Document:

Exhibit

Form 6281-CP  (6-2017)
Page 1 of 34

 Amended and Restated CREDIT AGREEMENT
This Amended and Restated Credit Agreement (as amended, modified or restated from time to time, this “Agreement”) dated as of February 2, 2018 by and between Farm Credit Services of America, PCA and Farm Credit Services of America, FLCA (each and collectively “Lender”) and Dakota Ethanol, L.L.C., a South Dakota limited liability company  (“Borrower”), in consideration of credit extended by Lender under the terms and conditions set forth below, amends and restates the original Credit Agreement dated May 15, 2013 as amended from time to time; the parties hereto agree as follows: 
		
	Article 1 -
	DEFINITIONS

As used in this Agreement, the following terms shall have the meanings set forth below (and such meaning shall be equally applicable to both the singular and plural form of the terms defined, as the context may require):
‘Advance’ shall mean funds advanced to Borrower under any Loan Facility described in Article 2 herein.
‘Affiliate’ shall mean any Person, (other than a Subsidiary) which directly or indirectly, is in Control of, is controlled by, or is under common Control with, any other Person.
‘Business Day’ shall mean a day, other than a Saturday or Sunday, on which commercial banks are open for business in Omaha, Nebraska.
‘Closing Date’ shall mean that date on which Lender and Borrower have executed all Loan Documents to which they are parties and on which all conditions in Article 3 have been met.
‘Code’ means the Internal Revenue Code of 1986, as amended, and in effect from time to time.
‘Collateral’ shall mean the property described in Article 4, together with any other personal or real property in which Lender may be granted a Lien to secure payment of the Obligations.
‘Collateral Agreements’ shall mean any security agreements, UCC financing statements, lease assignments, mortgages, deeds of trust or any other document granting a Lien to secure the Obligations.
‘Control’ shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies, whether through ownership of voting securities, by contract or otherwise.
‘Debt’ or ‘Indebtedness’ shall mean (i) indebtedness of Borrower for borrowed money, (ii) indebtedness of Borrower for the deferred purchase price of property or services (except trade payables arising in the ordinary course of business), (iii) guarantees, endorsements (other than for collection in the ordinary course of business) and other contingent obligations of Borrower to purchase, to provide funds for payment, to supply funds to invest in any person, corporation or other entity or otherwise to assure a creditor against loss, including contingent obligations under any interest rate swaps agreement or any agreement related to a commodity hedging transaction or foreign currency exchanged, (iv) obligations of Borrower under leases which shall have been or should be in accordance with GAAP, recorded as capital leases, (v) unfunded benefit liabilities of Borrower and (vi) any liability of Borrower that would be classified as indebtedness in accordance with GAAP.
‘Default Rate’ shall mean a rate which is 4 percent per annum higher than the highest rate of interest otherwise then accruing on all or any portion of each Loan, the Obligations or any other Indebtedness owing to Lender.
‘Dollar’ and ‘$’ shall mean dollars in lawful currency of the United States of America.
‘Environmental Laws’ shall mean any and all federal, state, and local statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the environment or to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals or industrial, toxic hazardous substances or wastes into the environment, including, without limitation, ambient air, surface water, ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes.
‘ERISA’ shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, including any rules and regulations promulgated thereunder.
‘ERISA Affiliate’ shall mean any trade or business which, together with Borrower, is treated as a single employer under Section 414 of the Code.

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‘ERISA Event’ shall mean (i) any reportable event, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a plan; (ii) the existence of an “accumulated funding deficiency”; (iii) the filing of an application for a waiver of the minimum funding standard with respect to any plan; (iv) the incurrence by Borrower or any of its ERISA Affiliates of any liability with respect to the termination of any plan; (v) the receipt by Borrower or the ERISA Affiliate of any notice relating to an intention to terminate any plan or to appoint a trustee to administer any plan; (vi) the incurrence by Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any plan; or (vii) the receipt by Borrower or any ERISA Affiliate of any notice concerning the imposition of withdrawal liability.
‘Event of Default’ shall have the meaning set forth in Article 8. 
‘GAAP’ shall mean those generally accepted accounting principles set forth in Statements of the Financial Accounting Standards Board and in Opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants or which have other substantial authoritative support in the United States of America and are applicable in the circumstances, as applied on a consistent basis. 
‘Governmental Authority’ means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. 
‘Lien’ shall mean any mortgage, deed of trust, pledge, charge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law or any jurisdiction to evidence any of the foregoing.
‘Loan’ shall mean the aggregate amount of outstanding Advances under each Loan Facility; and ‘Loans’ shall mean the aggregate amount of outstanding Advances under all of the Loan Facilities.
‘Loan Documents’ shall mean this Agreement, the Collateral Agreements, and any other document or instrument executed in connection with or evidencing any Loan (including any amendment, restatement or modification thereto).
‘Material Adverse Effect’ shall mean any event, occurrence or circumstance that has a material negative effect on (i) the business, operations, property, liabilities, condition (financial or otherwise) or prospects of Borrower, taken as a whole, or (ii) the validity or enforcement of any of the Loan Documents or the rights or remedies of Lender hereunder, or (iii) the ability of Borrower, taken as a whole, to perform their obligations under any of the Loan Documents.
'Material Contracts' means all agreements and contracts in effect presently and entered into from time to time hereafter which are material to the sale or disposal of products and by-products produced by Borrower, as such agreements and contracts are amended, restated, supplemented or otherwise modified from time to time.
‘Obligations’ shall mean any Advances and other amounts due to Lender under the Loan Documents, including without limitation, principal, interest, fees, costs, and expenses, together with all renewals, extensions, or refinancing of same and any future and additional loans or advances made to or on behalf of Borrower by Lender or under any other Loan Document for any purpose, including advances for the protection of Collateral, all attorney fees, costs and expenses incurred by Lender in the collection of any Loan or in the enforcement or preservation of the rights of Lender in and to the Collateral.
‘Permitted Indebtedness’ shall mean (i) Indebtedness of Borrower arising under this Agreement; (ii) Indebtedness listed in the Schedule of Permitted Indebtedness attached hereto as Schedule 7.8; (iii) unsecured Subordinated Debt; (iv) trade payables of Borrower incurred in the ordinary course of business.
‘Permitted Liens’ shall mean (i) Liens securing the Obligations; (ii) Liens for taxes, assessments or similar charges not yet due; (iii) Liens of materialmen, mechanics, warehousemen, or carriers or other like liens arising in the ordinary course of business and securing obligations which are not yet delinquent; (iv) purchase money Liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure Permitted Indebtedness; (v) Liens and security interests existing on the date hereof which were granted to secure Permitted Indebtedness; and (vi) those Liens and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower’s assets. 
‘Person’ shall mean any individual, corporation, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated organization or government.

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‘Plan’ shall mean any employee benefit or other plan established or maintained, or to which contributions have been made, by Borrower or any ERISA Affiliate and which is covered by Title IV of ERISA, other than a Multi-employer Plan.
‘Potential Default’ shall mean any event or condition, which, with the lapse of time, or giving of notice, or both, would constitute an Event of Default.
‘Regulatory Change’ shall mean, with respect to Lender, any change after the date of this Agreement  in United States federal, state, municipal or foreign laws or regulations (including, without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretations, directives or requests applying to a class of banks, including such Lender of or under any United States, federal, state, municipal or foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority charged with the interpretation or administration thereof.  Notwithstanding anything herein to the contrary, (a) the Dodd Frank Wall Street Reform and Consumer Protection Act, and all requests, rules, guidelines and directives promulgated thereunder shall be deemed to be ‘Regulatory Change’, regardless of the date enacted or adopted, and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a ‘Regulatory Change’, regardless of the date enacted, adopted or issued.
‘Reportable Event’ shall mean, any of the events set forth in Section 4043 of ERISA or the regulations thereunder, other than any such event for which the 30-day notice requirement under ERISA has been waived in regulations issued by the Pension Benefit Guaranty Corporation.
‘Request’ shall mean a communication (by email, telephone, letter, fax or otherwise) from a person reasonably believed by Lender to be Borrower or an authorized officer or manager of Borrower making the Request upon which Lender shall be entitled to rely.
‘Subordinated Debt’ shall mean Indebtedness of Borrower which has been subordinated to the Obligations pursuant to a debt subordination agreement in form and substance acceptable to Lender.
‘Subsidiary’ shall mean any Person with respect to which Borrower has voting power to elect a board of directors (or other similar governing body), or has the power under ordinary circumstances to directly or indirectly control the management thereof.
‘Unfunded Benefit Liabilities’ shall mean, with respect to any Plan, the amount (if any) by which the present value of all benefit liabilities (within the meaning of Section 4001(a)(16) of ERISA) under the Plan exceeds the fair market value of all Plan assets allocable to such benefit liabilities, as determined on the most recent valuation date of the Plan and in accordance with the provisions of ERISA for calculating the potential liability of any Borrower or any ERISA Affiliate under Title IV of ERISA.
‘Working Capital’ shall mean current assets minus current liabilities (including all Advances under Loan Facility A as a current liability).  For purposes of determining the current assets, any amount available under Loan Facility B (less the amount that would be considered a current liability under GAAP if fully advanced) hereto may be included as a current asset up to a maximum amount of $15,000,000.00.
ARTICLE 2 - LOAN FACILITIES
Subject to the terms and conditions set forth in this Agreement, Lender agrees to make Advances to Borrower on any Business Day from the date hereof to, but excluding the Final Advancement Date identified for said Advances, so long as no Event of Default or Potential Default has occurred.
Section 2.1  Loan Facilities.

     Section 2.1.1  Loan Facility A Operating (304761-069993-214088).  
Lender agrees to advance sums to Borrower up to the aggregate amount of $10,000,000.00 (Maximum Principal Balance) until November 1, 2019 (Final Advancement Date). Each Advance made will reduce the funds available for future advances by the amount of the Advance.  Repayments of principal will be available for subsequent Advances.  The commitment under said Loan will be used by Borrower for financing the operating needs of the company and Borrower agrees not to request or use such proceeds for any other purpose.

		
	a) 
	Interest.  

Borrower hereby promises to pay interest on the principal indebtedness outstanding from time to time on each Advance from and including the date of such Advance and otherwise in accordance with statements issued by Lender.  In the event an Index or reference rate is used to calculate the applicable interest rate, then, in no 

Form 6281-CP  (6-2017)
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event shall the Index or reference rate used to determine the applicable interest rate be less than zero percent (0.00%), regardless of the actual published Index or reference rate.  Interest shall be payable on the following dates, provided that interest accruing at the Default Rate, if applicable, shall be payable on demand.  
Said interest shall be payable on the 1st day of each month continuing on March 1, 2018 at the following rate.   
Interest shall accrue from the date of each Advance at a variable rate per annum equivalent to the One Month LIBOR Rate, plus 3.00%.  The interest rate will continue to adjust higher or lower on February 15th, 2018, and on the 15th of every month thereafter to reflect any change in the One Month LIBOR Rate and this higher or lower rate will thereafter apply to the outstanding principal indebtedness and remain in effect until a different rate of interest is established.  The amount of any subsequent payments will be increased or decreased accordingly to reflect the different rate of interest without in any manner changing the due date of the payments.  There is no limitation on the amount of the change in the interest rate.
The One Month LIBOR Rate is the London InterBank Offered Rate based on the LIBOR rate published on the last Business Day of the month in the 'Money Rates' column of the Wall Street Journal, rounded to the nearest 0.05%, defined therein as 'the Intercontinental Exchange Benchmark Administration Ltd. (or any successor administrator) average of interbank offered rates for dollar deposits in the London market.'  If this index is no longer available, the Lender will select a new index, which is based upon comparable information
		
	b) 
	Principal

Principal Due at Maturity.  
Borrower hereby promises to pay principal, plus all accrued interest and any unpaid fees, costs or expenses in full on November 1, 2019 (‘Maturity Date’).
		
	c) 
	Facility Fee. 

Non-Use Fee.  
In connection with Loan Facility A (304761-069993-214088).  Borrower agrees to pay Lender an additional fee when the outstanding principal balance is less than the Maximum Principal Balance. This fee will be equal to 0.25% per annum, based upon a 360-day year, calculated on the difference between the Maximum Principal Balance and the daily outstanding principal balance.  The fee shall be calculated, due and payable quarterly in arrears, continuing through the maturity date.
Section 2.1.2  Loan Facility B (304761-073489-225482)(formally known as Facility D).  
Lender agrees to advance sums to Borrower up to the aggregate amount of $40,000,000.00 (subject to the Restricted Commitment and Reducing Commitment terms set forth in 2.1.2 (a) and 2.1.2 (b)) (“Maximum Principal Balance”) until January 1, 2026 (Final Advancement Date).  Repayments of principal will be available for subsequent Advances.  The commitment under said Loan will be used by Borrower to finance capital expenditures related to plant expansion of the "as will be built" 90-million gallon per year ethanol plant located near Wentworth, SD to fund investments and to provide working capital.   Borrower agrees not to request or use such proceeds for any other purpose.

       a)   Restricted Commitment.
To the extent any requested Advance would cause the outstanding principal balance to exceed $30,000,000.00, such Advance shall be restricted until such time Borrower is able to demonstrate at least two consecutive months of ethanol production in excess of 5,416,666 gallons per month (65,000 gallons of annualized production).  During any such restriction period, restricted Advances will be subject to Lender approval and may only be used to finance capital expenditures related to the plant expansion and technology upgrades, and Borrower shall be required to submit draw requests acceptable to Lender prior to each restricted Advance.  

       b)   Reducing Commitment.  
Commencing on January 1, 2020, the Maximum Principal Balance shall be reduced by $1,750,000.00 on the 1st day of each January and July through and including July 1, 2023, at which time the balance available for subsequent advances shall be $26,000,000.00.  The obligation to advance funds may be terminated in Agent’s sole discretion prior to the Final Advancement Date if intervening liens have been filed on any Collateral since the Closing Date. If the outstanding principal balance is at or below the Maximum Principal Balance (taking into consideration any reductions in commitment)(“Applicable Maximum Balance”) up to and including the Final Advancement Date, Borrower will be billed interest only; if the outstanding principal balance exceeds 

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the Applicable Maximum Principal Balance, Borrower will make principal payments in such amount as necessary to reduce principal to the Applicable Maximum Principal Balance available at that time   

               c)   Interest. 
Borrower hereby promises to pay interest on the principal indebtedness outstanding from time to time on each Advance from and including the date of such Advance and otherwise in accordance with statements issued by Lender.  Interest shall be payable on the following dates, provided that interest accruing at the Default Rate, if applicable, shall be payable on demand.  In the event an Index or reference rate is used to calculate the applicable interest rate, then, in no event shall the Index or reference rate used to determine the applicable interest rate be less than zero percent (0.00%), regardless of the actual published Index or reference rate.

Interest shall be payable on the 1st day of each quarter commencing on April 1, 2018 at the following rate per annum.  
LIBOR Rate Repricing to 30-Day Discount Note.  
Interest shall accrue from the date of each Advance at a variable rate per annum equivalent to the One Month LIBOR Rate, plus 3.25% until February 1, 2023 when interest shall accrue at a variable rate per annum equivalent to the 30-Day Discount Note Rate plus 3.50%. The One Month LIBOR Rate shall be adjusted higher or lower on February 15, 2018, and on the 15th day of every month thereafter to reflect any change in the One Month LIBOR Rate and the 30-Day Discount Note Rate shall be adjusted higher or lower on the 15th day of every month with any change in this rate.  Any higher or lower rate will thereafter apply to the outstanding principal indebtedness and remain in effect until the different rate of interest becomes effective.  The amount of any subsequent payments will be increased or decreased accordingly to reflect the different rate of interest without in any manner changing the due date of the payments.  There is no limitation on the amount of the change in the interest rate.
The One Month LIBOR Rate is the London InterBank Offered Rate based on the LIBOR Rate published on the last Business Day of the month in the ‘Money Rates’ column of the Wall Street Journal, rounded to the nearest 0.05%, defined therein as ‘the Intercontinental Exchange Benchmark Administration Ltd. (or any successor administrator) average of interbank offered rates for dollar deposits in the London market.’  If this index is no longer available, the Lender will select a new index which is based upon comparable information.
The 30-Day Discount Note Rate is equal to the monthly average of bond-equivalent Federal Farm Credit Banks Funding Corporation 30-day discount note costs (for market days only) published on the Federal Farm Credit Banks Funding Corporation’s web site found in the farm credit system, funding cost index, archive section at www.farmcreditfunding.com/ffcb_live/fundingCostIndex.html.  The index changes monthly on the first Business Day of the month, using the previous month’s average index. Existing loans tied to the 30-Day Discount Note index reprice on the 15th day of the month, using the previous month’s average index. 
d)    Principal 

Principal Due at Maturity
Borrower hereby promises to pay principal, plus all accrued interest and any unpaid fees, costs or expenses in full on January 1, 2026 (maturity date).
e)    Minimum Balance. 
If, at any time, the outstanding balance on Loan Facility B is less than $1,000,00 all commitments by Lender 
to make any additional Advances under all loan facilities in this Agreement shall be terminated without 
further notice and any Advances thereafter shall only be made at Lender’s sole discretion and subject to such conditions as Lender may require.  

                f)   Facility Fees.
Non-Use Fee.  
In connection with Loan Facility B (304761-073489-225482), Borrower agrees to pay Lender an additional fee when the outstanding principal balance is less than the Maximum Principal Balance available. This fee will be equal to 0.50 % per annum, based upon a 360 day year, calculated on the difference between 

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the Maximum Principal Balance and the daily outstanding principal balance.  The fee shall be calculated, due and payable quarterly in arrears, continuing through the maturity date. 

