Document:

Exhibit 4.2

 

 

 

 

NATWEST GROUP PLC

 

as Company

 

and

 

THE BANK OF NEW YORK MELLON, ACTING THROUGH
ITS LONDON BRANCH

 

as Trustee

 

 

 

NINTH SUPPLEMENTAL INDENTURE

 

dated as of June 30, 2022

 

to the

 

AMENDED AND RESTATED INDENTURE

 

dated as of December 13, 2017

 

and the

 

SEVENTH SUPPLEMENTAL INDENTURE

 

dated as of August 19, 2020

 

in respect of

 

$1,000,000,000 5.516% Senior Callable Fixed-to-Fixed
Reset Rate Notes due 2028

 

 

 

     

     

    

This NINTH SUPPLEMENTAL INDENTURE, dated as of
June 30, 2022, among NATWEST GROUP PLC, a corporation incorporated in Scotland with registered number SC045551, as issuer (the “Company”)
and THE BANK OF NEW YORK MELLON, acting through its London Branch, a banking corporation duly organized and existing under the laws of
the State of New York, as trustee (the “Trustee”) having its Corporate Trust Office at One Canada Square, London E14
5AL.

 

WITNESSETH:

 

WHEREAS, the Company and the Trustee have executed
and delivered an amended and restated Indenture dated as of December 13, 2017, as amended and supplemented by the Seventh Supplemental
Indenture dated as of August 19, 2020 (the “Base Indenture”) to provide for the issuance of the Company’s Senior
Debt Securities from time to time;

 

WHEREAS, Section 9.01(f) of the Amended and Restated
Indenture provides that the Company and the Trustee may enter into a supplemental indenture to establish the forms or terms of the Senior
Debt Securities of any series without the consent of Holders as permitted under Sections 2.01 and 3.01 of the Amended and Restated Indenture;

 

WHEREAS, the Company desires to issue, as a single
series of Senior Debt Securities under the Base Indenture, $1,000,000,000 5.516% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2028
(the “Senior Notes”) to be issued pursuant to this Ninth Supplemental Indenture dated as of June 30, 2022 (the “Ninth
Supplemental Indenture” and, together with the Base Indenture, the “Indenture”);

 

WHEREAS, this Ninth Supplemental Indenture shall
amend and supplement the Base Indenture except where this Ninth Supplemental Indenture only applies to the Senior Notes; to the extent
that the terms of the Base Indenture are inconsistent with the provisions of this Ninth Supplemental Indenture, the terms of this Ninth
Supplemental Indenture shall govern;

 

WHEREAS, there are no debt securities outstanding
of any series created prior to the execution of this Ninth Supplemental Indenture which are entitled to the benefit of the provisions
set forth herein or would be adversely affected by such provisions;

 

WHEREAS, the entry into of this Ninth Supplemental
Indenture has been authorized pursuant to a Board Resolution as required by Section 9.01 of the Base Indenture;

 

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WHEREAS, the Company has requested that the Trustee
execute and deliver this Ninth Supplemental Indenture, and whereas all actions required by it to be taken in order to make this Ninth
Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms have been taken and performed, and the
execution and delivery of this Ninth Supplemental Indenture has been duly authorized in all respects; and

 

NOW, THEREFORE, the Company and the Trustee mutually
covenant and agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.         
Definition of Terms. For all purposes of this Ninth Supplemental Indenture:

 

(a)       
a term defined anywhere in this Ninth Supplemental Indenture has the same meaning throughout;

 

(b)       
capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Base Indenture;

 

(c)       
the singular includes the plural and vice versa;

 

(d)       
headings are for convenience of reference only and do not affect interpretation; and

 

(e)       
for purposes of this Ninth Supplemental Indenture and the Base Indenture, the term “series” shall mean the series
of securities designated as the Senior Notes.

 

Article
2

THE SENIOR DEBT SECURITIES

 

Section 2.01.         
Terms of the Senior Notes. The following terms relating to the Senior Notes are hereby established pursuant to Section 3.01
of the Base Indenture:

 

(a)       
The title of the Senior Notes shall be the “$1,000,000,000 5.516% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2028”;

 

(b)       
The aggregate principal amount of the Senior Notes that may be authenticated and delivered under the Indenture shall not initially
exceed $1,000,000,000 (except as otherwise provided in the Indenture);

 

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(c)       
Principal on the Senior Notes shall be payable on September 30, 2028 (the “Maturity Date”), unless earlier redeemed
in accordance with the provisions set forth in Article 11 of the Indenture;

 

(d)       
The Senior Notes shall be issued in global registered form on or about June 30, 2022;

 

(e)       
The Senior Notes shall bear interest from (and including) June 30, 2022 to (but excluding) September 30, 2027 (the “Reset
Date”), at a rate of 5.516% per annum, and from (and including) the Reset Date to (but excluding) the Maturity Date (the “Reset
Period”), at a rate per annum equal to the applicable U.S. Treasury Rate (as defined below) as determined by the Calculation
Agent on the Reset Determination Date (as defined below), plus 2.270%. Interest on the Senior Notes will be paid semi-annually in arrear
on March 30 and September 30 of each year (each, an “Interest Payment Date”), beginning on September 30, 2022, to (and
including) the Maturity Date;

 

The “Reset Determination Date”
will be the second business day immediately preceding the Reset Date;

 

A “business day” means
any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised or required
by law or regulation to close in the City of New York or in the City of London;

 

Interest on the Senior Notes will be calculated
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of
days elapsed in such period;

 

The “Regular Record Dates”
for the Senior Notes will be the 15th day of each March and September of each year, whether or not a business day, immediately preceding
the relevant Interest Payment Date;

 

If any scheduled Interest Payment Date
is not a business day, the Company will pay interest on the next day that is a business day, but interest on such payment will not accrue
during the period from and after such scheduled Interest Payment Date;

 

If the scheduled Maturity Date or date
of redemption or repurchase or repayment of the Senior Notes is not a business day, the Company may pay interest and principal on the
next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity date
or date of redemption, repurchase or repayment;

 

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(f)       
 The U.S. Treasury Rate shall be determined by the Calculation Agent in accordance with the following provisions:

 

“U.S. Treasury Rate” means, with
respect to the Reset Date, the rate per annum equal to: (1) the average of the yields on actively traded U.S. Treasury securities adjusted
to constant maturity, for one-year maturities, for the five business days immediately prior to the Reset Determination Date and appearing
under the caption “Treasury constant maturities” at 5:00 p.m. (New York City time) on the Reset Determination Date, in the
applicable most recently published statistical release designated “H.15 Daily Update”, or any successor publication that is
published by the Board of Governors of the Federal Reserve System that establishes yields on actively traded U.S. Treasury securities
adjusted to constant maturity, under the caption “Treasury Constant Maturities”, for the maturity of one year; or (2) if such
release (or any successor release) is not published during the week immediately prior to the Reset Determination Date or does not contain
such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using
a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
the Reset Date;

 

If the U.S. Treasury Rate cannot be determined,
for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate” means the rate in percentage per annum as notified
by the Calculation Agent to the Company equal to the yield on U.S. Treasury securities having a maturity of one year as set forth in the
most recently published statistical release designated “H.15 Daily Update” under the caption “Treasury constant maturities”
(or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields
on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury constant maturities”
for the maturity of one year) at 5:00 p.m. (New York City time) on the Reset Determination Date on which such rate was set forth in such
release (or any successor release);

 

“Comparable Treasury Issue” means,
with respect to the Reset Period, the U.S. Treasury security or securities selected by the Company with a maturity date on or about the
last day of the Reset Period and that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of one year;

 

“Comparable Treasury Price” means,
with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the Reset Date (calculated
on the Reset Determination Date preceding the Reset Date),

 

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after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received, the arithmetic average
of all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations are received, then such Reference Treasury
Dealer Quotation as quoted in writing to the Calculation Agent by a Reference Treasury Dealer;

 

“Reference Treasury Dealer” means
each of up to five banks selected by the Company (following, where practicable, consultation with the Calculation Agent), or the affiliates
of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing
corporate bond issues denominated in U.S. dollars;

 

“Reference Treasury Dealer Quotations”
means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic average, as determined by the Calculation Agent,
of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage of its principal amount,
at 11:00 a.m. (New York City time), on the Reset Determination Date;

 

(g)       
The Calculation Agent for the Senior Notes is National Westminster Bank plc or its successor appointed by the Company, pursuant
to a calculation agent agreement entered into on June 30, 2022;

 

(h)       
All percentages resulting from any calculation of any interest rate on the Senior Notes will be rounded, if necessary, to the nearest
one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward, and all dollar amounts would
be rounded to the nearest cent, with one-half cent being rounded upward;

 

(i)       
No premium, upon redemption or otherwise, shall be payable by the Company on the Senior Notes;

 

(j)       
The form of the Senior Notes shall be evidenced by one or more global notes in registered form substantially in the form of Exhibit
A attached to this Ninth Supplemental Indenture and made a part thereof;

 

(k)       
Principal of and any interest on the Senior Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent
of the Company having offices in London, United Kingdom;

 

(l)       
The Senior Notes shall not be redeemable except as provided in Article 11 of the Base Indenture as amended by ‎Section 3.08
and ‎Section 3.09 of this Ninth Supplemental Indenture. The Senior Notes shall not be redeemable at

 

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the option of the Holders at any time.
In connection with any redemption of Senior Notes pursuant to Section 11.08 of the Base Indenture, the date referenced therein shall be
June 30, 2022;

 

(m)       
The Company shall have no obligation to redeem or purchase the Senior Notes pursuant to any sinking fund or analogous provision;

 

(n)       
The Senior Notes shall be issued only in denominations of $200,000 and integral multiples of $1,000 in excess thereof;

 

(o)       
The principal amount of, and any accrued interest on, the Senior Notes shall be payable upon the declaration of acceleration thereof
pursuant to Section 5.02 of the Base Indenture, as amended by ‎Section 3.05 of this Ninth Supplemental Indenture;

 

(p)       
Additional Amounts shall only be payable on the Senior Notes pursuant to Section 10.04 of the Base Indenture;

 

(q)       
The Senior Notes shall not be converted into or exchanged at the option of the Company for stock or other securities of the Company;

 

(r)       
The Senior Notes shall be denominated in U.S. Dollars;

 

(s)       
The payment of principal of and interest, if any, on the Senior Notes shall be payable in U.S. Dollars;

 

(t)       
The payment of principal of and interest, if any, on the Senior Notes shall be payable only in the coin or currency in which the
Senior Notes are denominated which, pursuant to ‎(r) above, shall be U.S. Dollars;

 

(u)       
The Senior Notes will be issued in the form of one or more global securities in registered form, without coupons attached, and
the initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository Trust Company;

 

(v)       
Except in limited circumstances, the Senior Notes will not be issued in definitive form;

 

(w)       
The Events of Default on the Senior Notes are as set forth in Section 5.01 of the Base Indenture as amended by ‎Section 3.04
of this Ninth Supplemental Indenture; and

 

(x)       
The Company may issue additional Senior Notes (“Additional Senior Notes”) after the date hereof having the same
ranking and same interest

 

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rate, Maturity Date, redemption terms
and other terms as the Senior Notes except for the price to the public and issue date, provided however that if such additional notes
have the same CUSIP, ISIN and/or Common Code as the Outstanding Senior Notes, such additional notes must be fungible with the Senior Notes
for U.S. federal income tax purposes. Any such Additional Senior Notes, together with the Senior Notes will constitute a single series
of securities under the Indenture. There is no limitation on the amount of notes or other debt securities that the Company may issue under
the Indenture.

 

Article
3

AMENDMENTS TO THE BASE INDENTURE

 

Section 3.01.         
Addition of Definitions. With respect to the Senior Notes only, Section 1.01 of the Base Indenture is amended to include
the following definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order):

 

“Beneficial Owners”
shall mean (a) if the Senior Debt Securities are in global form, the beneficial owners of the Senior Debt Securities (and any interest
therein) and (b) if the Senior Debt Securities are held in definitive form, the Holders in whose names the Senior Debt Securities are
registered in the Senior Debt Security Register and any beneficial owners holding an interest in such Senior Debt Securities held in definitive
form.

 

“business day”
means any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised or
required by law or regulation to close in the City of New York or in the City of London.

 

“Calculation
Agent” shall mean National Westminster Bank Plc or its successor appointed by the Company, pursuant to a calculation agent agreement
expected to be entered into on June 30, 2022.

 

“Comparable Treasury Issue”
has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

“Comparable Treasury
Price” has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

“Default”
has the meaning set forth in Section 5.03.

 

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“Event of Default”
has the meaning set forth in Section 5.01.

 

“Independent
Adviser” means an independent financial institution of international repute or other independent financial adviser experienced
in the international capital markets, in each case appointed by the Company at its own expense.

 

“Interest Payment
Date” has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

“Issue Date”
means June 30, 2022.

 

“Loss Absorption
Disqualification Event” shall be deemed to have occurred if:

 

(i)           
at the time that any Loss Absorption Regulation becomes effective, and as a result of such Loss Absorption Regulation becoming
so effective, in each case with respect to the Company and/or the Regulatory Group, on or after the issue date of the Senior Notes, the
Senior Notes are or, in the Company’s opinion or in the opinion of the PRA are likely to be fully or partially excluded from the
Company’s and/or the Regulatory Group’s (A) own funds and eligible liabilities and/or (B) loss absorbing capacity instruments;
or

 

(ii)           
as a result of any amendment to, or change in, or replacement of, any Loss Absorption Regulation, or any change in the application
or official interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the issue date of the Senior
Notes, the Senior Notes are or, in the Company’s opinion or in the opinion of the PRA are likely to be, fully or partially excluded
from the Company’s and/or the Regulatory Group’s (A) own funds and eligible liabilities and/or (B) loss absorbing capacity
instruments,

 

in each case as such minimum
requirements are applicable to the Company and/or the Regulatory Group and determined in accordance with, and pursuant to, the relevant
Loss Absorption Regulations; provided that in the case of (i) and (ii) above, a Loss Absorption Disqualification Event shall not occur
where the exclusion of the Senior Notes from the relevant minimum requirement(s) is due to the remaining maturity of the Senior Notes
being less than any period prescribed by any applicable eligibility

 

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criteria for such minimum
requirements under the relevant Loss Absorption Regulations effective with respect to the Company and/or the Regulatory Group on the issue
date of the Senior Notes.

 

“Loss Absorption
Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules, standards and policies relating to
minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments of the United Kingdom, the PRA,
the United Kingdom resolution authority, the Financial Stability Board and/or of the European Parliament or of the Council of the European
Union then in effect in the United Kingdom including, without limitation to the generality of the foregoing, any delegated or implementing
acts (such as regulatory technical standards) adopted by the European Commission and any regulations, requirements, guidelines, rules,
standards and policies relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments
adopted by the PRA and/or the United Kingdom resolution authority from time to time (whether or not such regulations, requirements, guidelines,
rules, standards or policies are applied generally or specifically to the Company or to the Regulatory Group).

 

“Maturity Date”
has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

“Ninth Supplemental
Indenture” means this Ninth Supplemental Indenture under the Amended and Restated Indenture, dated as of June 30, 2022, among
the Company and the Trustee.

 

“PRA”
means the UK Prudential Regulation Authority and/or such other governmental authority in the United Kingdom having primary supervisory
authority with respect to the Company’s business.

 

“Reference Treasury
Dealer” has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

“Reference Treasury
Dealer Quotations” has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

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“Regulatory Group”
means the Company, the Company’s subsidiary undertakings, participations, participating interests and any subsidiary undertakings,
participations or participating interests held (directly or indirectly) by any of the Company’s subsidiary undertakings from time
to time and any other undertakings from time to time consolidated with the Company for regulatory purposes, in each case in accordance
with the rules and guidance of the PRA then in effect.

 

“Reset Determination
Date” has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

“Senior Creditors”
means creditors of the Company whose claims are admitted to proof in the winding up, liquidation, administration or other insolvency procedure
of the Company and who are unsubordinated creditors of the Company.

 

“Senior Notes”
has the meaning set forth in the recitals to the Ninth Supplemental Indenture.

 

“U.S. Treasury
Rate” has the meaning set forth in Section 2.01 of the Ninth Supplemental Indenture.

 

Section 3.02.      
Satisfaction and Discharge. With respect to the Senior Notes only, Section 4.01 of the Base Indenture is amended and restated
in its entirety and shall read as follows:

 

Section 4.01.Satisfaction and
Discharge of Amended and Restated Indenture. This Amended and Restated Indenture shall upon Company Request cease to be of further
effect with respect to the Senior Debt Securities (except as to any surviving rights of registration of transfer or exchange of the Senior
Debt Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Amended and Restated Indenture with respect to the Senior Debt Securities when:

 

		(a)	all Senior Debt Securities theretofore authenticated and delivered (other than (A) Senior Debt Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06 and (B) Senior Debt Securities
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to
the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee
for cancellation;

 

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		(b)	the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Senior Debt Securities;
and

 

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

 

Notwithstanding any satisfaction and
discharge of this Amended and Restated Indenture, the obligations of the Company to the Trustee under Section 6.07, the obligations of
the Trustee to any Authenticating Agent under Section 6.14 and the last paragraph of Section 10.03, shall survive such satisfaction and
discharge, including any termination under any bankruptcy law.

 

Section 3.03.     
Application of Trust Money. With respect to the Senior Notes only, Section 4.02 of
the Base Indenture is amended and restated in its entirety and shall read as follows:

 

Section
4.02.[Reserved].

 

Section 3.04.         
Events of Default. With respect to the Senior Notes only, Section 5.01 of the Base Indenture is amended and restated in
its entirety and shall read as follows:

 

Section 5.01.Events of Default.
“Event of Default”, wherever used herein with respect to the Senior Debt Securities, means the making of an order
by a court of competent jurisdiction which is not successfully appealed within 30 days of the making of such order, or valid adoption
by the shareholders of the Company of an effective resolution, for the winding-up of the Company (other than under or in connection with
a scheme of amalgamation or reconstruction not involving a bankruptcy or insolvency). The exercise of any U.K. bail-in power by the relevant
U.K. authority shall not constitute a default or an Event of Default under this Section 5.01 or a Default under Section 5.03.

