of transactions the overall effect of which is the transfer (by sale, head lease or
otherwise) of ownership for federal income tax purposes of any asset by the Company to any other Person or Persons (the "lessor") while use of such
asset is retained by or reconveyed to the Company under a lease, sublease or other arrangement (the "sublease") for a substantial period of time and
where (a) the Company shall have set aside financial assets expected to be sufficient to pay or provide for the payment of all or substantially all of the Company's scheduled payment
obligations under the sublease, (b) the Company shall have an option to purchase the lessor's interest in the asset during or at the end of the sublease term, and (c) the Company shall
have set aside financial assets expected to be sufficient to pay or provide for the payment of all or substantially all of the option price. It is intended that the term
"Special Leases" shall include the entire transaction and any and all documents and instruments entered into by the Company in connection therewith and
any obligations thereunder. 

        "Subsidiary" means a corporation or other entity of which sufficient voting stock or other ownership or economic interests having ordinary
voting power to elect a majority of the board of directors (or equivalent body) is held, 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 which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior
class of stock has such voting power by reason of any contingency. 

        "Supplemental Indenture" means any indenture supplemental hereto and duly authorized in the manner provided herein. 

        "Trustee" means the Person identified as "Trustee" in the first paragraph hereof and, subject to the provisions of Article VI,
shall also include any successor trustee. "Trustee" shall also 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 the Securities of such series. 

        "Yield to Maturity" means the yield to maturity on a series of securities, calculated at the time of issuance of such series, or, if
applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 

7

 
 
 

  ARTICLE II    
    
    SECURITIES    
    

Section 2.1    Forms Generally.    

        The
Securities of each series shall be in substantially the form set forth in the Supplemental Indenture creating such series, or in a Board Resolution establishing such series and
delivered to the Trustee, or in an Officer's Certificate pursuant to a Supplemental Indenture or Board Resolution and delivered to the Trustee, 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 as may, consistently herewith, be determined by the Officers executing such Securities, as evidenced by their
execution of such Securities. Any portion of the text of any Security may be set forth on the reverse or subsequent pages thereof, with an appropriate reference thereto on the face of the Security if
desired. Such Securities may be printed, lithographed, typewritten, mimeographed or otherwise produced. 

Section 2.2    Form Of Trustee's Certificate Of Authentication.    

        The
Trustee's certificate of authentication on all Securities shall be in substantially the following form: 

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

 

 

			
	 
	 	 

	

   as Trustee
	
 By	
 	

 
	

 	
 	

   Authorized Signatory"

 

         If
at any time there shall be an Authenticating Agent appointed with respect to any series of Securities, then the Trustee's certificate of authentication to be borne by the Securities
of each such series shall be substantially as follows: 

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

 

 

			
	 
	 	 

	

   as Authenticating Agent
	
 By	
 	

 
	

 	
 	

   Authorized Signatory"

 

 Section 2.3    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. The several series of Securities may differ as between series in any respect not in conflict with the provisions of this Indenture and
as may be prescribed in the Supplemental Indenture or Board Resolution, or Officer's Certificate pursuant to the Supplemental Indenture or Board Resolution, as the case may be, creating such series. 

8

 

        Prior
to the initial issuance of Securities of any series, there shall be established in or pursuant to the methods prescribed in a Supplemental Indenture or a Board Resolution, or an
Officer's Certificate pursuant to a Supplemental Indenture or Board Resolution: 

        (A)  the
designation of the Securities of the series, which shall distinguish the Securities of the series from the Securities of all other series, and which may be part of a
series of Securities previously issued; 

        (B)  any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.8, 2.9, 2.11, 8.5 or 11.3); 

        (C)  the
date or dates on which the principal of the Securities of the series is payable or any formulary or other method or other means by which such date or dates shall be
determined, by reference to an index or other fact or event ascertainable outside of this Indenture or otherwise; 

        (D)  the
rate or rates at which the Securities of the series shall bear interest, if any (including the rate or rates at which overdue principal shall bear interest, if
different than the rate or rates at which such Securities bear interest prior to maturity and, if applicable, the rate or rates at which overdue premium or interest shall bear interest, if any), or
any formulary or other method or means by which such rate or rates shall be determined by reference to an index or other fact or event ascertainable outside of this Indenture or otherwise, the date or
dates from which such interest shall accrue, on which such interest shall be payable, the terms and conditions of any deferral of interest and the additional interest, if any, thereon, the right, if
any, of the Company to extend the interest payment periods and the duration of the extensions and (in the case of Securities) the date or dates on which a record shall be taken for the determination
of Holders to whom interest is payable and/or the method by which such rate or rates or date or dates shall be determined; 

        (E)  the
place or places where, and the manner in which, the principal of and any interest on Securities of the series shall be payable; 

        (F)  the
right, if any, of the Company to redeem Securities, in whole or in part, at its option and the period or periods within which, or the date or dates on which, the
price or prices at which and any terms and conditions upon which Securities of the series may be so redeemed, pursuant to any sinking fund or otherwise; 

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

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

        (I)   the
percentage of the principal amount at which the Securities will be issued, and, if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof; 

        (J)   whether
the Securities of the series will be issuable as unregistered securities (with or without coupons), any restrictions applicable to the offer, sale or delivery of
unregistered securities or the payment of interest thereon, and the terms upon which unregistered securities of any series may be exchanged for registered securities of such series and vice versa; 

9

 

        (K)  whether
and under what circumstances the Company will pay additional amounts on the Securities of the series held by a Person who is not a U.S. Person in respect of any
tax, assessment or governmental charge withheld or deducted and, if so, whether the Company will have the option to redeem the Securities of the series rather than pay such additional amounts; 

        (L)  if
the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

        (M) any
trustees, depositories, authenticating or paying agents, transfer agents or registrars of any other agents with respect to the Securities of such series; 

        (N)  any
deletion from, modification of or addition to the Events of Default or covenants with respect to the Securities of such series; and 

        (O)  any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 

        All
Securities of like maturity of the same series shall be substantially identical except that any series may have serial maturities and different interest rates for different
maturities and except as may otherwise be provided in the Supplemental Indenture or the Board Resolution, or Officer's Certificate pursuant to the Supplemental Indenture or Board Resolution, as the
case may be, creating such series. All Securities of any one series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided
by or pursuant to the Supplemental Indenture or the Board Resolution, or Officer's Certificate pursuant to the Supplemental Indenture or Board Resolution, as the case may be, creating such series. 

        With
respect to Securities of a series subject to a Periodic Offering, the Supplemental Indenture or the Board Resolution, or Officer's Certificate pursuant to the Supplemental Indenture
or Board Resolution, as the case may be, which establishes such series may provide general terms or parameters for Securities of such series and specify procedures, acceptable to the Trustee, by which
such specific terms are to be established (which procedures may provide for authentication and delivery pursuant to oral or electronic instructions from the Company or any agent or agents thereof,
which oral instructions are to be promptly confirmed electronically or in writing). 

Section 2.4    Authentication And Delivery Of Securities.    

        At
any time and from time to time, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with the applicable documents
referred to below in this Section 2.4, and the Trustee shall thereupon authenticate and deliver such Securities to or, upon the request of the Company (contained in the Company Request referred
to below in this Section 2.4) or pursuant to such procedures acceptable to the Trustee, to such other recipients as may be specified from time to time by the Company in a Company Request. Any
such Company Request may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which instructions, if oral, shall
be promptly confirmed in writing. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to
receive (in the case of clauses (B), (C) and (D) below only at or before the time of the first request of the Company to the Trustee to authenticate Securities of such series) and
(subject to Section 6.1) shall be fully protected in relying upon, the following enumerated documents unless and until such documents have been superseded or revoked: 

        (A)  a
Company Request requesting such authentication and setting forth delivery instructions if the Securities are not to be delivered to the Company,  PROVIDED, that, with respect to 

10

 

Securities
of a series subject to a Periodic Offering, (i) such Company Request may be delivered by the Company to the Trustee prior to the delivery to the Trustee of such Securities for
authentication and delivery, (ii) the Trustee shall authenticate and deliver Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the
aggregate principal amount established for such series, pursuant to a Company Request or pursuant to procedures acceptable to the Trustee as may be specified from time to time by a Company Request,
(iii) the maturity date or
dates, original issue date or dates, interest rate or rates and any other terms of Securities of such series shall be determined by a Company Request or pursuant to such procedures, and (iv) if
provided for in such procedures, such Company Request may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents,
which instructions, if oral, shall be promptly confirmed in writing; 

        (B)  a
Board Resolution authorizing and requesting the authentication and delivery of the Securities and any Board Resolution or Officer's Certificate referred to in
Sections 2.1 and 2.3 by or pursuant to which the forms and terms of the Securities were established; 

        (C)  an
Officer's Certificate stating that no Event of Default exists and stating that all conditions precedent provided for in this Indenture relating to the initial
authentication and delivery of such Securities have been complied with (and in the event such Securities are subject to Periodic Offering, that the statements made in such Officer's Certificate shall
be deemed remade at the time of each subsequent authentication and delivery of such Securities); and 

        (D)  One
or more Opinions of Counsel, or a letter addressed to the Trustee permitting it to rely on one or more Opinions of Counsel, substantially to the effect that: 

          (i)  all
conditions precedent provided for in this Indenture relating to the authentication and delivery of the initial issuance of such Securities have been complied with;
and 

         (ii)  such
Securities, when executed by the Company, authenticated and delivered by the Trustee, and issued by the Company (and, in the event of Securities subject to a
Periodic Offering, when the terms of such Securities have been established as provided in the manner contemplated by this Indenture), will be the valid and binding obligations of the Company
enforceable in accordance with their terms and the terms of this Indenture and entitled to the benefits of this Indenture, except as the enforceability thereof may be limited by (i) bankruptcy,
insolvency, reorganization, liquidation, moratorium, fraudulent transfer or similar laws affecting creditors' rights generally and (ii) the availability of equitable remedies, which may be
limited by equitable principles of general applicability (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

        In
rendering such opinions, such counsel may rely upon opinions of other counsel (copies of which shall be delivered to the Trustee) reasonably satisfactory to the Trustee, in which case
the opinion shall state that counsel believes that it is entitled to so rely. The acceptance by the Trustee of such opinion shall be sufficient evidence that such reliance is reasonably satisfactory
to the Trustee. Such counsel may also state that, insofar as such opinion involves factual matters, counsel has relied, to the extent such counsel deems proper, upon certificates of Officers of the
Company and its Subsidiaries and certificates of public officials. 

        If
the Company shall establish pursuant to Section 2.3 that the Securities of a series are to be issued in the form of one or more Global Securities, then the Company shall
execute and the Trustee shall, in accordance with this Section 2.4 and the Company Request with respect to such series, authenticate and deliver one or more Global Securities that
(i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Securities of such series issued and not yet canceled, (ii) shall be
registered in the name of the Depository for such 

11

 

Global
Security or Securities or the nominee of such Depository, (iii) shall be delivered by the Trustee to such Depository or delivered or held pursuant to such Depository's instructions and
(iv) shall bear a legend substantially to the following effect: 

        "UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO THE
NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITORY." 

Section 2.5    Execution Of Securities.    

        The
Securities shall be executed on behalf of the Company by its Chairman, President or one of its Vice Presidents or its Secretary, or such other Officer who may be designated by a
Board Resolution to execute the Securities, and attested by its Secretary or one of its Assistant Secretaries. 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 on the date of such execution the proper Officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them shall have ceased to hold such offices prior to the authentication and delivery of such Securities or shall not have held such offices at the date of such Securities. 

Section 2.6    Certificate Of Authentication.    

        Only
such Securities as shall bear thereon a certificate of authentication substantially in the form set forth in Section 2.2, executed by the Trustee or Authenticating Agent by
the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. The execution of such certificate by the Trustee
or Authenticating Agent upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the
Holder is entitled to the benefits of this Indenture. 

Section 2.7    Denomination And Date Of Securities; Payment Of Interest.    

        The
Securities of each series shall be issuable in such denominations as shall be provided in the provisions of the Supplemental Indenture or the Board Resolution, or Officer's
Certificate pursuant to the Supplemental Indenture or Board Resolution, as the case may be, creating such series. In the absence of any such provision with respect to the Securities of any particular
series, the Securities of such series shall be of the denomination of $1,000 or any integral multiple thereof. Securities may be in the form of bonds, notes, guarantees or any other undertaking for
the payment of borrowed money or purchase money indebtedness. The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the
Officers of the Company executing the same may determine with the approval of the Trustee, as evidenced by the execution and authentication thereof. 

        Each
Security shall be dated as provided in the Supplemental Indenture or the Board Resolution, or Officer's Certificate pursuant to the Supplemental Indenture or Board Resolution, as
the case may be, creating such Security or, in the absence thereof, the date of its authentication. The Securities of each series shall bear interest, if any, from the date, and such interest shall be
payable on the dates, established as contemplated by Section 2.3. 

12

 

 

        The Person in whose name any Security of any series is registered at the close of business on any Record Date applicable to a particular series with respect to any interest payment date
for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Security subsequent to the Record Date and
prior to such interest payment date, except if and to the extent the Company shall default in the payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such series are registered at the close of business on a subsequent Record Date (which shall be not less than
five (5) Business Days prior to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the Company to the Holders of Securities not less than
fifteen (15) days preceding such subsequent Record Date. The term "Record Date" as used with respect to any interest payment date (except a date
for payment of defaulted interest) for the Securities of any series shall mean the date specified as such in the terms of the Securities of such series established as contemplated by
Section 2.3, or, if no such date is so established, if such interest payment date is the first day of a calendar month, the fifteenth (15th) day of the preceding calendar month
or, if such interest payment date is the fifteenth (15th) day of a calendar month, the first day of such calendar month, whether or not such Record Date is a Business Day. Except as the
Company and the Trustee may otherwise agree, the Company shall promptly file with the Trustee following the end of each calendar year a written notice specifying the amount of original issue discount
accrued on the Outstanding Original Issue Discount Securities for the previous calendar year, including daily rates and accrual periods, and such other information relating to original issue discount
as may be required under the Internal Revenue Code of 1986 and applicable regulations, as amended from time to time. 