Origination Fee.  
Borrower agrees to pay Lender an origination fee in the amount of $60,000.00 (which $10,000.00 has been received) in connection with Loan Facility B (304761-073489-225482), which shall be due and payable upon the closing date of this Agreement.

Appraisal Fee.  
Borrower agrees to pay Lender an appraisal fee in the amount of $15,000.00 in connection with Loan Facility B (304761-073489-225482), which shall be due and payable upon the closing date of this Agreement.

Administrative Fee.  
Borrower agrees to pay Lender an annual, non-refundable, non-prorated administrative fee in the amount of $2.500.00 in connection with Loan Facility B (304761-073489-225482) due February 1, 2018 and each year thereafter.
Section 2.1.3 Loan Facility C (304761-075422-2706447)(previously known as Facility E).   
Lender previously advanced funds to the Borrower in the amount of $8,000,000.00 (Maximum Principal Balance) which as of the date of the Agreement has an unpaid principal balance of $8,000,000.00.  Repayments of principal will not be available for subsequent Advances.  
		
	d) 
	 Interest.

Borrower hereby promises to pay interest on the principal indebtedness outstanding from time to time on each Advance from and including the date of such Advance and otherwise in accordance with statements issued by Lender.  Interest shall be payable on the following dates, provided that interest accruing at the Default Rate, if applicable, shall be payable on demand: In the event an Index or reference rate is used to calculate the applicable interest rate, then, in no event shall the Index or reference rate used to determine the applicable interest rate be less than zero percent (0.00%), regardless of the actual published Index or reference rate.
Interest shall be payable on the 1st day of each month continuing on March 1, 2018 at the following rate per annum.  
LIBOR Rate Repricing to 30-Day Discount Note.  
Interest shall accrue from the date of each Advance at a variable rate per annum equivalent to the One Month LIBOR Rate, plus 3.25% until July 28, 2022 when interest shall accrue at a variable rate per annum equivalent to the 30-Day Discount Note Rate plus 3.50%. The One Month LIBOR Rate shall be adjusted higher or lower on February 15, 2018, and on the 15th day of every month thereafter to reflect any change in One Month LIBOR Rate and the 30-Day Discount Note Rate shall be adjusted higher or lower on the 15th day of every month with any change in this rate.  Any higher or lower rate will thereafter apply to the outstanding principal indebtedness and remain in effect until the different rate of interest becomes effective.  The amount of any subsequent payments will be increased or decreased accordingly to reflect the different rate of interest without in any manner changing the due date of the payments.  There is no limitation on the amount of the change in the interest rate.
The One Month LIBOR Rate is the London InterBank Offered Rate based on the LIBOR Rate published on the last Business Day of the month in the ‘Money Rates’ column of the Wall Street Journal, rounded to the nearest 0.05%, defined therein as ‘the Intercontinental Exchange Benchmark Administration Ltd. (or any successor administrator) average of interbank offered rates for dollar deposits in the London market.’  If this index is no longer available, the Lender will select a new index which is based upon comparable information.
The 30-Day Discount Note Rate is equal to the monthly average of bond-equivalent Federal Farm Credit Banks Funding Corporation 30-day discount note costs (for market days only) published on the Federal Farm Credit Banks Funding Corporation’s web site found in the farm credit system, funding cost index, archive section at www.farmcreditfunding.com/ffcb_live/fundingCostIndex.html.  The index changes monthly on the first Business Day of the month, using the previous month’s average index. Existing loans tied to the 30-Day Discount Note index reprice on the 15th day of the month, using the previous month’s average index

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	e) 
	Principal. 

Equal Principal Payments (Plus Interest).  
Borrower hereby promises to pay  installment(s) of equal principal payments of $1,000,000.00 plus accrued interest commencing August 1, 2018 and continuing annually thereafter on the 1st day of August, up to and including August 1, 2025, when the entire unpaid principal, plus all accrued interest and any unpaid fees, costs or expense shall be due and payable in full. 
Section 2.2  Computation.  
Interest shall be computed on the basis of a 360 day year, but charged on the actual number of days elapsed.  If interest is not paid as and when it is due, it may be added to the principal, become and be treated as a part thereof, and shall thereafter bear like interest.
Section 2.3  Fees and Late Charges.  
Borrower agrees to pay Lender the following fees and late charges, in addition to those fees, costs and expenses referenced in Section 2.1 and Section 9.5 of this Agreement and in any Fee Letter.
       Section 2.3.1 Late Charges.  
Borrower agrees to pay late charges when any amount of a scheduled payment is past due.  Late charges are 0.50 percent of the amount past due and may be assessed by Lender after the payment due date and every 15 days thereafter up to 60 days past the due date.  Late charges may be added to unpaid principal and interest of the Loan may be charged thereon.
       Section 2.3.1 Overdraft Fees.  
Borrower agrees to pay a fee for any Advance made by draft to Borrower’s Loan, which would cause the outstanding principal balance on said Loan to exceed the Maximum Principal Balance, whether or not Lender honors the draft.  The amount of said fee shall be determined by Lender, from time to time, as the fee it will charge its borrowers for overdrafting a line of credit.
       Section 2.3.1 Wire Fee.  
Borrower agrees to pay Lender a fee for each outgoing wire transaction.  The amount of said fee shall be determined by Lender, from time to time, as the fee it will charge its borrowers for wire transactions.  The cut off time is 1:30 CST for non-recurring wires and 2:00 CST for recurring wires.
Section 2.4 Repayment.  
In accordance with this Agreement and the following provisions, Borrower agrees to pay Lender, at the location identified by Lender, the entire unpaid principal balance, plus interest, fees and other Lender’s costs and reasonable expenses in U.S. dollars.  If any payment of principal or interest falls due on a day that is not a Business Day, then such due date shall be extended to the next following Business Day.  All payments received on the Loan (unless the payment is designated by Borrower as an interest payment) shall first be applied to protective advances and fees, then to reduce principal and finally to accrued interest.  Upon the occurrence and continuance of an Event of Default, payments on the Loan shall first be applied to default interest thereon, then to protective advances and fees, then to accrued interest thereon, and finally to principal.
Funds received by Lender will be applied to reduce principal the day received, if before 5:00 p.m., Central Standard Time, unless received on a day that is not a Business Day, in which case said funds will be credited the next Business Day.  Wire transfers will be given credit the day received only if received before 3:00 p.m., Central Standard Time.
Funds received by Lender on a revolving Loan Facility shall be immediately available for re-advance under the provisions of this Agreement if made by wire transfer, cash or other method of ensuring funds immediately available to Lender.  Payment made in funds not immediately available to Lender, shall not be available to Borrower for re-advance for two Business Days thereafter or until Lender has confirmed the availability of funds.
In the event that Lender shall, for any reason, require a promissory note to evidence Borrower’s repayment obligation, upon receipt of notice from Lender, Borrower agrees to execute and deliver to Lender a promissory note or notes in form prescribed by Lender consistent with the terms of this Agreement.
Section 2.5 Prepayment.  
This provision applies to all prepayments of principal, whether mandatory or voluntary, which prepay any Loan in full or in part or which exceed any scheduled principal payments thereon.

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      Section 2.5.1 Voluntary Prepayments.  
Subject to the payment of any applicable prepayment fees or funding losses as provided herein, Borrower may prepay any Loan in full or in part before its maturity on any Business Day, specifying the Loan upon which any prepayment is made.  Such additional principal payment shall not, however, defer, postpone or alter the amount or due date of any scheduled payments required under this Agreement.
      Section 2.5.2 Mandatory Prepayments.  
If, at any time, the outstanding unpaid principal amount on any Loan shall exceed the Maximum Principal Balance on said Loan or the Minimum Borrowing Base Margin (as that term may be defined in this Agreement) is not maintained, Borrower shall immediately repay Advances in an amount sufficient to reduce the outstanding unpaid principal to the Maximum Principal Balance or an amount sufficient to restore the Minimum Borrowing Base Margin (if this Agreement provides for a Borrowing Base Report with respect to said Loan).
Section 2.6 Maximum Lawful Rate of Interest.  
With the intent to comply with all applicable usury laws, it is agreed that, any provisions in this Agreement or any of the other Loan Documents to the contrary notwithstanding, in no event shall this Agreement or any other Loan Document require the payment or permit the collection of interest or any amount in the nature of interest or fees in excess of the maximum amount permitted by applicable law.  If any such excess interest is contracted for, charged or received pursuant to this Agreement or any other Loan Document, so that the amount of such interest contracted for, charged or received shall exceed the maximum amount of interest permitted by applicable law, then in such event any such excess which may have been collected shall, at Lender’s option, either be credited to the principal balance of the Loan as a prepayment of principal, without any prepayment fee, or refunded to Borrowers, and the effective rate of interest shall automatically be reduced to the maximum lawful rate allowed under applicable law.  Without limiting the foregoing, all calculations of the rate of interest contracted for, charged or received with respect to the Loan or under this Agreement or any other Loan Document which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the fullest extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness, all interest at any time contracted for, charged to or received from Borrowers in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for Lender to receive a greater interest rate per annum than is presently allowed, Borrowers agree that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum rate hereunder shall be increased to the lesser of (a) the maximum interest rate per annum allowed by the amended state law or the law of the United States of America and (b) the then current interest rate.
Section 2.7 Joint and Several Obligations.  
The obligations of each Borrower hereunder (if more than one Borrower) are joint and several.  Each reference to the term ‘‘Borrower’’ in this Agreement shall be deemed to refer to each Borrower; each representation and warranty made by a Borrower shall be deemed to have been made by each Borrower; each covenant and undertaking on the part of a Borrower shall be deemed individually applicable with respect to each Borrower; and each event constituting an Event of Default under this Agreement shall be determined with respect to each Borrower.  A separate action or actions may be brought and prosecuted against any Borrower whether an action is brought against the other Borrower or whether the other Borrower is joined in any such action or actions.  Each Borrower waives any right to require Lender to:  (a) proceed against the other Borrower; (b) proceed against or exhaust any security held from the other Borrower; or (c) pursue any other remedy in Lenders’ power whatsoever.  Notices under this Agreement required to be provided to Borrowers shall be effective if provided to any Borrower.  Any consent on the part of Borrowers under this Agreement shall be effective when provided by any Borrower, and Lender shall be entitled to rely upon any notice or consent given by any Borrower as being notice or consent given by all Borrowers hereunder.
In the event any obligation of Borrowers under this Agreement is deemed to be an agreement by any individual Borrower to answer for the debt or default of another Borrower or as a hypothecation of property as security therefor, each Borrower represents and warrants that:  (a) no representation has been made to it as to the creditworthiness of any other Borrower and (b) it has established adequate means of obtaining from any other Borrower on a continuing basis, financial or other information pertaining to such other Borrower’s financial condition.  Each Borrower expressly waives diligence, demand, presentment, protest and notice of every kind and nature whatsoever, consents to the alteration or release by Lender in any manner of any security now or hereafter held in connection with any obligations now or hereafter under or secured by this Agreement, and consents that Lender and any Borrower may deal with each other in connection with said obligations or otherwise, or alter any contracts now or hereafter existing between them, in any manner whatsoever, including, without limitation, the renewal, extension, acceleration, changes in time for payment, and increases or decreases in any payment, rate of interest or other amounts owing, all without in any way altering 

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the liability of any Borrower or affecting any security for such obligations.  Should any default be made in the payment of any such obligations or in the terms or conditions of any security held, Lender is hereby expressly given the right, at its option, to proceed in the enforcement of this Agreement independently of any other remedy or security it may at any time hold in connection with such obligations secured and it shall not be necessary for Lender to proceed upon or against or exhaust any other security or remedy before proceeding to enforce proceed upon or against or exhaust any other security or remedy before proceeding to enforce its rights against any Borrower.  Each Borrower further waives any right of subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect of sums paid to Lender by any Borrower until such time as all Obligations are paid in full. 
ARTICLE 3 - CONDITIONS PRECEDENT
Section 3.1 Lender Stock.  
Each Borrower agrees to own or purchase if necessary, stock in Farm Credit Services of America  ACA, as required by Lender’s policies and bylaws. Borrower purchasing such stock shall do so by executing the Farm Credit Services of America ACA Stock Purchase Agreement.
Section 3.2 Conditions Precedent to Initial Advance.  
The obligations of Lender to make its initial Advance shall be subject to the conditions precedent that Lender shall have received on or before this initial Advance all of the following in form and substance satisfactory to Lender:
       Section 3.2.1 Organizational Documents.  
Copies of the organizational documents of Borrower and any Subsidiary, including certificates of good standing in their State of organization, and copies of all resolutions, incumbency certificates or other authorizations of Borrower and any Subsidiary, certified by the appropriate officers of such entity as being in full force and effect authorizing, as applicable, the Loans as herein provided, and for the execution, delivery and performance of this Agreement and the other Loan Documents or any instruments or agreements required hereunder to which such entity is a party.
      Section 3.2.2 Evidence of Insurance.  
Insurance certificates and such other evidence, in form or substance satisfactory to Lender, of all insurance required to be maintained under this Agreement and the Loan Documents.
Section 3.2.3 Loan Documents.  
All duly executed originals of the Loan Documents.
Section 3.2.4 Payment of Fees and Expenses.  
Evidence that Borrower has paid all fees and expenses then due and payable under this Agreement.
Section 3.2.5 Consents, Licenses and Approvals.  
Evidence satisfactory to Lender that all consents, licenses and approvals of Governmental Authorities and third parties have been obtained which are necessary for, or required as a condition of, the validity and enforceability of the Loan Documents.
Section 3.2.6 Title and Lien Verification.  
In connection with all real property included in the Collateral, Lender shall have received either a preliminary title opinion from an attorney acceptable to Lender or a title insurance commitment in an amount and from a title insurance company in form, scope and substance satisfactory to Lender to assure Lender of its lien priority as required by this Agreement and with no exceptions contained therein except as are approved in writing by attorneys for Lender.  Further, that evidence satisfactory to Lender and the title company be obtained by Borrower establishing that all labor and material bills have been paid and that there is no possibility of a Lien for such items which might be prior to Lender’s lien on the Collateral.  In connection with all personal property included in the Collateral, Lender shall have received searches of appropriate filing offices showing no Liens filed against the Collateral, except those to be released prior to disbursement or otherwise acceptable to Lender to assure Lender of its lien priority as required by this Agreement.
      Section 3.2.7 No Material Change.  
No change shall have occurred in the condition, financial or otherwise, or operation of Borrower since the Loan was approved based on information known to Lender at time of Loan approval, which could reasonably be expected to result in a Material Adverse Effect.