 

Section 3.05.         
Acceleration of Maturity; Rescission and Annulment. With respect to the Senior Notes only, Section 5.02 of the Base Indenture
is amended by adding the following at the end of the section:

 

If the Senior Debt Securities become
due and payable and the Company fails to pay such amounts (or any damages awarded for breach

 

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of any obligations in respect of the
Senior Debt Securities or this Amended and Restated Indenture) forthwith upon demand, notwithstanding the continuing right of any Holder
to receive payment of the principal of and interest on the Senior Debt Securities, or to institute suit for the enforcement of any such
payment, each as provided for under Section 316(b) (Directions and Waivers by Bondholders; Prohibition of Impairment of Holders’
Right to Repayment) of the Trust Indenture Act, the Trustee, in its own name and as trustee of an express trust, may institute proceedings
for the winding up of the Company, and/or prove in a winding up of the Company for all such due and payable amounts (including any damages
awarded for breach of any obligations in respect of the Senior Debt Securities or this Amended and Restated Indenture) but no other remedy
shall be available to the Trustee or the Holders.

 

Section 3.06.      
Defaults; Collection of Indebtedness and Suits for Enforcement by Trustee. With respect to the Senior Notes only, Section
5.03 of the Base Indenture is amended and restated in its entirety and shall read as follows:

 

Section 5.03.Defaults; Collection
of Indebtedness and Suits for Enforcement by Trustee. “Default” wherever used herein with respect to the Senior
Debt Securities of a particular series, means any one of the following events (subject as provided below, whatever the reason for such
Default and whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or governmental body):

 

		(a)	the Company fails to pay any installment of interest in respect of the Senior Debt Securities of such series on or before the relevant
Interest Payment Date and such failure continues for 14 days; or

 

		(b)	the Company fails to pay all or any part of the principal amount of the Senior Debt Securities of such series when it otherwise becomes
due and payable, whether upon redemption or otherwise, and such failure continues for 7 days.

 

If a Default occurs and is continuing,
the Trustee may commence a proceeding for the winding up of the Company, provided that the Trustee may not declare the principal amount
of any Outstanding Senior Debt Securities of any series to be due and payable.

 

Subject to applicable law, the Trustee
(acting on behalf of the Holders) and the Holders of the Senior Debt Securities by their acceptance thereof will be deemed to have waived
to the fullest extent permitted by law any right of set-off, counterclaim or combination of accounts with respect to the

 

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Senior Debt Securities, the Ninth Supplemental
Indenture or this Amended and Restated Indenture (or between the Company’s obligations under or in respect of any Senior Debt Security
and any liability owed by a Holder to the Company) that they (or the Trustee acting on their behalf) might otherwise have against the
Company, whether before or during any winding-up, liquidation or administration of the Company. Notwithstanding the above, if any of such
rights and claims of any such Holder (or the Trustee acting on behalf of such Holders) against the Company are discharged by set-off,
such Holder (or the Trustee acting on behalf of such Holders) will immediately pay an amount equal to the amount of such discharge to
the Company or, in the event of any winding-up, liquidation or administration of the Company, the liquidator or administrator (or other
relevant insolvency official), as the case may be, to be held on trust for the Senior Creditors and until such time as payment is made
will hold a sum equal to such amount on trust for the Senior Creditors and accordingly such discharge shall be deemed not to have taken
place.

 

Notwithstanding the foregoing and any other
provisions, a failure to make any payment on the Senior Debt Securities of any series shall not be a Default if it is withheld or refused,
upon independent counsel’s advice delivered to the Trustee, in order to comply with any applicable fiscal or other law or regulation
or order of any court of competent jurisdiction, provided, however, that the Trustee may require the Company to take any action which,
upon independent counsel’s advice delivered to the Trustee, is appropriate and reasonable in the circumstances (including proceedings
for a court declaration), in which case the Company shall immediately take and expeditiously proceed with the action and shall be bound
by any final resolution resulting therefrom. If any such action results in a determination that the relevant payment can be made without
violating any applicable law, regulation or order then the payment shall become due and payable on the expiration of the applicable 14-day
or seven-day period after the Trustee gives written notice to the Company informing it of such determination.

 

Upon the occurrence of any Event of Default
or Default, the Company shall give prompt written notice to the Trustee. Except as otherwise provided in this Article 5, the Trustee may
proceed to protect and enforce its rights and the rights of the Holders of the Senior Debt Securities whether in connection with any breach
by the Company of its obligations under the Senior Debt Securities, this Amended and Restated Indenture or otherwise, including by judicial
proceedings, provided that the Company shall not, as a result of any such action by the Trustee, be required to pay

 

    14 

     

    

any amount representing or measured by
reference to principal or interest on the Senior Debt Securities of any series prior to any date on which the principal of, or any interest
on, the Senior Debt Securities of any such series would have otherwise been payable.

 

No recourse for the payment of the principal
of (or premium, if any) or interest, if any, on any Senior Debt Security, or for any claim based thereon and no recourse under or upon
any obligation, covenant or agreement of the Company in this Amended and Restated Indenture, or in any Senior Debt Security, or because
of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, past,
present or future, of the Company or of any successor corporation of the Company, either directly or through the Company or any successor
corporation whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise;
it being expressly understood that to the extent lawful all such liability is hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Amended and Restated Indenture and the issue of the Senior Debt Securities.

 

No remedy against the Company, other than
as referred to in Article 5 of this Amended and Restated Indenture, shall be available to the Trustee or the Holders of the Senior Debt
Securities whether for the recovery of amounts owing in respect of such Senior Debt Securities or under this Amended and Restated Indenture
or in respect of any breach by the Company of its obligations under this Amended and Restated Indenture or in respect of the Senior Debt
Securities, except that the Trustee and the Holders shall have such rights and powers as they are entitled to have under the Trust Indenture
Act, including the Trustee’s prior lien on any amounts collected following a Default or Event of Default for payment of the Trustee’s
fees and expenses, and provided that any payments on the Senior Debt Securities are subject to the ranking provisions set forth in this
Amended and Restated Indenture.

 

Notwithstanding any contrary provisions,
nothing shall impair the right of a Holder, absent the Holder’s consent, to sue for any payments due but unpaid with respect to
the Senior Debt Securities.

 

Section 3.07.         
With respect to the Senior Notes only, Sections 5.07(a), 5.07(b), 5.11, 5.13, 6.02, 6.03(i), 8.03(c) of the Base Indenture shall
be amended to add the words “or Default” after each appearance of the words “Event of Default”.

 

    15 

     

    

Section 3.08.         
Additional Amounts. With respect to the Senior Notes only, Section 10.04 of the Base Indenture is amended to delete Sections
10.04(v) and 10.04(vii) and the rest of the Section 10.04 is deemed to have changed to the extent affected by the changes described in
this Section 3.08.

 

Section 3.09.         
Optional Redemption Due to Changes in Tax Treatment. With respect to the Senior Notes only, Section 11.08 of the Base Indenture
is amended to replace in the first paragraph the word “Unless” with the words “Subject to Sections 11.04 and 11.11 and
unless”.

 

Section 3.10.         
Redemption of Senior Debt Securities. With respect to the Senior Notes only, Article 11 of the Base Indenture is amended
to amend and restate Section 11.04 and to add a Section 11.09, Section 11.10 and Section 11.11, each of which shall read as follows:

 

Section 11.04. Notice of Redemption.
Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Senior Debt Securities, notice of redemption shall
be given (i) not less than 5 business days nor more than 60 calendar days prior to the Redemption Date to each Holder of Senior Debt Securities
to be redeemed and (ii) to Trustee at least 5 business days prior to such date, unless a shorter notice period shall be satisfactory to
the Trustee in the manner and to the extent provided in Section 1.06.

 

Any redemption notice will state:

 

		a)	the Redemption Date;

 

		b)	the Redemption Price;

 

		c)	that, and subject to what conditions, the Redemption Price will become due and payable on the Redemption Date and that payments will
cease to accrue on such date;

 

		d)	the place or places at which each Holder may obtain payment of the Redemption Price; and

 

		e)	the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to such series of Senior Debt Securities.

 

Notice of redemption of Senior Debt
Securities to be redeemed at the selection of the Company shall be given by the Company or, at the Company’s Request, by the Trustee
in the name and at the expense of the Company.

 

    16 

     

    

Section 11.09.Optional Redemption.
Subject to Section 11.11, the Company may, at the Company’s option and in its sole discretion, redeem the Senior Debt Securities,
in whole but not in part, on September 30, 2027, at a Redemption Price equal to 100% of the principal amount of the Senior Debt Securities
of any series together with any accrued but unpaid interest to, but excluding, the Redemption Date.

 

Section 11.10. Loss Absorption
Disqualification Event Redemption. Subject to Sections 11.04 and 11.11, the Company may, at the Company’s option and in its
sole discretion, redeem the Senior Debt Securities, in whole but not in part, at a Redemption Price equal to 100% of the principal amount
of the Senior Debt Securities of any series together with any accrued but unpaid interest to, but excluding, the Redemption Date, if the
Company determines that a Loss Absorption Disqualification Event has occurred and is continuing.

 

Before the publication of any notice of
redemption pursuant to a Loss Absorption Disqualification Event, the Company shall deliver to the Trustee a certificate signed by two
authorised signatories of the Company stating that, in such signatories’ belief, the condition for redemption has occurred and is
continuing as at the date of the certificate, and the Trustee is entitled to conclusively rely on and shall accept such certificate as
sufficient evidence of such occurrence, in which event it shall be conclusive and binding on the Holders.

 

Section 11.11. Conditions to Redemption
and Repurchase. Notwithstanding any other provision, the Company may only redeem Senior Debt Securities of any series prior to their
Maturity Date (as provided for in Section 11.08, Section 11.09 and Section 11.10) or repurchase Senior Debt Securities of any series (and
give notice thereof to the Holders of such series of Senior Debt Securities in the case of redemption) if the Company has obtained the
prior consent of the PRA, to the extent such consent is at the relevant time and in the relevant circumstances required (if at all) by
the Loss Absorption Regulations or applicable laws or regulations in effect in the United Kingdom.

 

Article
4

MISCELLANEOUS

 

Section 4.01.      
Effect of Supplemental Indenture. Upon the execution and delivery of this Ninth Supplemental Indenture by the Company and
the Trustee, and the delivery of the documents referred to in ‎Section 4.02 herein, the Base Indenture shall be amended and supplemented
in accordance herewith, and this

 

    17 

     

    

Ninth Supplemental Indenture shall form
a part of the Base Indenture for all purposes in respect of the Senior Notes.

 

Section 4.02.         
Other Documents to Be Given to the Trustee. As specified in Section 9.03 of the Base Indenture and subject to the provisions
of Section 6.03 of the Base Indenture, the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel
stating the recitals contained in Section 1.02 of the Base Indenture, and in the case of such Opinion of Counsel, that this Ninth Supplemental
Indenture is authorized or permitted by the Base Indenture, conforms to the requirements of the Trust Indenture Act, and (subject to Section
1.03 of the Base Indenture) constitutes valid and binding obligations of the Company enforceable in accordance with their terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable
principles of general applicability and may be subject to possible judicial or regulatory actions giving effect to governmental actions
or foreign laws affecting creditors’ rights, as conclusive evidence that this Ninth Supplemental Indenture complies with the applicable
provisions of the Base Indenture.

 

Section 4.03.         
Confirmation of Indenture. The Base Indenture and this Ninth Supplemental Indenture with respect to the Senior Notes, is
in all respects ratified and confirmed, including without limitation Section 6.07 and Article 12 of the Base Indenture, and the Base Indenture,
this Ninth Supplemental Indenture and all indentures supplemental thereto shall, in respect of the Senior Notes, be read, taken and construed
as one and the same instrument. This Ninth Supplemental Indenture constitutes an integral part of the Base Indenture with respect to the
Senior Notes. In the event of a conflict between the terms and conditions of the Base Indenture and the terms and conditions of this Ninth
Supplemental Indenture, the terms and conditions of this Ninth Supplemental Indenture shall prevail with respect to the Senior Notes.

 

Section 4.04.         
Concerning the Trustee. The Trustee does not make any representations as to the validity or sufficiency of this Ninth Supplemental
Indenture. The recitals and statements herein are deemed to be those of the Company and not the Trustee. In entering into this Ninth Supplemental
Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting
the liability of or affording protection to the Trustee.

 

Section 4.05.         
Governing Law. This Ninth Supplemental Indenture and the Senior Notes shall be governed by and construed in accordance with
the laws of the State of New York, irrespective of conflicts of laws principles, except as stated in Section 1.12 of the Base Indenture,
and except that the authorization and

 

    18 

     

    

execution by the Company of this Ninth
Supplemental Indenture and the Senior Notes shall be governed by (in addition to the laws of the State of New York relevant to execution)
the respective jurisdictions of the Company and the Trustee, as the case may be.

 

Section 4.06.         
Reparability. In case any provision contained in this Ninth Supplemental Indenture shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 4.07.         
Counterparts. This Ninth Supplemental 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.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    19 

     

    

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

 

	 	NATWEST GROUP PLC, as the Company
	 	 
	 	 
	 	By:	/s/ Donal Quaid
	 	 	Name:Donal Quaid
	 	 	Title:   Group Treasurer

 

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Trustee
	 	 
	 	 
	 	By:	/s/ Thomas Bolton
	 	 	Name: Thomas Bolton
	 	 	Title:   Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Ninth Supplemental Indenture]

     

     

    

EXHIBIT A

 

FORM OF SENIOR NOTES

 

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

 

CUSIP No. [●]

ISIN No. [●]

 

NATWEST GROUP PLC

 

[●] [●]%
SENIOR CALLABLE FIXED-TO-FIXED RESET RATE NOTES DUE 20[●]

 

(“SENIOR NOTES”)

 

No. [●]$[●]

 

NATWEST GROUP plc (herein called the “Company,”
which term includes any successor person under the Indenture (as defined on the reverse hereof)), for value received, hereby promises
to pay to CEDE & CO., or registered assignees, the principal sum of $[●] ([●] million dollars) on [●], 20[●]
(the “Maturity Date”), or on such earlier date as the principal hereof may become due in accordance with the terms
hereof and to pay interest thereon in accordance with the terms set out below.

 

The Senior Notes shall bear interest from (and
including) [●], 2022 to (but excluding) [·] (the “Reset Date”),
at a rate of [●]% per annum, and from (and including) the Reset Date to (but excluding) the Maturity Date (the “Reset 

 

     

     

    

Period”), at a rate per annum equal
to the applicable U.S. Treasury Rate (as defined below) as determined by the Calculation Agent on the Reset Determination Date (as defined
below), plus [●]%. Interest on the Senior Notes will be paid semi-annually in arrear on [·]
and [·] of each year (each, an “Interest Payment Date”), beginning
on [●], 2022, to (and including) the Maturity Date. The Company’s obligation to pay the principal of and any interest on the
Senior Notes shall not be deferrable.

 

The “Reset Determination Date”
will be the second business day immediately preceding the Reset Date.

 

A “business day” means any
day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised or required
by law or regulation to close in the City of New York or in the City of London.

 

The “Calculation Agent” for
the Senior Notes is National Westminster Bank plc or its successor appointed by the Company, pursuant to a calculation agent agreement
entered into on [●], 2022. The Calculation Agent shall determine the U.S. Treasury Rate in accordance with the following provisions:

 

(i)       “U.S.
Treasury Rate” means, with respect to the Reset Date, the rate per annum equal to: (1) the average of the yields on actively
traded U.S. Treasury securities adjusted to constant maturity, for one-year maturity, for the five business days immediately prior to
the Reset Determination Date and appearing under the caption “Treasury constant maturities” at 5:00 p.m. (New York City time)
on the Reset Determination Date in the applicable most recently published statistical release designated “H.15 Daily Update”,
or any successor publication that is published by the Board of Governors of the Federal Reserve System that establishes yields on actively
traded U.S. Treasury securities adjusted to constant maturity, under the caption “Treasury Constant Maturities”, for the maturity
of one year; or (2) if such release (or any successor release) is not published during the week immediately prior to the Reset Determination
Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for the Reset Date.

 

(ii)If the U.S. Treasury Rate cannot be determined,
for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate” means the rate in percentage per annum as notified
by the Calculation Agent to the Company equal to the yield on U.S. Treasury securities having a maturity of one year as set

 

    2 

     

    

forth in the most recently published statistical
release designated “H.15 Daily Update” under the caption “Treasury constant maturities” (or any successor publication
that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury
securities adjusted to constant maturity under the caption “Treasury constant maturities” for the maturity of one year) at
5:00 p.m. (New York City time) on the Reset Determination Date on which such rate was set forth in such release (or any successor release).

 

“Comparable Treasury Issue” means,
with respect to the Reset Period, the U.S. Treasury security or securities selected by the Company with a maturity date on or about the
last day of the Reset Period and that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of one year.

 

“Comparable Treasury Price” means,
with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the Reset Date (calculated
on the Reset Determination Date preceding the Reset Date), after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if fewer than five such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii)
if fewer than two such Reference Treasury Dealer Quotations are received, then such Reference Treasury Dealer Quotation as quoted in writing
to the Calculation Agent by a Reference Treasury Dealer.

 

“Reference Treasury Dealer” means
each of up to five banks selected by the Company (following, where practicable, consultation with the Calculation Agent), or the affiliates
of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing
corporate bond issues denominated in U.S. dollars.

 

“Reference Treasury Dealer Quotations”
means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic average, as determined by the Calculation Agent,
of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage of its principal amount,
at 11:00 a.m. (New York City time), on the Reset Determination Date.

 

All percentages resulting from any calculation
of any interest rate on the Senior Notes will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with
five one-millionths of a percentage point rounded

 

    3 

     

    

upward, and all dollar amounts would be rounded
to the nearest cent, with one-half cent being rounded upward.

 

Interest on the Senior Notes will be calculated
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of
days elapsed in such period.

 

The “Regular Record Dates”
for the Senior Notes will be the 15th day of each [●] and [●] of each year, whether or not a business day, immediately preceding
the relevant Interest Payment Date.

 

If (i) the Company fails to pay any installment
of interest in respect of this Senior Note on or before the relevant Interest Payment Date and such failure continues for 14 days, or
(ii) the Company fails to pay all or any part of the principal amount of this Senior Note when it otherwise becomes due and payable, whether
upon redemption or otherwise, and such failure continues for 7 days (each of (i) and (ii), a “Default”), the Trustee
may commence a proceeding for the winding up of the Company, provided that the Trustee may not declare the principal amount of any Outstanding
Senior Notes to be due and payable.

 

Payment of the principal amount of, and any interest
on, this Senior Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. Such payment shall be made to the Holder including through a Paying Agent of the Company outside
the United Kingdom for collection by the Holder.