Section 2.8    Registration, Transfer And Exchange.    

        The
Company will keep, or will cause to be kept, at each office or agency to be maintained for the purpose as provided in Section 3.2, for each series of Securities, a register or
registers in which, subject to such reasonable regulations as the Company may prescribe, it will provide for the registration of Securities of such series and the registration of transfer of
Securities of such series. Such register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable
times such register or registers shall be open for inspection by the Trustee. 

        Upon
due presentation for registration of transfer of any Security of any series at any such office or agency to be maintained for the purpose as provided in Section 3.2, the
Company shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series, maturity date, interest rate and
original issue date in authorized denominations for a like aggregate principal amount. 

        At
the option of the Holder thereof, Securities of any series (other than a Global Security, except as set forth below) may be exchanged for a Security or Securities of such series
having authorized denominations and an equal aggregate principal amount, upon surrender of such Securities to be exchanged at the agency of the Company that shall be maintained for such purpose in
accordance with Section 3.2 and upon payment, if the Company shall so require, of the charges hereinafter provided. 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 surrendered upon any exchange or transfer provided
for in this Indenture shall be promptly cancelled and disposed of by the Trustee, and upon Company Request, the Trustee shall deliver a certificate of disposition thereof to the Company. 

        All
Securities presented for registration of transfer, exchange, redemption or payment shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a
written instrument 

13

 

or
instruments of transfer in form satisfactory to the Company and the Trustee duly executed, by the Holder or the Holder's counsel duly authorized in writing. 

        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 exchange or registration of transfer of
Securities. No service charge shall be made for any such transaction. 

        The
Company shall not be required to exchange or register a transfer of (A) any Securities of any series for a period of fifteen (15) days preceding the first mailing of
notice of redemption of Securities of such series to be redeemed or (B) any Securities selected, called or being called for redemption, in whole or in part, except, in the case of any Security
to be redeemed in part, the portion thereof not so to be redeemed. 

        Notwithstanding
any other provision of this Section 2.8, unless and until it is exchanged in whole or in part for Securities in definitive registered form, a Global Security
representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depository for such series to a nominee of such Depository or by a nominee of such
Depository to such Depository or another
nominee of such Depository or by such Depository or any such nominee to a successor Depository for such series or a nominee of such successor Depository. The Company and the Trustee may treat the
Depository (or its nominee) as the sole and exclusive owner of the Securities registered in its name for the purposes of payment of the principal of or interest on the Securities, giving any notice
permitted or required to be given to registered owners under this Indenture, registering the transfer of Securities, obtaining any consent or other action to be taken by registered owners and for all
other purposes whatsoever; and neither the Company nor the Trustee shall be affected by any notice to the contrary. Neither the Company nor the Trustee shall have any responsibility or obligation to
any participant in the Depository, any Person claiming a beneficial ownership interest in the Securities under or through the Depository or any such participant, or any other Person which is not shown
on the register as being a registered owner, with respect to either: (1) the Securities; or (2) the accuracy of any records maintained by the Depository or any such participant; or
(3) the payment by the Depository or any such participant of any amount in respect of the principal of or interest on the Securities; or (4) any notice which is permitted or required to
be given to registered owners under this Indenture; or (5) any consent given or other action taken by the Depository as registered owner; or (6) any selection by the Depository of any
participant or other Person to receive payment of principal or interest on the Securities. 

        If
at any time the Depository for any Securities of a series represented by one or more Global Securities notifies the Company that it is unwilling or unable to continue as Depository
for such Securities, or if at any time the Depository for such Securities shall no longer be eligible under this Indenture, the Company shall appoint a successor Depository eligible under this
Indenture with respect to such Securities. If a successor Depository eligible under this Indenture for such Securities is not appointed by the Company within ninety (90) days after the Company
receives such notice or becomes aware of such ineligibility, the Company's election pursuant to Section 2.3 that such Securities be represented by one or more Global Securities shall no longer
be effective and the Company will execute, and the Trustee, upon receipt of a Company Request for the authentication and delivery of definitive Securities of such series, will authenticate and
deliver, Securities of such series in definitive registered form in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security or Securities
representing such Securities in exchange for such Global Security or Securities. 

        The
Company may at any time and in its sole discretion determine that the Securities of any series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Company will execute, and the Trustee, upon receipt of a Company Request for the authentication and delivery of definitive Securities of such series,
will 

14

 

authenticate
and deliver, Securities of such series in definitive registered form in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security
or Securities representing such Securities, in exchange for such Global Security or Securities. 

        If
specified by the Company pursuant to Section 2.3 with respect to Securities represented by a Global Security, the Depository for such Global Security may surrender such Global
Security in exchange in whole or in part for Securities of the same series in definitive registered form on such terms as are
acceptable to the Company and such Depository. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge: 

        (A)  to
the Person specified by such Depository a new Security or Securities of the same series, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person's beneficial interest in the Global Security; and 

        (B)  to
such Depository a new Global Security in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (A) above. 

        Upon
the exchange of a Global Security for Securities in definitive registered form in authorized denominations, such Global Security shall be cancelled by the Trustee or an agent of the
Company or the Trustee. Securities in definitive registered form issued in exchange for a Global Security pursuant to this Section 2.8 shall be registered in such names and in such authorized
denominations as the Depository for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent of the Company or the
Trustee. The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered. 

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

Section 2.9    Mutilated, Defaced, Destroyed, Lost And Stolen Securities.    

        In
case any temporary or definitive Security shall be mutilated, defaced, destroyed, lost or stolen, the Company in its discretion may execute and, upon Company Request, the Trustee
shall authenticate and deliver, a new Security of the same series, maturity date, interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously
outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case, the applicant for a
substitute Security shall furnish to the Company and to the Trustee and any agent of the Company or the Trustee such security or indemnity as may be required by them to indemnify and defend and to
save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof, and in the
case of mutilation or defacement shall surrender the Security to the Trustee or such agent. 

        Upon
the issuance of any substitute Security, 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) or its agent connected therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Company and to the Trustee and any agent of the Company or the Trustee
such security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee
and any agent of the Company 

15

 

or
the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 

        Every
substitute Security of any series issued pursuant to the provisions of this Section 2.9 by virtue of the fact that any such Security is destroyed, lost or stolen shall
constitute an 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 (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly authenticated and
delivered hereunder. All Securities shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or
payment of mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the
contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.10    Cancellation Of Securities; Destruction Thereof.    

        All
Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if any, if
surrendered to the Company or any agent of the Company, shall be delivered to the Trustee or its agent for cancellation or, if surrendered to the Trustee or any agent of the Trustee, shall be canceled
by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee or its agent shall dispose of canceled Securities held by
it and, upon Company Request, shall deliver a certificate of disposition to the Company. If the Company or its agent shall acquire any of the Securities, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee or its agent for cancellation. 

Section 2.11    Temporary Securities.    

        Pending
the preparation of definitive Securities for any series, the Company may execute and the Trustee shall authenticate and deliver temporary Securities for such series (printed,
lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as Securities without coupons of any
authorized denomination, and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Company with the concurrence of the Trustee as evidenced by the execution and authentication thereof. Temporary Securities may contain such references to any provisions
of this Indenture as may be appropriate. Every temporary Security shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner,
and with like effect, as the definitive Securities. Without unreasonable delay, the Company shall execute and shall furnish definitive Securities of such series and thereupon temporary Securities of
such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Company for that purpose pursuant to Section 3.2, and the Trustee shall
authenticate and deliver in exchange for such temporary Securities of such series an equal aggregate principal amount of definitive Securities of the same series having authorized denominations. Until
so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series, unless otherwise established pursuant to
Section 2.3. 

16

 
 
 

  ARTICLE III    
    
    COVENANTS OF THE COMPANY    
    

Section 3.1    Payment Of Principal And Interest.    

        The
Company will duly and punctually pay, or cause to be paid, the principal of and interest on the Securities in accordance with the terms of the Securities and this Indenture. 

Section 3.2    Maintenance of Office or Agency.    

        The
Company will maintain or cause to be maintained an office or agency in each place of payment where Securities may be presented or surrendered for payment, where Securities entitled
to be registered, transferred, exchanged or converted may be presented or surrendered for registration, transfer, exchange or conversion and where notices and demands to or upon the Company in respect
of the Securities and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and of any change in the location, of any such office or agency. If at
any time the Company shall fail to maintain or cause to be maintained such an 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 its agent to receive all such presentations, surrenders, notices and
demands. 

Section 3.3    Appointment To Fill A Vacancy In Office Of Trustee.    

        The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.11, a Trustee, so that there shall at all
times be a Trustee with respect to each series of Securities hereunder. 

Section 3.4    Money for Payments to be Held in Trust; Repayment of Unclaimed
Money.    

        If
the Company shall at any time act as its own paying agent, it will, on or before each due date of the principal of or interest on any of the Securities, segregate and hold in trust
for the benefit of the Holders of such Securities a sum sufficient to pay the principal or interest so becoming due until such sums shall be paid to such Holders or otherwise disposed of as herein
provided, and the Company will promptly notify the Trustee of its action or failure so to act. 

        Whenever
the Company shall have one or more paying agents, it will, prior to each due date of the principal of or interest on any Securities, deposit with a paying agent (such deposit to
be held as provided in the Trust Indenture Act if this Indenture is then required to be qualified under the Trust Indenture Act) a sum sufficient to pay the principal or interest so becoming due, such
sum to be held in trust for the benefit of the Holders of such Securities entitled to such principal or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the
Trustee of its action or failure so to act. 

        Except
in the case of moneys so segregated by the Company when acting as its own paying agent, moneys held in trust by the Trustee or any other paying agent for the payment of the
principal or interest on the Securities need not be segregated from other funds, except to the extent required by mandatory provisions of law. 

        The
Company will cause each paying agent other than the Company and 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 3.4, that such paying agent will 

        (A)  hold
all sums held by it for the payment of principal of or interest on Securities in trust for the benefit of the Holders of such Securities until such sums shall be
paid to the Holders or otherwise disposed of as herein provided (such sums to be held as provided in the Trust Indenture Act if this Indenture is then required to be qualified under the Trust
Indenture Act); 

17

 

        (B)  give
the Trustee notice of any default by the Company (or any other obligor upon the Securities) in the making of any payment of principal or interest; and 

        (C)  at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying
agent. 

        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 Request direct any paying agent to
pay, to the Trustee all money held in trust by the Company or such paying agent, such money to be held by the Trustee upon the same trusts as those upon which such money was held by the Company or
such paying agent; and, upon such payment by the Company, the Company shall be discharged from such trust, 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 held by the Company in trust for the payment of the principal of or interest on any Security and remaining unclaimed for two
(2) years after such principal 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 payment to the Company, shall at the expense of the Company cause to be published once, in a newspaper of general circulation in each place of payment of such
Security, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed
balance of such money then remaining will be paid to the Company. 

Section 3.5    Compliance Certificates.    

        The
Company will deliver to the Trustee, within one hundred and twenty (120) days after the end of each calendar year, a written statement signed by the principal executive
officer and by the principal financial officer or principal accounting officer of the Company stating whether or not to such Officers' knowledge the Company is in default in the performance of any of
the terms and provisions of this Indenture, and, if the Company is in default hereunder, specifying the nature and period of existence thereof and the action the Company is taking and proposes to take
with respect thereto. 

Section 3.6    Corporate Existence.    

        Except
as provided in Section 3.8, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 3.7    Limitations on Liens.    

        So
long as any Securities of any series are Outstanding, the Company may not issue, assume, guarantee or permit to exist any Debt that is secured by a Lien on any of its Operating
Property, whether now owned or hereafter acquired, without securing the Outstanding Securities (together with, if the Company shall so determine, any of the Company's other Debt ranking equally with
or prior to the Outstanding Securities) equally and ratably with such Debt (but only for so long as such debt is so secured); PROVIDED,  HOWEVER, that the
foregoing restriction shall not apply to Permitted Liens and except that: 

        (A)  The
Company may create, incur or suffer to exist purchase money Liens upon any Operating Property purchased by the Company or acquire Operating Property subject to Liens
existing thereon at the date of acquisition; PROVIDED that the aggregate principal amount of all Debt of the Company at the time outstanding secured by
such Liens (including extensions, renewals and replacements thereof, as provided by the paragraph B below, and also the 

18

 

indebtedness
then being incurred) shall not exceed 15% of total capitalization of the Company determined in accordance with Accounting Requirements. 

        (B)  The
Company may modify, extend, renew or replace any mortgage, lien or agreement permitted by Section 3.7(A) upon the same Operating Property theretofore subject
thereto, or modify, replace, renew
or extend the Debt secured thereby, PROVIDED that in any such case the principal amount of such Debt so modified, replaced, extended or renewed shall
not be increased above the limit described in Section 3.7(A). 

Section 3.8    The Company May Not Merge.    

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

          (i)  the
Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer the Company's property and assets
substantially as an entirety shall be a Person organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia and shall execute and
deliver to the Trustee a Supplemental Indenture containing an assumption by such successor Person of the due and punctual payment of the principal of and interest on all the Securities and the
performance and observance of every covenant and condition of this Indenture to be performed or observed by the Company; 

         (ii)  immediately
after giving effect to such transaction, no Event of Default hereunder shall exist; and 

        (iii)  the
Company shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each of which shall state that that such consolidation, merger,
conveyance or transfer and such Supplemental Indenture comply with the requirements of this Section 3.8 and that all conditions precedent provided for in this Section 3.8 relating to
such transaction have been complied with. 

        (B)  Upon
any consolidation or merger or any conveyance or transfer of the Company's properties and assets substantially as an entirety in accordance with
Section 3.8(A), the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance or transfer is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, the predecessor
Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

 
 

  ARTICLE IV    
    
    SECURITYHOLDER LISTS AND REPORTS BY THE
  COMPANY AND THE TRUSTEE    
    

Section 4.1    Company To Furnish Trustee Information As To Names And Addresses Of
Securityholders.    