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Section 3.2.8  Further Assurances.  
Borrower shall have provided and/or executed and delivered to Lender such further assignments, documents or financing statements, in form and substance satisfactory to Lender, that Borrower is to execute and/or deliver pursuant to the terms of the Loan Documents, this Agreement, or as Lender may otherwise reasonably require.
Section 3.2.9 Opinion of Counsel.  
Borrower shall have requested its counsel to prepare a written opinion, addressed to Lender and dated the Closing Date, covering the matters set forth in Exhibit ‘A’ hereto, and such opinion shall have been delivered to Lender.
Section 3.2.10 Appraisal.  
Lender shall have received appraisals satisfactory to Lender in both form and substance for any portion of the Collateral constituting real property and such appraisals shall be prepared in conformance with prevailing standards of appraisal practice, and signed by an appraiser acceptable to Lender.
Section 3.3 Conditions Precedent to All Advances.  
The obligations of Lender to fund each Advance after the initial Advance is subject to Lender’s satisfaction of each of the following as well as those in Section 3.2 and each request by Borrower for an Advance shall constitute a representation by Borrower that all conditions precedent in this Article have been satisfied and the amount of the Advance does not exceed the limits set forth in Article 2 hereof, violate or exceed any other provision of this Agreement.
Section 3.3.1 No Default or Potential Default.  
As of the Advance date, no Event of Default or Potential Default shall have occurred and be continuing and disbursing the amount of the Advance requested shall not result in an Event of Default or Potential Default.
Section 3.3.2 Representations and Warranties.  
The following statements shall be true and the giving of a Request for an Advance by any Borrower shall be deemed to be a representation and warranty by Borrower that the representations and warranties contained in Article 5 hereof and in the other documents to be delivered hereunder are true and complete on both the date of such Request and the date of such Advance as though made on and as of such date.
Section 3.3.3 No Intervening Liens.  
There are no intervening or conflicting liens (including lis pendens) on or claims to Collateral, except for Permitted Liens.
Section 3.3.4 No Notice. 
No notice has been received from Borrower or any Guarantor requesting Advances under the Loan be restricted.
Section 3.3.5 All Other Requirements Met.  
All other requirements precedent to disbursal of Advances as required by this Agreement have been met. 
Section 3.3.6 Further Assurances.  
Lender shall have received such other approvals, opinions, financial statements, documents or information as Lender may reasonably request from any Borrower or Guarantor.
ARTICLE 4 - SECURITY
Section 4.1.1 Collateral
As security for the payment and performance of all Obligations, Borrower hereby grants to Lender a security interest in certain personal property and a lien on certain real estate, including the following described property whether now owned or hereafter acquired wherever located in which Borrower has or claims an interest, and in all increases, additions, accessions and substitutions (“Collateral”):
Section 4.1.2 Goods and Equipment.  
All goods, equipment, titled and nontitled vehicles, rolling stock, machinery, inventory, parts, tools, furniture and fixtures (including any accessions, additions, improvements, attachments and accessories thereto, and all operating manuals, service records, maintenance logs and warranties applicable thereto).
Section 4.1.3 Farm Products.  
All farm products including, but not limited to, all poultry and livestock, together with all issue, products, replacements, and produce thereof; all feed, hay, grain, medicines, and supplies used or produced in connection therewith; and all contracts, leases, licenses, permits and privileges for water, pasture, or grazing purposes, all crops now growing or hereafter planted or grown, whether harvested, unharvested or stored; all products of crops and all seed, fertilizer, chemicals and supplies used or produced in connection with any crop, and all other supplies used or produced in Borrower’s operations or sold as inventory, and the rights to payments associated with all or 

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any of the foregoing including without limitation crop insurance or other insurance policies and proceeds related to any of the foregoing.
Section 4.1.4 Inventory and Goods.  
All inventory, work in process and other goods owned by Borrower, and any inventory consigned to or by any Borrower, with any third party of any nature. 
Section 4.1.5 Accounts, General Intangibles, and Other Rights to Payment.  
All accounts, receivables, promissory notes, deposit accounts, margin accounts, commodity accounts, hedging accounts, contract rights, general intangibles (including, without limitation, patents, trademarks, copyrights and other intellectual property), payment intangibles, letters of credit, letter of credit rights and supporting obligations, chattel paper, investment property, documents, instruments, insurance proceeds, money, all government subsidies, tax refunds and other government payments or rights thereto and all other rights to payment now existing and hereafter acquired, from any and all sources.
Section 4.1.6 Books and Records.  
All books, records, ledger sheets or cards, reports, invoices, purchase orders, customer lists, mailing lists, files, correspondence, computer programs, tapes, disks, digital files, any media storage devices and other documents or data processing software that at any time relates to any of the foregoing or are otherwise necessary or helpful in realizing on or collecting on any Collateral (the ‘Books and Records’).
Section 4.1.7 Investment Property/Hedging Accounts.  
All investment property, securities, commodity contracts, securities accounts, hedging accounts, commodity accounts, all commodity and securities entitlements and other rights contained in any such account. 
Section 4.1.8 Fixtures/Irrigation Equipment/Construction Materials. 
All construction materials, fixtures and irrigation equipment including, without limitation, all silos, bins, removable structures, tanks, wells, pumps, motors, sprinkler systems and sprinkler heads, gear heads, pipe, and generators located on the real estate described below in the mortgage(s) or deed(s) of trust pledged by mortgagor(s) or trustor(s), as therein defined, and as recorded in Lake  County in the state of South Dakota. 
Section 4.1.9 Real Estate. 
That real estate described in the mortgage(s) of Deed(s) of Trust pledged by mortgagor(s) or Grantor(s) as therein defined recorded in the official records of[Lake County, South Dakota.
Collateral for the Loan includes any security interest or other lien on property granted to Lender under the terms of any Collateral Agreements executed by Borrower.  Said security interest or other lien is continuing and shall include the proceeds and products of the Collateral, including, but not limited to, the proceeds of any insurance thereon.
Borrower agrees that if any livestock that may be described herein is placed by Borrower in the care of a third party for feeding, Borrower shall have the right under their agreement with said third party to file an advisory/informational financing statement showing Borrower as the owner of said livestock and Lender is authorized to file said financing statement as Borrower’s agent and attorney-in-fact.
Borrower further agrees that if Collateral includes titled vehicles, Borrower grants Lender a power of attorney (which is coupled with an interest) to execute and file applications for certificates of title or similar documents, as Borrower’s agent and attorney-in-fact, all in such form and substance as Lender may determine.
Borrower further agrees to execute and deliver security agreements and assignments of accounts / control agreements in form and substance satisfactory to Lender to grant Lender a first priority perfected security interest therein, with respect to any accounts that constitute Collateral. Lender agrees that it will not exert control over Borrowers’ commodity accounts, as permitted by the terms of any security agreements and assignments of accounts / control agreements, unless an Event of Default exists or except to the extent Lender reasonably deems it necessary to take action to protect the Collateral. 
Section 4.2 Collateral Matters.  
Until all Obligations have been fully satisfied and indefeasibly paid in full, Lender’s security interest in the Collateral, and all proceeds and products thereof, shall continue in full force and effect.  During the term of this Agreement, Borrower shall not permit any Lien, (other than Permitted Liens) to remain against any of the Collateral and Borrower shall perform any and all steps requested by Lender to perfect, maintain and protect Lender’s security interest in the Collateral in which a security interest is granted to Lender under this Agreement, any Collateral Agreement or any other agreement, including, without limitation, executing and filing financing and continuation statements in form and substance satisfactory to Lender.  Lender may file one or more financing statements disclosing Lender’s security under this Agreement and Borrower shall pay any costs of, or incidental to, any recording or filing of any financing statements 

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concerning the Collateral.  Borrower hereby expressly agrees that (a) a carbon, photographic, photostatic or other reproduction of a financing statement is sufficient as a financing statement, and (b) wherever and whenever available and allowed by law Lender is authorized to file electronically all documents allowed or required by the UCC, the Federal Food Security Act, or other applicable law, including but not limited to financing statements, effective financing statements, and continuations, amendments, assignments, or terminations thereof, WITHOUT the physical signature of Borrower.  Such authorization shall be deemed a digital signature and constitutes, a limited power of attorney, coupled with an interest, appointing Lender as Borrower’s agent and attorney-in-fact for the express purpose of signing and executing the aforesaid documents on Borrower’s behalf.  Borrower shall pay or cause to be paid, unless contested in good faith, all taxes, assessments and governmental charges levied, assessed or imposed upon or with respect to the Loan, the Collateral, any part thereof, or Lender by virtue of the Loan transaction.  Unless contested in good faith, if Borrower fails to pay such taxes, assessments and governmental charges, Lender may (but shall not be required to) pay the same and charge the cost to Borrower payable on demand and secured by the Collateral. 
Section 4.3 Sale of Collateral.  
Without Lender’s prior written consent, or except as otherwise provided in this Agreement, Borrower will not sell, transfer, or dispose of the Collateral without applying all proceeds of such transaction to payment of the Loan secured hereby within 10 days after the transaction.  Borrower will not take or attempt to take the Collateral from the state where kept without the prior written consent of Lender, except in the normal course of its business.  Upon request, Borrower will provide Lender with a current list of all Collateral and its location.
ARTICLE 5 - REPRESENTATIONS AND WARRANTIES
Each Borrower warrants and represents that on the Closing Date and on and after each Advance occurring hereunder:
Section 5.1 Organization and Qualification.  
Borrower is duly incorporated or organized and is validly existing as a corporation or other legal entity in good standing in the jurisdiction of its incorporation or organization; has the power and authority to own or lease its properties and to conduct the business in which it is now engaged or proposed to be conducted; is duly qualified to do business and is in good standing in each jurisdiction in which the transaction of its business makes such qualification necessary. 
Section 5.2 Authorization and Consent.  
The execution, delivery and performance by Borrower of the Loan Documents to which it is or is to be a party have been duly authorized by all required actions of Borrower and do not and will not (i) require any consent or approval of the stockholders, partners or members of Borrower, (ii) violate any provisions of any federal, state or local law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to Borrower or of the charter, articles of incorporation or organization, operating agreement, partnership agreement or bylaws of Borrower, (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement, or any other agreement, lease or instrument to which Borrower is a party or by which it or its properties may be bound or affected or (iv) result in, or require, the creation or imposition of any Lien (other than Permitted Liens), upon or with respect to any of the properties now owned or hereafter acquired by  Borrower, and  Borrower is not in default under any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or any such indenture, agreement, lease or instrument.
Section 5.3 Binding Agreement.  
Each of the Loan Documents to which Borrower is a party is a legal, valid and binding obligation of Borrower, enforceable in accordance with its terms, subject only to limitations on enforceability imposed by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity.
Section 5.4 Compliance With Laws.  
Borrower is in compliance with all federal, state and local laws, rules, regulations, ordinances, codes and orders, including, without limitation, ERISA, all Environmental Laws, all licensing laws and has filed all federal, state and local tax returns and has paid all federal, state and local taxes, assessments and governmental charges imposed upon it or upon its property, except to the extent the same are contested in good faith and by appropriate proceedings and for which adequate reserves have been established, and Borrower has no knowledge of any deficiency or additional assessment in connection therewith.

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Section 5.5 Litigation.  
There is no pending or threatened legal or governmental actions, proceedings or investigations to which Borrower is a party or to which any property of Borrower is subject, where an adverse outcome could reasonably be expected to result in a Material Adverse Effect, except as previously disclosed to Lender in writing.
Section 5.6 Financial Statements.  
All financial statements, information and other data which may have been or which may hereafter be submitted by Borrower to Lender are true, accurate and correct and have been or will be prepared in accordance with GAAP consistently applied or by other method acceptable to Lender and accurately represent the financial condition or, as applicable, the other information disclosed therein.  Since the most recent submission of such financial information or data to Lender, Borrower represents and warrants that no Material Adverse Effect has occurred.  
Section 5.7 Assets.  
Borrower has good and marketable title to and is the record and beneficial owner of all the Collateral covered by the Collateral Agreements to which Borrower is or is to be a party, free and clear of all Liens, except Permitted Liens, and all such Collateral is in all material respects in good order and repair (ordinary wear and tear excepted) and covered by the insurance required under Section 6.5.
Section 5.8 ERISA.  
If the Borrower has a pension, profit sharing or retirement plan subject to ERISA, such plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state law.  Each plan which is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS and to the best knowledge of Borrower, nothing has occurred which would cause the loss of such qualification.  The Borrower and each ERISA Affiliate (as defined in the Code) has made all required contributions to any plan subject to the Code, and no application for a funding waiver or an extension of any amortization period pursuant to the Code has been made with respect to any plan.
There are no pending or threatened claims, actions or lawsuits, or action by any Governmental Authority with respect to any plan, which has resulted or could reasonably be expected to result in a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any plan, which has resulted or could reasonably be expected to result in a Material Adverse Effect.
In addition, (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no pension plan has any material unfunded pension liability; (iii) neither Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any material liability under Title IV of ERISA with respect to any pension plan (other than premiums due and not delinquent under Section 4007 of ERISA) and (iv) neither Borrower nor any ERISA Affiliate has engaged in a transaction that would be subject to Section 4069 or 4212(c) of ERISA.
Section 5.9 Environmental Compliance.  
All known sources of existing or potential environmental contamination on or near any property owned or operated by Borrower has been fully disclosed to Lender; the operations of Borrower comply, and during the term of this Agreement will at all times comply in all respects, with all Environmental Laws; Borrower has obtained all licenses, permits, authorizations and registrations required under any Environmental Law and necessary for its ordinary course operations, all such environmental permits are in good standing, and Borrower is in compliance with all terms and conditions of such environmental permits; neither Borrower nor any of its present property or operations is subject to any outstanding written order from or agreement with any Governmental Authority or subject to any judicial or docketed administrative proceeding, respecting any Environmental Law, environmental claim or hazardous material; there are no hazardous materials or other conditions or circumstances existing, or arising from operations prior to the date of this Agreement, with respect to any property of Borrower that would reasonably be expected to give rise to environmental claims.  In addition, Borrower shall hold Lender harmless from any liability for environmental waste or contamination on any property owned or operated by Borrower or liability imposed as a consequence by reason of Borrower’s activities and will indemnify Lender against all claims, losses, liabilities, and expenses incurred by Lender as a result thereof.  This covenant will survive cancellation or termination of this Agreement.
Section 5.10 No Default.  
No Potential Default or Event of Default has occurred and is continuing hereunder.  Borrower is not in default in the payment of any Indebtedness nor is Borrower in default, or aware of any third party default, in respect to the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement to which Borrower is a party.

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Section 5.11 Receipt and Verification.  
Borrower has received a copy of the “Customer Information and Disclosure Handbook” and that all the information provided by Borrower to Lender is true and correct.
Section 5.12 Margin Stock.  
Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.
Section 5.13 Security Interest.  
The security interest created herein and in any Collateral Agreement constitutes a valid and perfected first priority security interest and Lien (except for any prior Permitted Lien), in and to the Collateral purported to be covered by each thereof, except as otherwise provided therein, enforceable against all third parties in all jurisdictions securing the payment of all obligations purported to be secured thereby (except for Permitted Liens), and all action required to perfect fully such security interests and liens so constituted have been taken and completed.
Section 5.14 Contractual Restrictions.  
Borrower is not a party to any indenture, loan or credit agreement or any lease or other agreement or instrument or subject to any charter or corporate restriction, which reasonably could be expected to result in a Material Adverse Effect.
Section 5.15 Approvals and Licenses.  
Borrower possesses all the franchises, permits and licenses necessary or required in the conduct of its business, and the same are valid, binding and enforceable and all authorizations, consents, approvals or licenses of, or filings or registrations with, any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any specifically granted exemptions from any of the foregoing, necessary to the valid execution, delivery or performance by Borrower of this Agreement and the Loan Documents to which it is or is to be a party have been obtained and are in full force and effect.
Section 5.16 No Untrue Statements.  
No information, exhibit, schedule or report furnished by Borrower to Lender contained or contains any untrue statement of material fact or omits any material fact that make such statements or facts contained therein misleading.
Section 5.17 Solvency.  
Borrower is and, after consummation of the transactions contemplated by this Agreement and the other Loan Documents, shall be, solvent.  For the purposes of this paragraph, “solvent” means (i) the fair value of the property of Borrower is greater than the total amount of liabilities, including contingent liabilities of Borrower, (ii) the amount that will be required to pay the probable liabilities of Borrower on its debts as they become absolute and matured shall not be greater than the fair value of the assets of Borrower at such time, (iii) Borrower is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (iv) Borrower does not intend to, and does not believe it shall, incur debts or liabilities beyond its ability to pay as such debts and liabilities mature and (v) Borrower is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which Borrower’s property would constitute unreasonably small capital after giving due consideration to prevailing practices in the industry in which Borrower is engaged.  In computing the amount of any contingent liability at any time, it is intended that such liability shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that might reasonably be expected to become an actual or matured liability.
Section 5.18 Subsidiaries.  
Borrower has no Subsidiary that has not been fully disclosed to Lender in writing.
Section 5.19 Advances.  
The following statements shall be true and the giving of a Request for an Advance by any Borrower shall be deemed to be a representation and warranty by Borrower that the following statements are true both on the date of such Request and on the date of such Advance:  (i) the representations and warranties contained in Article 5 hereof and in the other documents to be delivered hereunder are true and complete on and as of the date of such Advance as though made on and as of such date; (ii) no event has occurred and is continuing, or would result from such Advance, which constitutes an Event of Default or Potential Default; (iii) no Material Adverse Effect has occurred and is continuing; (iv) the total Advances do not exceed the Maximum Principal Balance or any Borrowing Base in effect as of the date of each Advance; and (v) no order, judgment or decree of any court, arbitrator or Governmental Authority that does, or seeks to, enjoin or restrain Lender from making any Advance is pending or threatened.