 

Prior to due presentment of this Senior Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Senior Note is registered as the owner of such Senior Note for the purpose of receiving payment of principal and interest, if any, on
such Senior Note and for all other purposes whatsoever, whether or not such Senior Note be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

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

 

Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Senior Note

 

    4 

     

    

shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

Notwithstanding any other term of any Senior Notes,
the Indenture, or any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner, by its
acquisition of this Senior Note, each Holder (including each Beneficial Owner) of this Senior Note acknowledges, accepts, agrees to be
bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. authority that may result in (i) the reduction or
cancellation of all, or a portion, of the principal amount of, or interest on, this Senior Note; (ii) the conversion of all, or a portion,
of the principal amount of, or interest on, this Senior Note into ordinary shares or other securities or other obligations of the Company
or another person; and (iii) the amendment or alteration of the maturity of this Senior Note, or amendment of the amount of interest due
on this Senior Note, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which U.K.
bail-in power may be exercised by means of variation of the terms of this Senior Note solely to give effect to the exercise by the relevant
U.K. authority of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of this Senior Note further acknowledges and
agrees that the rights of the Holders and/or Beneficial Owners under this Senior Note are subject to, and will be varied, if necessary,
solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. authority.

 

For these purposes, “U.K. bail-in power” means any
write-down, conversion, transfer, modification or suspension power existing from time to time under any laws, regulations, rules or requirements
relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in the United Kingdom
in effect and applicable in the United Kingdom to the Company or other members of the Group, including but not limited to any such laws,
regulations, rules or requirements which are implemented, adopted or enacted within the context of a European Union directive or regulation
of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment
firms (notwithstanding that the U.K. is no longer a member state of the European Union) and/or within the context of a U.K. resolution
regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant to the U.K. Financial Services
(Banking Reform) Act 2013 (the “Banking Reform Act 2013”), secondary legislation or otherwise, the “Banking
Act”), pursuant to which any obligations of a bank, banking group company, credit institution or investment firm or any of its
affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other securities or obligations of the

 

    5 

     

    

obligor or any other person (or suspended for a temporary period) or
pursuant to which any right in a contract governing such obligations may be deemed to have been exercised, “relevant U.K. authority”
means any authority with the ability to exercise a U.K. bail-in power.

 

    6 

     

    

IN WITNESS WHEREOF, the Company has caused this
Senior Note to be duly executed.

 

Dated: [●], 2022

 

 

	 	Executed by

                                             
 NATWEST GROUP PLC

	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Authorized Signatory

 

 

 

 

 

 

    7 

     

    

CERTIFICATE OF AUTHENTICATION

 

This is one
of the Senior Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated: [●], 2022

 

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH

	 	as Trustee
	 	 
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 	

 

 

 

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[Reverse of Note]

 

This
note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued and to
be issued in one or more series under an amended and restated Indenture dated as of December 13, 2017 (the “Amended and
Restated Indenture”), as amended and supplemented in respect of the Senior Notes by the Ninth Supplemental Indenture dated as
of [●], 2022 (the “Ninth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
in each case among the Company, as issuer, and The Bank of New York Mellon, acting
through its London Branch as trustee (herein called the “Trustee,” which term includes any successor trustee under
the Indenture). Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes and of the terms
upon which the Senior Notes are, and are to be, authenticated and delivered.

 

This Senior Note is one of the series designated
on the face hereof, initially limited in aggregate principal amount to $[●].

 

The Company may, from time to time, without the
consent of the Holders of the Senior Notes, issue Additional Senior Debt Securities having the same ranking and interest rate, Maturity
Date, redemption terms and other terms as the Senior Notes of this series, except for the price to the public and issue date. Any such
Additional Senior Debt Securities, together with the Senior Notes of this series, will constitute a single series of Senior Notes under
the Indenture and shall be included in the definition of “Senior Debt Securities” in the Indenture where the context requires;
provided, however, that if such Additional Senior Debt Securities are not fungible with the Outstanding Senior Notes of this series for
U.S. federal income tax purposes, the Additional Senior Debt Securities must have a CUSIP, ISIN and/or other identifying number (as the
case may be) different from those used for the Outstanding Senior Notes of this series.

 

The Senior Notes will initially be issued in the
form of one or more global Senior Notes (each, a “Global Senior Note”). Except as provided in the Indenture, a Global
Senior Note shall not be exchangeable for one or more definitive Senior Notes.

 

The Senior Notes of this series will constitute
direct, unconditional, unsecured and unsubordinated obligations of the Company, as described herein, ranking pari passu without
any preference among themselves, and equally with all other outstanding unsecured and unsubordinated obligations, present and future of
the Company, except such obligations as are preferred by operation of law.

 

If an Event of Default with respect to the Senior
Notes of this series shall have occurred and be continuing, the Trustee or the Holder or Holders of not less than 25% in aggregate principal
amount of the Outstanding Senior Notes of this series may declare the principal amount of, and any accrued interest on, all the Senior
Notes to be due and

 

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payable immediately, in the manner, with the effect
and subject to the conditions provided in the Indenture.

 

Except as otherwise provided in Article 5 of the
Indenture, the Trustee may proceed to protect and enforce its rights and the rights of the Holders of the Senior Notes whether in connection
with any breach by the Company of its obligations under the Senior Notes, the Indenture or otherwise, including by judicial proceedings,
provided that the Company shall not, as a result of any such action by the Trustee, be required to pay any amount representing or measured
by reference to principal or interest on the Senior Notes prior to any date on which the principal of, or any interest on, the Senior
Notes would have otherwise been payable.

 

If a Default occurs and is continuing, the Trustee
may commence a proceeding for the winding up of the Company, provided that the Trustee may not declare the principal amount of any Outstanding
Senior Notes to be due and payable.

 

Notwithstanding any other provisions of the Indenture,
failure to make any payment on the Senior Notes shall not be a Default if it is withheld or refused, upon independent counsel’s
advice delivered to the Trustee, in order to comply with any applicable fiscal or other law or regulation or order of any court of competent
jurisdiction, provided, however, that the Trustee may require the Company to take any action which, upon independent counsel’s advice
delivered to the Trustee, is appropriate and reasonable in the circumstances (including proceedings for a court declaration), in which
case the Company shall immediately take and expeditiously proceed with the action and shall be bound by any final resolution resulting
therefrom. If any such action results in a determination that the relevant payment can be made without violating any applicable law, regulation
or order then the payment shall become due and payable on the expiration of the applicable 14-day or seven-day period after the Trustee
gives written notice to the Company informing it of such determination.

 

Subject to applicable law, the Trustee (acting
on behalf of the Holders) and the Holders of the Senior Notes by their acceptance thereof will be deemed to have waived to the fullest
extent permitted by law any right of set-off, counterclaim or combination of accounts with respect to the Senior Notes, the Ninth Supplemental
Indenture or the Amended and Restated Indenture (or between the Company’s obligations under or in respect of the Senior Notes and
any liability owed by a Holder to the Company) that they (or the Trustee acting on their behalf) might otherwise have against the Company,
whether before or during any winding-up, liquidation or administration of the Company. Notwithstanding the above, if any of such rights
and claims of any such Holder (or the Trustee acting on behalf of such Holders) against the Company are discharged by set-off, such Holder
(or the Trustee acting on behalf of such Holders) will immediately pay an amount equal to the amount of such discharge to the Company
or, in the event of any winding-up, liquidation or administration of the Company, the liquidator or administrator (or other relevant insolvency
official), as the case may be, to be held on trust for the Senior Creditors and until such time as payment is made will hold a sum equal
to such

 

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amount on trust for the Senior Creditors and accordingly
such discharge shall be deemed not to have taken place.

 

No remedy against the Company, other than as referred
to in Article 5 of the Indenture, shall be available to the Trustee or the Holders of the Senior Notes whether for the recovery of amounts
owing in respect of such Senior Notes or under the Indenture or in respect of any breach by the Company of its obligations under the Indenture
or in respect of the Senior Notes, except that the Trustee and the Holders shall have such rights and powers as they are entitled to have
under the Trust Indenture Act, including the Trustee’s prior lien on any amounts collected following a Default or Event of Default
for payment of the Trustee’s fees and expenses, and provided that any payments on the Senior Notes are subject to the ranking provisions
set forth in the Indenture.

 

All amounts of principal, premium, if any, and
interest on the Senior Notes will be paid by the Company without deduction or withholding for, or on account of, any and all present and
future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings now or hereafter imposed, levied,
collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or any authority thereof or therein
having the power to tax (the “U.K. Taxing Jurisdiction”), unless such deduction or withholding is required by law.

 

If deduction or withholding of any such taxes,
levies, imposts, duties, charges, fees, deductions or withholdings shall at any time be required by the U.K. Taxing Jurisdiction, the
Company will pay such additional amounts with respect to the principal of and premium, if any, and interest on the Senior Notes (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holders of the Senior Notes, after such deduction or
withholding, shall equal the amounts of such payments which would have been payable in respect of such Senior Notes had no such deduction
or withholding been required; provided, however, that the foregoing will not apply to any such tax, levy, impost, duty, charge, fee, deduction
or withholding that would not have been payable or due but for the fact that:

 

(i) the Holder or the beneficial owner of the Senior
Note is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or physically present
in, the U.K. Taxing Jurisdiction or otherwise has some connection with the U.K. Taxing Jurisdiction other than the mere holding or ownership
of a Senior Note, or the collection of the payment on any Senior Note,

 

(ii) except in the case of a winding-up of the
Company in the United Kingdom, the Senior Note is presented (where presentation is required) for payment in the United Kingdom,

 

(iii) the Senior Note is presented (where presentation
is required) for payment more than 30 days after the date payment became due or was provided for, whichever is later, except to the extent
that the Holder would have been entitled to such Additional

 

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Amount on presenting (where presentation is required)
the Senior Note for payment at the close of such 30 day period,

 

(iv) the Holder or the beneficial owner of the
Senior Note or the payment on such Senior Note failed to comply with a request by the Company or its liquidator or other authorized person
addressed to the Holder (x) to provide information concerning the nationality, residence or identity of the Holder or such beneficial
owner or (y) to make any declaration or other similar claim to satisfy any requirement, which in the case of (x) or (y), is required or
imposed by a statute, treaty, regulation or administrative practice of the U.K. Taxing Jurisdiction as a precondition to exemption or
relief from all or part of such deduction or withholding,

 

(v) the withholding or deduction is required to
be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any agreement with the U.S. Treasury
entered into with respect thereto, any U.S. Treasury regulation issued thereunder or any other official interpretations or guidance issued
with respect thereto; any intergovernmental agreement entered into with respect thereto, or any law, regulation, or other official interpretation
or guidance promulgated pursuant to such an intergovernmental agreement, or

 

(vi) any combination of subclauses (i) through
(v) above,

 

nor shall Additional Amounts be paid with respect
to a payment on the Senior Notes to any Holder who is a fiduciary or partnership or person other than the sole beneficial owner of such
payment to the extent such payment would be required by the laws of the U.K. Taxing Jurisdiction to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not
have been entitled to such Additional Amounts, had it been the Holder.

 

Whenever in the Indenture there is mentioned, in
the context of Senior Notes, the payment of the principal, premium, if any, or interest on, or in respect of, any Senior Notes, such mention
shall be deemed to include mention of the payment of Additional Amounts provided for herein to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof pursuant to the provisions of the foregoing paragraph and as if express mention
of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.

 

The Company will have the option to redeem Senior
Notes of this series, in whole but not in part, on not less than 5 business days nor more than 60 calendar days’ notice, at any
time, at a Redemption Price equal to 100% of the principal amount, together with accrued but unpaid interest, if any, in respect of the
Senior Notes to the date fixed for redemption, if, at any time, the Company shall determine that as a result of a change in or amendment
to the laws or regulations of the U.K. Taxing Jurisdiction (including any treaty to which a U.K. Taxing Jurisdiction is a party), or any
change in the official

 

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application or interpretation of such laws or regulations
(including a decision of any court or tribunal) which change or amendment becomes effective on or after [●], 2022:

 

(a)           
in making any payment under the Senior Notes, including any payment in respect of principal or premium, if any, or interest, the
Company has or will or would on the next Interest Payment Date become obligated to pay Additional Amounts;

 

(b)           
payment of interest on the next Interest Payment Date in respect of any of the Senior Notes would be treated as a “distribution”
within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment
thereof for the time being); or

 

(c)           
on the next Interest Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest
in computing its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced).

 

In any case where the Company shall determine that
as a result of any change in the official application or interpretation of any laws or regulations it is entitled to redeem Senior Notes
of this series, the Company shall be required to deliver to the Trustee prior to the giving of any notice of redemption a written legal
opinion of independent United Kingdom counsel of recognized standing (selected by the Company) in a form satisfactory to the Trustee confirming
that the relevant change in the official application or interpretation of such laws or regulations has occurred and that the Company is
entitled to exercise its right of redemption.

 

The Company may, at the Company’s option
and in its sole discretion, redeem Senior Notes of this series, in whole but not in part, on [●], 20[●], at a Redemption Price
equal to 100% of the principal amount of the Senior Notes of this series together with any accrued but unpaid interest to, but excluding,
the Redemption Date.

 

The Company may, at the Company’s option
and in its sole discretion, redeem Senior Notes of this series, in whole but not in part, at any time during the Fixed Rate Period and
thereafter only on a Floating Rate Period Interest Payment Date, at a Redemption Price equal to 100% of the principal amount of the Senior
Notes of this series together with any accrued but unpaid interest to, but excluding, the Redemption Date, if the Company determines that
a Loss Absorption Disqualification Event has occurred and is continuing. Before the publication of any notice of redemption pursuant to
a Loss Absorption Disqualification Event, the Company shall deliver to the Trustee a certificate signed by two authorised signatories
of the Company stating that, in such signatories’ belief, the condition for redemption has occurred and is continuing as at the
date of the certificate, and the Trustee is entitled to conclusively rely on and shall accept such certificate as sufficient evidence
of such occurrence, in which event it shall be conclusive and binding on the Holders.

 

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Notwithstanding any other provision, the Company
may only redeem Senior Notes of this series prior to their Maturity Date or repurchase Senior Notes (and give notice thereof to the Holders
of this series of Senior Notes in the case of redemption) if the Company has obtained the prior consent of the PRA, to the extent such
consent is at the relevant time and in the relevant circumstances required (if at all) by the Loss Absorption Regulations or applicable
laws or regulations in effect in the United Kingdom.

 

If the Company elects to redeem Senior Notes of
this series, the Senior Notes will cease to accrue interest from the Redemption Date, provided the Redemption Price has been paid
in accordance with the Indenture.

 

Upon
payment of (i) the amount of principal so declared due and payable and
(ii) accrued and unpaid interest, all of the Company’s obligations in respect of the payment of the principal of, and accrued and
unpaid interest on, the Senior Notes of this series shall terminate.

 

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

 

No reference herein to the Indenture and no provision
of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay,
if and when due and payable, the principal of, and interest on, this Senior Note at the times, place and rate, and in the coin or currency,
herein prescribed.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Senior Note of this series will have the right to institute any proceeding with respect to the Indenture,
this Senior Note or any remedy thereunder; provided, however, that such limitations do not apply to a suit instituted by the Holder
hereof for the enforcement of payment of the principal or interest as and when the same shall have become due and payable in accordance
with the terms hereof and the Indenture.

 

Notwithstanding any other term of any Senior Notes,
the Indenture, or any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner, by its
acquisition of Senior Notes, each Holder (including each

 

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Beneficial Owner) of the Senior Notes acknowledges,
accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. authority that may result in
(i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Senior Notes; (ii) the conversion
of all, or a portion, of the principal amount of, or interest on, the Senior Notes into ordinary shares or other securities or other obligations
of the Company or another person; and (iii) the amendment or alteration of the maturity of the Senior Notes, or amendment of the amount
of interest due on the Senior Notes, or the dates on which interest becomes payable, including by suspending payment for a temporary period;
which U.K. bail-in power may be exercised by means of variation of the terms of the Senior Notes solely to give effect to the exercise
by the relevant U.K. authority of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of the Senior Notes further acknowledges
and agrees that the rights of the Holders and/or Beneficial Owners under the Senior Notes are subject to, and will be varied, if necessary,
solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. authority.

 

For these purposes, “U.K. bail-in power”
means any write-down, conversion, transfer, modification or suspension power existing from time to time under any laws, regulations, rules
or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated
in the United Kingdom in effect and applicable in the United Kingdom to the Company or other members of the Group, including but not limited
to any such laws, regulations, rules or requirements which are implemented, adopted or enacted within the context of a European Union
directive or regulation of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit
institutions and investment firms (notwithstanding that the U.K. is no longer a member state of the European Union) and/or within the
context of a U.K. resolution regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant
to the U.K. Financial Services (Banking Reform) Act 2013 (the “Banking Reform Act 2013”), secondary legislation or
otherwise, the “Banking Act”), pursuant to which any obligations of a bank, banking group company, credit institution
or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other securities
or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right in a contract governing
such obligations may be deemed to have been exercised, “relevant U.K. authority” means any authority with the ability
to exercise a U.K. bail-in power.

 

By its acquisition of Senior Notes each Holder
(including each Beneficial Owner) of the Senior Notes:

 

(a)       acknowledges
and agrees that upon the exercise of the U.K. bail-in power by the relevant U.K. authority it shall not give rise to a Default or an Event
of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust
Indenture Act;

 

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(b)       to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit against
the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking,
in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Senior Notes;
and

 

(c)       acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. authority, (a) the Trustee shall not be required to
take any further directions from Holders of the Senior Notes under Section 5.12 of the Base Indenture, and (b) neither the Base Indenture
nor this Ninth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect to the exercise of any U.K. bail-in
power by the relevant U.K. authority.

 

Notwithstanding the foregoing, if, following the
completion of the exercise of the U.K. bail-in power by the relevant U.K. authority, the Senior Notes remain outstanding (for example,
if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of the Senior Notes), then the Trustee’s
duties under the Indenture shall remain applicable with respect to the Senior Notes following such completion to the extent that the Company
and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Ninth Supplemental Indenture.

 

The exercise of any U.K. bail-in power by the relevant
U.K. authority shall not constitute a default or an Event of Default under Section 5.01 of the Indenture.

 

By its acquisition of Senior Notes, each Holder
and Beneficial Owner shall be deemed to have:

 

(i)           
consented to the exercise of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. authority
of its decision to exercise such power with respect to the Senior Notes and

 

(ii)           
authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Senior
Notes to take any and all necessary action, if required, to implement the exercise of any U.K. bail-in power with respect to the Senior
Notes as it may be imposed, without any further action or direction on the part of such Holder or Beneficial Owner.