        If
and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Company and any other obligor on the Securities will furnish or cause to be
furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Securities of such series pursuant to Section 312 of the
Trust Indenture Act: 

        (A)  semi-annually
not more than five (5) days after each Record Date for the payment of interest on such Securities, as hereinabove specified, as of such
Record Date and on dates to be determined pursuant to Section 2.3 for non-interest bearing Securities in each year; and 

19

 

        (B)  at
such other times as the Trustee may reasonably request in writing, within thirty (30) days after receipt by the Company of any such request as of a date not
more than fifteen (15) days prior to the time such information is furnished. 

Section 4.2    Preservation and Disclosure of Securityholder Lists.    

        (A)  The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders of the Securities
(i) contained in the most recent lists furnished to it as provided in Section 4.1, (ii) received by it in the capacity of registrar for the Securities, if so acting, and
(iii) filed with it within the two (2) preceding years pursuant to Section 4.4(C)(ii). The Trustee may destroy any list furnished to it as provided in Section 4.1 upon
receipt of a new list so furnished. 

        (B)  In
case three or more Holders of Securities (hereinafter referred to as "Applicants") apply in writing to the Trustee and
furnish to the Trustee reasonable proof that each such Applicant has owned a Security for a period of at least six (6) months preceding the date of such application, and such application states
that the Applicants desire to communicate with other Holders of Securities with respect to their rights under this Indenture or under the Securities and such application is accompanied by a copy of
the form of proxy or other communication which such Applicants propose to transmit, then the Trustee shall, within five (5) Business Days after the receipt of such application, at its election,
either 

          (i)  afford
to such Applicants access to the information preserved at the time by the Trustee in accordance with the provisions of Section 4.2(A); or 

         (ii)  inform
such Applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at the time by the Trustee, in accordance
with the provisions of
Section 4.2(A) and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application. 

        If
the Trustee shall elect not to afford to such Applicants access to such information, the Trustee shall, upon the written request of such Applicants, mail to each Holder of Securities,
whose name and address appears in the information preserved at the time by the Trustee in accordance with the provisions of Section 4.2(A), a copy of the form of proxy or other communication
which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless within five (5) days after such tender the Trustee shall mail to such Applicants and file with the Commission, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain
any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so
sustained have been met, and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the
renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 

        (C)  Each
and every Holder of a Security, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of
the Company or the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with the provisions of
Section 4.2(B), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made
under Section 4.2(B). 

20

 

Section 4.3    Reports By The Company.    

        The
Company shall: 

        (A)  file
with the Trustee, within fifteen (15) days after the Company is required to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information,
documents or reports pursuant to either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed by the Commission, such of the
supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national
securities exchange as may be prescribed in such rules and regulations; 

        (B)  file
with the Trustee and the Commission, in accordance with rules and regulations prescribed by the Commission, such additional information, documents and reports with
respect to compliance by the Company with the conditions and covenants of this Indenture as may be required by such rules and regulations; and 

        (C)  transmit
to the Holders of Securities, within thirty (30) days after the filing thereof with the Trustee, in the manner and to the extent provided in
Section 4.4(C) with respect to reports pursuant to Section 4.4(A), such summaries of any information, documents and reports required to be filed by the Company pursuant to
paragraphs (A) and (B) above as may be required by rules and regulations prescribed by the Commission. 

Section 4.4    Reports By The Trustee.    

        (A)  The
term "Reporting Date" means, as used in this Section 4.4, January 1 in each year, beginning with the
year 2012. Within sixty (60) days after the Reporting Date in each year, the Trustee shall transmit to the Holders of each series, as provided in paragraph (C) below, a brief report
dated as of such Reporting Date with respect to any of the following events which may have occurred within the previous twelve (12) months (but if no such event has occurred within such period
no such report need be transmitted): 

          (i)  its
eligibility under Section 6.10 and its qualification under Section 6.9, or in lieu thereof, if to the best of its knowledge it has continued to be
eligible and qualified under such Sections, a written statement to such effect; 

         (ii)  the
character and amount of any advances (and if the Trustee elects to so state, the circumstances surrounding the making thereof) made by the Trustee (as such) which
remain unpaid on the date of such report and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Securities of such series, on any property or funds held or
collected by it as Trustee, except that the Trustee shall not be required (but may elect) to report such advances if such advances so remaining unpaid aggregate not more than 0.5% of the principal of
the Securities of such series outstanding on the date of such report; 

        (iii)  the
amount, interest rate and maturity date of all other indebtedness owing by the Company (or any other obligor on the Securities of such series) to the Trustee in
its individual capacity on the date
of such report, with a brief description of any property held as collateral security therefor, except any indebtedness based upon a creditor relationship; 

        (iv)  the
property and funds, if any, physically in the possession of the Trustee (as such) in respect of the Securities of such series on the date of such report; 

21

 

         (v)  any
additional issue of Securities of such series which the Trustee has not previously reported; and 

        (vi)  any
action taken by the Trustee in the performance of its duties under this Indenture which the Trustee has not previously reported and which in the Trustee's opinion
materially affects the Securities of such series, except action in respect of a default or Event of Default, notice of which has been or is to be withheld by it in accordance with the provisions of
Section 5.11. 

        (B)  The
Trustee shall transmit to the Securityholders of each series, as provided in paragraph (C) of this Section 4.4, a brief report with respect to the
character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) in respect of the Securities of such series
since the date of the last report transmitted pursuant to the provisions of paragraph (A) of this Section 4.4 (or if no such report has yet been so transmitted, since the date of this
Indenture) for the reimbursement of which it claims or may claim a lien or charge prior to that of the Securities of such series on property or funds held or collected by it as Trustee and which it
has not previously reported pursuant to this paragraph (B), except that the Trustee shall not be required (but may elect) to report such advances if such advances remaining unpaid at any time
aggregate 10% or less of the principal amount of Securities of such series outstanding at such time, such report to be transmitted within ninety (90) days after such time. 

        (C)  Reports
pursuant to this Section 4.4 shall be transmitted by mail: 

          (i)  to
all Holders of Securities, as the names and addresses of such Holders appear in the Security register; 

         (ii)  to
such Holders as have, within the two (2) years preceding such transmission, filed their names and addresses with the Trustee for that purpose; and 

        (iii)  except
in the case of reports pursuant to paragraph (B) above, to all Holders whose names and addresses have been furnished to or received by the Trustee
pursuant to Section 4.1. 

        (D)  A
copy of each such report shall, at the time of such transmission to Securityholders, be furnished to the Company and be filed by the Trustee with each stock exchange
upon which the Securities of such series are listed and also with the Commission. The Company agrees to notify the Trustee when and as Securities of any series become listed on any national securities
exchange. 

 
 

  ARTICLE V    
    
    EVENTS OF DEFAULT; REMEDIES    
    

Section 5.1    Event Of Default Defined, Acceleration Of Maturity; Waiver Of
Default.    

        "Event of Default" with respect to Securities of any series, wherever used herein, means any one of the following events which shall have
occurred and be continuing: 

        (A)  default
in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and payable, and continuance of
such default for a period of forty-five (45) days; PROVIDED, that, a valid extension of an interest payment period by the Company in
accordance with the terms of such Securities shall not constitute a failure to pay interest; or 

        (B)  default
in the payment of all or any part of the principal on any of the Securities of such series as and when the same shall become due and payable either at maturity,
upon any redemption, by declaration or otherwise; or 

        (C)  default
in the payment of any sinking fund installment as and when the same shall become due and payable by the terms of the Securities of such series; or 

22

 

        (D)  failure
on the part of the Company duly to observe or perform any other of the covenants or agreements on the part of the Company in the Securities of such series or
contained in this Indenture (other than a covenant or agreement included in this Indenture solely for the benefit of a series of Securities other than such series) for a period of
forty-five (45) days after the date on which written notice specifying such failure, stating that such notice is a "Notice of Default" hereunder and demanding that the Company
remedy the same, shall have been given by registered or certified mail, return receipt requested, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in
aggregate principal amount of the Outstanding Securities of the series to which such covenant or agreement relates; PROVIDED, that the Trustee, or the
Trustee and the Holders of an aggregate principal amount of the Outstanding Securities of such series equal to the aggregate principal amount of Outstanding Securities of such series the Holders of
which gave such notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration, and that the Trustee, or the Trustee and the Holders of such aggregate
principal amount of such Outstanding Securities of such series, as the case may be, shall be deemed to have agreed to an extension if corrective action is initiated by the Company within such period
and is being diligently pursued; or 

        (E)  a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company for any substantial
part of its property or ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or 

        (F)  the
Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an
order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or for any substantial part of its property, or make any general assignment for the benefit of creditors; or 

        (G)  an
"Event of Default" (as defined in the Mortgage Indenture) resulting in the declaration of all obligations outstanding under the Mortgage Indenture to be immediately
due and payable; or 

        (H)  any
other Event of Default provided in the Supplemental Indenture or the Board Resolution, or Officer's Certificate pursuant to the Supplemental Indenture or Board
Resolution, as the case may be, under which such series of Securities is established or in the form of Security for such series. 

        If
an Event of Default described in clause (A), (B), (C) or (G) occurs and is continuing, then, and in each and every such case, except for any series of Securities
the principal of which shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of each such affected series
then Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal (or, if
the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series, and the
interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall become immediately due and payable. 

        Except
as otherwise provided in the terms of any series of Securities pursuant to Section 2.3, if an Event of Default described in clause (D) or (H) above with
respect to all series of the Securities then Outstanding occurs and is continuing, then, and in each and every such case, unless the principal of all of the Securities shall have already become due
and payable, either the Trustee or the Holders of not 

23

 

less
than 25% in aggregate principal amount of all of the Securities then Outstanding hereunder (treated as one class) by notice in writing to the Company (and to the Trustee if given by
Securityholders), may declare the entire principal (or, if the Securities of any series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of
such series) of all of the Securities then Outstanding, and the interest accrued thereon, if any, to be due and payable immediately, and upon such declaration, the same shall become immediately due
and payable. 

        If
an Event of Default described in clause (D) or (H) occurs and is continuing, which Event of Default is with respect to less than all series of Securities then
Outstanding, then, and in each and every such case, except for any series of Securities the principal of which shall have already become due and payable, either the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Securities of each such affected series then Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Company (and
to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may
be specified in the terms of such series) of all Securities of such series, and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration, the same shall
become immediately due and payable. 

        If
an Event of Default described in clause (E) or (F) above occurs and is continuing, then the principal amount of all the Securities then Outstanding, and the interest
accrued thereon, if any, shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

        The
foregoing provisions are subject to the condition that if, at any time after the principal (or, if the Securities are Original Issue Discount Securities, such portion of the
principal as may be specified in
the terms thereof) of the Securities of any series (or of all the Securities, as the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment of the
moneys due shall have been obtained or entered as hereinafter provided, 

          (i)  the
Company shall pay or shall deposit with the Trustee a sum sufficient to pay 

        (a)   all
matured installments of interest upon all the Securities of such series (or all the Securities, as the case may be); and 

        (b)   the
principal of any and all Securities of such series (or of all the Securities, as the case may be) which shall have become due otherwise than by acceleration; and 

        (c)   interest
upon such principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same rate
as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series (or at the respective rates of interest or Yields to
Maturity of all the Securities, as the case may be) to the date of such payment or deposit; and 

        (d)   all
amounts payable to the Trustee pursuant to Section 6.6; and 

         (ii)  all
Events of Default under this Indenture, other than the non-payment of the principal of Securities which shall have become due by acceleration, shall
have been cured, waived or otherwise remedied as provided herein, 

then
and in every such case the Holders of a majority, or any applicable supermajority, in aggregate principal amount of all the Securities of such series voting as a separate class (or all the
Securities, as the case may be, voting as a single class), then Outstanding, by written notice to the Company and to the Trustee, may waive all defaults with respect to such series (or with respect to
all the Securities, as the case may be) and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
default or shall impair any right consequent thereon; PROVIDED, HOWEVER, if, at any time after the principal (or, if the Securities 

24

 

are
Original Issue Discount Securities, such portion of the principal as may be specified in the terms thereof) of the Securities of any series (or of all the Securities, as the case may be) shall
have been so declared due and payable as a result of the Event of Default described in clause (G) above, there has been a rescission and annulment of a declaration of acceleration under the
Mortgage Indenture and its
consequences, then such rescission and annulment shall immediately constitute, without any further action by the Holders of any Securities, a waiver of the Event of Default described in
clause (G) above and a rescission and annulment of such declaration hereunder and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
default or shall impair any right consequent thereon. 

        For
all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the
provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for
all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due
and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount
Securities. 

Section 5.2    Collection Of Indebtedness By Trustee; Trustee May Prove
Debt.    

        The
Company covenants that (A) in case default shall be made in the payment of any installment of interest on any of the Securities of any series when such interest shall have
become due and payable, and such default shall have continued for a period of forty-five (45) days, or (B) in case default shall be made in the payment of all or any part of
the principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption or by declaration or
otherwise, then upon demand of the Trustee, the Company will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become due and
payable on all Securities of such series, for principal and interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such
interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities)
specified in the Securities of such series); and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and such other amount due the Trustee
under Section 6.6 in respect of Securities of such series. 

        Until
such demand is made by the Trustee, the Company may pay the principal of and interest on the Securities of any series to the registered Holders, whether or not the Securities of
such series be overdue. 

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

        In
case there shall be pending proceedings relative to the Company or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable federal or
state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed
for or taken possession of the Company or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Company or other obligor upon the Securities, or
to the creditors or 

25

 

property
of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.2, shall be entitled and empowered, by intervention in such proceedings or
otherwise: 

        (A)  to
file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, 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 amounts payable to the Trustee under Section 6.6) and of the Securityholders allowed in any judicial
proceedings relative to the Company or other obligor upon the Securities, or to the creditors or property of the Company or such other obligor; and 

        (B)  unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a receiver, assignee, trustee or
a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings, custodian or other Person performing similar functions in respect of any such proceedings;
and 

        (C)  to
collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the
Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official performing similar functions in respect of any such proceedings is
hereby authorized by each of the Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to
the Trustee its costs and expenses of collection and all other amounts due to it pursuant to Section 6.6. 

        Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in
any such proceeding, except as aforesaid in clause (B). 

        All
rights of action and of asserting claims under this Indenture, or under any of the Securities of any series may be enforced by the Trustee without the possession of any of the
Securities of such series or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall be awarded to the Trustee for ratable distribution to the Holders of the Securities in respect of which such action was taken, after
payment of all sums due to the Trustee under Section 6.6 in respect of such Securities. 

        In
any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee
shall be held to represent all the Holders of the Securities in respect to which such action was taken, and it shall not be necessary to make any Holders of such Securities parties to any such
proceedings. 

26

 

 

Section 5.3    Application Of Proceeds.    

        Any
moneys collected by the Trustee pursuant to this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of
the distribution of such moneys on account of principal or interest, upon presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise noting)
thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if
fully paid: 

        FIRST:
To the payment of costs and expenses applicable to such series of Securities in respect of which monies have been collected, including all amounts due or reasonably anticipated to
become due to the Trustee and each predecessor Trustee pursuant to Section 6.6 in respect to such series of Securities; 

        SECOND:
In case the principal of the Securities of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment of
interest on the Securities of such series in default in the order of the maturity of the installments on such interest, with interest (to the extent that such interest has been collected by the
Trustee and is permitted by applicable law) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities)
specified in such Securities, such payments to be made ratably to the Persons entitled thereto, without discrimination or preference; 

        THIRD:
In case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the
whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the extent that such interest has been collected
by the Trustee and is permitted by applicable law) upon the overdue installations of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) specified in the Securities of such series; and in case such moneys shall be insufficient to pay in full the whole amount
so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without preference or priority of principal over interest or Yield to
Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of interest or of any Security of such series over any other Security of such
series, ratably to the aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 

        FOURTH:
To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto. The Trustee may fix a record date and payment date for any payment to
Holders. 

Section 5.4    Suits For Enforcement.    

        In
case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether
for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. 

Section 5.5    Restoration Of Rights On Abandonment Of Proceedings.    

        In
case the Trustee or any Holder of any Security shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any
reason, or shall have been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders of Securities shall be restored severally and
respectively to their 

27

 

former
positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the Securityholders shall continue as though no such proceedings had been taken. 

Section 5.6    Limitations On Suits By Securityholders.    

        No
Holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in
bankruptcy or otherwise upon or under or with respect to this Indenture or such Security, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any
other remedy hereunder or
thereunder, unless (A) such Holder previously shall have given to the Trustee written notice of an Event of Default with respect to Securities of such series and of the continuance thereof, as
hereinbefore provided, and (B) the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding (treated as a single class) shall have made
written request upon the Trustee to institute such action or proceedings in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or thereby, and (C) the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action or proceeding, and (D) no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 5.9; it being
understood and intended, and being expressly covenanted by the Holder of every Security with every other Holder and the Trustee, that no one or more Holders of Securities of any series shall have any
right in any manner whatever by virtue or by availing of any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holder of Securities or to obtain
or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture or any Security, except in the manner herein provided and for the equal, ratable and
common benefit of all Holders of Securities of the applicable series. For the protection and enforcement of the provisions of this Section 5.6, each and every Securityholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity. 

Section 5.7    Unconditional Right Of Securityholders To Institute Certain
Suits.    

        Notwithstanding
any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on
such Security on or after the respective due dates expressed in such Security or the applicable redemption dates provided for in such Security, or to institute suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 5.8    Powers And Remedies Cumulative; Delay Or Omission Not Waiver Of
Default.    

        Except
as provided in Section 5.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities 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. 

        No
delay or omission of the Trustee or of any Holder of Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair
any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein. Every power and remedy given by this Indenture, any Security or law to the Trustee
or to the Holders of Securities may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or, subject to Section 5.6, by the Holders of Securities. 

28

 

Section 5.9    Control By Holders Of Securities.    

        The
Holders of a majority in aggregate principal amount of the Securities of each series affected (with each such series voting as a separate class) at the time Outstanding 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 by this Indenture; PROVIDED, that such Holders shall have offered to the Trustee such reasonable indemnity as it may require
against costs, expenses and liabilities to be incurred therein or thereby, and PROVIDED, FURTHER, that such direction shall not be otherwise than in
accordance with law and the provisions of this Indenture; and PROVIDED, FURTHER, that (subject to the provisions of Section 6.1) the Trustee
shall have the right to decline to follow any such direction if (A) the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken;
or (B) if the Trustee shall determine in good faith that the action or proceedings so directed would involve the Trustee in personal liability; or (C) if the Trustee in good faith shall
so determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all affected series not joining in
the giving of said direction, it being understood that (subject to Section 6.1) the Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to
such Holders. 

        Nothing
in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or
directions by Securityholders. 

Section 5.10    Waiver Of Past Defaults.    

        Prior
to the declaration of acceleration of the Securities of any series as provided in Section 5.1, the Holders of a majority in aggregate principal amount of the Securities of
such series at the time Outstanding (voting as a single class) may on behalf of the Holders of all such Securities waive any past default or Event of Default described in Section 5.1 and its
consequences, except (i) in the payment of the principal of or interest if any, on or any additional amounts payable in respect of any security of that series or (ii) a default in
respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Company, the Trustee and
the Holders of all such Securities shall be restored to their former positions and rights hereunder, respectively, and such default shall cease to exist and be deemed to have been cured and not to
have occurred for purposes of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.11    Trustee To Give Notice Of Default, But May Withhold In Certain
Circumstances.    

        The
Trustee shall, within ninety (90) days after the occurrence of a default with respect to the Securities of any series, give notice of all defaults with respect to that series
known to the Trustee to all Holders of Securities of such series in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, unless in each case such defaults shall
have been cured before the mailing or publication of such notice (the term "default" for the purpose of this Section 5.11 being hereby defined to
mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); PROVIDED, that, except in the case of
default in the payment of the principal of or interest on any of the Securities of such series, or in the payment of any sinking fund installment on such series, the Trustee shall be protected in
withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such series. 

        The
Trustee shall not be required to take notice, and shall not be deemed to have notice, of any default or Event of Default hereunder, except Events of Default described in
paragraphs (A), (B) and (C) of Section 5.1, unless the Trustee shall be notified specifically of the default or Event of Default in 

29

 

a
written instrument or document delivered to it by the Company or by the Holders of at least 10% of the aggregate principal amount of Securities (or the applicable series of Securities) than
outstanding. In the absence of delivery of notice satisfying those requirements, the Trustee may assume conclusively that there is no default or Event of Default, except as noted above. 

Section 5.12    Waiver of 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 stay or extension law wherever enacted, now or at any time hereafter in force which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.13    Right Of Court To Require Filing Of Undertaking To Pay
Costs.    

        All
parties to this Indenture agree, and each Holder of any Security by his or her acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.13 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series,
or, in the case of any suit relating to or arising under clause (D) or (H) of Section 5.1 (if the suit relates to Securities of more than one but less than all series), 10% in
aggregate principal amount of Securities then Outstanding and affected thereby, or in the case of any suit relating to or arising under clause (D) or (H) (if the suit under
clause (D) or (H) relates to all the Securities then Outstanding) or (E), (F) or (G) of Section 5.1, 10% in aggregate principal amount of all Securities then
Outstanding, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date expressed in such Security or
any date fixed for redemption. 

 
 

  ARTICLE VI    
    
    CONCERNING THE TRUSTEE    
    

Section 6.1    Duties And Responsibilities Of The Trustee; During Default; Prior To
Default.    

        Prior
to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or waiving of all Events of Default which may have occurred with
respect to such series, the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to such series of Securities. In case an Event
of Default with respect to the Securities of a series has occurred and has not been cured or waived, the Trustee shall exercise with respect to such series of Securities such of the rights and powers
vested in it by this Indenture with respect to such series of Securities, 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. 

30

 

        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)  prior
to the occurrence of an Event of Default with respect to the Securities of any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred: 

          (i)  the
duties and obligations of the Trustee with respect to the Securities of any series shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 

         (ii)  in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, 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; 

        (B)  the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts; and 

        (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 5.9 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or in accordance with the direction of a majority of the Outstanding
Securities in exercising any trust or power conferred upon the Trustee, under this Indenture. 

        None
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it. 

        The
provisions of this Section 6.1 are in furtherance of and subject to Section 315 of the Trust Indenture Act. 

Section 6.2    Certain Rights Of The Trustee.    

        In
furtherance of and subject to the Trust Indenture Act, and subject to Section 6.1: 

        (A)  the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, Board Resolution, Company Request, Officer's Certificate or any
other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties and need not investigate any fact or matter stated in any such document; 

        (B)  any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request (unless other evidence in respect thereof is
specifically prescribed herein or in the terms established in respect of any series); and any resolution of the Board of Directors shall be evidenced by a Board Resolution; 

        (C)  the
Trustee may consult with counsel and any written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
of any 

31

 

action
taken, suffered or omitted to be taken by it hereunder in good faith and in reliance thereon in accordance with such advice or Opinion of Counsel; 

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

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

        (F)  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, consent, order, approval, appraisal, bond, debenture, note, coupon, security or other paper or document unless (i) requested in writing so to do by the Holders of not less than a
majority in aggregate principal amount of the Securities of all series affected then Outstanding (treated as one class) or (ii) otherwise provided in the terms of any series of Securities
pursuant to Section 2.3; PROVIDED, that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the
making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable
indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Company or, if paid by the Trustee or any
predecessor trustee, shall be repaid by the Company upon demand; 

        (G)  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 not regularly in its
employ and the Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 

        (H)  in
no event shall the Trustee be responsible or liable for special, indirect 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; 

        (I)   the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its rights 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; 

        (J)   the
obligations of the Company under Section 6.6 to compensate and indemnify the Trustee and each predecessor trustee (and their respective directors, officers,
agents and employees) and to pay or reimburse the Trustee and each predecessor trustee for such expenses, disbursements and advances shall survive the satisfaction and discharge of this Indenture and
the resignation or removal of the Trustee; and 

        (K)  when
the Trustee incurs expenses or renders services after an Event of Default specified in Sections 5.1(E) and (F) occurs, the expenses and the
compensation for services (including any fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any bankruptcy law. 

32

 

Section 6.3    Trustee Not Responsible For Recitals, Disposition Of Securities Or Application Of Proceeds
Thereof; Trustee's Disclaimer.    

        The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company's use
of the proceeds from the Securities or any money paid to the Company or upon the Company's direction under any provision of this Indenture, it shall not be responsible for the use or application of
any money received by any paying agent other than the Trustee, it shall not be responsible for any statement or recital herein or any statement in the Securities or any other document in connection
with the sale of the Securities or pursuant to this Indenture other than its certificate of authentication, and it shall not be responsible for the compliance by the Company or any Holder with any
federal or state securities laws or the determination as to which beneficial owners are entitled to receive notice hereunder. The Trustee shall incur no liability for any performance failure or delay
of any obligation hereunder if such failure or delay arises from or is caused by, directly or indirectly, acts of God, war, terrorism, fire, floods, strikes, electrical outages, equipment or
transmission failures, or other causes reasonably beyond its control; it being understood that the Trustee shall use commercially reasonable efforts consistent with accepted practices for corporate
trustees to resume performance as soon as reasonably practicable under the circumstances. 

Section 6.4    Trustee And Agents May Hold Securities; Collections, Etc.    

        The
Trustee or any agent of the Company or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not the Trustee or such agent and may otherwise deal with the Company and receive, collect, hold and retain collections from the Company with the same rights it would have if it were not the
Trustee or such agent. 

Section 6.5    Held By Trustee.    

        Subject
to the provisions of Section 9.4, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of the Company or the Trustee shall be under any
liability for interest on any moneys received by it hereunder. 

Section 6.6    Compensation And Indemnification Of Trustee And Its Prior
Claim.    

        (A)  The
Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust) and the Company covenants and agrees to pay or reimburse the Trustee and each predecessor trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and the
expenses and disbursements of its counsel and of all agents and other Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad
faith. 

        (B)  The
Company also covenants to indemnify the Trustee and each predecessor trustee (and their respective directors, officers, agents and employees) for, and to hold them
harmless against, any loss, liability, fine, penalty or expense (including out-of-pocket and incidental expenses and legal fees) incurred without negligence or bad faith on
their part, arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder and its duties hereunder, including, in each case, the costs and expenses of
defending itself against or investigating any claim of liability in the premises. 

33

 

 

        (C)  The obligations of the Company under this Section 6.6 to compensate and indemnify the Trustee and each predecessor trustee (and their respective directors,
officers, agents and employees) and to pay or reimburse the Trustee and each predecessor trustee for such expenses, disbursements and advances shall constitute additional indebtedness hereunder and
shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. Such additional indebtedness shall be a senior claim to that of the Securities upon all
property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities and the Securities are hereby subordinated to such
senior claim. 

Section 6.7    Right Of Trustee To Rely On Officer's Certificate, Etc.    

        Subject
to Sections 6.1 and 6.2, whenever in the administration of the trusts of this Indenture, the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or
willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officer's Certificate delivered to the Trustee, and such certificate, in the absence of
negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith
thereof. 

Section 6.8    Indentures Not Creating Potential Conflicting Interests For The
Trustee.    

        This
Indenture is hereby specifically described for the purposes of Section 310(b)(l)(i) of the Trust Indenture Act with respect to series of Securities that are of an equal
priority. 

Section 6.9    Qualification Of Trustee; Conflicting Interests.    

        The
Trustee shall comply with Section 310(b) of the Trust Indenture Act. Subject to compliance with the Trust Indenture Act, the Trustee and its affiliates may also engage in or
be interested in any financial or other transaction with the Company and may act as depository, trustee or agent for any committee of Holders or other obligations of the Company as freely as if it
were not Trustee. 

Section 6.10    Persons Eligible For Appointment As Trustee.    