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ARTICLE 6 - AFFIRMATIVE COVENANTS
The Borrower covenants and agrees that during the term of this Agreement and so long as any obligation remains unpaid or any amounts drawn hereunder remain unreimbursed, each Borrower shall comply with the following requirements:
Section 6.1 Preservation of Existence.  
Borrower shall maintain and preserve its existence and good standing in the jurisdiction in which such qualification and good standing are necessary in order for Borrower to lawfully conduct its business and own its property in said jurisdiction.
Section 6.2 Compliance with Laws.  
Borrower shall comply with all laws, rules, regulations and orders of any Government Authority applicable to it or its property, such compliance to include, without limitation, ERISA and Environmental Laws and paying before the same become delinquent all taxes, assessments and governmental charges imposed upon it or upon its property, unless contested in good faith by appropriate proceedings and adequate reserves have been set aside in Borrower’s books in accordance with GAAP.
Section 6.3 Books and Records.  
Borrower shall at all times keep proper books of record and account in which correct and complete entries shall be made of all its dealings, in accordance with GAAP or other method acceptable to the Majority Lenders.
Section 6.4 Inspection of Properties and Books.  
Borrower shall, upon reasonable notice and at any reasonable time and from time to time, permit Lender, upon request, to visit and inspect any of the Collateral or properties of Borrower and to examine the books, accounts and other records of Borrower and to copy or take abstracts therefrom and to discuss the affairs, finances, loans and accounts of Borrower with Borrower’s representatives.  If Borrower shall maintain any records in the possession of a third party, Borrower authorizes such third party to provide Lender with copies of any records which it may request.
Section 6.5 Maintenance of Property; Insurance.  
Borrower shall maintain all of its properties necessary or useful in its business in good condition, repair and working order, normal wear and tear excepted, and shall maintain insurance with financially sound and reputable insurance companies.  Borrower shall maintain, or cause its’ approved producers to maintain, insurance on the Collateral in an amount at least equal to the lesser of the loan balance(s), the actual cash value of the Collateral, or the replacement cost of the Collateral and shall name Lender as loss payee on all casualty insurance and shall provide Lender with evidence of such insurance upon request.  All proceeds of any insurance will be held by Lender as additional Collateral and at the option of Lender may be used to pay for reconstruction, repair, or replacement of the Collateral, or applied to payment of the Loan.  In addition, to the extent that any real property interests which constitute a part of the Collateral lie within a designated flood plain, Borrower must maintain flood insurance with respect to such real property interest.  If additional insurance is required as provided herein, insurance will be obtained from companies reasonably satisfactory to Lender and said policies shall name Lender as loss payee.  The policies shall provide that there be no cancellation or modification without 30 days advance notification to Lender.
Section 6.6 Notice of Material Events.  
Borrower agrees to give Lender prompt written notice of any and all (i) Events of Default or Potential Default; (ii) litigation, arbitration or administrative proceedings to which Borrower is a party and, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; (iii) default under any note, indenture, loan agreement, mortgage, lease, contract, deed or other similar agreement to which Borrower is a party or by which Borrower is bound, which relates to borrowed money, or of any other default under any other note, indenture, loan agreement, mortgage, lease, contract, deed or other similar agreement to which any Borrower is a party or by which Borrower is bound if such other default may result in a Material Adverse Effect; and (iv) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.  Any violation of Environmental Laws or permits shall be reported to Lender within 10 days of Borrower’s knowledge of such occurrence.
Each notice delivered under this Section shall be accompanied by a statement of an officer of Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
Section 6.7 Reports.  
Borrower shall provide to Lender the following financial reports and such other reports with respect to the financial condition and operations of Borrower as Lender may from time to time reasonably request:
 
Section 6.7.1 Annual Consolidated Finanacial Statements and Projections.  

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As soon as available, but in no event later than 120 days after the end of the fiscal year of Borrower, a consolidated and consolidating audit report in accordance with GAAP and prepared by an accountant acceptable to Lender for such year and accompanying financial statements (including all footnotes thereto) including a consolidated and consolidating balance sheet and the related consolidated statement of income and retained earnings for such fiscal year in form and content acceptable to Lender.

As soon as available but in no event later than 30 days prior to each fiscal year end, Borrower shall provide to Lender, a projected consolidated and consolidating financial statement for the subsequent fiscal year including proposed capital projects

Section 6.7.2 Monthly Financial Statements.  
As soon as available, but in no event later than 30 days after the end of each month, a consolidated and consolidating balance sheet and income statement for that month and for year-to-date since the last fiscal year end, such report certified complete and correct from a source acceptable to Lender.

Section 6.7.3  Monthly Production Reports.  
As soon as available, but in no event later than 30 days after the end of each month, a report of Borrower’s ethanol, distillers, grains and corn oil production which shall include plant production, yield and input costs, such reports certified complete and correct by a source acceptable to Lender

Section 6.7.4 Monthly Position Reports.  
As soon as available, but in no event later than 30 days after the end of each month, a report of all commodity positions including corn, natural gas, ethanol, distillers, grains and corn oil, such reports certified complete and correct by a source acceptable to Lender.
 

Section 6.7.5 Additional Information.  
Such other information respecting the condition or operations, financial or otherwise of Borrower or such other information relating to Borrower as any Lender may from time to time reasonably request.
Section 6.8 Account Authorization.  
Borrower will require the financial or other institutions with which it maintains or has maintained depository and operating accounts to promptly provide such information concerning Borrower, its financial condition and any transactions as Lender may from time to time request.  Borrower hereby authorizes such institutions to directly provide to Lender such information as Lender may request.
Section 6.9 Collateral Audits.  
Borrowers will keep accurate books of record and account for themselves pertaining to the Collateral and, upon request of Lender, will permit any officer, employee, attorney, accountant or agent for Lender to examine and copy any or all of its records and to examine, audit and inspect the business operations of Borrower (including the effectiveness of their internal reporting systems and controls) and Collateral at any time during Borrower’s business hours upon at least two Business Days’ advance written notice.  Upon completion of any such examination, audit or inspection, Borrower shall pay Lender’s costs and expenses incurred in connection therewith.
Section 6.10 Execution of Supplemental Instruments.  
Borrower will execute and deliver to Lender from time to time, upon demand, such supplemental agreements, statements, transfers, assignments, authorizations to release information, or documents relating to the Collateral, and such other instruments or documents as Lender may request, in order that the full intent of this Agreement may be carried into effect.
Section 6.11 Hedging.  
Borrower hereby agrees not to engage in speculative commodity trading transactions.  Use of futures markets not consistent with acceptable hedging practices shall be considered a material breach of this Agreement and shall constitute an Event of Default.
Borrower agrees to notify Lender of any new hedging account promptly upon creating the same. Borrower agrees to assign Lender all hedging accounts and take such other actions as Lender requests to perfect Lender’s security interest in Borrower’s right to the accounts. Borrower agrees to provide Lender with all notices and statements in respect to said accounts upon receipt or delivery.

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Section 6.1 Financial Covenants. 
Borrower agrees to maintain sufficient capital resources, as determined by Lender’s valuation of Borrower’s assets in accordance with GAAP and full disclosure of Borrower’s liabilities such as to maintain the following covenants at all times.

Section 6.12.1 Working Capital.
Borrower agrees to maintain minimum Working Capital of less than $13,500,000.00, measured monthly.

Section 6.12.2 Debt Service Coverage Ratio. 
Borrower agrees to maintain a Debt Service Coverage Ratio of 1.25:1.00, measured at fiscal year-end. “Debt Service Coverage Ratio” defined as [net profit plus depreciation and amortization, minus gain (loss) on sale of fixed assets] divided by $4,500,000.00.
General Financial
Section 6.12.3 Local Net Worth.
Borrower agrees to maintain minimum Local Net Worth of not less than $28,000,000.00. “Local Net Worth” is defined as total assets minus total liabilities minus Investments.

Section  6.14 Compliance Certificate.
Borrower agrees to provide Lender with a Compliance Certificate showing or certifying compliance with the aforesaid reporting requirements as of date and as of the last day of each month (Reporting Period) thereafter, in accordance with the Certificate attached herein as Exhibit ‘B’.  Such Certificate shall be provided to Lender within 30 days following the end of each Reporting Period.

Section 6.15 Borrowing Base.  
Borrower agrees to maintain a minimum Borrowing Base Margin in an amount equal to or greater than $0 ('Minimum Borrowing Base Margin').  Borrowing Base Margin shall mean the difference yielded after deducting the Borrowing Base Liabilities from the Borrowing Value of certain secured assets identified as Borrowing Base Assets included in and computed according to a Borrowing Base Report acceptable to Lender, an example of which is attached hereto as Exhibit ‘C’ (Borrowing Base Report).  
Borrower agrees to provide Lender with such Borrowing Base Report monthly (Reporting Period), or more often at the discretion of Lender, during the term of the Loan(s), commencing January 31, 2018.  Notwithstanding the foregoing, Borrower will not be required to provide Lender a Borrowing Base Report for any December Reporting Period if there is no outstanding balance on Loan Facility A on the Report Date of that December Reporting Period.  Said Borrowing Base Report shall be dated the last day of the Reporting Period (Report Date) and reflect true and accurate inventory and calculation of: Borrowing Base Assets; Borrowing Value; Borrowing Base Liabilities; and Borrowing Base Margin current through the end of the Reporting Period.  Said Borrowing Base Report shall be completed by Borrower and provided to Lender no later than the 30th day following the Report Date, by ordinary mail or electronic transmission.  No item shall be included in the Borrowing Base Report if such item is subject to any Lien, claim or security interest (other than that granted to Lender).  Lender shall have the right, in its sole discretion, to adjust any values set forth in the Borrowing Base Report and such adjusted values will be the values for the determination of the Borrowing Base Margin. 
Borrowing Base Assets shall mean those secured assets meeting the criteria to be listed as Borrowing Base Assets in the Borrowing Base Report.

Borrowing Value shall mean the total lending value based upon the designated advance rates of those assets listed as Borrowing Base Assets in the Borrowing Base Report. 
Borrowing Base Liabilities shall mean the total of those liabilities listed as Borrowing Base Liabilities in the Borrowing Base Report.
If the Borrowing Base Margin is less than the Minimum Borrowing Base Margin for any Reporting Period, Borrower agrees to restore compliance with the Borrowing Base Margin within 30 days from the Report Date and that during said restoration period Lender may advance credit to Borrower as Lender may deem reasonable to protect its collateral.  It is agreed that if Borrower cannot, or will not, reduce the total Borrowing Base Liabilities to an amount sufficient to restore compliance with the Minimum Borrowing Base Margin within said restoration period, Lender may deem said failure to be a material breach of this Agreement and an Event of Default.

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Section 6.16  Assignment of Hedging and Investments Accounts.  
Borrower agrees to notify Lender of any new hedging account or Investment Account promptly upon creating the same.  Borrower agrees to assign Lender all hedging accounts and Investment Accounts and take such other actions as Lender requests to perfect Lender's security interest in Borrower's right to the accounts.  

Section 6.17  Assignment of Deposit Accounts.  
Borrower shall notify Lender of any new Deposit Accounts promptly upon creating the same.  Borrower shall assign to Lender all Deposit Accounts and take such other actions as Lender requests to perfect Lender's security interest in Borrower's right to the accounts.   

ARTICLE 7 - NEGATIVE COVENANTS
Borrower covenants and agrees that as long as the Loans remains unpaid, they will comply with the following requirements, unless Lender shall otherwise consent in writing.
Section 7.1 No Material Change.  
Borrower will not adopt any material change in accounting method or principles; will not adopt, permit or consent to any change in its fiscal year; or will not enter into any contract, agreement or transaction affecting the Collateral or the Loan which could reasonably be expected to have a Material Adverse Effect.
Section 7.2 No Other Business.  
Borrower will not engage in any material respects in any business activity or operations materially different from that presently engaged in by Borrower and will not purchase, lease or otherwise acquire assets not related to or used in its business.
Section 7.3 Transactions with Subsidiaries.  
Borrower will not have a Subsidiary and will not purchase, acquire, provide, or sell any equipment, other personal property, real property or services from or to any Subsidiary, except in the ordinary course and pursuant to the reasonable requirements of Borrower’s business.
Section 7.4 Transactions with Affiliates.  
Borrower will not enter into any transaction, including without limitation, the purchase, sale, lease or exchange of any property, or the rendering of any service, with any Affiliate of Borrower, except in the ordinary course of and pursuant to the reasonable requirements of Borrower’s business and upon fair and reasonable terms no less favorable to Borrower than would be obtained in a comparable arms-length transaction with a person not an Affiliate of Borrower.
Section 7.5 Consolidation and Merger.  
Borrower will not, and will not permit any Subsidiary to, consolidate with or merge with any entity, or acquire all or substantially all of the assets of any Person, nor shall Borrower change its business form, provided that Borrower may acquire the assets of any Person if there has been no Event of Default or Potential Default and shall not be after giving effect to said acquisition, and that said acquisition shall not result in a Material Adverse Effect.
Section 7.6 Transfer of Assets.  
Borrower will not sell, assign (by operation of law or otherwise) transfer, exchange, lease or otherwise dispose of any of the Collateral, nor will Borrower deliver actual or constructive possession of the Collateral to any other Person; provided however, any Collateral may be sold if (a) it is in the ordinary course of business as presently conducted by Borrower and at fair market value or (b) such Collateral is either being replaced or is no longer necessary or useful for the business conducted by Borrower.  
Section 7.7 Liens; Negative Pledge.  
Borrower will not create, incur, assume or permit to exist, any Lien on its property or assets, whether real or personal, tangible or intangible, including the Collateral, except Permitted Liens.  
Section 7.8 Indebtedness.  
Borrower will not create, incur, assume, guaranty, permit or suffer to exist any Indebtedness or otherwise become liable with respect to the obligations or liabilities of any person or entity, except Permitted Indebtedness. 

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Section 7.9 Loans, Advances, Guarantees and Investments.  
Borrower will not make or permit to exist any loans or advances to,  guarantees of, or otherwise become liable with respect to (other than guarantees by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business), or investments in, any Person, except: (a) loans, advances, guarantees, or investments existing as of the date of this Agreement and listed on Schedule 7.9 hereto; and (b) trade credit extended in the ordinary course of business.  
Section 7.10 Subordinated Debt.  
Borrower will not make payments on account of any existing Subordinated Debt and shall not incur any additional Subordinated Debt except to the extent permissible under the agreement by which such Subordinated Debt is subordinated to the Loan.  Borrower shall not amend, supplement, or otherwise modify any provisions of any agreement(s) covering Subordinated Debt, and shall not refinance any portion of the Subordinated Debt, except on terms no less favorable to Borrower and Lender.
Section 7.11 Use of Proceeds.  
Borrower will not use any of the proceeds of any Advance, directly or indirectly, to purchase or carry margin securities within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or engage as its principal business in the extension of credit for purchasing or carrying such securities.
Section 7.12 ERISA.  
Borrower shall not, and shall not permit any of its ERISA Affiliates to: (i) engage in a prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan which has resulted or could reasonably be expected to result in liability of the Borrower; or (ii) engage in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.
Section 7.13 Distribution and Withdrawls.
Borrower will not distribute any profits, make any loans, declare or pay any dividends, distribute earnings, allow any draws, or make other distributions to its shareholders or equity holders of Borrower or apply any assets to the redemption, retirement, purchase or other acquisition of any such equity interests. However, if no Event of Default exists or Potential Default shall arise from such payments and distributions, Borrower may pay dividends and distributions so long as the Working Capital remains above $15,000,000.00 on a post-distribution basis, increasing to $18,000,000 on a post distribution basis effective January 31, 2019 and thereafter.
Section 7.14 No Change in Management or Control.  
Borrower will not make any change in present management or Control of its business or of the Collateral.
Section 7.15 Material Contracts.  
Borrower will not enter into or make any material changes to any Material Contracts, without Lender’s prior written consent.
ARTICLE 8 - EVENTS OF DEFAULT

Section 8.1 Events of Default.  
The occurrence of any of the following events shall constitute an event of default (“Event of Default”) hereunder:
Section 8.1.1 Failure to Make Payments.  
Borrower shall fail to pay, in accordance with the terms of this Agreement any principal of or interest on any Loan or any fee or other cost owing to Lender under the Agreement, any other Loan Document or any fee letter.
Section 8.1.2 Breach of Warranty or Representation.  
Any representation or warranty made by Borrower under or in connection with this Agreement or any other Loan Document or any financial statement given by Borrower, which shall prove to have been incorrect in any material respect on or as of the date made or given.
Section 8.1.3 Insolvency.  
Borrower or any guarantor shall:  (i) become insolvent or be unable to pay its debts as they mature; (ii) make an assignment for the benefit of creditors or to an agent authorized to liquidate any substantial amount of its properties and assets; (iii) file a voluntary petition in bankruptcy or seeking reorganization or to effect a plan or other arrangement with creditors; (iv) file an answer admitting the material allegations of an involuntary petition relating to bankruptcy or reorganization or join in any such petition; (v) become or be adjudicated a bankrupt; or (vi) apply for or consent to the appointment of, or consent that an order be made, appointing any receiver, custodian or trustee, for itself or any of its properties, assets or businesses, or (vii) have an involuntary bankruptcy petition filed against Borrower, and such petition remains undismissed for more than 30 days.