 

No repayment of the principal amount of the Senior
Notes or payment of interest on the Senior Notes shall become due and payable after the exercise of any U.K. bail-in power by the relevant
U.K. authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment or payment
would be permitted to be made by the Company under the laws and regulations of the United Kingdom and the European Union applicable to
the Company and the Group.

 

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Upon the exercise of the U.K. bail-in power by
the relevant U.K. authority with respect to the Senior Notes, the Company shall provide a written notice to DTC as soon as practicable
regarding such exercise of the U.K. bail-in power for purposes of notifying Holders of such occurrence. The Company shall also deliver
a copy of such notice to the Trustee for information purposes.

 

If the Company has elected to redeem Senior Notes
of this series but prior to the payment of the redemption amount with respect to such redemption the relevant U.K. authority exercises
its U.K. bail-in power with respect to any Senior Notes, the relevant redemption notices shall be automatically rescinded and shall be
of no force and effect, and no payment of the redemption amount will be due and payable.

 

Any Holder (including each Beneficial Owner) that
acquires Senior Notes in the secondary market shall be deemed to acknowledge and agree to be bound by and consent to the same provisions
specified in the Indenture to the same extent as the Holders and Beneficial Owners of the Senior Notes that acquire the Senior Notes upon
their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to
the terms of the Senior Notes related to the U.K. bail-in power.

 

This Senior Note will be governed by the laws of
the State of New York.

 

Unless otherwise defined herein, all terms used
in this Senior Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.Exhibit 4.1

 

BERKSHIRE HILLS BANCORP INC.

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of June 30, 2022

 

SUBORDINATED DEBT SECURITIES

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I	 	Definitions And Other Provisions Of General Application	1
	Section 1.1.	 	Definitions	1
	Section 1.2.	 	Compliance Certificates and Opinions	8
	Section 1.3.	 	Form of Documents Delivered to Trustee	8
	Section 1.4.	 	Acts of Holders; Record Dates	9
	Section 1.5.	 	Notices, Etc. to Trustee and Company	11
	Section 1.6.	 	Notice to Holders; Waiver	12
	Section 1.7.	 	Conflict with Trust Indenture Act	12
	Section 1.8.	 	Effect of Headings and Table of Contents	12
	Section 1.9.	 	Successors and Assigns	12
	Section 1.10.	 	Separability Clause	12
	Section 1.11.	 	Benefits of Indenture	12
	Section 1.12.	 	Governing Law; Waiver of Jury Trial; Consent of Jurisdiction	13
	Section 1.13.	 	Legal Holidays	13
	ARTICLE II	 	Security Forms	14
	Section 2.1.	 	Forms Generally	14
	Section 2.2.	 	Form of Legend for Global Securities	14
	Section 2.3.	 	Form of Trustee's Certificate of Authentication	14
	ARTICLE III	 	The Securities	15
	Section 3.1.	 	Amount Unlimited; Issuable in Series	15
	Section 3.2.	 	Denominations	17
	Section 3.3.	 	Execution, Authentication, Delivery and Dating	18
	Section 3.4.	 	Temporary Securities	20
	Section 3.5.	 	Registration, Registration of Transfer and Exchange	20
	Section 3.6.	 	Mutilated, Destroyed, Lost, and Stolen Securities	22
	Section 3.7.	 	Payment of Interest; Interest Rights Preserved	22
	Section 3.8.	 	Persons Deemed Owners	24
	Section 3.9.	 	Cancellation	24
	Section 3.10.	 	Computation of Interest	25
	Section 3.11.	 	CUSIP Numbers	25
	ARTICLE IV	 	Satisfaction and Discharge	25
	Section 4.1.	 	Satisfaction and Discharge of Indenture	25
	Section 4.2.	 	Application of Trust Money	27
	ARTICLE V	 	Remedies	27
	Section 5.1.	 	Events of Default	27
	Section 5.2.	 	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.3.	 	Collection of Indebtedness and Suits for Enforcement by Trustee	28

 

     

     

    

 

	Section 5.4.	 	Trustee May File Proofs of Claim	29
	Section 5.5.	 	Trustee May Enforce Claims Without Possession of Securities	30
	Section 5.6.	 	Application of Money Collected	30
	Section 5.7.	 	Limitation on Suits	31
	Section 5.8.	 	Unconditional right of Holders to Receive Principal, Premium, and Interest	31
	Section 5.9.	 	Restoration of Rights and Remedies	31
	Section 5.10.	 	Rights and Remedies Cumulative	32
	Section 5.11.	 	Delay or Omission Not Waiver	32
	Section 5.12.	 	Control by Holders	32
	Section 5.13.	 	Waiver of Past Defaults	32
	Section 5.14.	 	Undertaking for Costs	33
	Section 5.15.	 	Waiver of Usury, Stay or Extension Laws	33
	ARTICLE VI	 	The Trustee	33
	Section 6.1.	 	Certain Duties and Responsibilities	33
	Section 6.2.	 	Notice of Defaults	35
	Section 6.3.	 	Certain Rights of Trustee	35
	Section 6.4.	 	Not Responsible for Recitals or Issuance of Securities	37
	Section 6.5.	 	May Hold Securities	37
	Section 6.6.	 	Money Held in Trust	37
	Section 6.7.	 	Compensation and Reimbursement	37
	Section 6.8.	 	Disqualification; Conflicting Interests	39
	Section 6.9.	 	Corporate Trustee Required; Eligibility	39
	Section 6.10.	 	Resignation and Removal; Appointment of Successor	39
	Section 6.11.	 	Acceptance of Appointment by Successor	41
	Section 6.12.	 	Merger, Conversion, Consolidation, or Succession to Business	42
	Section 6.13.	 	Preferential Collection of Claims Against Company	42
	Section 6.14.	 	Appointment of Authenticating Agent	43
	ARTICLE VII	 	Holder's Lists and Reports by Trustee and Company	44
	Section 7.1.	 	Company to Furnish Trustee Names and Addresses of Holders	44
	Section 7.2.	 	Preservation of Information; Communications to Holders	45
	Section 7.3.	 	Reports by Trustee	45
	Section 7.4.	 	Reports by Company	45
	ARTICLE VIII	 	Consolidation, Merger, Conveyance, Transfer or Lease	46
	Section 8.1.	 	Company May Consolidate, Etc., Only on Certain Terms	46
	Section 8.2.	 	Successor Substituted	47
	ARTICLE IX	 	Supplemental Indentures	47
	Section 9.1.	 	Supplemental Indentures Without Consent of Holders	47

 

     

     

    

 

	Section 9.2.	 	Supplemental Indentures With Consent of Holders	48
	Section 9.3.	 	Execution of Supplemental Indentures	49
	Section 9.4.	 	Effect of Supplemental Indentures	49
	Section 9.5.	 	Conformity With Trust Indenture Act	50
	Section 9.6.	 	Reference in Securities to Supplemental Indentures	50
	Section 9.7.	 	Notice of Supplemental Indentures	50
	ARTICLE X	 	Covenants	50
	Section 10.1.	 	Payment of Principal, Premium, and Interest	50
	Section 10.2.	 	Maintenance of Office or Agency	50
	Section 10.3.	 	Money for Securities Payments to Be Held in Trust	51
	Section 10.4.	 	Statement by Officers as to Default	52
	Section 10.5.	 	Existence	52
	Section 10.6.	 	Maintenance of Properties	52
	Section 10.7.	 	Payment of Taxes and Other Claims	52
	Section 10.8.	 	Waiver of Certain Covenants	53
	Section 10.9.	 	Calculation of Original Issue Discount	53
	Section 10.10.	 	Tax Payment and Tax Withholding Obligations	53
	ARTICLE XI	 	Redemption of Securities	54
	Section 11.1.	 	Applicability of Article	54
	Section 11.2.	 	Election to Redeem; Notice to Trustee	54
	Section 11.3.	 	Selection of trustee of Securities to Be Redeemed	54
	Section 11.4.	 	Notice of Redemption	55
	Section 11.5.	 	Deposit of Redemption Price	55
	Section 11.6.	 	Securities Payable on Redemption Date	56
	Section 11.7.	 	Securities Redeemed in Part	56
	ARTICLE XII	 	Sinking Funds	56
	Section 12.1.	 	Applicability of Article	56
	Section 12.2.	 	Satisfaction of Sinking Fund Payments with Securities	57
	Section 12.3.	 	Redemption of Securities for Sinking Fund	57
	ARTICLE XIII	 	Defeasance and Covenant Defeasance	57
	Section 13.1.	 	Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	57
	Section 13.2.	 	Defeasance and Discharge	58
	Section 13.3.	 	Covenant Defeasance	58
	Section 13.4.	 	Conditions to Defeasance or Covenant Defeasance	59
	Section 13.5.	 	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	61
	Section 13.6.	 	Reinstatement	61

 

     

     

    

 

	ARTICLE XIV	 	Subordination of Securities	61
	Section 14.1.	 	Securities Subordinate to Senior Debt	61
	Section 14.2.	 	No Payment When Senior Debt in Default	64
	Section 14.3.	 	Trustee and Holders of Securities May Rely on Certificate of Liquidating Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary to Holders of Senior Debt	65
	Section 14.4.	 	Payment Permitted If No Default	65
	Section 14.5.	 	Trustee Not Charged with Knowledge of Prohibition	66
	Section 14.6.	 	Trustee of Effectuate Subordination	66
	Section 14.7.	 	Rights of Trustee as Holder of Senior Debt	66
	Section 14.8.	 	Article Applicable to Paying Agents	66
	Section 14.9.	 	Subordination Rights Not impaired by Acts or Omissions of the Company or Holders of Senior Debt	67
	Section 14.10.	 	Trustee's Rights to Compensation, Reimbursement of Expenses and Indemnification	67
	Section 14.11.	 	Modification of Subordination Provisions	67

 

NOTE: This table of contents shall not, for any purpose, be deemed
to be part of the Indenture.

 

     

     

    

 

BERKSHIRE HILLS BANCORP, INC.

Certain Sections of this Indenture relating to

Sections 310 through 318, inclusive, of the

Trust Indenture Act of 1939:

 

	Trust Indenture Act Section	 	Indenture

 Section
	§310	 	(a)(1)	 	6.9
	 	 	(a)(2)	 	6.9
	 	 	(a)(3)	 	Not Applicable
	 	 	(a)(4)	 	Not Applicable
	 	 	(b)	 	6.8
	 	 	 	 	6.10
	§311	 	(a)	 	6.13
	 	 	(b)	 	6.13
	§312	 	(a)	 	7.1
	 	 	(b)	 	7.2(a)
	 	 	(c)	 	7.2(b)
	§313	 	(a)	 	7.3(a)
	 	 	(b)	 	7.3(a)
	 	 	(c)	 	7.3(a)
	 	 	(d)	 	7.3(b)
	§314	 	(a)	 	7.4
	 	 	(a)(4)	 	1.2
	 	 	 	 	10.4
	 	 	(b)	 	Not Applicable
	 	 	(c)(1)	 	1.2
	 	 	(c)(2)	 	1.2

 

     

     

    

 

	 	 	(c)(3)	 	Not Applicable
	 	 	(d)	 	Not Applicable
	 	 	(e)	 	1.2
	§315	 	(a)	 	6.1
	 	 	(b)	 	6.2
	 	 	(c)	 	6.1
	 	 	(d)	 	6.1
	 	 	(d)(1)	 	6.1
	 	 	(d)(2)	 	6.1
	 	 	(d)(3)	 	6.1
	 	 	(e)	 	5.14
	§316	 	(a)(1)(A)	 	5.12
	 	 	 (a)(1)(B)	 	5.2
	 	 	 	 	5.13
	 	 	(a)(2)	 	Not Applicable
	 	 	(b)	 	5.8
	 	 	(c)	 	1.4(c)
	§317	 	(a)(1)	 	5.3
	 	 	(a)(2)	 	5.4
	 	 	(b)	 	10.3
	§318	 	(a)	 	1.7

 

NOTE: This table of contents shall not, for any purpose, be deemed
to be part of the Indenture.

 

     

     

    

 

INDENTURE, dated as of June 30, 2022,
between BERKSHIRE HILLS BANCORP, INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”),
having its principal office address at 60 State Street, Boston, Massachusetts 02109, and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national
banking association, as Trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its subordinated, unsecured debentures, notes, or other evidences
of indebtedness (the “Securities”), to be issued in one or more series as provided in this Indenture.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE I

Definitions And Other Provisions

Of General Application

 

Section 1.1.                      Definitions.

 

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

 

	(1)	the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
	 	 
	(2)	all other terms used in this Indenture which are defined in the Trust Indenture Act, either directly or by reference to the Trust Indenture Act, have the meanings assigned to them in the Trust Indenture Act; 
	 	 
	(3)	all accounting terms not otherwise defined in this Indenture have the meanings assigned to them in accordance with accounting principles generally accepted in the United States and, except as otherwise expressly provided in this Indenture, the term “accounting principles generally accepted in the United States” with respect to any computation required or permitted under this Indenture shall mean such accounting principles as are generally accepted in the United States at the date of such computation;
	 	 
	(4)	the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and

 

     1

     

    

 

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

 

“Act”, when used with respect to any Holder, has the meaning
specified in Section 1.4(a).

 

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

 

“Authenticating Agent” means any Person authorized by the
Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one or more series.

 

“Authorized Officer” means any officer of the Company designated
by or pursuant to a Board Resolution to take certain actions as specified in this Indenture.

 

“Board of Directors” means either the board of directors
of the Company or any other duly authorized committee of that board.

 

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

 

“Business Day” means, unless otherwise specified, any day
that is not a Saturday or Sunday and that is not a day on which banking institutions are generally authorized or required by law, regulation
or executive order to be closed in The City of New York, New York.

 

“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 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 at such
time.

 

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

 

“Company Request” or “Company Order” means
a written request or order signed in the name of the Company by its Chairman, its Chief Executive Officer, its President, its Chief Financial
Officer, or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, an Assistant Controller, its Secretary, or
an Assistant Secretary, and delivered to the Trustee.

 

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“Corporate Trust Office” means the office of the Trustee
at which any particular time its corporate trust business relating to this Indenture shall be principally administered, which office as
of the date of this instrument is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Berkshire
Hills Bancorp, Inc., Administrator, except that with respect to presentation of Securities for payment or for registration of transfer
or exchange, such term shall mean the office or agency of the Trustee at which at any particular time its corporate agency business shall
be conducted, which office at the date of this instrument is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890, Attention: Berkshire Hills Bancorp, Inc., Administrator, or, in the case of any of such offices or agency, such other address
as the Trustee may designate from time to time by notice to the Company.

 

“Covenant Defeasance” has the meaning specified in Section 13.3.

 

“Defaulted Interest” has the meaning specified in Section 3.7.

 

“Defeasance” has the meaning specified in Section 13.2.

 

“Depositary” means, with respect to the Securities of any
series issuable or issued in whole or in part in the form of one or more Global Securities, the Person designated as Depositary for such
series by the Company pursuant to Section 3.1, which Person shall be a clearing agency registered under the Exchange Act.

 

“Event of Default” has the meaning specified in Section 5.1.

 

“Exchange Act” means the Securities Exchange Act of 1934,
as amended now or in the future, and any successor statute.

 

“Global Security” means a Security bearing the legend prescribed
in Section 2.2 evidencing all or part of a series of Securities, authenticated and delivered to the Depositary for such series or
its nominee, and registered in the name of such Depositary or nominee.

 

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

 

“Indenture” means this instrument as originally executed
or as it may from time to time be supplemented or amended by one or more supplemental indentures entered into pursuant to the applicable
provisions of this Indenture, including, for all purposes of this Indenture and any such supplemental indenture, the provisions of the
Trust Indenture Act that are deemed to be a part of and govern this Indenture and any such supplemental indenture, respectively. The term
 “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 3.1.

 

“Interest Payment Date”, with respect to any Security,
means the Stated Maturity of an installment of interest on such Security.

 

“Maturity”, when used with respect to any Security, means
the date on which the principal of such Security or an installment of principal becomes due and payable in accordance with its terms or
the terms of this Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption, or otherwise.

 

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“Officers’ Certificate” means a certificate signed
by the Chairman, the Chief Executive Officer, the President, the Chief Financial Officer, or a Vice President, and by the Treasurer, an
Assistant Treasurer, the Controller, an Assistant Controller, the Secretary, or an Assistant Secretary, of the Company, and delivered
to the Trustee. One of the officers signing an Officers’ Certificate given pursuant to Section 10.4 shall be the principal
executive, financial, or accounting officer of the Company.

 

“Opinion of Counsel” means a written opinion of counsel,
who may be counsel for the Company, and who, in all cases, shall be reasonably satisfactory to the Trustee.

 

“Original Issue Discount Security” means any Security which
provides for an amount less than the principal amount of such Security to be due and payable upon a declaration of acceleration of the
Maturity of such Security pursuant to Section 5.2.

 

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

 

	(i)	Securities previously cancelled by the Trustee or delivered to the Trustee for cancellation; 
	 	 
	(ii)	Securities for whose payment or redemption money in the necessary amount has been previously deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such redemption satisfactory to the Trustee has been made; 
	 	 
	(iii)	Securities which have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company; 
	 	 
	(iv)	Securities which have been defeased pursuant to Section 13.2; and 
	 	 
	(v)	Securities not deemed outstanding pursuant to Section 11.3; 

 

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provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent, or waiver under this Indenture, (i) the principal amount of an Original Issue Discount Security that shall be deemed
to be Outstanding shall be the amount of the principal that would be due and payable as of the date of such determination upon acceleration
of its maturity pursuant to Section 5.2, (ii) if, as of such date, the principal amount payable at the Stated Maturity of a
Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified
or determined as contemplated by Section 3.1, and (iii) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver,
only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor.

 

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

 

“Periodic Offering” means an offering of Securities of
any series from time to time, the specific terms of which Securities, including, without limitation, its rate or rates of interest, if
any, its Stated Maturity, and redemption provisions, if any, with respect to such Securities are to be determined by the Company or its
agents upon the issuance of such Securities.

 

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

 

“Place of Payment”, when used with respect to the Securities
of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable
as specified as contemplated by Section 3.1.

 

“Predecessor Security” of any particular Security means
every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu of a mutilated, destroyed,
lost, or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost, or stolen Security.