        The
Trustee for each series of Securities hereunder shall at all times be a corporation or banking association organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, having a combined capital and surplus of at least $50,000,000, and which is authorized under such laws to exercise corporate trust powers and is
subject to supervision or examination by Federal, state or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section 6.10, the combined capital and surplus of such corporation shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. No obligor upon the Securities or Person directly or indirectly controlling, controlled by, or under common control with
such obligor shall serve as Trustee upon such Securities. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.10, the Trustee shall
resign immediately in the manner and with the effect specified in Section 6.11. 

        The
provisions of this Section 6.10 are in furtherance of and subject to Section 310(a) of the Trust Indenture Act. 

Section 6.11    Resignation And Removal; Appointment Of Successor
Trustee.    

        (A)  The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of
resignation to the Company and by mailing notice of such resignation to the Holders of then Outstanding Securities of each series 

34

 

affected
at their addresses as they shall appear on the registry books. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to
the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any series and have accepted appointment within thirty (30) days after the mailing of such
notice of resignation, the
resigning trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the
applicable series for at least six months may, subject to the provisions of Section 5.13, on behalf of himself and all others similarly situated, petition any such court for the appointment of
a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

        (B)  In
case at any time any of the following shall occur: 

          (i)  the
Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any series of Securities after written request
therefor by the Company or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 

         (ii)  the
Trustee shall cease to be eligible in accordance with the provisions of Section 6.10 hereof and Section 310(a) of the Trust Indenture Act and shall
fail to resign after written request therefor by the Company or by any Securityholder; or 

        (iii)  the
Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged bankrupt or insolvent, or a receiver or liquidator 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, the Company may remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 315(e) of the Trust Indenture Act, any Securityholder who has been a bona fide Holder of a Security or Securities 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 removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon,
after such notice, if any, as it may deem proper and so prescribe, remove the Trustee and appoint a successor trustee. 

        (C)  The
Holders of a majority in aggregate principal amount of the Securities of each series at the time outstanding may at any time remove the Trustee with respect to
Securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the
Company the evidence as of the action in that regard taken by the Securityholders as provided for in Section 7.1. 

        (D)  Any
resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant to any of the
provisions of this Section 6.11 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.12. 

Section 6.12    Acceptance Of Appointment By Successor Trustee.    

        Any
successor trustee appointed as provided in Section 6.11 shall execute and deliver to the Company and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become effective and such successor trustee, without any further act,
deed or conveyance, 

35

 

shall
become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named as trustee for such series
hereunder; but, nevertheless, on the written request of the Company or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to
Section 9.4, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights,
powers, duties and obligations. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such
successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts
then due it pursuant to the provisions of Section 6.6. 

        If
a successor trustee is appointed with respect to the Securities of one or more (but not all) series, the Company, the predecessor trustee and each successor trustee with respect to
the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the predecessor trustee with respect to the Securities of any series as to which the predecessor trustee is not retiring shall continue to be vested in the
predecessor trustee, and 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 as co-trustees of the same trust and that each such trustee shall be
trustee of a trust or trusts under separate indentures. 

        No
successor trustee with respect to any series of Securities shall accept appointment as provided in this Section 6.12 unless at the time of such acceptance such successor
trustee shall be qualified under Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 6.10. 

        Upon
acceptance of appointment by any successor trustee as provided in this Section 6.12, the Company shall give notice thereof to the Holders of Securities of each series
affected by mailing such notice to such Holders at their addresses as they shall appear on the registry books. If the acceptance of
appointment is substantially contemporaneous with the resignation, then the notice pursuant to the preceding sentence may be combined with the notice pursuant to Section 6.11. If the Company
fails to give such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be given at the expense of the Company. 

        Section 6.13    Merger, Conversion, Consolidation Or Succession To Business Of
Trustee.    

        Any
corporation, association or other entity into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation, association or other entity
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation, association or other entity succeeding to the corporate trust business of the Trustee,
(including by sale or transfer of all or substantially all of its corporate trust assets) shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; PROVIDED, that such corporation, association or other
entity shall be qualified under Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 6.10. 

        In
case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Securities of any series shall have been authenticated but not
delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any such successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificate of authentication shall have the full force which under this Indenture or the Securities of such series it is provided that the certificate of
authentication of the Trustee shall have; 

36

 

 PROVIDED, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Securities of any series in the name of any predecessor
trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 6.14    Preferential Collection Of Claims Against The Company.    

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

Section 6.15    Appointment Of Authenticating Agent.    

        As
long as any Securities of a series remain Outstanding, the Trustee may, by an instrument in writing, appoint with the approval of the Company an authenticating agent (the
"Authenticating Agent") which shall be authorized to act on behalf of the Trustee to authenticate Securities, including Securities issued upon exchange,
registration of transfer, partial redemption or pursuant to Section 2.9. Securities of each such series authenticated by such Authenticating Agent shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication and delivery of Securities of any
series by the Trustee or to 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 for
such series and a certificate of authentication executed on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent 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 exercise corporate trust powers, having a combined capital and
surplus of at least $50,000,000 (determined as provided in Section 6.10 with respect to the Trustee) and subject to supervision or examination by federal, state or District of Columbia
authority. 

        Any
corporation into which any 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 any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall continue to be the Authenticating
Agent with respect to all series of Securities for which it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or such
Authenticating Agent. Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice of resignation to the Trustee and to the Company. 

        Upon
receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section 6.15 with respect to one or more series of Securities, the Trustee shall, upon receipt of a Company Request, appoint a successor Authenticating Agent and the Company shall provide
notice of such appointment to all Holders of Securities of such series in the manner and to the extent provided in Section 11.2. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent. The
Company agrees to pay to the Authenticating Agent for such series from time to time reasonable compensation. The Authenticating Agent for the Securities of any series shall have no responsibility or
liability for any action taken by it as such at the direction of the Trustee. 

        Sections 6.2,
6.3, 6.4, 6.6 and 7.3 shall be applicable to any Authenticating Agent. 

37

 
 
 

  ARTICLE VII    
    
    CONCERNING THE SECURITYHOLDERS    
    

        Section 7.1    Evidence Of Action Taken By Securityholders.    

        Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of
the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders 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. Proof of
execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture, and subject to the provisions of Sections 6.1 and 6.2, conclusive in
favor of the Trustee and the Company, if made in the manner provided in this Article. 

        Notwithstanding
the foregoing, with respect to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from giving effect
to any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be given or taken by a Depository or impair, as between a Depository and such
holders of beneficial interest, the operation of customary practices governing the exercise of the rights of the Depository (or its nominee) as Holder of any Security. 

        Without
limiting the generality of this Section 7.1, unless otherwise provided in or pursuant to this Indenture, a Holder, including a Depository that is a Holder of a Global
Security, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in or pursuant to
this Indenture to be made, given or taken by Holders, and a Depository that is a Holder of a Global Security may give its proxy or proxies to the Depository's participants or the beneficial owners of
interests in any such Global Security, as the case may be, through such Depository's standing instructions and customary practices. 

        The
Trustee shall fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any permanent Global Security held by a Depository and who are
entitled under the procedures of such Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other
action provided in or pursuant to this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and
only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after
such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than ninety (90) days after
such record date. 

Section 7.2    Proof Of Execution Of Instruments And Of Holding Of
Securities.    

        The
execution of any instrument by a Securityholder or his or her agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the
Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof. 

Section 7.3    Holders To Be Treated As Owners.    

        The
Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Person in whose name any Security shall be registered upon the Security register for such
series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on 

38

 

account
of the principal of and, subject to the provisions of this Indenture, interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company
or the Trustee shall be affected by any notice to the contrary. 

        No
holder of any beneficial interest in any Global Security held on its behalf by a Depository (or its nominee) shall have any rights under this Indenture with respect to such Global
Security or any Security represented thereby, and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Security or any
Security represented thereby for all purposes whatsoever. None of the Company, the Trustee, any paying agent or the Security Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. 

Section 7.4    Securities Owned By Company Deemed Not Outstanding.    

        In
determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any request, demand, authorization,
direction, notice, consent, waiver or other action by Securityholders under this Indenture, Securities which are owned by the Company or any other obligor on the Securities with respect to which such
determination is being made or by any Affiliate of the Company or any other obligor on the Securities with respect to which such determination is being made shall be disregarded and deemed not to be
Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such action only Securities which the Trustee
knows are 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 any other obligor on the
Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request of the
Trustee, the Company shall furnish to the Trustee promptly an Officer's Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of
any of the above-described Persons; and the Trustee shall be entitled to accept such Officer's 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. 

Section 7.5    Right Of Revocation Of Action Taken.    

        At
any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.1, of the taking of any action by the Holders of the percentage in aggregate principal
amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the
evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the Corporate Trust Office of the Trustee and
upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and
binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective
of whether or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series,
as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the Holders of all the Securities affected by such
action. 

39

 

 

 
 

  ARTICLE VIII    
    
    SUPPLEMENTAL INDENTURES    
    

Section 8.1    Supplemental Indentures Without Consent Of
Securityholders.    

        The
Company, when authorized by a Board Resolution (which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to a Company Request), and the Trustee may from time to time and at any time enter into Supplemental Indentures for one or more of the following purposes: 

        (A)  to
evidence the succession of another corporation to the Company, or successive successions, and the assumption by the successor corporation of the covenants, agreements
and obligations of the Company pursuant to any applicable covenants herein and pursuant to the terms of the Securities as set forth in Section 2.3; 

        (B)  to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company and the Trustee shall consider to be for the
protection of the Holders of Securities and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of
Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth;  PROVIDED, that in respect of any such additional covenant, restriction, condition
or provision such Supplemental Indenture may provide for a particular
period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may
limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive
such an Event of Default; 

        (C)  To
create any series of Securities and make such other provisions as provided in Section 2.3; 

        (D)  to
cure any ambiguity or to correct or supplement any provision contained herein or in any Supplemental Indenture which may be defective or inconsistent with any other
provision contained herein or in any Supplemental Indenture, or to make any other provisions as the Company may deem necessary or desirable, PROVIDED,
that such action shall not adversely affect the interests of the Holders of the Securities in any material respect as determined by the Trustee (which determination may be based on an Officer's
Certificate delivered to the Trustee); 

        (E)  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 6.12; 

        (F)  to
modify or eliminate any of the terms of this Indenture; PROVIDED, HOWEVER, that in the event any such modification or
elimination made in such Supplemental Indenture would materially and adversely affect or diminish the rights of the Holders of any Securities then Outstanding against the Company or its property, it
shall expressly be stated in such Supplemental Indenture that any such modifications or eliminations shall become effective only when such Securities are no longer Outstanding; 

        (G)  to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary or desirable to effect the qualification of this Indenture under the
Trust Indenture Act or under any similar federal statute hereafter enacted; 

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

40

 

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

        (J)   to
make any change in this Indenture (i) that, in the reasonable judgment of the Trustee, will not materially and adversely affect the rights of Holders, or
(ii) for which the Company shall furnish to the Trustee written evidence from at least two (2) nationally recognized statistical rating organizations then rating the Securities (or other
obligations primarily secured by Outstanding Securities) that their respective ratings of the Outstanding Securities (or other obligations primarily secured by Outstanding Securities) which are not
subject to credit enhancement will not be withdrawn or reduced as a result of the changes in this Indenture effected by such Supplemental Indenture; PROVIDED,
HOWEVER, that the provisions of this paragraph may not be used to amend or modify the items listed in paragraph (B) of Section 8.2 in any way that is inconsistent
with the provisions of such Section 8.2. 

        The
Trustee is hereby authorized to join with the Company in the execution of any such Supplemental Indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee 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. 

        Any
Supplemental Indenture authorized by the provisions of this Section 8.1 may be executed without the consent of the Holders of any of the Securities at the time outstanding,
notwithstanding any of the provisions of Section 8.2. 

Section 8.2    Supplemental Indentures With Consent Of Securityholders.    

        (A)  Except
as set forth in paragraph (B) below, with the consent (evidenced as provided in Article VII) of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding of all series of Securities affected by such Supplemental Indenture (voting as one class), the Company, when authorized by a Board Resolution
(which resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant to a Company Request),
and the Trustee may, from time to time and at any time, enter into Supplemental Indentures (which shall conform to the provisions of the Trust Indenture Act as in force and effect at the date of
execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any Supplemental Indenture or of modifying in any
manner the rights of the Holders of the Securities of each such series. 

        (B)  No
such Supplemental Indenture shall (i) extend the final maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time
of payment of interest thereon, or reduce any amount payable on redemption thereof, or make the principal thereof (including any amount in respect of original issue discount), or interest thereon
payable in any coin or currency other than that provided in the Securities or in accordance with the terms thereof, or reduce the amount of the principal of an Original Issue Discount Security that
would be due and payable upon an acceleration of the maturity thereof pursuant to Section 5.1 or the amount thereof provable in bankruptcy pursuant to Section 5.2, or impair or affect
the right of any Securityholder to institute suit for the payment thereof when due or, if the Securities provide therefor, any right of repayment at the option of the Securityholder, in each case
without the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such
Supplemental Indenture, without the consent of the Holders of each Security so affected. 

41

 

        (C)  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 Holders of Securities of such series, with respect to such covenant or provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series. 

        (D)  Upon
the request of the Company, accompanied by a copy of a Board Resolution (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to a Company Request) certified by the secretary or an assistant secretary of the Company authorizing the
execution of any such Supplemental Indenture, and upon the filing with the Trustee of evidence of the consent of the Holders of the Securities as aforesaid and other documents, if any, required by
Section 7.1, the Trustee shall join with the Company in the execution of such Supplemental Indenture unless such Supplemental Indenture affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee in its discretion may, but shall not be obligated to, enter into such Supplemental Indenture. 

        It
shall not be necessary for the consent of the Securityholders under this Section 8.2 to approve the particular form of any proposed Supplemental Indenture, but it shall be
sufficient if such consent shall approve the substance thereof. 

        Promptly
after the execution by the Company and the Trustee of any Supplemental Indenture pursuant to the provisions of this Section 8.2, the Trustee shall give notice thereof to
the Holders of then Outstanding Securities of each series affected thereby, by mailing a notice thereof by first-class mail to such Holders at their addresses as they shall appear on the Security
register, and such notice shall set forth in general terms the substance of such Supplemental Indenture. Any failure of the Trustee to give
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such Supplemental Indenture. 