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Section 8.1.4 Execution.  
Any writ of execution or attachment or any judgment lien shall be issued against any property of Borrower and shall not be discharged or bonded against or released within 30 days after the issuance or attachment of such writ or lien.
Section 8.1.5 Suspension.  
Borrower voluntarily suspends, without just cause, the transaction of business or allows to be suspended, terminated, revoked or expired any permit, license or approval of any governmental body necessary to conduct Borrower’s business resulting in a Material Adverse Effect. 
Section 8.1.6 Impairment of Guaranty.  
There shall occur any event that would impair any guaranty given in connection with the Loan or cause the guaranty to become unenforceable by Lender.
Section 8.1.7 Due on Sale.  
Except as otherwise permitted under the terms of this Agreement, there shall occur, without Lender’s prior written consent, the sale, transfer or further encumbrance of any item of Collateral.
Section 8.1.8 Material Adverse Change.  
If there occurs a Material Adverse Effect in Borrower’s business or financial condition, or if there is a material impairment of the prospect of repayment of any portion of the Loan or there is a material impairment of the value or priority of Lender’s security interest in the Collateral.
Section 8.1.9 Change in Control.  
There shall occur a change in Control without prior written consent of Lender.
Section 8.1.10 Impairment of Collateral.  
Lender shall be unable to obtain a final title opinion or title insurance policy that assures Lender of its lien priority on the Collateral; or if either of the following results in a Material Adverse Effect (i) any injury or damage to all or any part of the Collateral, or (ii) all or any part of the Collateral is lost, stolen or destroyed. 
Section 8.1.11 Death or Dissolution.  
If Borrower or any Guarantor shall die (if a natural person) or if Borrower or any Guarantor shall dissolve or terminate operations (if Borrower or any Guarantor is a corporation, partnership, limited liability company or other legal entity).
Section 8.1.12 Performance Under This Agreement.  
Borrower or any guarantor shall fail in any material respect to perform or observe any other term, covenant or agreement contained in this Agreement or in any of the Loan Documents or any other document or agreement executed by Borrower with or in favor of Lender, not specifically mentioned above.
Section 8.1.13 Compliance With Other Loan Covenants.  
Borrower or any Affiliate or Subsidiary shall (i) fail to pay any Debt in an aggregate principal amount in excess of $100,000.00 (excluding Debt evidenced by the Loans) of such Borrower, or any interest or premium thereon, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument evidencing such Debt; (ii) fail to perform, observe or perform any term, covenant or condition on its part to be performed or observed under any agreement or instrument relating to any such Debt, when required to be performed or observed and shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such failure to perform or observe is to accelerate, or to permit the acceleration of, the maturity of such Debt; or (iii) such Debt be declared due and payable, or required to be prepaid (other than a regularly scheduled required prepayment), prior to the stated maturity thereof.
Section 8.1.14 Non-Binding Agreements.  
Any provision of any of the Loan Documents shall for any reason cease to be legal, valid and binding on any Borrower or guarantor party thereto, or any Borrower or guarantor shall so state in writing.

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Section 8.1.15 No Lien or Security Interest.  
Any of the Collateral Agreements shall for any reason, except to the extent permitted by the terms hereof or thereof, cease to create a valid and perfected first priority security interest in any of the Collateral purported to be covered thereby or Borrower shall so state in writing.
Section 8.1.16 ERISA Matters.  
Any event or condition shall occur or exist with respect to any Plan concerning which any Borrower is under an obligation to furnish a report to Lender in accordance with Article 6 hereof and as a result of such event or condition, together with all other such events or conditions, Borrower or any ERISA Affiliate has incurred or, in the opinion of the Lender, is reasonably likely to incur a liability to a Plan, the PBGC or a Section 4042 Trustee (or any combination of the foregoing) which is material in relation to the financial position of Borrower, on a consolidated basis.
Section 8.1.17 Unfunded Benefits.  
The Unfunded Benefit Liabilities of one or more Plans have increased after the date of this Agreement in an amount which is material.
Section 8.1.18 Indictment.  
The indictment of Borrower or any guarantor under any criminal statute or commencement of criminal proceedings against Borrower or any guarantor, which could reasonably be expected to result in a Material Adverse Effect.
Section 8.2 Cross Default.  
Declaration of default under any Loan described herein or any other contract obligation Borrower may have with Lender or Lender’s Affiliate may, at Lender’s option, cause all Loans and such other contract obligations to be declared in default, charged interest at the default rate and become immediately due and payable.
Section 8.3 Remedies on Default.  
Upon the occurrence of any Event of Default Lender may, at its sole discretion, do any of the following:
Section 8.3.1 Acceleration.  
Declare any or all of Borrower’s Loans immediately due and payable, whether or not otherwise due and payable.  
Section 8.3.2 Default Interest.  
If any principal or interest on the Loan is past due, regardless of the length of time, or if there is any failure to comply with any covenant, condition, or agreement contained in this Agreement, or in any Collateral Agreement, or other document, given to secure payment of the Loan, then, at the election of Lender, all principal, all accrued interest thereon and all advances will become immediately due and payable without demand and the whole will bear interest at the Default Rate from and including the date of election to but excluding the date paid.  Any reasonable attorney fees (to the extent allowed by law), costs, or expenses incurred and advanced by Lender to enforce collection of the Loan will be added to the principal of the Loan and bear interest at the Default Rate from the date of advance to but excluding the date paid.  At Lender’s option, any Event of Default may allow Lender to charge interest on all principal of the Loan and all accrued interest thereon at the Default Rate without declaring the Loan immediately due and payable.
Section 8.3.3 Cease Extending Credit.  
Cease making Advances or otherwise extending additional credit to or for the account of Borrower under this Agreement or under any other agreement now existing or hereafter entered into between Borrower and Lender.
Section 8.3.4 Termination.  
Terminate this Agreement as to any future obligation of Lender without affecting Borrower’s Obligations to Lender or Lender’s rights and remedies under this Agreement or under any other document, instrument or agreement.
Section 8.3.5 Protection of Security Interest. 
Make additional or protective advances and do such acts as Lender, in its sole judgment, considers necessary and reasonable to protect its Lien in the Collateral.  Such additional or protective advances may be made to protect the Collateral, including but not limited to, payment of insurance premiums and taxes, as well as payments to protect the Collateral from claims of other creditors, diminution in value, waste, destruction or abandonment.  Such advances may be added to the Loan and will, at Lender’s option, be immediately due and payable and bear interest at the Default Rate from the date advanced to but excluding the date paid.  Borrower hereby irrevocably authorizes Lender to pay, purchase, contest or compromise any encumbrance, lien or claim which Lender, in its sole judgment, deems to be prior or superior to its security interest.  Further, Borrower hereby agrees to pay to Lender, upon demand, all expenses (including reasonable attorney’s fees) incurred in connection with the foregoing.

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Section 8.3.6 Foreclosure.  
Enforce any security interest or lien given or provided for under this Agreement or under any Collateral Agreement or other document, in such manner and such order, as to all or any part of the properties subject to such security interest or lien, as Lender, in its sole judgment, deems to be necessary or appropriate and Borrower hereby waives any and all rights, obligations or defenses now or hereafter established by law relating to the foregoing.  In the enforcement of its security interest or lien, Lender is authorized to enter upon the premises where any Collateral is located and take possession of the Collateral or any part thereof, together with Borrower’s records pertaining thereto, or Lender may require the records be made available to Lender at a place designated by Lender.  If any part of the Collateral is accounts receivable, Lender may notify at any time the account debtor to make payment thereon directly to Lender and may take control of the cash and noncash proceeds of any such accounts.  Lender may sell the Collateral or any portions thereof, together with all additions, accessions and accessories thereto, giving only such notices and following only such procedures as are required by law, at either a public or private sale, or both, with or without having the Collateral present at the time of the sale, which sale shall be on such terms and conditions and conducted in such manner as Lender determines in its sole judgment to be commercially reasonable.  Any deficiency that exists after the disposition or liquidation of the Collateral shall be a continuing liability of Borrower to Lender and shall be immediately paid by Borrower to Lender.
Section 8.3.7 Non-Exclusivity of Remedies.  
Exercise one or more of Lender’s rights set forth herein or exercise any and all rights or remedies granted to it under any Loan Document, by applicable law, or otherwise, including the right to accelerate the maturity of the Loan and to proceed against all or any portion of the Collateral, in any order.  In addition, Lender may hold and set off and apply against the Loan any and all accounts or other property in the possession of or under the control of Lender.  All rights and remedies granted to Lender under the Loan Documents or this Agreement or available under applicable law shall be deemed concurrent and cumulative and not alternative remedies, and Lender may proceed with any number of such remedies at the same time until obligations of Borrower to Lender are paid and satisfied in full.  The exercise of any one right or remedy shall not be deemed a waiver or release of any other right or remedy, and Lender, upon the occurrence of any Event of Default, may proceed against Borrower at any time, with any available remedy and in any order.
Section 8.3.8 Application of Proceeds.
All amounts received by Lender as proceeds from the disposition or liquidation of the Collateral shall be applied to the Loan as follows: first, to the costs and expenses of collection, enforcement, protection and preservation of Lender’s lien in the Collateral, including court costs and reasonable attorney’s fees, whether or not suit is commenced by Lender; next, to those costs and expense incurred by Lender in protecting, preserving, enforcing, collecting, liquidating, selling or disposing of the Collateral; next, to the payment of accrued and unpaid interest on all of the Loans; next, to the payment of the outstanding principal balance of the Loan; and last, to the payment of any other indebtedness owed by Borrower to Lender

ARTICLE 9 - MISCELLANEOUS

Section 9.1 Entire Agreement and Amendments.  
This Agreement and all of the Loan Documents constitute the entire and complete understanding of the parties hereto and supersede all prior agreements and understandings relative to the subject matter hereof.  This Agreement may not be effectively amended, changed, altered or modified, except in writing executed by all parties.  To the extent the provisions contained in this Agreement are inconsistent with those contained in any other Loan Documents, the terms and provisions contained herein shall control.  Otherwise, such provisions shall be considered cumulative.
Section 9.2 Survival.  
All representations, warranties, covenants and agreements herein contained on the part of Borrower shall survive the termination of this Agreement and shall be effective until the Loan is repaid and performed in full.
Section 9.3 Severability.  
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of any such provision.

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Section 9.4 No Waiver; Cumulative Remedies. 
If Lender shall waive any power, right or remedy arising hereunder or under any applicable law, such waiver shall not be deemed to be a waiver upon the later occurrence or recurrence of any of said events.  No failure or delay on the part of Lender in exercising any right, power or remedy under the Loan Documents, or in extending time for payment, accepting partial payment or release of any Collateral or proceeds of any Collateral, or failure to enforce strict compliance with any covenant or condition contained herein, shall operate as a waiver; nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy under the Loan Documents.  The remedies provided in the Loan Documents are cumulative and not exclusive of any remedies provided by law
Section 9.5 Costs and Expenses.  
Borrower shall pay Lender’s out-of-pocket costs and expense incurred in connection with the making or disbursement of the Loan or in the exercise of any of its rights or remedies under this Agreement, including, but not limited to, title insurance, legal fees, appraisal fees, architect or consultant’s fees, Lender inspection fees and any other reasonable fees and costs for services that are not customarily performed by Lender’s salaried employees and are not specifically covered by any commitment fee for the Loan.  All such costs and expenses constitute obligations secured by the Collateral.  The provisions of this Section shall survive the termination of this Agreement and the repayment of the Loan.
Section 9.6 Notices.  
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile transmission) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or three days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, or, in the case of delivery by a nationally recognized overnight courier, when received, addressed to one or more of the individuals executing this Agreement on behalf of such party at the address appearing below the signature of such party, or to such other address as such party may designate for itself by like notice. 
Section 9.7 Assignments and Participations.  
The terms of this Agreement shall bind and benefit the heirs, legal representatives, successors, and assigns of the parties; provided, however, that Borrower may not assign this Agreement, or any Advances made hereunder, or assign or delegate any of its rights or obligations, without the prior written consent of Lender.  Lender shall have the right to sell participations in the Loan to any other entities without the consent of, or notice to, Borrower, provided that no such action by Lender shall relieve Lender of its obligations to make advances under the Loan when required by this Agreement.  Lender may disclose to any participants or prospective participants any information or other data or material in Lender’s possession relating to Borrower, any guaranty and matters pertinent to the Loan, without the consent of, or notice to, Borrower or any guarantor.
Section 9.8 Advice From Independent Counsel. 
The parties hereto understand that this Agreement is a legally binding agreement that may affect such party’s rights.  Each party hereto represents to the other that it has received legal advice from counsel of its choice regarding the meaning or legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received.
Section 9.9 Governing Law; Jurisdiction; Waiver of Jury Trial, Etc.  

Section 9.9.1 Governing Law.  
The Loan Documents shall be governed by, and construed in accordance with, the laws of the State of Nebraska, except to the extent that the law of any other jurisdiction applies as to the perfection or enforcement of Lender’s Lien on any Collateral and except to the extent expressly provided to the contrary in any Loan Document.
Section 9.9.2 Jurisdiction.  
Each Lender and Borrower hereby irrevocably submits to the jurisdiction of any state or federal court sitting in the State of Nebraska, in any action or proceeding arising out of or relating to this Agreement or any of the other Loan Documents, and agrees that all claims in respect of such action or proceeding may be heard and determined in such state or federal court.  Borrower hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  Borrower irrevocably consents to the service of copies of the summons and complaint and any other process which may be served in any such action or proceeding by the mailing of copies of such process to Borrower at its address specified herein.  Borrower agrees that a final judgment in any such action or proceeding may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Section shall affect the right of Lender to service legal process in any other manner permitted by law or affect the right of Lender to bring any action or proceeding against Borrower or their property in the courts of other jurisdictions.

Form 6281-CP  (6-2017)
Page 24 of 34

Section 9.9.3 WAIVER OF JURY TRIAL.  
BORROWER AND LENDER HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
Section 9.10 Headings.  
The headings herein are for convenience only and in no way define, limit or describe the scope or intent of any provisions or sections of this Agreement.
Section 9.11 Counterparts.  
This Agreement may be executed in any number of counterparts and by either party on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The parties agree that the delivery of an executed copy of this Agreement by facsimile, electronic image or other means shall be legal and binding and shall have the same full force and effect as if an original executed copy of this Agreement had been delivered.  The parties shall provide to each other an executed counterpart original of this Agreement as soon as practicable after delivery of the facsimile or electronic image thereof.
Section 9.12 Non-Business Day.  
If any payment of principal or interest on the Loan shall fall due on a day which is not a Business Day, interest at the rate such Loan bears for the period prior to maturity shall continue to accrue on such principal from the stated due date thereof to and including the next succeeding Business Day on which the same is payable.
Section 9.13 No Third Party Beneficiaries.  
This Agreement, the Loan Documents and the advances and disbursements hereunder and thereunder are for the sole benefit of Lender and Borrower, and no third parties shall have any rights or benefits hereunder or thereunder, whether pursuant to any theory of third party beneficiary or otherwise
Section 9.14 Waiver and Set Off.  
Any funds of Borrower held by Lender in any account are subject to applicable policies and procedures as may be adopted by Lender from time to time.  Borrower grants Lender a security interest in all of said funds and may exercise the right to apply these funds against any Loan upon the occurrence of an Event of Default
Section 9.15 Disbursement Authorization.  
Any person executing this Agreement on behalf of Borrower is authorized to request, accept, receive, and receipt for all or any portion of the proceeds of the Loans or of any refinance, conversion, extension, additional loan, re-amortization or revision of the same and to execute and approve all agreements required by Lender in the disbursement of Loan proceeds.  Such person, and/or authorized personnel as disclosed on Schedule 9.15 may initiate/request either by phone, in person or in writing disbursements in the form of check, internal transfer, wire or electronic transfer to the account specified by requestor, including any other loan account Borrower may have with Lender.  Lender is authorized to disburse or retain any amounts required to: purchase stock in Lender; pay any fees or charges required to be paid to Lender: pay other services provided by or through Lender; obtain any evidence of title to Collateral; satisfy any title requirements required to clear title or obtain Lender’s required lien position on Collateral; pay any letters of credit issued for or on behalf of Borrower; and pay any premiums for hazard insurance, flood insurance, mortgage insurance, or any other insurance required by Lender under this Agreement or Collateral Agreements, or any sums payable by Borrower to Lender in lieu of the payment of such premiums
Upon any verbal or written request of Borrower, or their authorized representative, for a wire transfer (“Payment Order”) Lender shall wire transfer funds through AgriBank, FCB or other commercial bank chosen by Lender and qualified to execute the transfer, to an account identified in the verbal or written instructions.  Wire instructions are to be sufficiently complete to allow Lender to execute the Payment Order and will include, at a minimum, the name and number of beneficiary financial institution, any intermediary financial institutions as applicable, and a beneficiary name and account number.  Every receiving or beneficiary financial institution may rely on the identifying number to make payment even if it identifies a financial institution, person, or account other than the one named.  Lender will accept the wiring instructions as provided to it and is under no obligation to verify the authenticity or accuracy of the instructions.
Borrower is liable for all losses relating to unauthorized transactions which do not result solely from the gross negligence or intentional misconduct by Lender.
All wire transfers will be made in U.S. Dollars unless otherwise specified in the wiring instructions.  For wire transfers requested by Borrower in a foreign currency, Borrower agrees to accept and bear the foreign exchange risk for converted currency.  Borrower acknowledges delays in beneficiary’s receipt of wire transfers to foreign banks and agrees Lender shall be held harmless for any such delays.