 

“ranking junior to the Securities”, when used with respect
to any obligation of the Company, shall mean any obligation of the Company which (a) ranks junior to and not equally with or prior
to the Securities (or any other obligations of the Company ranking on a parity with the Securities) in right of payment upon the happening
of any event of the kind specified in the first sentence of the second paragraph in Section 14.1 or (b) is specifically designated
as ranking junior to the Securities by express provision in the instrument creating or evidencing such obligation. The securing of any
obligations of the Company, otherwise ranking junior to the Securities, shall be deemed to prevent such obligations from constituting
obligations ranking junior to the Securities. For the avoidance of doubt, any junior subordinated debt securities issued or assumed by
the Company shall be deemed securities ranking junior to the Securities other than any such securities issued after the date hereof that
by their terms expressly rank on a parity with the Securities.

 

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“ranking on a parity with the Securities”, when used with
respect to any obligation of the Company, shall mean any obligation of the Company which (a) ranks equally with and not prior to
the Securities in right of payment upon the happening of any event of the kind specified in the first sentence of the second paragraph
of Section 14.1 or (b) is specifically designated as ranking on a parity with the Securities by express provision in the instrument
creating or evidencing such obligation. The securing of any obligations of the Company, otherwise ranking on a parity with the Securities,
shall not be deemed to prevent such obligations from constituting obligations ranking on a parity with the Securities.

 

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

 

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

 

“Regular Record Date” for the interest payable on any Interest
Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.1.

 

“Responsible Officer”, when used with respect to the Trustee,
means any officer assigned to the Corporate Trust Office (or any successor division or unit) of the Trustee located at the Corporate Trust
Office of the Trustee, who shall have direct responsibility for the administration of this Indenture, and for the purposes of Sections
5.12(3), 6.1(c)(2) and 6.2 shall also include any other officer of the Trustee to whom any corporate trust matter is referred because
of such officer’s knowledge of and familiarity with the particular subject.

 

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

 

“Security Register” and “Security Registrar”
have the respective meanings specified in Section 3.5.

 

“Senior Debt” means

 

	(i)	any of the Company’s indebtedness for borrowed or purchased money, whether or not evidenced by bonds, debentures, notes, or other written instruments, including any obligations of the Company to general creditors or trade creditors,
	 	 
	(ii)	the Company’s obligations under letters of credit, 

 

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	(iii)	any of the Company’s indebtedness or other obligations with respect to commodity contracts, interest rate and currency swap agreements, cap, floor, and collar agreements, currency spot and forward contracts, and other similar agreements or arrangements designed to protect against fluctuations in currency exchange or interest rates, and

 

	(iv)	any guarantees, endorsements (other than by endorsement of negotiable instruments for collection in the ordinary course of business), or other similar contingent obligations in respect of obligations of others of a type described in clauses (i), (ii), and (iii), whether or not such obligation is classified as a liability on a balance sheet prepared in accordance with accounting principles generally accepted in the United States, 

 

in each case whether outstanding on the date of execution
of this Indenture or incurred later, other than obligations ranking on a parity with the Securities or ranking junior to the Securities.
Notwithstanding the foregoing, if the Board of Governors of the Federal Reserve (or other competent regulatory agency or authority) promulgates
any rule or issues any interpretation that defines general creditor(s), the main purpose of which is to establish a criteria for
determining whether the subordinated debt of a bank holding company is to be included in its capital, then the term “general creditors”
as used herein the definition of Senior Debt will have the meaning as described in that rule or interpretation.

 

“Special Record Date” for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

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

 

“Subsidiary” means a corporation or other Person more than
50% of the outstanding voting stock or a majority of the controlling interest of which is owned, directly or indirectly, by the Company
or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting
stock” means stock 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.

 

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

 

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

 

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“U.S. Government Obligation” has the meaning specified
in Section 13.4.

 

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

 

“Wholly Owned Subsidiary” means any Subsidiary all of whose
outstanding voting stock (other than directors’ qualifying shares) shall at the time be owned by the Company or one or more of its
Wholly Owned Subsidiaries.

 

Section 1.2.        Compliance
Certificates and Opinions.

 

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

 

Every certificate or opinion (other than the Officers’
Certificate delivered under Section 10.4 of this Indenture) with respect to compliance with a condition or covenant provided for
in this Indenture shall include:

 

	(1)	a statement that each individual signing such certificate or opinion has read such covenant or condition and the related definitions; 
	 	 
	(2)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
	 	 
	(3)	a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
	 	 
	(4)	a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

 

Section 1.3        Form of
Documents Delivered to Trustee.

 

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

 

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

 

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

 

Section 1.4.                   Acts of Holders;
Record Dates.

 

		(a)	Any request, demand, authorization, direction, notice, consent,
waiver, or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except
as otherwise expressly provided in this Indenture, such action shall become effective when such instrument or instruments are delivered
to the Trustee and, where it is expressly required by this Indenture, to the Company. Such instrument or instruments (and the action
embodied in and evidenced by such instrument or instruments) are sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section. Without limiting the generality of the foregoing, a Holder, including a Depositary that (or whose nominee)
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 or permitted in this Indenture to be made, given, or taken by Holders, and
a Depositary that (or whose nominee) is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interests
in any such Global Security.

 

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

 

		(c)	The
Company may fix any day as the record date for the purpose of determining the Holders of Securities of any series entitled to give or
take any request, demand, authorization, direction, notice, consent, waiver, or other action, or to vote on any action, authorized, or
permitted to be given or taken by Holders of Securities of such series. If not set by the Company prior to the first solicitation of
a Holder of Securities of such series made by any Person in respect of any such action, or, in the case of any such vote, prior to such
vote, the record date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of
Holders required to be provided pursuant to Section 7.1) prior to such first solicitation or vote, as the case may be. With regard
to any record date for action to be taken by the Holders of one or more series of Securities, only the Holders of Securities of such
series on such date (or their duly designated proxies) shall be entitled to give, take, or vote on the relevant action.

 

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

 

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

 

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

 

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Section 1.5.                   Notices, Etc.
to Trustee and Company.

 

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

 

		(1)	the
Trustee by any Holder or by the Company shall be sufficient for every purpose under this Indenture if made, given, furnished, or filed
in writing to or with the Trustee at its Corporate Trust Office, Attention: Berkshire Hills Bancorp Inc. Administrator, or

 

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

 

The Trustee shall have the right, but shall not be required, to rely
upon and comply with notices, instructions, directions or other communications sent by e-mail, facsimile and other similar unsecured electronic
methods by persons reasonably believed by the Trustee to be authorized to give instructions and directions on behalf of the Company. The
Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a
person authorized to give instructions or directions on behalf of the Company; and the Trustee shall have no liability for any losses,
liabilities, costs or expenses incurred or sustained by the Company as a result of such reasonable reliance upon or compliance with such
notices, instructions, directions or other communications. The Company agrees to assume all risks arising out of the use of such electronic
methods to submit notices, instructions, directions or other communications to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. The Company shall use all reasonable
endeavors to ensure that any such notices, instructions, directions or other communications transmitted to the Trustee pursuant to this
Indenture are complete and correct. Any such notices, instructions, directions or other communications shall be conclusively deemed to
be valid instructions from the Company to the Trustee for the purposes of this Indenture.

 

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Section 1.6                      Notice to Holders;
Waiver.

 

Where this Indenture provides for notice to Holders
of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture) if in writing and (i) mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, or (ii) in
the event that a Depositary (or a nominee thereof) is a Holder of Securities issued in the form of Global Securities, then with respect
to such Securities given by electronic, email or other means as such be acceptable to such Depositary, in all cases, not later than the
latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice
to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall
be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

 

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

 

Section 1.7.                      Conflict with
Trust Indenture Act.

 

If any provision of this Indenture limits, qualifies,
or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the
latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that
may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the
case may be.

 

Section 1.8.                      Effect of Headings
and Table of Contents.

 

The Article and Section headings in this
Indenture and the Table of Contents are for convenience only and shall not affect the construction of this Indenture.

 

Section 1.9.                      Successors and
Assigns.

 

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

 

Section 1.10.                    Separability
Clause.

 

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

 

Section 1.11.                    Benefits of
Indenture.

 

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

 

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Section 1.12.                    Governing Law;
Waiver of Jury Trial; Consent to Jurisdiction.

 

This Indenture and the Securities shall be governed
by and construed in accordance with the laws of the State of New York (including but not limited to N.Y. General Obligations Law Section 5-1401
and any successor statute thereto).

 

Each of the Company and the Trustee, and each Holder
of a Security by its acceptance thereof, hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
it may have to trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Indenture, the Securities
or the transactions contemplated hereby or thereby.

 

Each of the Company and the Trustee irrevocably
consents and submits, for itself and in respect of any of its assets or property, to the nonexclusive jurisdiction of any court of the
State of New York or any United States court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United
States of America, and of any appellate court in respect thereof in any suit, action or proceeding that may be brought in connection with
this Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. Each of the Company and the Trustee irrevocably
waives, to the fullest extent permitted by law, any objection to any such suit, action or proceeding that may be brought in such courts
whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an
inconvenient forum. Each of the Company and the Trustee agrees, to the fullest extent that it lawfully may do so, that final judgment
in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company and the Trustee, respectively,
and the Company waives, to the fullest extent permitted by law, any objection to the enforcement by any competent court in the Company’s
jurisdiction of organization of judgments validly obtained in any such court in New York on the basis of such suit, action or proceeding.

 

Section 1.13.                    Legal Holidays.

 

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

 

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ARTICLE II

Security Forms

 

Section 2.1.                      Forms Generally.

 

The Securities of each series shall be in substantially
such form or forms as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures supplemental to
this Indenture, or in an Officers’ Certificate pursuant to such Board Resolution or any such supplemental indenture, 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 on them as may be required to comply
with the rules of any securities exchange or as may, consistently with this Indenture, be determined by the officers executing such
Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary
of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the
authentication and delivery of such Securities.

 

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

 

Section 2.2.                      Form of
Legend for Global Securities.

 

Any Global Security authenticated and delivered
under this Indenture shall bear a legend (in addition to any legend that may be required by the applicable requirements of the Depositary)
in substantially the following form:

 

This Security is a Global Security within the meaning
of the Indenture referred to in this Security and is registered in the name of a Depositary or its nominee. This Security may not be transferred
to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary or its nominee or a successor
of such Depositary or a nominee of such successor and no such transfer may be registered, except in the limited circumstances described
in the Indenture. Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, this
Security shall be a Global Security subject to the foregoing, except in such limited circumstances.”

 

Section 2.3.                      Form of
Trustee’s Certificate of Authentication.

 

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

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated:	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
		By:	
	 	Authorized Signatory

 

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ARTICLE III

The Securities

 

	Section 3.1.	Amount Unlimited; Issuable in Series.

 

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

 

The Securities may be issued in one or more series.
There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner
provided, in an Officers’ Certificate pursuant to a Board Resolution or indenture supplemental to this Indenture, or established
in one or more indentures supplemental to this Indenture, prior to the issuance of Securities of any series,

 

	 	(1)	the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series); 
	 	(2)	any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6, or 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered under this Indenture); 
	 	(3)	the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on Regular Record Date for such interest; 
	 	(4)	the date or dates on which the principal (and premium, if any) of the Securities of the series is payable; 
	 	(5)	the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable, and the Regular Record Date for any interest payable on any Interest Payment Date; 
	 	(6)	the place or places where the principal of and any premium and interest on Securities of the series shall be payable; 
	 	(7)	the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; 

 

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	 	(8)	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 provision or at the option of a Holder of the Security, and the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series shall be redeemed, purchased, or repaid, in whole or in part, pursuant to such obligation; 
	 	(9)	if other than minimum denominations of $1,000 and integral multiples of such denomination, the denomination or denominations in which Securities of the series shall be issuable; 
	 	(10)	if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or formula, the manner in which such amounts shall be determined; 
	 	(11)	if other than the principal amount of the Securities of the series, the portion of the principal amount of Securities which shall be payable upon declaration of acceleration of its Maturity pursuant to Section 5.2; 
	 	(12)	if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose under the Securities or this Indenture, including the principal amount which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined); 
	 	(13)	the application, if any, of either or both of Section 13.2 and Section 13.3 to the Securities of the series (including, in the case of Section 13.3, the covenants and any Events of Default not specified therein that are subject thereto) and, if other than by a Board Resolution, the manner in which any election pursuant to such Sections by the Company shall be evidenced; 
	 	(14)	whether the Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities (if other than The Depository Trust Company), and any circumstances other than those set forth in Section 3.5 in which any such Global Security may be transferred to, and registered and exchanged for, Securities registered in the name of, a Person other than the Depositary for such Global Security or its nominee and in which any such transfer may be registered;

 

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	 	(15)	any Authenticating Agents, Paying Agents, or any other agents with respect to the Securities of the series; 
	 	(16)	any other covenant or warranty included for the benefit of Securities of the series in addition to (and not inconsistent with) those included in this Indenture for the benefit of Securities of all series, or any other covenant or warranty included for the benefit of Securities of the series in lieu of any covenant or warranty included in this Indenture for the benefit of Securities of all series (including any covenant contained in Article X), or any provision that any covenant or warranty included in this Indenture for the benefit of Securities of all series (including any covenant contained in Article X) shall not be for the benefit of Securities of such series, or any change to or combination of the provisions of any such covenant or warranty included in this Indenture for the benefit of Securities of all series (including any covenants contained in Article X) which applies to the Securities of such series; 
	 	(17)	any addition to, deletion from, or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount of such Securities due and payable pursuant to Section 5.2; and 
	 	(18)	any other terms of the Securities of such series, or of any specified tenor thereof.

 

All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and
(subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or
in any indenture supplemental to the Indenture.

 

Unless otherwise provided with respect to the Securities
of any series, at the option of the Company, interest on the Securities of any series that bears interest may be paid by mailing a check
to the address of the Person entitled to such interest as such address shall appear in the Security Register.

 

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

 

	Section 3.2.	Denominations.

 

The Securities of each series shall be issuable
in registered form without coupons in such denominations as shall be specified as contemplated by Section 3.1. In the absence of
any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in minimum denominations
of $1,000 and any integral multiples of such denominations.

 

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	Section 3.3.	Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of the
Company by its Chairman, its Chief Executive Officer, its President, or one of its Vice Presidents, and may (but need not) have the corporate
seal of the Company affixed or reproduced thereon and, if so affixed or reproduced, attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities may be manual, electronic or facsimile.

 

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

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication,
together with the documents referred to below in this Section 3.3, for the authentication and delivery of such Securities, and the
Trustee shall authenticate and deliver such Securities to or upon a Company Order or pursuant to such procedures acceptable to the Trustee
and to such recipients as may be specified from time to time by a Company Order. If so provided in or pursuant to the Board Resolution
or supplemental indenture establishing the Securities of any series, the maturity date, original issue date, interest rate, and any other
terms of any or all of the Securities of such series may be determined by or pursuant to such Company Order and procedures. If provided
for in such procedures, such Company Order may authorize authentication and delivery pursuant to electronic instructions from the Company
or its duly authorized agent, which instructions 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 and (subject
to Section 6.1) shall be fully protected in relying upon, unless and until such documents have been superseded or revoked:

 

	 	(a)	a Company Order requesting such authentication and setting
forth delivery instructions if the Securities are not to be delivered to the Company, provided that, with respect to Securities of a
series subject to a Periodic Offering, (i) such Company Order may be delivered by the Company to the Trustee at any time prior to
the delivery to the Trustee of the Securities of such series for authentication and delivery, (ii) the Trustee shall authenticate
and deliver the 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 Order or pursuant to such procedures acceptable to the Trustee as
may be specified from time to time by a Company Order, and (iii) if so provided in or pursuant to the Board Resolution or supplemental
indenture establishing the Securities of such series, the maturity date, original issue date, interest rate, and any other terms of any
or all of the Securities of such series may be determined by a Company Order or pursuant to such procedures;
	 	(b)	any Board Resolution, Officers’ Certificate and/or executed
supplemental indenture referred to in Sections 2.1 and 3.1 by or pursuant to which the form or forms and terms of the Securities of such
series were established;

 

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	 	(c)	an Officers’ Certificate setting forth the form or forms
and the terms of the Securities of such series, stating that such form or forms and terms have been established pursuant to Sections
2.1 and 3.1 and comply with this Indenture, and covering such other matters as the Trustee may reasonably request; and
	 	(d)	an Opinion of Counsel, substantially to the effect that:

 

	 	(i)	the form or forms of the Securities of such series have been duly authorized and established in conformity with the provisions of this Indenture; 
	 	(ii)	the terms of the Securities of such series (or the manner of determining such terms) have been established in conformity with the provisions of this Indenture; and
	 	(iii)	that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and similar laws of general applicability relating to or affecting creditors rights and to general equity principles and other customary qualifications and assumptions. 

 

The Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties, liabilities
or immunities under the Securities or this Indenture or will otherwise adversely affect it.

 

Notwithstanding the provisions of Section 3.1
and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the above specified documents at or prior to the time of authentication of each Security of such series if such documents are
delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued; provided, however,
that the Trustee shall be entitled to receive a Company Order requesting authentication and delivery of such Securities.

 

Each Security shall be dated the date of its authentication.

 

No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for in this Indenture executed by the Trustee by manual signature of an authorized signatory, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered under
this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered but never issued and sold by
the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes
of this Indenture, such Security shall be deemed never to have been authenticated and delivered under this Indenture and shall never be
entitled to the benefits of this Indenture.

 

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	Section 3.4.	Temporary Securities.

 

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

 

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

 

	Section 3.5.	Registration, Registration of Transfer and Exchange.

 

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

 

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

 

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

 

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

 

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

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 3.4, 9.6, or 11.7 not involving any transfer.

 

The Company shall not be required (i) to issue,
register the transfer of, or exchange Securities of any series during a period beginning at the opening of business 15 days before
the day of the delivery of a notice of redemption of Securities of that series selected for redemption under Section 11.3 and ending
at the close of business on the day of such delivery, or (ii) to register the transfer of or exchange any Security so selected for
redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

Notwithstanding the foregoing and except as otherwise
specified as contemplated by Section 3.1, if at any time the Depositary for the Securities of a series represented by a Global Security
or Global Securities notifies the Company that it is unwilling or unable to continue as a Depositary for the Securities of such series
or if at any time the Depositary for Securities of a series shall no longer be registered or in good standing under the Exchange Act or
other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to the Securities of such series.
If a successor Depositary for the Securities of such series is not appointed by the Company or, if appointed, has not accepted such appointment,
within 90 days after the Company receives such notice or becomes aware of such condition, the Company will execute, and the Trustee,
upon Company Request, will authenticate and deliver, Securities of such series in definitive form in an aggregate principal amount equal
to the principal amount of the Global Security or Global Securities representing Securities of such series in exchange for such Global
Security or Global Securities.