Section 8.3    Effect Of Supplemental Indenture.    

        Upon
the execution of any Supplemental Indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders of Securities of each series affected thereby shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such Supplemental Indenture shall be
and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 8.4    Documents To Be Given To Trustee.    

        The
Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer's Certificate and an Opinion of Counsel as conclusive evidence that any Supplemental
Indenture executed pursuant to this Article VIII complies with the applicable provisions of this Indenture. 

Section 8.5    Notation On Securities In Respect Of Supplemental
Indentures.    

        Securities
of any series authenticated and delivered after the execution of any Supplemental Indenture pursuant to the provisions of this Article may bear a notation in form approved by
the Trustee for such series as to any matter provided for by such Supplemental Indenture or as to any action taken by Securityholders. If the Company or the Trustee shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee, to any modification of this Indenture contained in any such Supplemental Indenture may be prepared by the Company, authenticated
by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 

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  ARTICLE IX    
    
    DEFEASANCE    
    

Section 9.1    Termination of Company's Obligations.    

        (A)  The
Company may terminate its obligations under the Securities and this Indenture if all Securities previously authenticated and delivered (other than destroyed, lost or
stolen Securities which have been replaced or paid as provided in Section 2.9) have been delivered to the Trustee for cancellation and the Company has paid all sums payable by it hereunder. 

        (B)  Except
as otherwise provided in this Section 9.1, the Company may terminate its obligations under any Securities and all of its obligations under this Indenture
to or for the benefit of the Holders of such Securities if: 

        (1)   the
Company has (i) in case any of such Securities are to be redeemed on any date prior to their maturity, either delivered to the Holders of such Securities an
unconditional notice of redemption or given to the Trustee irrevocable instructions to deliver to the Holders of such Securities an unconditional notice of redemption of such Securities (other than
Securities which have been purchased by the Trustee at the direction of the Company as hereinafter provided prior to the giving of such notice of redemption), in each case as provided in
Article XI, and (ii) irrevocably deposited or caused to be deposited with the Trustee or any paying agent (if other than the Company), under the terms of an irrevocable trust agreement
in form and substance satisfactory to the Trustee and any such paying agent, as trust funds in trust for the benefit of the Holders of such Securities for that purpose, money or Defeasance Securities
maturing as to principal and interest in such amounts and at such times as are sufficient, without consideration of any reinvestment of such interest, to pay principal or redemption price (if
applicable) of, and interest due or to become due on such Securities (other than destroyed, lost or stolen Securities which have been replaced or paid as provided in Section 2.9), on or prior
to the date fixed for redemption or maturity thereof, as the case may be, in accordance with the terms of this Indenture and such Securities; PROVIDED
that the Trustee or any paying agent shall have been irrevocably instructed to apply such money or the proceeds of such Defeasance Securities to the payment of said principal, redemption price (if
applicable) and interest with respect to such Securities; 

        (2)   no
Event of Default shall exist on the date of such deposit or shall occur as a result of such deposit; 

        (3)   the
Company has paid or caused to be paid all sums then due from the Company hereunder and under such Securities; and 

        (4)   the
Company has delivered to the Trustee and any paying agent an Officer's Certificate stating that the conditions precedent set forth in clauses (1) through (3)
above have been complied with. 

        After
any such irrevocable deposit, the Trustee shall acknowledge in writing the discharge of the Company's obligations under such Securities and of the Company's obligations under this
Indenture to or for the benefit of the Holders of such Securities, except for those surviving obligations specified below. 

        (C)  Notwithstanding
the satisfaction of the conditions set forth in paragraph (B) with respect to any Securities, the Company's obligations to or for the benefit of
the Holders of such Securities or to the Trustee under Sections 2.8, 2.9, 3.2, 3.4, 4.3, 9.2, 9.3, 9.4, 6.6 and 6.11 shall survive until such Securities are no longer Outstanding. Thereafter,
only the Company's obligations under Sections 9.3, 9.4 and 6.6 shall survive with respect to such Holders or the Trustee. 

43

 

        (D)  The
Trustee or any paying agent shall, if so directed by the Company (i) prior to the maturity of Securities in respect of which a deposit has been made under
paragraph (B)(1) above which are not to be redeemed prior to their maturity or (ii) prior to the giving of the notice of redemption referred to in paragraph (B)(1) above with
respect to any Securities in respect of which a deposit has been made under paragraph (B)(1) which are to be redeemed on a date prior to their maturity, apply moneys deposited with the Trustee
or such paying agent in respect of such Securities and redeem or sell Defeasance Securities so deposited with the Trustee or such paying agent and apply the proceeds thereof to the purchase of such
Securities, and the Trustee shall immediately thereafter cancel all such Securities so purchased; PROVIDED, HOWEVER, that the moneys and Defeasance
Securities remaining on deposit with the Trustee or such paying agent after the purchase and cancellation of such Securities shall be sufficient to pay when due the principal or redemption price (if
applicable) of, and interest due or to become due on, all Securities in respect of which such moneys and Defeasance Securities are being held by the Trustee or such paying agent on or prior to the
date fixed for redemption or maturity thereof, as the case may be. In the event that on any date as a result of any purchases and cancellations of Securities as provided in this paragraph the total
amount of moneys and Defeasance Securities remaining on deposit with the Trustee or any paying agent under this Section 9.1 is in excess of the total amount that would have been required to be
deposited with the Trustee or such paying agent on such date under paragraph B(1) in respect of the remaining Securities for which such moneys and Defeasance Securities are being held, the
Trustee or such paying agent shall, if requested by the Company and upon receipt by the Trustee or such paying agent of a certificate of a firm of independent public accountants signed by such firm
setting forth the calculation of such excess, pay the amount of such excess to the Company free and clear of any trust, lien, security interest, pledge or assignment securing such Securities or
otherwise existing under this Indenture. 

Section 9.2    Application By Trustee Of Funds Deposited For Payment Of
Securities.    

        Subject
to the provisions of Section 3.4, the Trustee or any paying agent shall hold in trust money or Defeasance Securities deposited with it pursuant to Section 9.1, and
shall apply the deposited money and the money from Defeasance Securities to the payment of the principal or redemption price (if applicable) of, and interest on, the Securities in respect of which
such money and Defeasance Securities are deposited. If money deposited with the Trustee or any paying agent under this Article IX, or money received from principal or interest payments on
Defeasance Securities deposited with the Trustee or any paying agent under this Article IX, will be required at a later date for payment of the principal or redemption price (if applicable) of,
and interest on, the Securities in respect of which such money and Defeasance Securities are deposited, such money shall, at the written investment direction of the Company, to the extent practicable,
be reinvested in Defeasance Securities maturing at times and in amounts that, together with other moneys so deposited or to be generated by other Defeasance Securities, will be sufficient to pay when
due the principal or redemption price (if applicable) of, and interest to become due on, such Securities, and the interest earned from such reinvestments shall be paid over to the Company, as received
by the Trustee or such paying agent, free and clear of any trust, lien, security interest, pledge or assignment. 

Section 9.3    Repayment to Company.    

        Subject
to Section 9.1, to the extent any Defeasance Securities deposited with the Trustee under this Article IX, or cash received from principal or interest payments on
such Defeasance Securities, will not be required for the payment of the principal or redemption price (if applicable) of, and interest on, the Securities in respect of which such money and Defeasance
Securities are deposited, the Trustee and any paying agent shall promptly pay and deliver to the Company any such Defeasance Securities and cash, and thereupon the Trustee shall be relieved from any
liability with respect thereto. Without limiting the foregoing, the Trustee and any paying agent shall pay to the Company any money held by them for the payment of principal, redemption price or
interest that remains unclaimed for two years after the date such payment was due; PROVIDED that the Trustee or any such paying agent before 

44

 

being
required to make any payment may at the expense of the Company cause to be published once in a newspaper of general circulation in Atlanta, Georgia or mail by first-class mail, postage prepaid
to each Holder entitled to such money, notice that such money remains unclaimed and that after a date specified therein (which shall be at least thirty (30) days from the date of publication or
mailing) any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders entitled to such money must look to the Company for payment as general
creditors unless an applicable law designates another person, and all liability of the Trustee and any such paying agent with respect to such money shall cease. 

Section 9.4    Reinstatement.    

        If
the Trustee or any paying agent is unable to apply any money or Defeasance Securities in accordance with Section 9.1 and the first sentence of Section 9.2 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's obligations under this
Indenture to or for the benefit of the Holders of Securities for whose benefit such money or Defeasance Securities were deposited and under such Securities shall be revived and reinstated as though no
deposit had occurred pursuant to Section 9.1 until such time as the Trustee or any such paying agent is permitted to apply all such money and Defeasance Securities in accordance with
Section 9.1 and the first sentence of Section 9.2; PROVIDED, HOWEVER, that if the Company makes any payment of interest on or principal or
redemption price (if applicable) of any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such
payment from the money or Defeasance Securities held therefor by the Trustee or any paying agent. 

Section 9.5    Indemnity For Defeasance Securities.    

        The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Defeasance Securities deposited pursuant to Section 9.1 or
the principal or interest received in respect of such obligations. 

 
 

  ARTICLE X    
    
    MISCELLANEOUS PROVISIONS    
    

Section 10.1    Members and Officers Of Company Exempt From Individual
Liability.    

        No
recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such, or against any past, present or future member or officer, as such, of the Company or of any successor, either directly or through the Company or any successor, under any
rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by
the acceptance of the Securities by the Holders thereof and as part of the consideration for the issuance of the Securities. 

Section 10.2    Provisions Of Indenture For The Sole Benefit Of Parties And Holders Of
Securities.    

        Nothing
in this Indenture, in the Securities, expressed or implied, shall give or be construed to give to any Person, other than the parties thereto and their successors and the Holders
of the Securities any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit
of the parties hereto and their successors and of the Holders of the Securities. 

45

 

 

Section 10.3    Successors And Assigns Of Company Bound By Indenture.    

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

Section 10.4    Notices And Demands On Company, Trustee And Holders Of
Securities.    

        Any
notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Company may be
given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Company is filed by the Company with the
Trustee) to Oglethorpe Power Corporation, (An Electric Membership Corporation), 2100 East Exchange Place, Tucker, Georgia 30084, Attention: Chief Financial Officer. Any notice, direction, request or
demand by the Company or any Holder of Securities to or upon the Trustee shall be deemed to have been sufficiently given or served by being deposited postage prepaid, first-class mail (except as
otherwise specifically provided herein) addressed (until another address of the Trustee is filed by the Trustee with the Company) to, U.S. Bank National Association, 1349 West Peachtree Street,
Suite 1050, Two Midtown Plaza, Atlanta, Georgia 30309, Attention: Corporate Trust Services. 

        Where
this Indenture provides for notice to Holders of Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class mail, postage prepaid, to each Holder entitled thereto, at his or her last address as it appears in the Security register. 

        In
any case where notice to such 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 to which such notice pertains, 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. 

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

Section 10.5    Officer's Certificates And Opinions Of Counsel: Statements To Be Contained
Therein.    

        Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer's
Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

        Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall
include (A) a statement that the Person making such certificate or opinion has read such covenant or condition, (B) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based, (C) a statement that, in the opinion of such Person, he or she has made such examination
or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with 

46

 

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

        Any
certificate, statement 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 that the certificate or opinion or representations with respect to the matters upon which his or her certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters or
information in the possession of the Company, upon the certificate, statement or opinion of or representations by an Officer or Officers of
the Company, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his or her certificate, statement or opinion may be based as
aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

        Any
certificate, statement or opinion of an Officer of the Company or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or
representations by an accountant or firm of accountants in the employ of the Company, unless such Officer or counsel, as the case may be, knows that the certificate or opinion of or representations
with respect to the accounting matters upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same
are erroneous. 

        Any
certificate or opinion of any independent firm of public accountants filed with and directed to the Trustee shall contain a statement that such firm is independent. 

Section 10.6    Payments Due On Saturdays, Sundays And Holidays.    

        Unless
otherwise provided in the Supplemental Indenture, Board Resolution or Officer's Certificate establishing the terms of such Securities pursuant to Section 2.3, if the date
of maturity of interest on or principal of the Securities of any series or the date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or
principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no
interest shall accrue for the period after such date. 

Section 10.7    Conflict Of Any Provision Of Indenture With Trust Indenture
Act.    

        If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with duties imposed by, or with another provision (an "Incorporated
Provision") included in this Indenture by operation of Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or Incorporated Provision shall
control. 

Section 10.8    GOVERNING LAW.    

        THIS
INDENTURE AND EACH SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA. 

Section 10.9    Counterparts.    

        This
Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 10.10    Effect Of Headings.    

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

47

 
 
 

  ARTICLE XI    
    
    REDEMPTION OF SECURITIES AND SINKING FUNDS    
    

Section 11.1    Applicability Of Article.    

        The
provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 2.3 for Securities of such series. 

Section 11.2    Notice Of Redemption; Partial Redemptions.    

        The
election of the Company to redeem any Securities shall be evidenced by a Board Resolution delivered to the Trustee. In case of any redemption at the election of the Company of less
than all the Securities of any series, the Company shall, at least sixty (60) days prior to the date fixed for redemption by the Company (unless a shorter notice shall be satisfactory to the
Trustee) notify the Trustee of such date fixed for redemption, the principal amount of Securities of such series to be redeemed and the CUSIP or any other identifying numbers of the Securities of such
series to be redeemed. 

        If
less than all the Securities of a series are to be redeemed, and the Securities are not Global Securities, except as otherwise provided in the Supplemental Indenture, Board Resolution
or Officer's Certificate establishing the terms of such Securities pursuant to Section 2.3, the Trustee shall select, in such manner as it shall deem appropriate and fair, in its sole
discretion, Securities of such series to be redeemed in whole or in part. Securities may be redeemed in part in an amount equal to the minimum authorized denomination for Securities of such series or
any integral multiple thereof. The Trustee shall promptly notify the Company in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series
selected for partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

        Notice
of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at the option of the Company shall be given by mailing notice of such redemption by
first class mail, postage prepaid, at least thirty (30) days and not more than sixty (60) days prior to the date fixed for redemption to such Holders of Securities of such series at
their last addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
Holder receives the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of such Security of such series. 