Form 6281-CP  (6-2017)
Page 25 of 34

Borrower agrees to repay all Payment Orders made by wire transfer in accordance with the terms and conditions of this Credit Agreement and other Loan Documents.  Lender will have no obligation to execute wire transfer payment order at the request of Borrower or an authorized representative of Borrower if such Advance would result in any indebtedness of Borrower being in excess of Maximum Principal Balance.
Section 9.16 Confidentiality; Sharing Information. 
Lender shall hold all non-public information obtained by Lender pursuant to the requirements of this Agreement in accordance with Lender’s customary procedures for handling confidential information of this nature; provided, however, Lender may disclose such confidential information (i) to its examiners, affiliates, outside auditors, counsel and other professional advisors, (ii) to any prospective purchasers under Section 9.7 herein, (iii) as required under the Regulations of the Farm Credit Administration, (iv) to any guarantors of the Loan or third parties pledging collateral as security for the Loan, and (v) to any persons executing this Agreement on behalf of any Borrower or other persons authorized by Borrower to receive confidential information as set out in the Schedule of Authorized Persons attached to this Agreement as Schedule 9.16 or as otherwise authorized in writing by Borrower on a form approved by Lender.  Such authorization shall survive the repayment of the Loan(s) and the termination of this Agreement and can only be revoked by written notice to Lender.
Section 9.17 Anti-Terrorism Laws.  
To the best of its knowledge, neither Borrower nor any of its Affiliates is in violation of (i) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto, (ii) Executive Order No. 13,224, 66 Fed Reg 49,079 (2001), issued by the President of the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism) (the "Executive Order") or (iii) the anti-money laundering provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107-56 (October 26, 2001) amending the Bank Secrecy Act, 31 U.S.C. Section 5311 et seq (collectively, "Anti-Terrorism Laws").
Section 9.18 GAAP.  
Unless the context otherwise clearly requires, all accounting terms not expressly defined herein shall be construed, and all financial computations required under this Agreement shall be made, in accordance with GAAP.  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and any Borrower or Lender shall so request, Lender and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until so amended:  (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein; and (b) Borrower shall provide to Lender financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liability shall be disregarded. 
Section 9.19 Principal Headquarters.  
Borrower’s principal headquarters and the place where the records required by Section 6.3 are kept is located at 46269 SD Highway 34PO Box 100, Wentworth, SD, 57075-6934.  
Section 9.20 Drafts.  
Lender may make credit line drafts (‘Drafts’) available to Borrower as one means of making Advances under Facility A Operating (304761-069993-214088).  Borrower agrees that Borrower will only write Drafts prior to the Maturity Date and within the Maximum Principal Balance of the Loan for an approved Loan purpose and so long as there is no Event of Default under the Loan Documents or that there is no event that Borrower knows of that will ripen into an Event of Default.  Borrower understands and agrees that any Draft written prior to the Maturity Date will be considered to be an Advance under the Loan and will be fully due and payable under the terms and conditions of the Loan and Loan Documents.  Lender will honor Drafts presented to Lender for payment under the terms and conditions described herein unless Lender is notified otherwise by Borrower.  Lender may refuse payment on all Drafts that do not meet the terms and conditions concerning Drafts contained herein or the Loan Documents.  Provided, however, notwithstanding anything to the contrary herein or in the Loan Documents, in the event of any Event of Default or in the event of any Material Adverse Effect, as Lender may determine, Lender may upon prior notice to Borrower, terminate any right of Borrower to use Drafts on this Loan and refuse payment of all Drafts.  Lender also retains the right to make changes to the procedures governing the use of Drafts at any time.
Lender is not obligated to inquire whether Borrower(s) have issued specific directions for any particular Draft or to determine whether Borrower(s) have received the benefit of the proceeds of any particular Draft before honoring such 

Form 6281-CP  (6-2017)
Page 26 of 34

a Draft.  Lender reserves the right to revoke all future Draft privileges without notice to Borrower(s) in the event of an overdraft and the right to reject Drafts that are not written for purposes specified in the loan documents or pursuant to these terms and conditions.  Borrower(s) are responsible for all advances obtained via Drafts signed by any person Borrower(s) allow to use such Drafts, even if such Drafts are for more than Borrower(s) intended. Borrower(s) agree to immediately notify Lender in the event one or more Drafts are lost, stolen, destroyed or otherwise misused and to indemnify Lender and hold Lender harmless from any loss or claim if any Draft is lost, stolen, forged, altered or otherwise misused if Lender did not have notice of the same at least one Business Day prior to honoring such Draft.
Section 9.21 Payer of Record.  
Dakota Ethanol, L.L.C., a South Dakota limited liability company is identified as the primary borrower/payer of record on behalf of all Borrowers under this Agreement to accept and receive tax notices and any dividend, patronage, or other distributions declared by Lender. 
Section 9.22 IRS Declaration.  
The Internal Revenue Service does not require Borrower’s consent to any provision of this document other than the following certification required to avoid backup withholding.  Under penalties of perjury, I/we certify that the Taxpayer Identification Number shown below is correct and that I/we am/are not subject to backup withholding either because I/we are exempt, have not been notified that I/we are subject to backup withholding due to failure of reporting interest or dividends, or the Internal Revenue Service has notified Borrower that I/we am/are no longer subject to backup withholding.  I/we am/are a U.S. person (including U.S. resident alien):
	
		
	Dakota Ethanol, L.L.C.  
	46-0453735

Section 9.23 Credit Agreement in Writing.  
A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW.  TO PROTECT YOU AND US FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY CONTRACT, PROMISE, UNDERTAKING OR OFFER TO FOREBEAR REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, OR ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR SUBSTITUTON FOR ANY OR ALL OF THE TERMS OR PROVISIONS OF ANY INSTRUMENT OR DOCUMENT EXECUTED IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, MUST BE IN WRITING TO BE EFFECTIVE.
IN WITNESS WHEREOF, the parties hereto have set their hand effective the day and year first above written.

BORROWER:

Dakota Ethanol, L.L.C.,
a South Dakota limited liability company

 
By:   _______________________________________                
         Scott Mundt, Chief Executive Officer     
                
Address for Notice: P.O. Box 100, Wentworth, South Dakota 57075

LENDER:
Farm Credit Services of America, PCA and Farm Credit Services of America, FLCA

By:    __________________________

Name:    __________________________

Title:    __________________________

Address for Notice:  5015 S 118th Street, PO Box 2409, Omaha, NE 68103-2409 United States

Form 6281-CP  (6-2017)
Page 27 of 34

Exhibit ‘A’
Matters to be Covered by Opinion of Counsel to Borrower
The opinion of counsel to Borrower which is called for by Section 3.2.9 of the Credit Agreement (the “Credit Agreement”) shall be addressed to Lenders and dated the Closing Date.  It shall be satisfactory in form and substance to Lender and shall cover the matters set forth below, subject to such assumptions, exceptions and qualifications as may be acceptable to Lenders and counsel to Lenders.  Capitalized terms used herein have the respective meanings given such terms in the Credit Agreement. 
		
	1.
	(Borrower) is  validly existing and in good standing under the laws of the State of Province and has all requisite power and authority to carry on its business as now conducted, to enter into the Loan Documents and to perform all of its obligations under each and all of the foregoing.  Borrower is duly qualified and in good standing as  in all of the jurisdictions in which the character of the properties owned or leased by it or the business conducted by it makes such qualification necessary and the failure to so qualify would permanently preclude said Borrower from enforcing its rights with respect to any material asset or expose said Borrower to any material liability.  

		
	2.
	The execution, delivery and performance of the Loan Documents by [__________] as authorized representative of Borrower has been duly authorized by all necessary action by Borrower. 

		
	3.
	The Loan Documents constitute the legal, valid and binding obligations of Borrower, enforceable against said Borrower in accordance with their respective terms and are entitled to the benefit and security of the Collateral Agreements securing the Indebtedness described in the Credit Agreement.

		
	4.
	The [mortgage/Deed of Trust] when executed by Borrower is sufficient in form to create in favor of Lender a valid and enforceable lien in the mortgaged property defined in the [mortgage/Deed of Trust]. 

		
	5.
	The execution, delivery and performance under the Loan Documents by the said [___________] will not (i) violate any provision of any law, statute, rule or regulation or, to the best knowledge of such counsel, any order, writ, judgment, injunction, decree, determination or award of any court, governmental agency or arbitrator presently in effect having applicability to Borrower, (ii) violate or contravene any provision of the [ORGANIZATIONAL DOCUMENT], or (iii) result in a breach of or constitute a default under any indenture, loan or credit agreement, or any other agreement, lease or instrument known to such counsel to which Borrower is a party or by which it or any of its properties may be bound or result in the creation of any lien thereunder. 

		
	6.
	To the best knowledge of such counsel, no order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority is required on the part of Borrower to authorize, or is required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, the Loan Documents, except for any necessary filing or recordation of or with respect to any of the Security Documents.  

		
	7.
	To the best knowledge of such counsel, there are no actions, suits or proceedings pending or threatened against or affecting Borrower or any of its properties before any court or arbitrator, or any governmental department, board, agency or other instrumentality which (i) challenge the legality, validity or enforceability of the Loan Documents, or (ii) if determined adversely to Borrower, would have a material adverse effect on the business, operations, property or condition (financial or otherwise) of Borrower or on the ability of Borrower to perform its obligations under the Loan Documents. 

Form 6281-CP  (6-2017)
Page 28 of 34

Exhibit “B’
Compliance Certificate

Form 6281-CP  (6-2017)
Page 29 of 34

Exhibit ‘C’
Borrowing Base Report

Form 6281-CP  (6-2017)
Page 30 of 34

Schedule 7.8
Permitted Indebtedness

		
	1.
	Term debt to creditors not to exceed $1,000,000.00 in the aggregate that is either secured by a lien subordinated to Lender or a lien position acceptable to Lender.

 
		
	2.
	Operating and capital leases with annual payments not to exceed $500,000.00 in the aggregate with additional allowance for rail car lease commitments.  

Form 6281-CP  (6-2017)
Page 31 of 34

Schedule 7.9
Loans, Advances, Guarantees and Investments
		
	1.
	Investments not to exceed an aggregate amount of $2,000,000.00 in each fiscal year

Form 6281-CP  (6-2017)
Page 32 of 34

Schedule 9.15
Borrower Disbursement Authorization for Non-Signers on Agreement
Borrower Name:   Dakota Ethanol, L.L.C., a South Dakota limited liability company
CTL3:   268    CIF:   304761    Facility(ies):  All    Loan(s):   All
Borrower hereby authorizes Farm Credit Services of America, PCA and Farm Credit Services of America, FLCA in its individual capacity. Farm Credit Services of America, PCA and Farm Credit Services of America, FLCA (“Lender”) to execute request(s) to advance funds from above stated loan(s) by wire transfer and/or check, based on instructions provided by phone, in person, or in writing by a party authorized by Borrower as stated below in this agreement.
Name of Authorized Individual(s)
	
	
	Rob Buchholtz

	Scott Mundt

	 

	 

Borrower agrees that Borrower’s access to wire transfer and check disbursement services pursuant to this agreement are also subject to all of the terms and conditions contained in the Credit Agreement and related documents evidencing Borrower’s borrowing relationship with Lender.
Borrower further understands that any disbursement request is subject to approval by Lender and that Lender may refuse to execute and complete a request if such request causes the loan to exceed the available commitment.
Authorization granted by (at least one primary obligor):
Date:        

Dakota Ethanol, L.L.C.,
a South Dakota limited liability company
 
By:   _______________________________________                
         Scott Mundt, Chief Executive Officer     

Form 6281-CP  (6-2017)
Page 33 of 34

Schedule 9.16
Schedule of Authorized Persons
Pursuant to Section 9.16  Confidentiality; Sharing Information of the Credit Agreement between Dakota Ethanol, L.L.C., a South Dakota limited liability company, and Farm Credit Services of America, PCA and Farm Credit Services of America, FLCA dated February 2, 2018, Lender may disclose such confidential information (i) to its examiners, affiliates, outside auditors, counsel and other professional advisors, (ii) to any prospective purchasers under Section 9.7 herein, (iii) as required under the Regulations of the Farm Credit Administration, (iv) to any guarantors of the Loan or third parties pledging collateral as security for the Loan, and (v) to any officers, managers, members, partners, personal representatives, employees, agents or other persons authorized by Borrower to receive confidential information as set out in the Schedule of Authorized Persons
I/We hereby release and agree to hold Lender, its directors, officers, employees, and agents harmless from any liability whatsoever which might arise at any time by reason of any release, disclosure, or publication of said information to the person(s) identified herein.
PERSON(S) AUTHORIZED TO RECEIVE INFORMATION:

(If none, please write “none”

Rob Buchholtz
Scott Mundt

Form 6281-CP  (6-2017)
Page 34 of 34Exhibit 4.5

 

	
         

        TOWER INTERNATIONAL, INC., as Issuer

         

        and

         

        ●, as Trustee

         

        INDENTURE

         

        Dated as of ●

         

        Senior Debt Securities

         

 

     

     

    

  

CROSS REFERENCE SHEET1

 

Between

 

Provisions of the Trust Indenture Act of 1939
and the Indenture to be dated as of _________, 20___ between TOWER INTERNATIONAL, INC. and ___________________, as Trustee:

 

	Section of the Act	 	Section of Indenture
	310(a)(1) and (2)	 	5.08
	310(a)(3) and (4)	 	Inapplicable
	310(b)	 	5.09(a), (b) and (d)
	310(c)	 	Inapplicable
	311(a)	 	Inapplicable
	311(b)	 	Inapplicable
	311(c)	 	Inapplicable
	312(a)	 	3.05
	312(b)	 	3.05
	312(c)	 	4.02(c)
	313(a)	 	5.12
	313(b)(1)	 	5.12
	313(b)(2)	 	5.12
	313(c)	 	5.12
	313(d)	 	5.12
	314(a)	 	3.06
	314(b)	 	Inapplicable
	314(c)(1) and (2)	 	10.05
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.05
	314(f)	 	Inapplicable
	315(a), (c) and (d)	 	5.01
	315(b)	 	4.11
	315(e)	 	4.12
	316(a)(1)	 	4.09
	316(a)(2)	 	Not required
	316(a) (last sentence)	 	6.04
	316(b)	 	4.07
	317(a)	 	4.02
	317(b)	 	3.03(a) and (b)
	318(a)	 	10.07

 

	1	This Cross Reference Sheet is not part of the Indenture. 

 

    	 	-2-	 

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article 1	DEFINITIONS	7
	 	 	 
	Section 1.01	Certain Terms Defined	7
	 	 	 
	Article 2	SECURITIES	14
	 	 	 
	Section 2.01	Forms Generally	14
	Section 2.02	Form of Trustee’s Certification of Authentication	15
	Section 2.03	Amount Unlimited; Issuable in Series	16
	Section 2.04	Authentication and Delivery of Securities	17
	Section 2.05	Execution of Securities	18
	Section 2.06	Certificate of Authentication	19
	Section 2.07	Denomination and Date of Securities; Payments of Interest	19
	Section 2.08	Registration, Transfer and Exchange	19
	Section 2.09	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	22
	Section 2.10	Cancellation of Securities; Destruction Thereof	23
	Section 2.11	Temporary Securities	23
	Section 2.12	Computation of Interest	24
	Section 2.13	CUSIP Numbers	24
	 	 	 
	Article 3	COVENANTS OF THE ISSUER AND THE TRUSTEE	24
	 	 	 
	Section 3.01	Payment of Principal and Interest	24
	Section 3.02	Offices for Payments, etc	25
	Section 3.03	Paying Agents	25
	Section 3.04	Certificate of the Issuer	26
	Section 3.05	List of Securityholders	26
	Section 3.06	Reports by the Issuer	26
	Section 3.07	Corporate Existence	27
	Section 3.08	Restrictions on Mergers, Sales and Consolidations	27
	Section 3.09	Further Assurances	27

 

    	 	-3-	 

     

    

  

TABLE OF CONTENTS

(continued)

 

	Article 4	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	27
	 	 	 
	Section 4.01	Event of Default Defined; Acceleration of Maturity; Waiver of Default	27
	Section 4.02	Collection of Indebtedness by Trustee; Trustee May Prove Debt	30
	Section 4.03	Application of Proceeds	31
	Section 4.04	Suits for Enforcement	32
	Section 4.05	Restoration of Rights on Abandonment of Proceedings	33
	Section 4.06	Limitations on Suits by Securityholder	33
	Section 4.07	Unconditional Right of Securityholders to Institute Certain Suits	33
	Section 4.08	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	33
	Section 4.09	Control by Securityholders	34
	Section 4.10	Waiver of Past Defaults	34
	Section 4.11	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	35
	Section 4.12	Right of Court to Require Filing of Undertaking to Pay Costs	35
	 	 	 
	Article 5	CONCERNING THE TRUSTEE	35
	 	 	 
	Section 5.01	Duties and Responsibilities of the Trustee	35
	Section 5.02	Certain Rights of the Trustee	36
	Section 5.03	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	38
	Section 5.04	Trustee and Agents May Hold Securities; Collections, etc	38
	Section 5.05	Monies Held by Trustee	38
	Section 5.06	Compensation and Indemnification of Trustee and Its Prior Claim	39
	Section 5.07	Right of Trustee to Rely on Officers’ Certificate, etc	39
	Section 5.08	Persons Eligible for Appointment as Trustee	39
	Section 5.09	Resignation and Removal; Appointment of Successor Trustee	40
	Section 5.10	Acceptance of Appointment by Successor	41
	Section 5.11	Merger, Conversion, Consolidation or Succession to Business of Trustee	41
	Section 5.12	Reports to the Trustee	42