 

In the event that (i) the Company at any time
and in its sole discretion determines that the Securities of any series issued in the form of one or more Global Securities shall no longer
be represented by such Global Security or Global Securities or (ii) there shall have occurred and be continuing an Event of Default
with respect to the Securities of any series, the Company will execute, and the Trustee, upon Company Request or instructions from the
Depositary, will authenticate and deliver, Securities of such series in definitive form and in an aggregate principal amount equal to
the principal amount of the Global Security or Global Securities representing such series in exchange for such Global Security or Global
Securities.

 

Upon the occurrence in respect of any Global Security
of any series of any one or more of the conditions specified in the preceding two paragraphs or such other conditions as may be specified
as contemplated by Section 3.1 for such series, such Global Security may be exchanged for Securities registered in the names of,
and the transfer of such Global Security may be registered to, such Persons (including Persons other than the Depositary with respect
to such series and its nominees) as such Depositary shall direct. Notwithstanding any other provision of this Indenture, any Security
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, any Global Security shall also be a Global
Security and shall bear the legend or legends specified in Section 2.2 except for any Security authenticated and delivered in exchange
for, or upon registration of transfer of, a Global Security pursuant to the preceding sentence.

 

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	Section 3.6.	Mutilated, Destroyed, Lost, and Stolen Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

	Section 3.7.	Payment of Interest; Interest Rights Preserved.

 

Except as otherwise provided as contemplated by
Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest.

 

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

 

	 	(1)	The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this Clause. At such time the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the related Special Record Date to be delivered electronically or mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the related Special Record Date having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
	 	(2)	The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

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

 

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	Section 3.8.	Persons Deemed Owners.

 

Prior to due presentment of a Security for registration
of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 3.7)
any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company,
the Trustee, nor an agent of the Company or the Trustee shall be affected by notice to the contrary.

 

No holder of any beneficial interest in any Global
Security registered in the name of a Depositary or its nominee shall have any rights under this Indenture with respect to such Global
Security, and such Depositary or nominee, as the case may be, may be treated by the Company, the Trustee, and any agent of the Company
or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing in this Indenture
shall prevent the Company, the Trustee, or any agent of the Company or the Trustee from giving effect to any written certification, proxy,
or other authorization furnished by a Depositary or its nominee pursuant to this Indenture. Furthermore, none of the Company, the Trustee,
any Paying Agent, the Security Registrar, or any other agent of the Company or the Trustee will have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial ownership interests in any such Global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. The Company, the Trustee, any Paying
Agent, the Security Registrar, or any other agent of the Company or the Trustee shall be entitled to deal with the Depositary, and any
nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture relating to such Global Security
(including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions
by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder of such Global Security and
shall have no obligations to the beneficial owners thereof. None of the Trustee, the Paying Agent or the Security Registrar shall have
any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records of any
such depositary, including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions
between the Depositary and any Depositary participant or between or among the Depositary, any such Depositary participant and/or any holder
or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

 

	Section 3.9.	Cancellation.

 

All Securities surrendered for payment, conversion,
redemption, registration of transfer or exchange, or for credit against any sinking fund payment shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee
for cancellation any Securities previously authenticated and delivered which the Company may have acquired in any manner whatsoever, and
may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated
which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall
be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by
this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its then customary
procedures and, upon written request of the Company, the Trustee shall deliver to the Company a certificate of such disposition. The acquisition
of any Securities by the Company shall not operate as a redemption or satisfaction of the Indebtedness represented thereby unless and
until such Securities are surrendered to the Trustee for cancellation.

 

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	Section 3.10.	Computation of Interest.

 

Except as otherwise specified as contemplated by
Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year
of twelve 30-day months.

 

	Section 3.11.	CUSIP Numbers.

 

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

 

ARTICLE IV

Satisfaction and Discharge

 

	Section 4.1.	Satisfaction and Discharge of Indenture.

 

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

 

	 	(1)	either:
	 	 	(A)	all Securities previously authenticated and delivered (other
than (i) Securities which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.6
and (ii) Securities for whose payment money has previously been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee
for cancellation; or 

 

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	 	 	(B)	all such Securities not previously delivered to the Trustee for cancellation 
	 	 	 	(i)	have become due and payable, or 
	 	 	 	(ii)	will become due and payable at their Stated Maturity within one year, or 
	 	 	 	(iii)	are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
	 	and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not previously delivered to the Trustee for cancellation (other than Securities which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.6), for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;
	 	(2)	the Company has paid or caused to be paid all other sums payable by the Company under this Indenture; and 
	 	(3)	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations (if any) of the Company to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of
Clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall
survive.

 

In the event Securities of two or more series were
at any time issued under this Indenture, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge
of this Indenture only if requested to do so with respect to the Securities of all series as to which it is Trustee and if the conditions
of satisfaction and discharge of this Indenture contained in this Section 4.1 in respect of such Securities have been satisfied.
In the event there are two or more Trustees under this Indenture, the effectiveness of any such instrument shall be conditioned upon receipt
of such instruments from all such Trustees.

 

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	Section 4.2	Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled to such money, of the principal and any premium
and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE V

Remedies

 

	Section 5.1.	Events of Default.

 

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

 

	 	(1)	the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof, and such decree or order shall have continued unstayed and in effect for a period of 60 consecutive days; or 
	 	(2)	the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case under any such law; or 
	 	(3)	any other Event of Default with respect to Securities of that series. 

 

	Section 5.2.	Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default specified in Sections 5.1(1) or
5.1(2) with respect to Securities of any series then Outstanding shall have occurred and be continuing, then, in each and every such
case, the principal amount and interest, if any, on all of the Securities of all series then Outstanding shall become immediately due
and payable without any declaration or other act on the part of the Trustee or any Holders.

 

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At any time after the occurrence of an Event of
Default with respect to Securities of one or more series and before a judgment or decree for payment of the money due has been obtained
by the Trustee as provided below in this Article, the Holders of a majority in principal amount of the Outstanding Securities of all affected
series (voting as one class), by written notice to the Company and the Trustee may waive all defaults with respect to all affected series,
and may rescind and annul the consequences of the Event of Default if:

 

	 	(1)	the Company has paid or deposited with the Trustee a sum sufficient to pay (A) all overdue interest on all Securities of all affected series, (B) the principal of (and premium, if any, on) any Securities of all affected series which have become due otherwise than by such declaration of acceleration and any interest on such Securities at the rate or rates prescribed in such Securities, (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed in such Securities, and (D) all sums paid or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel; and
	 	 	 
	 	(2)	all Events of Default with respect to Securities of all affected series, other than the non-payment of the principal of Securities of the affected series which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13. 

 

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

 

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
of this Indenture, then, from and after the date of such Event of Default, unless such Event of Default has been rescinded and annulled
as provided above, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes under this Indenture,
to be such portion of the principal as shall be due and payable as a result of such acceleration, and the payment of such portion of the
principal as shall be due and payable as a result of such acceleration, together with interest, if any, on such portion and all other
amounts owing under such Original Issue Discount Security, shall constitute payment in full of such Original Issue Discount Securities.

 

Except for an Event of Default specified in Sections
5.1(1) or 5.1(2), no other Events of Default with respect to Securities of any series then Outstanding shall result in the acceleration
of the principal or interest on Securities then Outstanding. For any Event of Default, other than those specified in Sections 5.1(1) or
5.1(2), and for any default, or failure to perform, or breach of any covenant or warranty of the Company, there shall not be a right to
accelerate the principal or interest due under the Securities then Outstanding.

 

	Section 5.3.	Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

	 	(1)	default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, 
	 	 	 
	 	(2)	default is made in the payment of the principal of (or premium, if any, on) any Security at its Maturity, 
	 	 	 
	 	(3)	default is made in the making or satisfaction of any sinking fund or analogous obligation when the same becomes due pursuant to the terms of any Security, or 

 

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	 	(4)	default is made in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for the benefit of a series of Securities other than such series), and such default or breach continues for a period of 30 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of such series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under this Indenture, 

 

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

 

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

 

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

 

	Section 5.4.	Trustee May File Proofs of Claim.

 

In case of any judicial proceeding relative to
the Company (or any other obligor upon the Securities), its property, or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims
of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee,
trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay
to the Trustee any amount due it for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 6.7.

 

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

 

	Section 5.5.	Trustee May Enforce Claims Without Possession of Securities.

 

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

 

	Section 5.6.	Application of Money Collected.

 

Any money collected by the Trustee pursuant to
this Article or, after an Event of Default, any money or other property distributable in respect of the Company’s obligations
under this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation on such Securities
of the payment if only partially paid and upon surrender of such Securities if fully paid:

 

FIRST: To the payment of all amounts
due the Trustee (including any predecessor trustee) under Section 6.7; and

 

SECOND: To the payment of amounts then due and unpaid to the holders
of Senior Debt, to the extent required by Article XIV;

 

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

 

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

 

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	Section 5.7.	Limitation on Suits.

 

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

 

	 	(1)	such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series; 
	 	 	 
	 	(2)	the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture; 
	 	 	 
	 	(3)	such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses, and liabilities to be incurred in compliance with such request;
	 	 	 
	 	(4)	the Trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding; and 
	 	 	 
	 	(5)	no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that series; 

 

it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb,
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such
Holders or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal and ratable benefit
of all of such Holders.

 

	Section 5.8.	Unconditional Right of Holders to Receive Principal, Premium,
and Interest.

 

Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium
and (subject to Section 3.7) any interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in
the case of redemption, on the Redemption Date), and to institute suit for the enforcement of any such payment and such rights shall not
be impaired without the consent of such Holder, subject, however, to the provisions of Article XIV.

 

	Section 5.9.	Restoration of Rights and Remedies.

 

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

 

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	Section 5.10.	Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost, or stolen Securities in the last paragraph of Section 3.6, no right or remedy
conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of any right or remedy
under this Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

	Section 5.11.	Delay or Omission Not Waiver.

 

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

 

	Section 5.12.	Control by Holders.

 

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

 

	 	(1)	such direction shall not be in conflict with any rule of law or with this Indenture, 
	 	 	 
	 	(2)	the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 
	 	 	 
	 	(3)	the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. 

 

	Section 5.13.	Waiver of Past Defaults.

 

Subject to Section 5.2, the Holders of not
less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past default under this Indenture with respect to such series and its consequences, except a default (1) in
the payment of the principal of or any premium or interest on any Security of such series, or (2) in respect of a covenant or provision
of this Indenture which under Article IX cannot be modified or amended without the consent of the Holder of each Outstanding Security
of such affected series.

 

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

 

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	Section 5.14.	Undertaking for Costs.

 

All parties to this Indenture agree, and each Holder
of any Securities by his acceptance of such Securities 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 attorney’s fees and expenses, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section 5.14 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any series,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any
Securities on or after the Stated Maturity or Maturities expressed in such Securities (or, in the case of redemption, on or after the
Redemption Date).

 

	Section 5.15.	Waiver of Usury, Stay or Extension
Laws.

 

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

 

ARTICLE VI

The Trustee

 

	Section 6.1.	Certain Duties and Responsibilities.

 

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

 

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

 

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		(2)	in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions
or conclusions stated therein).

 

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

 

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

 

		(1)	this Subsection (c) shall not be construed to limit the effect of Subsections (a) or (d) of
this Section;

 

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

 

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

 

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

 

		(e)	Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1 and Section 6.2.

 

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Section 6.2.                   Notice of Defaults.

 

Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall transmit by first-class mail, postage prepaid, to all Holders
of Securities of such series, as their names and addresses appear in the Security Register (or in case that a Depositary (or a nominee
thereof) is a Holder of Securities issued in the form of Global Securities, then with respect to such Securities give by electronic, email
or other means as such be acceptable to such Depositary), notice of such default hereunder known to the Trustee, unless such default shall
have been cured or waived; provided, however, that except in the case of default in the payment of the principal of or the
interest on any of the Securities of such series, or in the payment of any sinking fund installment or analogous payment on such series,
the Trustee shall be protected in withholding such notice if and so long as the board of directors or trustees or a committee comprised
of Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders
of such series. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to Securities of such series.

 

Section 6.3.                   Certain Rights
of Trustee.

 

Subject to the provisions of Section 6.1:

 

	 	(a)	the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
	 	 	 
	 	(b)	any request or direction of the Company mentioned in this Indenture shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
	 	 	 
	 	(c)	whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering, or omitting any action under this Indenture, the Trustee (unless other evidence be specifically prescribed in this Indenture) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate; 
	 	 	 
	 	(d)	the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it under this Indenture in good faith and in reliance on such advice or Opinion of Counsel; 
	 	 	 
	 	(e)	the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to the Trustee against the costs, expenses, and liabilities which might be incurred by it in compliance with such request or direction; 

 

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	 	(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, direction, consent, order, bond, debenture, note, other evidence of indebtedness, or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records, and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;
	 	 	 
	 	(g)	the Trustee may execute any of the trusts or powers or perform any duties under this Indenture either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it; 
	 	 	 
	 	(h)	the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
	 	 	 
	 	(i)	the Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Securities unless written notice of such default or Event of Default shall have been given to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by the Company or by any Holder of the Securities, and such notice references the Securities and this Indenture;
	 	 	 
	 	(j)	the permissive rights of the Trustee enumerated herein shall not be construed as duties;
	 	 	 
	 	(k)	the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder;
	 	 	 
	 	(l)	the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded;
	 	 	 
	 	(m)	anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless of the form of action; and

 

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	 	(n)	the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, any provision of any law or regulation or any act of any governmental authority, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.

 

Section 6.4.                   Not Responsible
for Recitals or Issuance of Securities.

 

The recitals contained in this Indenture and in
the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee
or any Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable for the use or application
by the Company of Securities or the proceeds from such Securities. The Trustee shall not be responsible to make any calculation with respect
to any matter under this Indenture. The Trustee shall have no duty to monitor or investigate the Company’s compliance with or the
breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of any Person, other than the
Trustee, made in this Indenture.

 

Section 6.5.                   May Hold
Securities.

 

The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar, or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee
of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent, Security Registrar, or such other agent.

 

Section 6.6.                   Money Held in
Trust.

 

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

 

Section 6.7.                   Compensation
and Reimbursement.

 

The Company agrees:

 

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

 

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	 	(2)	except as otherwise expressly provided in this Indenture, to reimburse the Trustee upon its request for all reasonable expenses, disbursements, and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement, or advance as may be attributable to its gross negligence or willful misconduct; and
	 	 	 
	 	(3)	to indemnify each of the Trustee and any predecessor Trustee and their officers, agents, directors and employees for, and to hold them harmless against, any and all loss, damage, claim, liability, action, suit or proceeding at law or in equity, and any other expenses, fees or charges of any character, including fees and expenses of counsel and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred without gross negligence or willful misconduct on their part as determined by a final, non-appealable judgment of a court of competent jurisdiction, arising out of or in connection with the acceptance or administration of the trust or trusts under this Indenture, including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, or in connection with enforcing the provisions of this Section. The Trustee shall notify the Company promptly of any third party claim for which it may seek indemnity.

 

To secure the Company’s obligations under
this Section, the Trustee shall have a lien prior to the Securities upon all money or property held or collected by the Trustee in its
capacity as Trustee, except for such money and property which is held in trust to pay principal (and premium, if any) or interest on particular
Securities, and the claims of the Trustee under this Section shall not be subject to the provisions of Article XIV;

 

In addition to, and without prejudice to its other
rights under this Indenture, when the Trustee incurs any expenses or renders any services after (1) the entry of a decree or order
for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case under any applicable bankruptcy,
insolvency, or reorganization law, now or hereafter in effect of the United States of America or any political subdivision thereof, which
decree or order shall have continued unstayed and in effect for a period of 60 consecutive days, or (2) the commencement by the Company
of a voluntary case under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States
of America or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary
case under any such law, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended
to constitute administrative expenses for purposes of priority under the United States Bankruptcy Code (Title 11 of the United States
Code) or any similar Federal or State law for the relief of debtors; and

 

The provisions of this Section 6.7 shall survive
the satisfaction and discharge of the Indenture, the resignation or removal of the Trustee and the termination for any reason of this
Indenture.

 

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“Trustee” for purposes of this Section shall
include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall
not affect the rights of any other Trustee hereunder.

 

Section 6.8.                   Disqualification;
Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. For
the purpose of the second paragraph of Section 310(b) of the Trust Indenture Act, the phrase “default (as such term is
defined in such indenture, but exclusive of any period of grace or requirement of notice)” is hereby defined to mean any event which
is, or after notice or lapse of time or both would become, an Event of Default. To the extent permitted by the Trust Indenture Act, the
Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series.

 

Section 6.9.                   Corporate Trustee
Required; Eligibility.

 

There shall at all times be a Trustee under this
Indenture which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus
of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section (and to the extent permitted by the Trust Indenture Act),
the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect specified in this Article.

 

Section 6.10.                 Resignation
and Removal; Appointment of Successor.

 

	 	(a)	No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 
	 	 	 
	 	(b)	The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice of such resignation to the Company. 
	 	 	 
	 	(c)	The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
	 	 	 
	 	(d)	If at any time: 
	 	 	 
	 	 	(1)	the Trustee shall fail to comply with Section 6.8 after written request for such compliance by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

 

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	 	 	(2)	the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request by the Company or by any such Holder, or 
	 	 	 	 
	 	 	(3)	the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation, or liquidation, 
	 	 	 	 
	 	then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
	 	 
	 	(e)	If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation or removal, the Trustee resigning or being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
	 	 	 
	 	(f)	If the Trustee shall resign, be removed, or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal, or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, immediately upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

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	 	(g)	The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities
of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall include the name
of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

 

Section 6.11.                 Acceptance
of Appointment by Successor.

 

	 	(a)	In case of the appointment of a successor Trustee under this Indenture with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge, and deliver to the Company and to the retiring Trustee an instrument accepting such appointment. Upon such delivery, the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed, or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and all other amounts payable to it hereunder, execute and deliver an instrument transferring to such successor Trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring Trustee under this Indenture, subject nevertheless to its lien provided for in Section 6.7. 
	 	 	 