        The
notice of redemption to each such Holder shall specify the principal amount of each Security of such series held by such Holder to be redeemed, the date fixed for redemption, the
redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant to the mandatory or optional sinking
fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions
thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only, the notice of redemption to Holders of Securities of the series shall state the portion of
the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal
amount equal to the unredeemed portion thereof will be issued. 

48

 

        Unless
otherwise specified with respect to Securities of any series in accordance with Section 2.3, with respect to any redemption of Securities at the election of the Company,
such notice may state that such redemption shall be conditional upon the receipt by the Trustee or the paying agent(s) for such Securities, on or prior to the date fixed for such redemption, of money
sufficient to pay the principal of and interest on such Securities and that if such moneys shall not have been so received, such notice shall be of no force or effect and the Company shall not be
required to redeem such Securities. In the event that a notice of redemption contains such a condition and such money is not so received by the Trustee or any paying agent(s) on or prior to the date
fixed for redemption, such redemption shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was given, that such money was
not so received and such redemption was not required to be made, and the Trustee or paying agent(s) for the Securities otherwise to have been redeemed shall promptly return to the Holders thereof any
of such Securities which had been surrendered for payment upon such redemption. 

        The
notice of redemption of Securities of any series to be redeemed at the option of the Company, and any notice of non-satisfaction of redemption, shall be given by the
Company or, at the Company's request, by the Trustee in the name and at the expense of the Company. 

Section 11.3    Payment Of Securities Called For Redemption.    

        If
notice of redemption has been given as above provided, and if the conditions, if any, set forth in such notice of redemption have been satisfied, the Securities or portions of
Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed
for redemption, and on and after said date (unless, in the case of an unconditional notice of redemption, the Company shall default in the payment of such Securities at the redemption price, together
with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue, and, except as provided in Sections 6.5 and 9.4, such
Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect of such
Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment
specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon to the
date fixed for redemption; PROVIDED, that payment of interest becoming due on or prior to the date fixed for redemption shall be payable to the Holder
of such Securities registered as such on the relevant Record Date, subject to the terms and provisions of Sections 2.3 and 2.7. 

        If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed
for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security. 

        Upon
presentation of any Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense
of the Company, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented. 

Section 11.4    Exclusion Of Certain Securities From Eligibility For Selection For
Redemption.    

        Securities
shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officer's Certificate delivered to the
Trustee at least forty (40) days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by, either
(A) the Company or (B) an entity 

49

 

specifically
identified in such written statement as directly or indirectly controlling or controlled by or under direct or indirect common control with the Company. 

Section 11.5    Mandatory And Optional Sinking Funds.    

        The
minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "Mandatory Sinking Fund
Payment," and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an
"Optional Sinking Fund Payment." The date on which a sinking fund payment is to be made is herein referred to as the "Sinking
Fund Payment Date." 

        In
lieu of making all or any part of any Mandatory Sinking Fund Payment with respect to any series of Securities in cash, the Company may at its option (A) deliver to the Trustee
Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Company or receive credit for Securities of such series
(not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Company and delivered to the Trustee for cancellation pursuant to Section 2.10,
(B) receive credit for Optional Sinking Fund Payments (not previously so credited) made pursuant to this Section 11.5, or (C) receive credit for Securities of such series (not
previously so credited) redeemed by the Company through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by
the Trustee at the sinking fund redemption price specified in such Securities. 

        On
or before the sixtieth (60th) day next preceding each Sinking Fund Payment Date for any series, the Company will deliver to the Trustee an Officer's Certificate (which
need not contain the statements required by Section 10.5) (A) specifying the portion of the Mandatory Sinking Fund Payment to be satisfied by payment of cash and the portion to be
satisfied by credit of Securities of such series and the basis for such credit, (B) stating that none of the Securities of such series has theretofore been so credited, (C) stating that
no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured) and are continuing, and (D) stating whether or not
the Company intends to exercise its right to make an Optional Sinking Fund Payment with respect to such series and, if so, specifying the amount of such Optional Sinking Fund Payment which the Company
intends to pay on or before the next succeeding Sinking Fund Payment Date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Company to be
entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such Officer's
Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee, the Company shall become
unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding Sinking Fund Payment Date. Failure of the Company, on or before any
such sixtieth (60th) day, to deliver such Officer's Certificate and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such
date, the irrevocable election of the Company (i) that the Mandatory Sinking Fund Payment for such series due on the next succeeding Sinking Fund Payment Date shall be paid entirely in cash
without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Company will make no Optional Sinking Fund Payment with respect to such series as provided
in this Section 11.5. 

        If
the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding Sinking Fund Payment Date plus any unused balance of any preceding
sinking fund payments made in cash shall exceed $50,000 or a lesser sum in Dollars if the Company shall so request with respect to the Securities of any particular series, such cash shall be applied
on the next succeeding Sinking Fund Payment Date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If
such amount shall be $50,000 or less and the Company makes no such request then it shall be carried over until a sum in 

50

 

excess
of $50,000 is available. The Trustee shall select, in the manner provided in Section 11.2, for redemption on such Sinking Fund Payment Date a sufficient principal amount of Securities of
such series to absorb said cash, as nearly as may be, and shall (if requested in writing by the Company) inform the Company of the serial numbers of the Securities of such series (or portions thereof)
so selected. Securities shall be excluded from eligibility for redemption under this Section 11.5 if they are identified by registration and certificate number in an Officer's Certificate
delivered to the Trustee at least sixty (60) days prior to the Sinking Fund Payment Date as being owned of record and beneficially by, and not pledged or hypothecated by, either (A) the
Company or (B) an entity specifically identified in such Officer's Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company. The Trustee, in the name and at the expense of the Company (or the Company, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to
be given in substantially the manner provided in Section 11.2 (and with the effect provided in Section 11.3) for the redemption of Securities of such series
in part at the option of the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund
payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 11.5. Any and all sinking fund moneys held on the stated maturity
date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be
applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of, and interest on, the Securities of such series at maturity. 

        On
or before each Sinking Fund Payment Date, the Company shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date fixed for
redemption on Securities to be redeemed on the next following Sinking Fund Payment Date. 

        The
Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of
the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where the giving of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, PROVIDED, that it shall have received from the Company a
sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter
paid into the sinking fund, shall, during the continuance of such default or Event of Default be deemed to have been collected under Article V and held for the payment of all such Securities.
In case such Event of Default shall have been waived as provided in Section 5.10 or the default cured on or before the sixtieth (60th) day preceding the Sinking Fund Payment Date
in any year, such moneys shall thereafter be applied on the next succeeding Sinking Fund Payment Date in accordance with this Section 11.5 to the redemption of such Securities. 

[Signatures begin on following page.]

51

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

 

 

							
	 	 	 	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP

CORPORATION), as Company
	

 	
 	
 	
 	
By:	
 	
/s/ ELIZABETH B. HIGGINS

  Elizabeth B. Higgins

Executive Vice President and

Chief Financial Officer
	
 Attest:	
 	
/s/ PATRICIA N. NASH

  Patricia N. Nash

Secretary	
 	

 	
 	

 

 

 [Signatures continue on following page.]

 

 

							
	 	 	 	 	U.S. BANK NATIONAL ASSOCIATION, as

Trustee
	

 	
 	
 	
 	
By:	
 	
/s/ JACK ELLERIN

  Jack Ellerin

Vice President
	

Attest:	
 	

 	
 	

 
	
 By:	
 	
/s/ DAVID M. JOHNSON

  Name: David M. Johnson

Title: Vice President	
 	

 	
 	

 

 

 

QuickLinks

Exhibit 4.1

TABLE OF CONTENTS

ARTICLE I DEFINITIONS

ARTICLE II SECURITIES

ARTICLE III COVENANTS OF THE COMPANY

ARTICLE IV SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

ARTICLE V EVENTS OF DEFAULT; REMEDIES

ARTICLE VI CONCERNING THE TRUSTEE

ARTICLE VII CONCERNING THE SECURITYHOLDERS

ARTICLE VIII SUPPLEMENTAL INDENTURES

ARTICLE IX DEFEASANCE

ARTICLE X MISCELLANEOUS PROVISIONS

ARTICLE XI REDEMPTION OF SECURITIES AND SINKING FUNDSQuickLinks
 -- Click here to rapidly navigate through this document

 
 

  Exhibit 4.8.1(fff)    
    

Upon recording, return to:

Ms. Shawne M. Keenan

Sutherland Asbill & Brennan LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996  

PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED,
THIS INSTRUMENT EMBRACES,

COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR  

 

  

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION),

GRANTOR, 

to 

U.S.
BANK NATIONAL ASSOCIATION,

TRUSTEE 

FIFTY-SEVENTH SUPPLEMENTAL

INDENTURE  

Relating to the 

Series 2010A
CFC Note 

Dated
as of December 1, 2010 

FIRST
MORTGAGE OBLIGATIONS 

 

NOTE TO
CLERK OF THE
GEORGIA
SUPERIOR
COURT AND
GEORGIA
TAX
COMMISSIONER: THIS INSTRUMENT IS EXEMPT FROM THE INTANGIBLES RECORDING TAX
PURSUANT TO THE RULES AND REGULATIONS OF THE STATE OF  GEORGIA §§ 560-11-8-.02 BECAUSE THIS INSTRUMENT SUPPLEMENTS AND MODIFIES AN EXISTING
SECURITY INSTRUMENT AS TO WHICH THE MAXIMUM INTANGIBLES TAX DUE HAS BEEN PREVIOUSLY PAID.  

 

 

        THIS FIFTY-SEVENTH SUPPLEMENTAL INDENTURE, dated as of December 1, 2010, is between OGLETHORPE POWER
CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an
electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (the "Company"), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as Trustee (in such capacity, the "Trustee"). 

        WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (the "Original
Indenture"), for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time under the Original
Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture, as provided in Section 2.1 hereof); 

        WHEREAS, the Company has heretofore executed and delivered to the Trustee fifty-six Supplemental Indentures (the Original
Indenture, as heretofore, hereby and hereafter supplemented and modified, the "Indenture"), and the Original Indenture and the fifty-six Supplemental Indentures have been recorded as set
forth on Schedule 1; 

        WHEREAS, the Company is entering into that that certain Loan Agreement, dated as of December 28, 2010 (as it may be amended,
modified, supplemented or extended from time to time, the "CFC Loan Agreement"), with National Rural Utilities Cooperative Finance Corporation ("CFC") pursuant to which CFC has agreed to advance funds
to the Company in an aggregate principal amount not to exceed $8,025,536.42, to be used by the Company to pay off certain of the Company's existing indebtedness with the Rural Utilities Service; 

        WHEREAS, the Company's obligation to repay amounts advanced under the CFC Loan Agreement is evidenced by that certain Series 2010A
CFC Note, dated the date of its authentication (the "Series 2010A CFC Note"), from the Company to CFC; 

        WHEREAS, the Company desires to execute and deliver this Fifty-Seventh Supplemental Indenture, in accordance with the provisions of the
Indenture, for the purpose of providing for the creation and designation of the Series 2010A CFC Note as Additional Obligations and specifying the forms and provisions thereof; 

        WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations, the
Company, when authorized by a Board Resolution, and the Trustee may enter into Supplemental Indentures for the purposes and subject to the conditions set forth in said Section 12.1, including
to create a series of Additional Obligations under the Indenture and to make provisions for such series of Additional Obligations; and 

        WHEREAS, all acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to secure under
the Indenture the payment of the principal of (and premium, if any) and interest on the Series 2010A CFC Note, to make the Series 2010A CFC Note to be issued hereunder, when executed by
the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, and to constitute the Indenture a valid and binding lien for the
security of the Series 2010A CFC Note, in accordance with its terms, have been done and taken, and the execution and delivery of this Fifty-Seventh Supplemental Indenture has been in all
respects duly authorized by the Company. 

        NOW, THEREFORE, THIS FIFTY-SEVENTH SUPPLEMENTAL INDENTURE WITNESSES, that, to secure the payment of the principal of (and premium, if any)
and interest on the Outstanding Secured Obligations, including, when authenticated and delivered, the Series 2010A CFC Note, to confirm the lien of the Indenture upon the Trust Estate,
including property purchased, constructed or 

1

 

otherwise
acquired by the Company since the date of execution of the Original Indenture, to secure performance of the covenants therein and herein contained, to declare the terms and conditions on
which the Series 2010A CFC Note are secured, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey,
assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges
and franchises (other than Excepted Property or Excludable Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original
Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, all property
described on Exhibit A attached hereto, subject to all exceptions, reservations and matters of the character referred to in the Indenture, and
does grant a security interest therein for the purposes expressed herein and in the Original Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture and to the
rights of the Company under the Original Indenture, including the rights set forth in Article V thereof; but expressly excepting and excluding from the lien and operation of the Indenture all
properties of the character specifically excepted as "Excepted Property" or "Excludable Property" in the Original Indenture to the extent contemplated thereby. 

        PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee
appointed under Section 9.14 of the Original Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have entered into possession of all or substantially
all of the Trust Estate, all the Excepted Property described or referred to in Paragraphs A through H, inclusive, of "Excepted Property" in the Original Indenture then owned or thereafter
acquired by the Company, shall immediately, and, in the case of any Excepted Property described or referred to in Paragraphs I, J, L, N and P of "Excepted Property" in the Original Indenture
(excluding the property described in Section 2 of Exhibit B in the Original Indenture), upon demand of the Trustee or such other trustee
or receiver, become subject to the lien of the Indenture to the extent permitted by law, and the Trustee or such other trustee or receiver may, to the extent permitted by law, at the same time
likewise take possession thereof, and whenever all Events of Default shall have been cured and the possession of all or substantially all of the Trust Estate shall have been restored to the Company,
such Excepted Property shall again be excepted and excluded from the lien of the Indenture to the extent and otherwise as hereinabove set forth and as set forth in the Indenture. 