 

    	 	-4-	 

     

    

  

TABLE OF CONTENTS

(continued)

 

	Article 6	CONCERNING THE SECURITYHOLDERS	42
	 	 	 
	Section 6.01	Evidence of Action Taken by Securityholders	42
	Section 6.02	Proof of Execution of Instruments and of Holding of Securities; Record Date	43
	Section 6.03	Holders to be Treated as Owners	43
	Section 6.04	Securities Owned by Issuer Deemed Not Outstanding	43
	Section 6.05	Right of Revocation of Action Taken	44
	 	 	 
	Article 7	SUPPLEMENTAL INDENTURES	44
	 	 	 
	Section 7.01	Supplemental Indentures Without Consent of Securityholders	44
	Section 7.02	Supplemental Indentures With Consent of Securityholders	45
	Section 7.03	Effect of Supplemental Indenture	47
	Section 7.04	Documents to Be Given to Trustee	47
	Section 7.05	Notation on Securities in Respect of Supplemental Indentures	47
	 	 	 
	Article 8	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	48
	 	 	 
	Section 8.01	Issuer May Consolidate, etc., on Certain Terms	48
	Section 8.02	Successor Corporation Substituted	48
	 	 	 
	Article 9	DISCHARGE OF INDENTURE	49
	 	 	 
	Section 9.01	Defeasance Within One Year of Payment	49
	Section 9.02	Defeasance	49
	Section 9.03	Covenant Defeasance	50
	Section 9.04	Application of Trust Money	51
	Section 9.05	Repayment to Issuer	52
	 	 	 
	Article 10	MISCELLANEOUS PROVISIONS	52
	 	 	 
	Section 10.01	Incorporators, Stockholders, Officers and Directors Exempt from Individual Liability	52
	Section 10.02	Provisions of Indenture for the Sole Benefit of Parties and Securityholders	52
	Section 10.03	Successors and Assigns of Issuer Bound by Indenture	52
	Section 10.04	Notices and Demands on Issuer, Trustee and Securityholders	52
	Section 10.05	Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein	53
	Section 10.06	Payments Due on Saturdays, Sundays and Holidays	54
	Section 10.07	Conflict of Any Provision of Indenture with Trust Indenture Act of 1939	54
	Section 10.08	New York Law to Govern	54

 

    	 	-5-	 

     

    

 

  

TABLE OF CONTENTS

(continued)

 

	Section 10.09	Counterparts	54
	Section 10.10	Effect of Headings	54
	 	 	 
	Article 11	REDEMPTION OF SECURITIES	54
	 	 	 
	Section 11.01	Applicability of Article	54
	Section 11.02	Notice of Redemption; Partial Redemptions	55
	Section 11.03	Payment of Securities Called for Redemption	56
	Section 11.04	Exclusion of Certain Securities from Eligibility for Selection for Redemption	56
	Section 11.05	Conversion Arrangement On Call For Redemption	57
	 	 	 
	Article 12	CONVERSION OF SECURITIES	57
	 	 	 
	Section 12.01	Applicability of Article	57
	Section 12.02	Right of Securityholders to Convert Securities	58
	Section 12.03	Issuance of Shares of Capital Stock on Conversion	58
	Section 12.04	No Payment or Adjustment for Interest or Dividends	59
	Section 12.05	Adjustment of Conversion Rate	59
	Section 12.06	No Fractional Shares to Be Issued	63
	Section 12.07	Preservation of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance	63
	Section 12.08	Notice to Security Holders of a Series Prior to Taking Certain Types of Action	64
	Section 12.09	Covenant to Reserve Shares for Issuance on Conversion of Securities	65
	Section 12.10	Compliance with Governmental Requirements	65
	Section 12.11	Payment of Taxes Upon Certificates for Shares Issued Upon Conversion	65
	Section 12.12	Trustee’s Duties with Respect to Conversion Provisions	65

 

    	 	-6-	 

     

    

  

THIS INDENTURE, dated as
of                          
, between TOWER INTERNATIONAL, INC., a Delaware corporation (the “Issuer”) and ●, a ● corporation,
as trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the Issuer has
duly authorized the issue from time to time of its senior debentures, notes or other evidences of indebtedness to be issued in
one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized
in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration
thereof, the Issuer has duly authorized the execution and delivery of this Indenture; and

 

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

 

NOW, THEREFORE:

 

In consideration of the
premises and the purchases of the Securities by the Holders thereof, the Issuer and the Trustee mutually covenant and agree for
the equal and proportionate benefit of the respective Holders from time to time of the Securities as follows:

 

Article
1

DEFINITIONS

 

Section 1.01 Certain
Terms Defined. The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires)
for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which
in the Securities Act of 1933 are referred to in the Trust Indenture Act of 1939, as amended, including terms defined therein by
reference to the Securities Act of 1933, as amended, (except as herein otherwise expressly provided or unless the context otherwise
clearly requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in
force at the date of this Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned
to such terms in accordance with GAAP. The words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular.

 

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

 

    	 	-7-	 

     

    

  

“Authorized Newspaper”
means a newspaper in the English language or in an official language of the country of publication, customarily printed on each
Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection
with which the term is used or in the financial community of such place. If, because of temporary suspension of publication or
general circulation of any newspaper or for any other reason, it is impossible or impracticable to make any publication of any
notice required by this Indenture in the manner herein provided, such publication or other notice in lieu thereof which is made
at the written direction of the Issuer by the Trustee shall constitute a sufficient publication of such notice.

 

“Board of Directors”
means either the Board of Directors of the Issuer or any committee of such Board duly authorized to act hereunder.

 

“Business Day”
means, with respect to any Security, a day that in the city (or in all of the cities, if more than one) in which amounts are payable,
as specified in the form of such Security, is not a day on which banking institutions are authorized by law or regulation to close.

 

“Capitalized Lease”
means, as applied to any Person, any lease of any property (whether real, personal, or mixed) of which the discounted present value
of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet
of such Person; and “Capitalized Lease Obligation” is defined to mean the rental obligations, as aforesaid,
under such lease.

 

“Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of
the Issuer’s capital stock or other ownership interests, whether now outstanding or issued after the date of this Indenture,
including, without limitation, all Common Stock and Preferred Stock.

 

“Closing Price”
on any day when used with respect to any class of Capital Stock means the closing sale price per share (or if no closing sale price
is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the
average ask prices) on that date as reported by The New York Stock Exchange or, if such Capital Stock is not listed on The New
York Stock Exchange, then on the principal U.S. national or regional securities exchange on which such Capital Stock is then listed.
If such Capital Stock is not listed on either The New York Stock Exchange or on any U.S. national or regional securities exchange
on the relevant date, the Closing Price will be the last quoted bid price for the Company’s Common Stock in the over-the-counter
market on the relevant date as reported by the OTC Markets Group Inc. or similar organization. In the event that no such quotation
is available for any day, the Board of Directors shall be entitled to determine in good faith the current market price on the basis
of such quotations as it considers appropriate.

 

    	 	-8-	 

     

    

  

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934,
or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties
now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

 

“Common Stock”
means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of
the Issuer’s common stock, par value $0.01 per share, whether now outstanding or issued after the date of the Indenture,
including, without limitation, all series and classes of such common stock.

 

“Corporate Trust
Office” means the office of the Trustee at which the corporate trust business of the Trustee shall, at any particular
time, be principally administered, which office is, at the date as of which this Indenture is dated, located at ●.

 

“Currency Agreement”
means any foreign exchange contract, currency swap agreement, or other similar agreement or arrangement designed to protect against
the fluctuation in currency values.

 

“Default”
means any Event of Default as defined in Section 4.01 and any event that is, or after notice or passage of time or both would be,
an Event of Default.

 

“Depositary”
means, with respect to the Securities of any series issuable or issued in the form of one or more Registered Global Securities,
the Person designated as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person
who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with
respect to the Securities of any such series shall mean the Depositary with respect to the Registered Global Securities of that
series.

 

“Determination
Date” has the meaning specified in Section 12.05.

 

“Event of Default”
has the meaning specified in Section 4.01.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect as of the date of determination, including,
without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute
of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as approved by a significant segment of the accounting profession. All ratios and computations
contained in this Indenture shall be computed in conformity with GAAP applied on a consistent basis.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other obligation
of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise,
of such Person:

 

    	 	-9-	 

     

    

  

(i) to purchase or pay
(or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation of such other Person (whether
arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities, or services,
to take-or-pay, or to maintain financial statement conditions or otherwise); or

   

(ii) entered into for purposes
of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such
obligee against loss in respect thereof (in whole or in part);

 

provided, that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee”
used as a verb has a corresponding meaning.

 

“Holder”,
“Securityholder” or other similar terms mean the registered holder of any Security.

 

“Indebtedness”
means, with respect to any Person at any date of determination (without duplication):

 

(i) all indebtedness of
such Person for borrowed money;

 

(ii) all obligations of
such Person evidenced by bonds, debentures, notes, or other similar instruments, in each case, for value received or settlement
of claims;

 

(iii) all obligations of
such Person in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto);

 

(iv) all obligations of
such Person to pay the deferred and unpaid purchase price of property or services (but excluding trade accounts payable or accrued
liabilities arising in the ordinary course of business);

 

(v) all obligations of
such Person as lessee under Capitalized Leases;

 

(vi) all Indebtedness of
other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided
that the amount of such Indebtedness shall be the lesser of:

 

(1) the fair market value
of such asset at such date of determination; and

 

(2) the amount of such Indebtedness;

 

(vii) all Indebtedness
of other Persons to the extent Guaranteed by such Person; and

 

(viii) to the extent not
otherwise included in this definition, obligations under Currency Agreements and Interest Rate Agreements.

 

    	 	-10-	 

     

    

  

Notwithstanding the foregoing,
in no event shall the term “Indebtedness” be deemed to include letters of credit or bonds that secure performance or
surety bonds or similar instruments that are issued in the ordinary course of business.

 

The amount of Indebtedness
of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and,
with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation;
provided that:

 

(x) the amount outstanding
at any time of any Indebtedness issued with original issue discount is the face amount of such Indebtedness less the remaining
unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP; and

 

(y) Indebtedness shall
not include any liability for federal, state, local, or other taxes.

 

“Indenture”
means this instrument as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or
supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder.

 

“Interest”
means, when used with respect to non-interest bearing Securities, interest payable after maturity. “Interest Rate Agreement”
means any obligation of any Person pursuant to any interest rate swap, cap, collar or similar arrangement providing protection
against fluctuations in interest rates. For purposes of the Indenture, the amount of such obligation shall be the amount determined
in respect thereof as of the end of the then most recently ended fiscal quarter of such Person, based on the assumption that such
obligation had terminated at the end of such fiscal quarter, and in making such determination, if any agreement relating to such
obligation provides for the netting of amounts payable by and to such Person thereunder or if any such agreement provides for the
simultaneous payment of amounts by and to such Person, then in each such case, the amount of such obligation shall be the net amount
so determined, plus any premium due upon default by such Person.

 

“Issuer”
means the Person identified as “Issuer” in the first paragraph hereof and, subject to Article 8, its successors and
assigns.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other
type of preferential arrangement that has the practical effect of creating a security interest, in respect of such asset. For the
purposes of this Indenture, the Issuer shall be deemed to own subject to a Lien any asset that it has acquired or holds subject
to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating
to such asset.

 

“Officers’
Certificate” means a certificate signed by the chairman of the Issuer’s Board of Directors, its president or any
vice president, and by its treasurer, any assistant treasurer, its secretary or any assistant secretary of the Issuer, and delivered
to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements
provided for in Section 10.05.

 

    	 	-11-	 

     

    

  

“Opinion of Counsel”
means an opinion in writing signed by legal counsel who may be an employee of or counsel to the Issuer and who shall be satisfactory
to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided
for in Section 10.05, if and to the extent required hereby.

 

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

 

“Original Issue
Discount Security” means any Security that provides for an amount less than the Principal amount thereof to be due and
payable upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01.

 

“Outstanding”,
when used with reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all
Securities authenticated and delivered by the Trustee under this Indenture, except:

 

(i) Securities theretofore
canceled by the Trustee or delivered to the Trustee for cancellation;

 

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

 

(iii) Securities in substitution
for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of
Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security
is held by a person in whose hands such Security is a legal, valid and binding obligation of the Issuer).

 

In determining whether
the Holders of the requisite Principal amount of Outstanding Securities of any or all series have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the Principal amount of an Original Issue Discount Security that shall be deemed
to be Outstanding for such purposes shall be the amount of the Principal thereof that would be due and payable as of the date of
such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01.

 

    	 	-12-	 

     

    

  

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

 

“Preferred Stock”
means any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of
the Issuer’s preferred stock, par value $0.01 per share, whether now outstanding or issued after the date of the Indenture,
including, without limitation, all series and classes of such preferred stock.

 

“Principal”
means, with respect to the Securities or any Security or any portion thereof, the principal amount of such Securities, Security
or portion thereof, and shall be deemed to include “and premium, if any”.

 

“record date”
as used with respect to any interest payment date (except a date for payment of defaulted interest), has the meaning specified
in Section 2.07.

 

“Registered Global
Security” means a Security evidencing all or a part of a series of Registered Securities, issued to the Depositary for
such series in accordance with Section 2.04, and bearing the legend prescribed in Section 2.04.

 

“Registered Security”
means any Security registered on the register maintained by the Issuer pursuant to Section 2.08.

 

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

 

“Security”
or “Securities” has the meaning stated in the first recital of this Indenture, or, as the case may be, Securities
that have been authenticated and delivered under this Indenture.

 

“Subsidiary”
means, with respect to any Person, any corporation, association or other business entity of which more than 50% of all votes represented
by all classes of outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries
of such Person.

 

“Trustee”
means the Person identified as “Trustee” in the first paragraph hereof and, subject to the provisions of Article
5, shall also include any successor trustee.

 

“Trust Indenture
Act of 1939” (except as otherwise provided in Section 7.01 and 7.02) means the Trust Indenture Act of 1939 as in force
at the date as of which this Indenture was originally executed.

 

    	 	-13-	 

     

    

  

“UCC”
means the Uniform Commercial Code, as in effect in each applicable jurisdiction.

 

“Unregistered
Security” means any Security other than a Registered Security.

 

“U.S. Government
Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (ii) obligations of 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, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder
of a 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 interest on or principal of the U.S. Government Obligation evidenced by such depository receipt.

 

“Voting Stock”
means, with respect to any Person, capital stock of any class or kind ordinarily having the power to vote for the election of directors,
managers or other voting members of the governing body of such Person.

 

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

 

“Wholly-Owned”
is defined to mean, with respect to any Subsidiary of any Person, such Subsidiary if all of the outstanding common stock or other
similar equity ownership interests (but not including preferred stock) in such Subsidiary (other than any director’s qualifying
shares or investments by foreign nationals mandated by applicable law) is owned directly or indirectly by such Person.

 

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

 

Article
2

SECURITIES

 

Section 2.01 Forms Generally.
The Securities of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established
by or pursuant to a resolution of the Board of Directors or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have
imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may
be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange
or to conform to general usage, all as may be determined by the officers executing such Securities, as evidenced by their execution
of the Securities. The Issuer shall furnish any such legends to the Trustee in writing.

 

    	 	-14-	 

     

    

  

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

 

Section 2.02 Form of
Trustee’s Certification of Authentication. The Trustee’s certificate of authentication on all Securities shall
be in substantially the following form:

 

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

 

	 	●,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory:

    	 	-15-	 

     

    

  

Section 2.03 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 resolution of the Board of Directors and set forth in an
Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities
of any series:

 

(a) the title of the Securities
of the series (which shall distinguish the Securities of the series from all other Securities);

 

(b) any limit upon the
aggregate Principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except
for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 2.08, 2.09, 2.11 or Section 12.03);

 

(c) the date or dates on
which the Principal of the Securities of the series is payable;

 

(d) the rate or rates at
which the Securities of the series shall bear interest, if any, or the method by which such rate shall be determined, the date
or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record
dates for the determination of Holders to whom interest is payable;

 

(e) the place or places
where the Principal of and any interest on Securities of the series shall be payable (if other than as provided in Section 3.02);

 

(f) the price or prices
at which, the period or periods within 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 Issuer;

 

(g) the obligation, if
any, of the Issuer to redeem, purchase or repay Securities of the series at the option of a Holder thereof and the price or prices
at which, the period or periods within 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;

 

(h) the obligation, if
any, of the Issuer to permit the conversion of the Securities of such series into Capital Stock, and the terms and conditions upon
which such conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period
and any other provision in addition to or in lieu of those set forth in this Indenture relative to such obligation);

 

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

 

    	 	-16-	 

     

    

  

(j) if other than the Principal
amount thereof, the portion of the Principal amount of Securities of the series which shall be payable upon declaration of acceleration
of the maturity thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section 4.02;

 

(k) if the Securities of
the series are issuable in whole or in part as one or more Registered Global Securities, the identity of the Depositary for such
Registered Global Security or Securities;

 

(l) any other terms of
the series (which terms shall not be inconsistent with the provisions of this Indenture); and

 

(m) any trustees, authenticating
or paying agents, transfer agents or registrar or any other agents with respect to the Securities of such series.