	 	(b)	In case of the appointment under this Indenture of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee, and each successor Trustee with respect to the Securities of one or more series shall execute and deliver a supplemental indenture wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to the Securities of all series, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts under this Indenture by more than one Trustee, it being understood that nothing in this Indenture or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts under this Indenture separate and apart from any trust or trusts under this Indenture administered by any other such Trustee; and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided in such supplemental indenture and each such successor Trustee, without any further act, deed, or conveyance, shall become vested with all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; and such retiring Trustee shall duly assign, transfer, and deliver to such successor Trustee all property and money held by such retiring Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, subject nevertheless to its lien provided for in Section 6.7.

 

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	 	(c)	Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers, and trusts referred to in paragraph (a) and (b) of this Section, as the case may be. 
	 	 	 
	 	(d)	No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 

 

Section 6.12.                 Merger, Conversion,
Consolidation, or Succession to Business.

 

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

 

Section 6.13.                 Preferential
Collection of Claims Against Company.

 

If and when the Trustee shall be or become a creditor
of the Company or any other obligor upon the Securities (other than by reason of a relationship described in Section 311(b) of
the Trust Indenture Act), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims
against the Company or any such other obligor. For purposes of Section 311(b) of the Trust Indenture Act:

 

		(A)	the term "cash transaction" means any transaction in which full payment for goods or securities sold is made within seven
days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand;
and

 

		(B)	the term "self-liquidating paper" means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated
or incurred by the Company or such obligor for the purpose of financing the purchase, processing, manufacturing, shipment, storage or
sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares
or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security,
provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with the Company or such
obligor arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

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Section 6.14.                 Appointment
of Authenticating Agent.

 

The Trustee may appoint an Authenticating Agent
or Agents (which may be an affiliate of the Company) with respect to one or more series of Securities which shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer,
or partial redemption or conversion, or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee. Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business under the laws of the United States of America, any of its states,
or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports
of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section.

 

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

 

An Authenticating Agent may resign at any time
by giving written notice to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent
by giving written notice to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee
may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will
serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment
under this Indenture shall become vested with all the rights, powers, and duties of its predecessor, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

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The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section.

 

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

 

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

 

	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By: 	                                                                       
	 	 	As
Authenticating Agent
	 	 
	 	 
	 	By: 	 
	 	 	Authorized
Officer

 

 

	 	Date:	

 

ARTICLE VII

Holder’s Lists and Reports by Trustee and Company

 

Section 7.1.                   Company to Furnish
Trustee Names and Addresses of Holders.

 

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

 

	 	  (a)	semi-annually, not later than June 30 and December 31 in each year, a list for each series, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities, including the aggregate principal amount of the Securities held by each Holder thereof, of such series as of the preceding June 15 or December 15, as the case may be, and 

 

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	 	(b)	at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
	 	 	 
	 	provided, that if and so long as the Trustee shall be the Security Registrar for such series, such lists shall not be required to be furnished.

 

Section 7.2.                   Preservation
of Information; Communications to Holders.

 

	 	(a)	The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may dispose of as it deems fit any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 
	 	 	 
	 	(b)	The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
	 	 	 
	 	(c)	Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

 

Section 7.3.                   Reports by Trustee.

 

	 	(a)	The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act. To the extent that any such report is required by the Trust Indenture Act with respect to any 12-month period, such report shall cover the 12-month period ending June 15 and shall be transmitted (in accordance with the Trust Indenture Act) by the next succeeding August 15. 
	 	 	 
	 	(b)	A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission, and with the Company. The Company will promptly notify the Trustee when any Securities are listed on any stock exchange. 

 

Section 7.4.                   Reports by Company.

 

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

 

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

 

ARTICLE VIII

Consolidation, Merger, Conveyance, Transfer or Lease

 

Section 8.1.                   Company May Consolidate,
Etc., Only on Certain Terms.

 

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

 

	 	(1)	in case the Company shall consolidate with or merge into another Person or convey, transfer, or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, shall be organized and validly existing under the laws of the United States of America, any of its states or the District of Columbia, and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed; 
	 	 	 
	 	(2)	immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 
	 	 	 
	 	(3)	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer, or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article and that all conditions precedent in this Indenture provided for relating to such transaction have been complied with. 

 

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Section 8.2.                   Successor Substituted.

 

Upon any consolidation of the Company with, or
merger of the Company into, any other Person or any conveyance, transfer, or lease of the properties and assets of the Company substantially
as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which the Company is merged
or to which such conveyance, transfer, or lease is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company in this Indenture,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture
and the Securities.

 

ARTICLE IX

Supplemental Indentures

 

Section 9.1.                   Supplemental
Indentures Without Consent of Holders.

 

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

 

	 	(1)	to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company in this Indenture and in the Securities; or 
	 	 	 
	 	(2)	to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power conferred in this Indenture upon the Company; or 
	 	 	 
	 	(3)	to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 
	 	 	 
	 	(4)	to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 
	 	 	 
	 	(5)	to add to, change, or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change, or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; or 

 

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	 	(6)	to secure the Securities; or 
	 	 	 
	 	(7)	to establish the form or forms or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or 
	 	 	 
	 	(8)	to evidence and provide for the acceptance of appointment under this Indenture 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 under this Indenture by more than one Trustee, pursuant to the requirements of Section 6.11(b); or 
	 	 	 
	 	(9)	to comply with any requirements of the Commission in connection with qualifying this Indenture under the Trust Indenture Act;
	 	 	 
	 	(10)	to cure any ambiguity, mistake, defect or inconsistency; or 
	 	 	 
	 	(11)	to make any change, provided that such change shall not adversely affect the interests of the Holders of Securities of any series in any material respect. 

 

Section 9.2.                   Supplemental
Indentures With Consent of Holders.

 

With the consent of the Holders of not less than
a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of such Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into a supplemental
indenture or indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
however, that no such supplemental indenture entered into pursuant to this Section 9.2 shall, without the consent of the Holder
of each Outstanding Security affected by such supplemental indenture,

 

	 	(1)	change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce its principal amount or rate of interest or any premium payable upon its redemption, or reduce the amount of the principal of an Original Issue Discount Security or any other Security that would be due and payable upon a declaration of acceleration of its Maturity pursuant to Section 5.2, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where any Security or any premium or interest is payable, or impair the right to institute suit for the enforcement of any such payment on or after its Stated Maturity (or, in the case of redemption, on or after the Redemption Date), or modify the provisions of this Indenture with respect to the subordination of the Securities in a manner adverse to the Holders, or 

 

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	 	(2)	reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with the provisions of or defaults under this Indenture and their consequences provided for in this Indenture, or 
	 	 	 
	 	(3)	modify any of the provisions of this Section, Section 5.13, or Section 10.8, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each affected Outstanding Security, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of Section 6.11(b) and 9.1(8). 

 

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

 

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

 

Section 9.3.                   Execution of
Supplemental Indentures.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications of the trusts created by this Indenture, the
Trustee shall be entitled to receive in addition to the documents required by Section 1.2, and (subject to Section 6.1) shall
be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and, with respect to such Opinion of Counsel, that the supplemental indenture is
the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities, indemnities
or immunities under this Indenture or otherwise.

 

Section 9.4.                   Effect of Supplemental
Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance with such supplemental indenture, and such supplemental indenture shall
form a part of this Indenture for all purposes; and every Holder of Securities previously or subsequently authenticated and delivered
under this Indenture shall be bound by such supplemental indenture.

 

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Section 9.5.                   Conformity With
Trust Indenture Act.

 

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

 

Section 9.6.                   Reference in
Securities to Supplemental Indentures.

 

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

 

Section 9.7.                   Notice of Supplemental
Indentures.

 

After any supplemental indenture under this Article becomes
effective, the Company may give to the Holders of Securities, in the manner referred to in Section 1.6, a notice briefly describing
such supplemental indenture; provided, however, that the failure to give such notice to all Holders of Securities, or any defect therein,
shall not impair or affect the validity of such supplemental indenture.

 

ARTICLE X

Covenants

 

Section 10.1.                   Payment of
Principal, Premium, and Interest.

 

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

 

Section 10.2.                   Maintenance
of Office or Agency.

 

The Company will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities
of that series may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect
of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with its address, such presentations, surrenders, notices, and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company appoints the Trustee as its agent to receive all such presentations, surrenders,
notices, and demands; provided, however that the Trustee shall not be deemed an agent of the Company for service of legal process.

 

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

 

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Section 10.3.                   Money for Securities
Payments to Be Held in Trust.

 

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

 

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

 

The Company will cause each Paying Agent for any
series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any default by the Company (or any other obligor
upon the Securities of that series) in the making of any payment in respect of the Securities of that series, and upon the written request
of the Trustee, immediately pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of
that series.

 

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

 

Subject to applicable abandoned property laws,
any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or
any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, or interest
has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee, shall
cease at such time.

 

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Section 10.4.                 Statement by
Officers as to Default.

 

The Company will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company (ending December 31; it being understood and agreed that the Company
may change its fiscal year so long as the Company has provided written notice of such change to the Trustee) ending after the date of
this Indenture, an Officers’ Certificate (one of the signers of which shall be the principal executive officer, principal financial
officer, or principal accounting officer of the Company), stating whether or not, to the best knowledge of the signers, the Company is
in default in the performance and observance of any of the terms, provisions, and conditions of this Indenture (without regard to any
period of grace or requirement of notice provided under this Indenture) and, if the Company shall be in default, specifying all such defaults
and their nature and status of which they may have knowledge. The Company will deliver to the Trustee written notice of the occurrence
of any Event of Default or default (which word has the meaning of the word “default” as used in Section 6.2), within
ten (10) Business Days of the Company becoming aware of any such Event of Default or default and setting forth the detail of such
Event of Default or default and the action the Company proposes to take with respect thereto.

 

Section 10.5.                 Existence.

 

Subject to Article VIII, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory),
and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the
Board of Directors shall determine that its preservation is no longer desirable in the conduct of the business of the Company and that
its loss is not disadvantageous in any material respect to the Holders.

 

Section 10.6.                 Maintenance
of Properties.

 

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

 

Section 10.7.                 Payment of
Taxes and Other Claims.

 

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

 

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Section 10.8.                 Waiver of Certain
Covenants.

 

The Company may, with respect to the Securities
of any series, omit in any particular instance to comply with any term, provision, or condition set forth in Sections 10.5 to 10.7
(excluding Section 10.7(1)), or in any covenant provided pursuant to Section 3.1(16) or 9.1(2) for the benefit of the Holders
of such series, if before the time for such compliance the Holders of a majority in principal amount of the Outstanding Securities of
such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term,
provision, or condition, but no such waiver shall extend to or affect such term, provision, or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any
such term, provision, or condition shall remain in full force and effect.

 

Section 10.9.                 Calculation
of Original Issue Discount.

 

If the Company has Outstanding any Original Issue
Discount Securities, the Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying
the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such
year and (ii) such other specific information relating to such original issue discount as may be required to be provided to the Trustee,
any Paying Agent or the holders of the Notes pursuant to the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

Section 10.10.               Tax Payment
and Tax Withholding Obligations.

 

In order to enable the Trustee and any other Paying Agent to comply
with any tax payment or tax withholding obligation or obligations imposed on it or them by virtue of applicable law in connection with
any payment made by it or them to Holders pursuant to any of the provisions of this Indenture, the Company hereby agrees that, upon receipt
of a request from time to time from the Trustee or such Paying Agent, the Company will provide to the Trustee and such Paying Agent promptly
a notice in writing as to whether and to what extent, together with any and all information necessary to enable the Trustee and such Paying
Agent to determine whether and to what extent, any such tax payment or tax withholding obligation or obligations shall apply, and, if
any do so apply, the amount and other relevant details of such tax payment and/or tax withholding obligation or obligations. In addition
to and notwithstanding such agreement, the Trustee and any such Paying Agent shall have full right and warrant to withhold from any payment
made by it or them pursuant to any of the provisions of this Indenture (if required to comply with such tax payment or tax withholding
obligation or obligations) and shall not be liable to any Person for so doing.

 

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ARTICLE XI

Redemption of Securities

 

Section 11.1.                 Applicability
of Article.

 

Securities of any series which are redeemable before
their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Securities of any series) in accordance with this Article.

 

Section 11.2.                 Election to
Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities
shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities. In case
of any redemption at the election of the Company, the Company shall, three Business Days before sending a notice of such redemption (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities
of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities
prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture,
the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction.

 

Section 11.3.                 Selection by
Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series are
to be redeemed (unless all of the Securities of such series and of a specified tenor are to be redeemed or such series is comprised of
a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series not previously called for redemption by such method as the Trustee shall
deem fair and appropriate (which may include pro rata or by lot) and which may provide for the selection for redemption of portions
(equal to the minimum authorized denomination for Securities of that series or any integral multiple of such denomination) of the principal
amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. If
less than all of the Securities of such series and of a specified tenor are to be redeemed (unless such series is comprised of a single
Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding
sentence.

 

Unless all of the Securities of such series and
of a specified tenor are to be redeemed or such series is comprised of a single Security, the Trustee shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any Securities (other than Securities comprised of a single Security)
selected for partial redemption, the principal amount thereof to be redeemed. In the case of any such redemption in part, the unredeemed
portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized
denomination) of such Security.

 

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

 

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	Section 11.4.	Notice of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to
be redeemed, at his address appearing in the Security Register.

 

All notices of redemption shall state:

 

		(1)	the
Redemption Date,

 

		(2)	the
Redemption Price and accrued interest, if any,

 

		(3)	if
less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption
of any Securities, the principal amounts) of the particular Securities to be redeemed, and that on or after the date fixed for redemption,
upon surrender of such Security, a new Security or Securities of such series in authorized denominations for an aggregate principal amount
equal to the unredeemed portion will be issued,

 

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

 

		(5)	the
place or places where such Securities are to be surrendered for payment of the Redemption Price and accrued interest, if any,

 

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

 

		(7)	the
 “CUSIP” numbers, “ISIN” or other similar numbers, if any, of the Securities to be redeemed.

 

Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s request in an Officers’ Certificate (delivered
to the Trustee, together with a form of notice of redemption, at least three Business Days (unless a shorter period shall be acceptable
to the Trustee) prior to the requested date of delivery), by the Trustee in the name and at the expense of the Company and shall be irrevocable.

 

	Section 11.5.	Deposit of Redemption Price.

 

Prior to 10:00 a.m., New York City time on
the Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on
that date.

 

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	Section 11.6.	Securities Payable on Redemption Date.

 

Notice of redemption having been given in accordance
with this Indenture, the Securities to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price specified
in the notice, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with such notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7.

 

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

 

	Section 11.7.	Securities Redeemed in Part.

 

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

 

ARTICLE XII

Sinking Funds

 

	Section 12.1.	Applicability of Article.

 

The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1 for
Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is referred to in this Indenture as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is referred to in this Indenture
as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption
of Securities of any series as provided for by the terms of Securities of such series.

 

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	Section 12.2.	Satisfaction of Sinking Fund Payments with
    Securities.

 

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

 

	Section 12.3.	Redemption of Securities for Sinking Fund.

 

Not less than 90 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the
amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion, if any, which is to
be satisfied by payment of cash and the portion, if any, which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 12.2 and the basis for such credit and will also deliver to the Trustee any Securities to be so delivered. Not
less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of redemption to be given in the name of and at the expense
of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

ARTICLE XIII

Defeasance and Covenant Defeasance

 

	Section 13.1.	Applicability of Article; Company’s Option
    to Effect Defeasance or Covenant Defeasance.

 

If, pursuant to Section 3.1, provision is
made for either or both of (a) Defeasance of the Securities of a series under Section 13.2 or (b) Covenant Defeasance of
the Securities of a series under Section 13.3, then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article XIII, shall be applicable to the Securities of such series, and the Company may at its
option by Board Resolution or in any other manner specified as contemplated by Section 3.1, at any time, with respect to the Securities
of such series, elect to have either Section 13.2 (if applicable) or Section 13.3 (if applicable) be applied to the Outstanding
Securities of such series upon compliance with the conditions set forth below in this Article XIII.

 

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	Section 13.2.	Defeasance and Discharge.

 

Upon the Company’s exercise of the above
option applicable to this Section, the Company shall be deemed to have been discharged from its obligations with respect to the Outstanding
Securities of such series on and after the date the conditions precedent set forth in Section 13.3 are satisfied (“Defeasance”).
For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture,
insofar as such Securities are concerned (and the Trustee, upon Company Order and at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged under this
Indenture: (A) the rights of Holders of Outstanding Securities of such series to receive, solely from the trust fund described in
Section 13.4 as more fully set forth in such Section, payments of the principal of (any premium, if any) and interest on such Securities
when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 3.4, 3.5, 3.6,
6.7, 10.2, and 10.3, and any ancillary obligations, (C) the rights, powers, trusts, duties, immunities, indemnities, and other provisions
in respect of the Trustee under this Indenture, and (D) this Article XIII. Subject to compliance with this Article XIII,
the Company may exercise its option under this Section 13.2 notwithstanding the prior exercise of its option under Section 13.3
with respect to the Securities of such series. Following a Defeasance, payment of the Securities of such series may not be accelerated
because of an Event of Default.

 

	Section 13.3.	Covenant Defeasance.

 

Upon the Company’s exercise of the above
option applicable to this Section and after the date the conditions set forth below are satisfied (“Covenant Defeasance”),
(1) the Company shall be released from its obligations under any covenant applicable to such Securities that is determined pursuant
to Section 3.1 to be subject to this provision, and (2) the occurrence of any event specified in Section 5.1(1) or
(2) or determined pursuant to Section 3.1 to be subject to this provision shall not be deemed to be or result in an Event of
Default. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities of such series, the Company
may omit to comply with and shall have no liability in respect of any term, condition, or limitation set forth in any such Section whether
directly or indirectly by reason of any reference elsewhere in this Indenture to any such Section or by reason of any reference in
any such Section to any other provision in this Indenture or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected by such Covenant Defeasance.

 

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	Section 13.4.	Conditions to Defeasance or Covenant Defeasance.

 

The following shall be the conditions precedent
to application of either Section 13.2 or Section 13.3 to the Outstanding Securities of such series:

 

	 	(1)	The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 6.9 and agrees to comply with the provisions of the Indenture applicable to it as if it were the Trustee under this Indenture), as trust funds in trust for the purpose of making the following payments, and dedicated solely to, the benefit of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination of such money and U.S. Government Obligations, in each case sufficient, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee as previously provided) to pay and discharge, the principal of (and premium, if any) and interest on the Outstanding Securities of such series on the Maturity of such principal, any premium or interest, and any mandatory sinking fund payments or analogous payments applicable to the Outstanding Securities of such series on their due dates. Before such a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date or dates in accordance with Article XI, which shall be given effect in applying the foregoing provisions. For this purpose, “U.S. Government Obligations” means securities that are (x) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (y) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended), which may include the Trustee, as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such custodian for the account of the holder of such depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation evidenced by such depository receipt.
	 	 	 