        The
Company may, however, pursuant to Granting Clause Third of the Original Indenture, subject to the lien of the Indenture any Excepted Property or Excludable Property, whereupon the
same shall cease to be Excepted Property or Excludable Property. 

        TO HAVE AND TO HOLD all such property, rights, privileges and franchises hereby and hereafter (by Supplemental Indenture or otherwise)
granted, bargained, sold, alienated, remised, released, conveyed, assigned, transferred, mortgaged, hypothecated, pledged, set over or confirmed as aforesaid, or intended, agreed or covenanted so to
be, together with all the tenements, hereditaments and appurtenances thereto appertaining (said properties, rights, privileges and franchises, including any cash and securities hereafter deposited or
required to be deposited with the Trustee (other than any such cash which is specifically stated in the Indenture not to be deemed part of the Trust Estate) being part of the Trust Estate), unto the
Trustee, and its successors and assigns in the trust herein created by the Indenture, forever. 

        SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by Section 13.6 of the Original
Indenture as to property hereafter acquired (a) any duly recorded or perfected prior mortgage or other lien that may exist thereon at the date of the acquisition thereof by the Company and
(b) purchase money mortgages, other purchase money liens, chattel mortgages, conditional sales agreements or other title retention agreements created by the Company at the time of acquisition
thereof. 

2

 

        BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and proportionate benefit and security of the Holders from time to time of
all the Outstanding Secured Obligations without any priority of any such Obligation over any other such Obligation and for the enforcement of the payment of such Obligations in accordance with their
terms. 

        UPON CONDITION that, until the happening of an Event of Default and subject to the provisions of Article V of the Original
Indenture, and not in limitation of the rights elsewhere provided in the Original Indenture, including the rights set forth in Article V of the Original Indenture, the Company shall be
permitted to (i) possess and use the Trust Estate, except cash, securities, Designated Qualifying Securities and other personal property deposited, or required to be deposited, with the
Trustee, (ii) explore for, mine, extract, separate and dispose of coal, ore, gas, oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues,
profits, revenues and other income, products and proceeds of the Trust Estate. 

        THE INDENTURE, INCLUDING THIS FIFTY-SEVENTH SUPPLEMENTAL INDENTURE, is intended to operate and is to be construed as a deed passing title
to the Trust Estate and is made under the provisions of the laws of the State of Georgia relating to deeds to secure debt, and not as a mortgage or deed of trust, and is given to secure the
Outstanding Secured Obligations. Should the indebtedness secured by the Indenture be paid according to the tenor and effect thereof when the same shall become due and payable and should the Company
perform all covenants contained in the Indenture in a timely manner, then the Indenture shall be canceled and surrendered. 

        AND IT IS HEREBY COVENANTED AND DECLARED that the Series 2010A CFC Note are to be authenticated and delivered and the Trust Estate
is to be held and applied by the Trustee, subject to the covenants, conditions and trusts set forth herein and in the Indenture, and the Company does hereby covenant and agree to and with the Trustee,
for the equal and proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows: 

 
 

  ARTICLE I    
    
    THE SERIES 2010A CFC NOTE AND
  CERTAIN PROVISIONS RELATING THERETO    
    

 Section 1.1    Authorization and Terms of the Series 2010A CFC Note.  

        There shall be created and established an Additional Obligation in the form of a promissory note known as and entitled the
"Series 2010A CFC Note," the form, terms and conditions of which shall be substantially as set forth in or prescribed pursuant to this Section and Section 2.2 hereof. The principal face
amount of the Series 2010A CFC Note is limited to $8,025,536.42. 

        The
Series 2010A CFC Note shall be dated the date of its authentication and shall be made payable to CFC. Each advance under the Series 2010A CFC Note shall mature no later
than April 30, 2020. Each advance under the CFC Loan Agreement shall bear interest from the date of advance until the maturity date for such advance as provided in the CFC Loan Agreement, and
interest shall be calculated as specified in the CFC Loan Agreement and shall be payable at the times provided in the CFC Loan Agreement. 

        All
payments, including prepayments, made on the Series 2010A CFC Note shall be made as provided in, and pursuant to the terms and conditions of, the Series 2010A CFC Note
and the CFC Loan Agreement (and shall not be governed by the provisions of Section 1.14 or Article XIV of the Original Indenture), and shall be made in lawful money of the of the United
States of America which will be immediately available on the date payment is due. 

3

 

 Section 1.2    Form of the Series 2010A CFC Note.  

        The Series 2010A CFC Note and the Trustee's certificate of authentication for the Series 2010A CFC Note shall be
substantially in the form set forth in an Officers' Certificate to be delivered to the Trustee by the Company, which shall establish the terms and conditions of the Series 2010A CFC Note
pursuant to Section 2.1 of the Original Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Original Indenture. 

 Section 1.3    Grace Period.  

        A default in the payment of any interest upon the Series 2010A CFC Note within five (5) "Business Days" (as defined in
the CFC Loan Agreement) of when such interest becomes due and payable shall constitute an Event of Default under Section 8.1 A of the Original Indenture. A default in the payment of the
principal of (or premium, if any, on) the Series 2010A CFC Note and the continuance of such default for a period of five (5) "Business Days" (as defined in the CFC Loan Agreement) shall
constitute an Event of Default under Section 8.1 B of the Original Indenture. 

 
 

  ARTICLE II    
    
    MISCELLANEOUS    
    

         Section 2.1    This Fifty-Seventh Supplemental Indenture is executed and shall be construed as an indenture supplemental to the
Original
Indenture, and shall form a part thereof, and the Original Indenture, as heretofore supplemented and as hereby supplemented and modified, is hereby confirmed. Except to the extent inconsistent
with the express terms hereof, all of the provisions, terms, covenants and conditions of the Indenture generally applicable to all Obligations shall be applicable to the Series 2010A CFC Note
to the same extent as if specifically set forth herein. All references herein to Sections, Articles, definitions or other provisions of the Original Indenture shall be to such Sections, Articles,
definitions and other provisions as they may be amended or modified from time to time
pursuant to the Indenture. All capitalized terms used in this Fifty-Seventh Supplemental Indenture shall have the same meanings assigned to them in the Original Indenture, except in cases where the
context clearly indicates otherwise. 

         Section 2.2    All recitals in this Fifty-Seventh Supplemental Indenture are made by the Company only and not by the Trustee; and all
of the
provisions contained in the Original Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect hereof as fully and with like effect
as if set forth herein in full. 

         Section 2.3    Whenever in this Fifty-Seventh Supplemental Indenture any of the parties hereto is named or referred to, this shall,
subject to
the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Fifty-Seventh
Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors
and assigns of such parties, whether so expressed or not. 

         Section 2.4    Nothing in this Fifty-Seventh Supplemental Indenture, expressed or implied, is intended, or shall be construed, to
confer upon, or
to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Fifty-Seventh
Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Fifty-Seventh Supplemental
Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the Holders of Outstanding Secured Obligations. 

4

 

         Section 2.5    This Fifty-Seventh Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for
all
purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same
instrument. 

         Section 2.6    To the extent permitted by applicable law, this Fifty-Seventh Supplemental Indenture shall be deemed to be a Security
Agreement
and Financing Statement whereby the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted or
hereafter adopted in one or more of the states in which any part of the properties of the Company are situated. The mailing address of the Company, as debtor is: 

Oglethorpe
Power Corporation

(An Electric Membership Corporation)

2100 East Exchange Place

Tucker, Georgia 30084-5336, 

and
the mailing address of the Trustee, as secured party, is: 

U.S.
Bank National Association

Attention: Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia 30309 

[Signatures
on Next Page] 

5

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

 

 

									
	 	 	 	 	Company:	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP

CORPORATION), an electric membership

corporation organized under the laws of the State of Georgia
	

 	
 	
By:	
 	
/s/ ELIZABETH B. HIGGINS

  Elizabeth B. Higgins

Executive Vice President and

Chief Financial Officer

 

 

 

					
	
 Signed, sealed and delivered

by the Company in the presence of:	
 	
Attest:	
 	
/s/ PATRICIA N. NASH

  Patricia N. Nash

Secretary
	
 /s/ THOMAS J. BRENDIAR

  Witness	
 	

 	
 	
[CORPORATE SEAL]
	
 /s/ SHARON H. WRIGHT

  Notary Public	
 	

 	
 	

 
	
 (Notarial Seal)	
 	

 	
 	

 
	
 My commission expires:    10/14/2011	
 	

 	
 	

 

 

 [Signatures
Continued on Next Page] 

[Signatures
Continued from Previous Page] 

 

 

									
	 	 	 	 	
 Trustee:	
 	

U.S. BANK NATIONAL ASSOCIATION,
 a national banking association
	

 	
 	
By:	
 	
/s/ JACK ELLERIN

  Authorized Agent
	Signed and delivered

by the Trustee in the

Presence of:	 	 	 	 
	
 /s/ DAVID M. JOHNSON

  Witness	
 	

 	
 	

 
	
 /s/ MARCIA WILLIAMS

  Notary Public	
 	

 	
 	

 
	
 (Notarial Seal)	
 	

 	
 	

 
	
 My commission expires:    5/7/2012	
 	

 	
 	

 

 

 

 

 
 

  Exhibit A    
    

        All property of the Company in the Counties of Appling, Burke, Carroll, Coweta, DeKalb, Floyd, Hart, Heard, Monroe, Talbot, Toombs,
Warren and Washington, State of Georgia. 

A-1

 
 

  Schedule 1    
    
    RECORDING INFORMATION
  FOR

                                    COUNTY, GEORGIA    

 

 

						
	DOCUMENT

 
	 	RECORDING INFORMATION 	 	DATE OF RECORDING 
	 Original Indenture
	 	 	 	 	 
	 First Supplemental Indenture
	 	 	 	 	 
	 Second Supplemental Indenture
	 	 	 	 	 
	 Third Supplemental Indenture
	 	 	 	 	 
	 Fourth Supplemental Indenture
	 	 	 	 	 
	 Fifth Supplemental Indenture
	 	 	 	 	 
	 Sixth Supplemental Indenture
	 	 	 	 	 
	 Seventh Supplemental Indenture
	 	 	 	 	 
	 Eighth Supplemental Indenture
	 	 	 	 	 
	 Ninth Supplemental Indenture
	 	 	 	 	 
	 Tenth Supplemental Indenture
	 	 	 	 	 
	 Eleventh Supplemental Indenture
	 	 	 	 	 
	 Twelfth Supplemental Indenture
	 	 	 	 	 
	 Thirteenth Supplemental Indenture
	 	 	 	 	 
	 Fourteenth Supplemental Indenture
	 	 	 	 	 
	 Fifteenth Supplemental Indenture
	 	 	 	 	 
	 Sixteenth Supplemental Indenture
	 	 	 	 	 
	 Seventeenth Supplemental Indenture
	 	 	 	 	 
	 Eighteenth Supplemental Indenture
	 	 	 	 	 
	 Nineteenth Supplemental Indenture
	 	 	 	 	 
	 Twentieth Supplemental Indenture
	 	 	 	 	 
	 Twenty-First Supplemental Indenture
	 	 	 	 	 
	 Twenty-Second Supplemental Indenture
	 	 	 	 	 
	 Twenty-Third Supplemental Indenture
	 	 	 	 	 
	 Twenty-Fourth Supplemental Indenture
	 	 	 	 	 
	 Twenty-Fifth Supplemental Indenture
	 	 	 	 	 
	 Twenty-Sixth Supplemental Indenture
	 	 	 	 	 
	 Twenty-Seventh Supplemental Indenture
	 	 	 	 	 
	 Twenty-Eighth Supplemental Indenture
	 	 	 	 	 
	 Twenty-Ninth Supplemental Indenture
	 	 	 	 	 
	 Thirtieth Supplemental Indenture
	 	 	 	 	 

 

 

 

 

						
	DOCUMENT

 
	 	RECORDING INFORMATION 	 	DATE OF RECORDING 
	 Thirty-First Supplemental Indenture
	 	 	 	 	 
	 Thirty-Second Supplemental Indenture
	 	 	 	 	 
	 Thirty-Third Supplemental Indenture
	 	 	 	 	 
	 Thirty-Fourth Supplemental Indenture
	 	 	 	 	 
	 Thirty-Fifth Supplemental Indenture
	 	 	 	 	 
	 Thirty-Sixth Supplemental Indenture
	 	 	 	 	 
	 Thirty-Seventh Supplemental Indenture
	 	 	 	 	 
	 Thirty-Eighth Supplemental Indenture
	 	 	 	 	 
	 Thirty-Ninth Supplemental Indenture
	 	 	 	 	 
	 Fortieth Supplemental Indenture
	 	 	 	 	 
	 Forty-First Supplemental Indenture
	 	 	 	 	 
	 Forty-Second Supplemental Indenture
	 	 	 	 	 
	 Forty-Third Supplemental Indenture
	 	 	 	 	 
	 Forty-Forth Supplemental Indenture
	 	 	 	 	 
	 Forty-Fifth Supplemental Indenture
	 	 	 	 	 
	 Forty-Sixth Supplemental Indenture
	 	 	 	 	 
	 Forty-Seventh Supplemental Indenture
	 	 	 	 	 
	 Forty-Eighth Supplemental Indenture
	 	 	 	 	 
	 Forty-Ninth Supplemental Indenture
	 	 	 	 	 
	 Fiftieth Supplemental Indenture
	 	 	 	 	 
	 Fifty-First Supplemental Indenture
	 	 	 	 	 
	 Fifty-Second Supplemental Indenture
	 	 	 	 	 
	 Fifty-Third Supplemental Indenture
	 	 	 	 	 
	 Fifty-Fourth Supplemental Indenture
	 	 	 	 	 
	 Fifty-Fifth Supplemental Indenture
	 	 	 	 	 
	 Fifty-Sixth Supplemental Indenture
	 	 	 	 	 

 

 

QuickLinks

Exhibit 4.8.1(fff)

ARTICLE I THE SERIES 2010A CFC NOTE AND CERTAIN PROVISIONS RELATING THERETO

ARTICLE II MISCELLANEOUS

Exhibit A

Schedule 1 RECORDING INFORMATION FOR COUNTY, GEORGIA

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