	 	(2)	No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to the Securities of such series shall have occurred and be continuing (A) on the date of such deposit or (B) insofar as subsections 5.1(1) and (2) are concerned, at any time during the period ending on the 120th day after the date of such deposit or, if longer, ending on the day following the expiration of the preference period applicable to the Company under federal law in respect of such deposit (it being understood that the condition in this clause (B) shall not be deemed satisfied until the expiration of such period). 
	 	 	 
	 	(3)	Such Defeasance or Covenant Defeasance shall not (A) cause the Trustee in respect of the Securities of such series to have a conflicting interest as defined in Section 6.8 or for purposes of the Trust Indenture Act with respect to any Securities of the Company or (B) result in the trust arising from such deposit to constitute, unless it is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended. 

 

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	 	(4)	Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound. 
	 	 	 
	 	(5)	Such Defeasance or Covenant Defeasance shall not cause any Securities of such series then listed on any registered national securities exchange under the Securities Exchange Act of 1934, as amended, to be delisted. 
	 	 	 
	 	(6)	In the case of an election under Section 13.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been a change in the applicable federal income tax law, in either case to the effect that, and based on such ruling or change such opinion shall confirm that, the Holders of the Outstanding Securities of such series will not recognize income, gain, or loss for federal income tax purposes as a result of such Defeasance and will be subject to federal income tax on the same amounts, in the same manner, and at the same times as would have been the case if such Defeasance had not occurred.
	 	 	 
	 	(7)	In the case of an election under Section 13.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities of such series will not recognize income, gain, or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner, and at the same times as would have been the case if such Covenant Defeasance had not occurred. 
	 	 	 
	 	(8)	The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that (subject to customary qualifications and assumptions) after the period described in Section 13.4(2), the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization, or similar laws affecting creditors’ rights generally.
	 	 	 
	 	(9)	Such Defeasance or Covenant Defeasance shall be effected in compliance with any additional terms, conditions, or limitations which may be imposed on the Company in connection with such Defeasance or Covenant Defeasance pursuant to Section 3.1. 
	 	 	 
	 	(10)	The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to either the Defeasance under Section 13.2 or the Covenant Defeasance under Section 13.3 (as the case may be) have been complied with.

 

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	Section 13.5	Deposited Money and U.S.
    Government Obligations to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money and U.S. Government Obligations (including any proceeds) deposited with the Trustee or other qualifying
trustee (solely for purposes of this Section and Section 13.6, the Trustee and any such other qualifying trustee are referred
to collectively as the “Trustee”) pursuant to Section 13.4 in respect of the Outstanding Securities of such series shall
be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (but not including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Holders of such Securities, of all sums due and to become due on such Securities in respect of principal (and premium, if any)
and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee
against any tax, fee, or other charge imposed on or assessed against the money or U.S. Government Obligations deposited pursuant to Section 13.4
or the principal and interest received in respect of such money or U.S. Government Obligations other than any such tax, fee, or other
charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Indenture to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by
it as provided in Section 13.4 which, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification delivered to the Trustee, are in excess of the amount which would then be required to be deposited to effect
an equivalent Defeasance or Covenant Defeasance.

 

	Section 13.6.	Reinstatement.

 

If the Trustee or the Paying Agent is unable to
apply any money or U.S. Government Obligations in accordance with Section 13.5 by reason of any order or judgment of any court or
governmental authority enjoining, restraining, or otherwise prohibiting such application, then the Company’s obligations under the
Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XIII until such
time as the Trustee or Paying Agent is permitted to apply all such money and U.S. Government Obligations in accordance with Section 13.5;
provided, however, that if the Company makes any payment of principal of (and premium, if any) or interest on any such Security
following the reinstatement of its obligations, the Company shall be entitled, at its election, (a) to receive from the Trustee or
Paying Agent, as applicable, that portion of such money or U.S. Government Obligations held by the Trustee or the Paying Agent, as applicable,
equal to the amount of such payment, or (b) to be subrogated to the rights of the Holders of such Securities to receive such payment
from the money and U.S. Government Obligations held by the Trustee or the Paying Agent.

 

ARTICLE XIV

Subordination Of Securities

 

	Section 14.1.	Securities Subordinate to Senior Debt.

 

The Company covenants and agrees that anything
in this Indenture or the Securities of any series to the contrary notwithstanding, the indebtedness evidenced by the Securities of each
series is subordinate and junior in right of payment to all Senior Debt to the extent provided in this Indenture, and each Holder of Securities
of each series, by such Holder’s acceptance of such Securities, likewise covenants and agrees to the subordination provided in this
Indenture and shall be bound by the provisions of this Indenture. Senior Debt shall continue to be Senior Debt and entitled to the benefits
of these subordination provisions irrespective of any amendment, modification, or waiver of any term of the Senior Debt or extension or
renewal of the Senior Debt.

 

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In the event of

 

	 	(a)	any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition, or other similar proceeding relating to the Company or its property, 
	 	 	 
	 	(b)	any proceeding for the liquidation, dissolution, or other winding up of the Company, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings, 
	 	 	 
	 	(c)	any assignment by the Company for the benefit of creditors, or 
	 	 	 
	 	(d)	any other marshaling of the assets of the Company, 
	 	 	 
	 	all Senior Debt (including any interest on such Senior Debt accruing after the commencement of any such proceedings) shall first be paid in full before any payment or distribution, whether in cash, securities, or other property, shall be made to any Holder of any of the Securities on account of such Securities. Any payment or distribution, whether in cash, securities, or other property (other than securities of the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Securities, to the payment of all Senior Debt at the time outstanding and to any securities issued in respect of such Senior Debt under any such plan of reorganization or readjustment), which would otherwise (but for these subordination provisions) be payable or deliverable in respect of the Securities of any series shall be paid or delivered directly to the holders of Senior Debt in accordance with the priorities then existing among such holders until all Senior Debt (including any interest on such Senior Debt accruing after the commencement of any such proceedings) shall have been paid in full. In the event of any such proceeding, after payment in full of all sums owing with respect to Senior Debt, the Holders of the Securities, together with the holders of any obligations of the Company ranking on a parity with the Securities, shall be entitled to be paid from the remaining assets of the Company the amounts at the time due and owing on account of unpaid principal of (and premium, if any) and interest on the Securities and such other obligations before any payment or other distribution, whether in cash, property, or otherwise, shall be made on account of any capital stock or any obligations of the Company ranking junior to the Securities and such other obligations. The rights of holders of Senior Debt under this Section do not extend to any payment or distribution, whether in cash, securities or other property, to the extent applied to the Trustee’s rights to compensation, reimbursement of expenses or indemnification.

 

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In the event that, notwithstanding the foregoing,
any payment or distribution of any character or any security, whether in cash, securities, or other property (other than securities of
the Company or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Securities, to the payment
of all Senior Debt at the time outstanding and to any securities issued in respect of such Senior Debt under any such plan of reorganization
or readjustment), shall be received by the Trustee or any Holder in contravention of any of the terms of this Indenture such payment or
distribution or security shall be received in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders
of the Senior Debt at the time outstanding in accordance with the priorities then existing among such holders for applications to the
payment of all Senior Debt remaining unpaid to the extent necessary to pay all such Senior Debt in full. In the event of the failure of
the Trustee or any Holder to endorse or assign any such payment, distribution, or security, each holder of Senior Debt is irrevocably
authorized to endorse or assign the same.

 

No present or future holder of any Senior Debt
shall be prejudiced in the right to enforce subordination of the indebtedness evidenced by the Securities by any act or failure to act
on the part of the Company. Nothing contained in this Indenture shall impair, as between the Company and the Holders of Securities of
each series, the obligation of the Company to pay to such Holders the principal of (and premium, if any) and interest on such Securities
or prevent the Trustee or the Holder from exercising all rights, powers and remedies otherwise permitted by applicable law or under this
Indenture upon a default or Event of Default, all subject to the rights of the holders of the Senior Debt to receive cash, securities,
or other property otherwise payable or deliverable to the Holders.

 

Senior Debt shall not be deemed to have been paid
in full unless the holders thereof shall have received cash, securities, or other property equal to the amount of such Senior Debt then
outstanding. Upon the payment in full of all Senior Debt, the Holders of Securities of each series shall be subrogated to all rights of
any holders of Senior Debt to receive any further payments or distributions applicable to the Senior Debt until the indebtedness evidenced
by the Securities of such series shall have been paid in full, and such payments or distributions received by such Holders, by reason
of such subrogation, of cash, securities, or other property which otherwise would be paid or distributed to the holders of Senior Debt
shall, as between the Company and its creditors other than the holders of Senior Debt, on the one hand, and such Holders, on the other
hand, be deemed to be a payment by the Company on account of Senior Debt, and not on account of the Securities of such series.

 

Notwithstanding the foregoing or anything else
in this Article XIV contained, at any time after the 123rd day following the date of deposit of money and U.S. Government Obligations
pursuant to Article IV or XIII (provided all conditions set out in the applicable Article shall have been satisfied), the funds
(including U.S. Government Obligations) so deposited and any interest thereon will not be subject to any rights of holders of Senior Debt
including, without limitation, those arising under this Article XIV; provided that no event described in clauses (1) and (2) of
Section 5.1 has occurred during such 123-day period.

 

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The provisions of this Section 14.1 shall
not impair any rights, interests, remedies, or powers of any secured creditor of the Company in respect of any security interest the creation
of which is not prohibited by the provisions of this Indenture.

 

	Section 14.2.	No Payment When Senior Debt in Default.

 

In the event and during the continuation of any
default in the payment of the principal of or any premium or interest on any Senior Debt beyond any applicable grace period with respect
to such Senior Debt, or in the event that any event of default with respect to any Senior Debt shall have occurred and be continuing permitting
the holders of such Senior Debt (or the trustee on behalf of the holders of such Senior Debt) to declare such Senior Debt due and payable
prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured
or waived or shall have ceased to exist and any such declaration and its consequences shall have been rescinded or annulled, or (b) in
the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, then no payment (including
any payment which may be payable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of
the Securities) shall be made by the Company on account of the principal of or any premium or interest on the Securities or on account
of the purchase or other acquisition of Securities, provided, however, that nothing in this Section 14.2 shall prevent
the satisfaction of any sinking fund payment in accordance with Article XII by delivering and crediting pursuant to Section 12.2
Securities which have been acquired (upon redemption or otherwise) prior to such default in payment or event of default.

 

Subject to Section 14.5, in the event that,
notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing
provisions of this Section 14.2, and if such fact shall, at or prior to the time of such payment, have been made known in a writing
delivered to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by a holder of Senior Debt or the Company
or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered to the Company.

 

The provisions of this Section 14.2 shall
not apply to any payment with respect to which Section 14.1 would be applicable.

 

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	Section 14.3.	Trustee and Holders of Securities May Rely
    on Certificate of Liquidating Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary
    to Holders of Senior Debt.

 

Upon any payment or distribution of assets of the
Company referred to in this Article XIV, the Trustee and the Holders shall be entitled to conclusively rely upon an order or decree
made by any court of competent jurisdiction in which such dissolution or winding up or liquidation or reorganization or arrangement proceedings
are pending or upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other Person making
such payment or distribution, delivered to the Trustee or to the Holders, for the purpose of ascertaining the Persons entitled to participate
in such distribution, the holders of the Senior Debt and other indebtedness of the Company, the amount of or payable on and the amount
or amounts paid or distributed on such Senior Debt or other indebtedness, and all other facts pertinent to such Senior Debt or other indebtedness
or to this Article XIV. In the absence of any such bankruptcy trustee, receiver, assignee, or other Person, the Trustee shall be
entitled to conclusively rely upon a written notice by a Person representing itself, himself or herself to be a holder of Senior Debt
(or a trustee or representative on behalf of such holder) as evidence that such Person is a holder of such Senior Debt (or is such a trustee
or representative), the amount of or payable on and the amount or amounts paid or distributed on such Senior Debt or other indebtedness,
and all other facts pertinent to such Senior Debt or other indebtedness. In the event that the Trustee determines, in good faith, that
further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payments or distributions
pursuant to this Article XIV, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Debt held by such Person, as to the extent to which such Person is entitled to participate in such payment
or distribution, and as to other facts pertinent to the rights of such Person under this Article XIV, and if such evidence is not
furnished, the Trustee may withhold any payment to such Person pending judicial determination as to the right of such Person to receive
payment. The Trustee, however, shall not be deemed to owe any fiduciary duty to the holders of Senior Debt, and shall not be liable to
any such holders if it shall pay over or deliver to the Holders or the Company or any other Person, cash, securities, or other property
to which any holders of Senior Debt shall be entitled by virtue of this Article or otherwise. With respect to the holders of Senior
Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Indenture, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture against
the Trustee.

 

	Section 14.4.	Payment Permitted If No Default.

 

Nothing contained in this Article XIV (except
in Section 14.5) or elsewhere in this Indenture, or in any of the Securities, shall prevent (a) the Company at any time, except
during the pendency of any dissolution, winding up, liquidation, or reorganization proceedings referred to in Section 14.1 or under
the conditions specified in Section 14.2, from making payments of the principal of (or premium, if any) or interest on the Securities
or (b) the application by the Trustee or any Paying Agent of any moneys deposited with it under this Indenture to payments of the
principal of or interest on the Securities, if, at the time of such deposit, a Responsible Officer of the Trustee or such Paying Agent,
as the case may be, had not received at the Corporate Trust Office of the Trustee the Officers’ Certificate or written notice provided
for in Section 14.5 of any event prohibiting the making of such deposit, or if, at the time of such deposit (whether or not in trust)
by the Company with the Trustee or any Paying Agent (other than the Company) such payment would not have been prohibited by the provisions
of this Article, and the Trustee or any Paying Agent shall not be affected by any notice to the contrary received by it on or after such
date.

 

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	Section 14.5.	Trustee Not Charged with Knowledge of Prohibition.

 

Anything in this Article XIV or elsewhere
contained in this Indenture to the contrary notwithstanding, the Trustee shall not at any time be charged with knowledge of the existence
of any facts which would prohibit the making of any payment of moneys to or by the Trustee, and shall be entitled conclusively to assume
that no such facts exist and that no event specified in Section 14.1 or Section 14.2 has happened, unless and until a Responsible
Officer of the Trustee shall have received at the Corporate Trust Office of the Trustee (i) an Officers’ Certificate to that
effect or (ii) notice in writing to that effect signed by or on behalf of the holder or holders, or their representatives, of Senior
Debt who shall have been certified by the Company or otherwise established to the reasonable satisfaction of the Trustee to be such holder
or holders or representatives or from any trustee under any indenture pursuant to which such Senior Debt shall be outstanding; and before
the receipt of any such Officers’ Certificate or written notice, the Trustee shall be entitled in all respects to assume that no
such facts exist; provided, however, that if the Trustee shall not have received the Officers’ Certificate or the written notice
provided for in this Section at least three (3) Business Days prior to the date upon which by the terms hereof any money may
become payable for any purpose (including, without limitation, the payment of the principal of or interest on any Security) then, anything
herein contained to the contrary notwithstanding, the Trustee shall have all power and authority to receive such money and to apply the
same to the purpose for which such money were received and shall not be affected by any notice to the contrary which may be received by
it during or after such three (3) Business Day period.

 

The Company shall give prompt written notice to
the Trustee and to the Paying Agent of any facts which would prohibit the payment of money or assets to or by the Trustee or any Paying
Agent.

 

	Section 14.6.	Trustee to Effectuate Subordination.

 

Each Holder of Securities by such Holder’s
acceptance thereof authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate
to effectuate the subordination as between such Holder and holders of Senior Debt as provided in this Article and appoints the Trustee
its attorney-in-fact for any and all such purposes.

 

	Section 14.7.	Rights of Trustee as Holder of Senior Debt.

 

The Trustee shall be entitled to all the rights
set forth in this Article with respect to any Senior Debt which may at the time be held by it, to the same extent as any other holder
of Senior Debt. Nothing in this Article shall deprive the Trustee of any rights as such holder.

 

	Section 14.8.	Article Applicable to Paying Agents.

 

In case at any time any Paying Agent other than
the Trustee shall have been appointed by the Company and be then acting under this Indenture, the term “Trustee” as used in
this Article shall in such case (unless the context shall otherwise require) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if the Paying Agent were named in this Article in addition to or
in place of the Trustee, provided, however, that Sections 14.5 and 14.7 shall not apply to the Company or any Affiliate of the Company
if the Company or such Affiliate acts as Paying Agent.

 

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	Section 14.9.	Subordination Rights Not Impaired by Acts or
    Omissions of the Company or Holders of Senior Debt.

 

No right of any present or future holders of any
Senior Debt to enforce subordination as provided in this Indenture shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance
by the Company with the terms, provisions, and covenants of this Indenture, regardless of any knowledge which any such holder may have
or be otherwise charged with. The holders of Senior Debt may, at any time or from time to time and in their absolute discretion, change
the manner, place, or terms of payment, change or extend the time of payment of, or renew or alter, any such Senior Debt, or amend or
supplement any instrument pursuant to which any such Senior Debt is issued or by which it may be secured, or release any security, or
exercise or refrain from exercising any other of their rights under the Senior Debt including, without limitation, the waiver of default,
all without notice to or assent from the Holders of the Securities or the Trustee and without affecting the obligations of the Company,
the Trustee, or the Holders of the Securities under this Article.

 

	Section 14.10.	Trustee’s Rights to Compensation, Reimbursement
    of Expenses and Indemnification.

 

Nothing in this Article shall apply to claims
of, or payments to, the Trustee under or pursuant to Sections 5.6 or 6.7.

 

	Section 14.11.	Modification of Subordination Provisions.

 

Anything in Article IX or elsewhere contained
in this Indenture to the contrary notwithstanding, no modification or amendment and no supplemental indenture shall modify the subordination
provisions of this Article XIV in a manner that would adversely affect the holders of Senior Debt.

 

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This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one
and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (i.e.,
 “pdf” or “tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed to include electronic signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the
parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

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

 

	 	BERKSHIRE HILLS BANCORP, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Subhadeep Basu
	 	Name: 	Subhadeep Basu
	 	Title:	Senior Executive Vice President and Chief Financial Officer
	 	 	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Michael H. Wass
	 	Name: 	Michael H. Wass
	 	Title: 	Vice President

 

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