 

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 such
resolution of the Board of Directors or in any such indenture supplemental hereto.

 

Section 2.04 Authentication
and Delivery of Securities. At any time and from time to time after the execution and delivery of this Indenture, the Issuer
may deliver Securities of any series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver such Securities to or upon the written order of the Issuer, such order to be signed by both (a) the chairman
of its Board of Directors, its president or any vice president and by its treasurer, any assistant treasurer, its secretary or
any assistant secretary, without any further action by the Issuer. In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities the Trustee shall receive, and (subject to Section 5.01) shall
be fully protected in relying upon:

 

(a) a certified copy of
any resolution or resolutions of the Board of Directors authorizing the action taken pursuant to the resolution or resolutions
delivered under clause (b) below;

 

(b) a copy of any resolution
or resolutions of the Board of Directors relating to such series, in each case certified by the secretary or an assistant secretary
of the Issuer;

 

(c) an executed supplemental
indenture, if any, and the documentation required to be delivered pursuant to Section 7.04;

 

(d) an Officers’
Certificate setting forth the form and terms of the Securities as required pursuant to Section 2.01 and 2.03, respectively and
prepared in accordance with Section 10.05;

 

(e) an Opinion of Counsel,
prepared in accordance with Section 10.05, to the effect:

 

(i) that the form
or forms and terms of such Securities have been established by or pursuant to a resolution of the Board of Directors or by a supplemental
indenture as permitted by Section 2.01 and 2.03 in conformity with the provisions of this Indenture; and 

 

    	 	-17-	 

     

    

  

(ii) that such
Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and binding obligations of the Issuer enforceable against the Issuer
in accordance with their terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or similar laws now or hereafter in effect relating to creditors’ rights generally, and
general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law).

 

The Trustee shall have
the right to decline to authenticate and deliver any Securities under this section if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of
trustees, executive committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such
action would expose the Trustee to personal liability.

 

If the Issuer shall establish
pursuant to Section 2.03 that the Securities of a series or a portion thereof are to be issued in the form of one or more Registered
Global Securities, then the Issuer shall execute (in accordance with Section 2.05) and the Trustee shall authenticate and make
available for delivery one or more Registered Global Securities that (i) shall represent and shall be denominated in an amount
equal to the aggregate Principal amount of all of the Securities of such series issued in such form and not yet canceled, (ii)
shall be registered in the name of the Depositary for such Registered Global Security or Securities or the nominee of such Depositary,
(iii) shall be delivered by the Trustee to such Depositary or its custodian or pursuant to such Depositary’s instructions
and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part
for Securities in definitive registered form, this Security may not be transferred except as a whole by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary.”

 

Section 2.05 Execution
of Securities. The Securities shall be signed on behalf of the Issuer by the chairman of its Board of Directors, its president,
any vice president, its treasurer or any assistant treasurer, under its corporate seal and attested by its secretary or any assistant
secretary. Such signatures may be the manual or facsimile signatures of the present or any future such officers. The seal of the
Issuer may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Securities.
Typographical and other minor errors or defects in any such reproduction of the seal or any such signature shall not affect the
validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee.

 

In case any officer of
the Issuer who shall have signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated
and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed
of as though the person who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed
on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers
of the Issuer, although at the date of the execution and delivery of this Indenture any such person was not such an officer.

 

    	 	-18-	 

     

    

  

Section 2.06 Certificate
of Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore
recited, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits
of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the
Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture.

 

Section 2.07 Denomination
and Date of Securities; Payments of Interest. The Securities shall be issuable as registered securities without coupons and
in denominations as shall be specified as contemplated by Section 2.03. In the absence of any such specification with respect to
the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any multiple thereof.
The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officers
of the Issuer executing the same may determine as evidenced by the execution and authentication thereof.

 

Each Security shall be
dated the date of its authentication, shall bear interest, if any, from the date and shall be payable on the dates, in each case,
which shall be specified as contemplated by Section 2.03.

 

The person in whose name
any Security of any series is registered at the close of business on any record date applicable to a particular series with respect
to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Security subsequent to the record date and prior to such interest payment
date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for
such series, in which case such defaulted interest shall be paid to the persons in whose names Outstanding Securities for such
series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior
to the date of payment of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders
of Securities not less than 15 days preceding such subsequent record date. The term “record date” as used with
respect to any interest payment date (except a date for payment of defaulted interest) shall mean the date specified as such in
the terms of the Securities of any particular series, or, if no such date is so specified, if such interest payment date is the
first day of a calendar month, the fifteenth day of the next preceding calendar month or, if such interest payment date is the
fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business Day.

 

Section 2.08 Registration,
Transfer and Exchange. The Issuer will keep or cause to be kept at each office or agency to be maintained for the purpose as
provided in Section 3.02 a register or registers in which, subject to such reasonable regulations as it may prescribe, it will
register, and will register the transfer of, Securities as in this Article provided. Such register shall be in written form in
the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable
times such register or registers shall be open for inspection by the Trustee.

 

    	 	-19-	 

     

    

  

At the option of the Holder
thereof, Registered Securities of any series (other than a Registered Global Security, except as set forth below) may be exchanged
for a Registered Security or Registered Securities of such series and tenor having authorized denominations and an equal aggregate
Principal amount, upon surrender of such Registered Securities to be exchanged at the agency of the Issuer that shall be maintained
for such purpose in accordance with Section 3.02 and upon payment, if the Issuer shall so require, of the charges hereinafter provided.
If the Securities of any series are issued in both registered and unregistered form, except as otherwise established pursuant to
Section 2.03, at the option of the Holder thereof, Unregistered Securities of any series may be exchanged for Registered Securities
of such series and tenor having authorized denominations and an equal aggregate Principal amount, upon surrender of such Unregistered
Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02
and upon payment, if the Issuer shall so require, of the charges hereinafter provided. At the option of the Holder thereof, if
Unregistered Securities of any series, maturity date, interest rate and Original Issue Date are issued in more than one authorized
denomination, except as otherwise established pursuant to Section 2.03, such Unregistered Securities may be exchanged for Unregistered
Securities of such series and tenor having authorized denominations and an equal aggregate Principal amount, upon surrender of
such Unregistered Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section 3.02 and upon payment, if the Issuer shall so require, of the charges hereinafter provided. Registered Securities
of any series may not be exchanged for Unregistered Securities of such series. Whenever any Securities are so surrendered for exchange,
the Issuer shall execute, and the Trustee shall authenticate and make available for delivery, the Securities which the Holder making
the exchange is entitled to receive.

 

All Registered Securities
presented for registration of transfer, exchange, redemption, conversion or payment shall be duly endorsed by, or be accompanied
by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder
or such Holder’s attorney duly authorized in writing.

 

The Issuer may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or
registration of transfer of Securities. No service charge shall be made for any such transaction.

 

Notwithstanding any other
provision of this Section 2.08, unless and until it is exchanged in whole or in part for Securities in definitive registered form,
a Registered Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole
by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another
nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of
such successor Depositary.

 

    	 	-20-	 

     

    

  

If at any time the Depositary
for any Registered Global Securities of any series notifies the Issuer that it is unwilling or unable to continue as Depositary
for such Registered Global Securities or if at any time the Depositary for such Registered Global Securities shall no longer be
eligible under applicable law, the Issuer shall appoint a successor Depositary eligible under applicable law with respect to such
Registered Global Securities. If a successor Depositary eligible under applicable law for such Registered Global Securities is
not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer
will execute, and the Trustee, upon receipt of the Issuer’s order for the authentication and delivery of definitive Registered
Securities of such series and tenor, will authenticate and make available for delivery Registered Securities of such series and
tenor, in any authorized denominations, in an aggregate Principal amount equal to the Principal amount of such Registered Global
Securities, in exchange for such Registered Global Securities.

 

The Issuer may at any time
and in its sole discretion determine that any Registered Global Securities of any series shall no longer be maintained in global
form. In such event, or in the event that there shall have occurred and be continuing an Event of Default with respect to a series
of Securities, the Issuer will, upon the request of any Holder, execute, and the Trustee, upon receipt of the Issuer’s order
for the authentication and delivery of definitive Registered Securities of such series and tenor, will authenticate and make available
for delivery, Registered Securities of such series and tenor in any authorized denominations, in an aggregate Principal amount
equal to the Principal amount of such Registered Global Securities, in exchange for such Registered Global Securities.

 

Any time the Registered
Securities of any series are not in the form of Registered Global Securities pursuant to the preceding two paragraphs, the Issuer
agrees to supply the Trustee with a reasonable supply of certificated Registered Securities without the legend required by Section
2.04 and the Trustee agrees to hold such Registered Securities in safekeeping until authenticated and delivered pursuant to the
terms of this Indenture.

 

If established by the Issuer
pursuant to Section 2.03 with respect to any Registered Global Security, the Depositary for such Registered Global Security may
surrender such Registered Global Security in exchange in whole or in part for Registered Securities of the same series and tenor
in definitive registered form on such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute,
and the Trustee shall authenticate and make available for delivery, without service charge,

 

(i) to the Person
specified by such Depositary new Registered Securities of the same series and tenor, of any authorized denominations as requested
by such Person, in an aggregate Principal amount equal to and in exchange for such Person’s beneficial interest in the Registered
Global Security; and

 

(ii) to such Depositary
a new Registered Global Security in a denomination equal to the difference, if any, between the Principal amount of the surrendered
Registered Global Security and the aggregate Principal amount of Registered Securities authenticated and delivered pursuant to
clause (i) above.

 

    	 	-21-	 

     

    

  

Registered Securities issued
in exchange for a Registered Global Security pursuant to this Section 2.08 shall be registered in such names and in such authorized
denominations as the Depositary for such Registered Global Security, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such
Securities to or as directed by the Persons in whose names such Securities are so registered.

 

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

 

Notwithstanding anything
herein or in the forms or terms of any Securities to the contrary, none of the Issuer, the Trustee or any agent of the Issuer or
the Trustee shall be required to exchange any Unregistered Security for a Registered Security if such exchange would result in
adverse Federal income tax consequences to the Issuer (such as, for example, the inability of the Issuer to deduct from its income,
as computed for Federal income tax purposes, the interest payable on the Unregistered Securities) under then applicable United
States Federal income tax laws. The Trustee and any such agent shall be entitled to rely on an Officers’ Certificate or an
Opinion of Counsel in determining such result.

 

Neither the Registrar nor
the Issuer shall be required (i) to issue, authenticate, register the transfer of or exchange Securities of any series for a period
of 15 days before the mailing of a notice of redemption of such Securities to be redeemed or (ii) to register the transfer of or
exchange any Security selected for redemption in whole or in part.

 

Section 2.09 Mutilated,
Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated or defaced
and shall be surrendered to the Trustee, the Issuer shall execute, and the Trustee shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced
Security. If the Holder of any Security claims that the Security has been lost, destroyed or wrongfully taken, the Issuer shall
execute, and the Trustee shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously
outstanding, in exchange and substitution for the lost, destroyed or wrongfully taken Security, if the applicant so requests before
the Issuer has notice that the Security has been acquired by a protected purchaser, and the applicant furnishes to the Issuer and
to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be required by them to indemnify and
defend and to save each of them harmless and the applicant satisfies other reasonable requirements imposed by the Issuer.

 

Upon the issuance of any
substitute Security, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and its counsel) connected
therewith. In case any Security which has matured or is about to mature or has been called for redemption in full shall become
mutilated or defaced or be destroyed, lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize
the payment of the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for
such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction
of the destruction, loss or wrongful taking of such Security and of the ownership thereof.

 

    	 	-22-	 

     

    

  

Every substitute Security
of any series issued pursuant to the provisions of this section by virtue of the fact that any such Security is destroyed, lost
or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or wrongfully
taken Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to
all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such
series duly authenticated and delivered hereunder. All Securities shall be held and owned upon the express condition that, to the
extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced
or destroyed, lost or wrongfully taken Securities and shall preclude any and all other rights or remedies.

 

Section 2.10 Cancellation
of Securities; Destruction Thereof. All Securities surrendered for payment, redemption, repurchase, conversion, registration
of transfer or exchange, if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be delivered to the Trustee
for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no Securities shall be issued in lieu thereof
except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Securities held
by it in accordance with the record retention policies of the Trustee in effect from time to time and, if such canceled certificates
are destroyed, shall deliver a certificate of destruction to the Issuer. If the Issuer shall acquire any of the Securities, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee for cancellation.

 

Section 2.11 Temporary
Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate
and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable as registered Securities without coupons, of
any authorized denomination, and substantially in the form of the definitive Securities of such series but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence
of the Trustee. Temporary Securities may contain such reference to any provisions of this Indenture as may be appropriate. Every
temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall
furnish definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor
without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series a like aggregate Principal amount of definitive
Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities of any series shall be
entitled to the same benefits under this Indenture as definitive Securities of such series.

 

    	 	-23-	 

     

    

  

Section 2.12 Computation
of Interest. Except as otherwise specified in the Securities of a series, interest shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

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

 

Article
3

COVENANTS OF THE ISSUER AND THE TRUSTEE

 

Section 3.01 Payment
of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and
punctually pay or cause to be paid the Principal of, and interest on, each of the Securities of such series at the place or places,
at the respective times and in the manner provided in such Securities. Each installment of interest on the Securities of any series
may be paid by mailing checks for such interest payable to or upon the written order of the Holders of Securities entitled thereto
as they shall appear on the registry books of the Issuer.

 

Notwithstanding any provisions
of this Indenture and the Securities of any series to the contrary, if the Issuer and a Holder of any Registered Security so agree
or if expressly provided pursuant to Section 2.03, payments of interest on, and any portion of the Principal of, such Holder’s
Registered Security shall be made by the paying agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m.,
New York City time (or such other time as may be agreed to between the Issuer and the paying agent) or the Issuer, directly to
the Holder of such Security (by wire transfer of Federal funds or immediately available funds or otherwise) if the Holder has delivered
written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be so made and designating
the bank account to which such payments shall be so made and, in the case of payments of Principal, surrenders the same to the
Trustee. The Trustee shall be entitled to rely on the last instruction delivered by the Holder pursuant to this Section 3.01 unless
a new instruction is delivered 15 days prior to a payment date. The Issuer will indemnify and hold each of the Trustee and any
paying agent harmless against any loss, liability or expense (including attorneys’ fees and expenses) resulting from any
act or omission to act on the part of the Issuer or any such Holder in connection with any such agreement or from making any payment
in accordance with any such agreement.

 

    	 	-24-	 

     

    

  

Section 3.02 Offices
for Payments, etc. So long as any of the Securities remain outstanding, the Issuer will maintain in the Borough of Manhattan,
The City of New York an office or agency (n) where the Securities may be presented for payment, (o) where the Securities may be
presented for registration of transfer and for exchange as in this Indenture provided, (p) where notices and demands to or upon
the Issuer in respect of the Securities or of this Indenture may be served and (q) for Securities of each series that is convertible,
where such Securities may be presented for conversion. The Issuer will give to the Trustee written notice of the location of any
such office or agency and of any change of location thereof. Unless otherwise specified in accordance with Section 2.03, the Issuer
hereby initially designates the Corporate Trust Office of Trustee as the office to be maintained by it for each such purpose. In
case the Issuer shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location
or of any change in the location thereof, presentations and demands may be made and notices may be served at the Corporate Trust
Office.

 

Section 3.03 Paying
Agents. Whenever the Issuer shall appoint a paying agent other than the Trustee with respect to the Securities of any series,
it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:

 

(a) that it will hold all
sums received by it as such agent for the payment of the Principal of or interest on the Securities of such series (whether such
sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the
Holders of the Securities of such series or of the Trustee; and

 

(b) that it will give the
Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such series) to make any payment of the
Principal of or interest on the Securities of such series when the same shall be due and payable; and during the continuance of
the failure referred to in clause Section 3.03(b) above.

 

The Issuer will, on or
prior to each due date of the Principal of or interest on the Securities of such series, deposit with the paying agent a sum sufficient
to pay such Principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify
the Trustee of any failure to take such action.

 

If the Issuer shall act
as its own paying agent with respect to the Securities of any Series, it will, on or before each due date of the Principal of or
interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities
of such series a sum sufficient to pay such Principal or interest so becoming due. The Issuer will promptly notify the Trustee
of any failure to take such action.

 

Whenever the Issuer shall
have one or more paying agents for any series of Securities, it will, on or before each due date of the Principal of or interest
on any Securities of such series, deposit with the paying agent or agents for the Securities of such series a sum, by 11:00 a.m.
New York City time in immediately available funds on the payment date, sufficient to pay the Principal or interest so becoming
due with respect to the Securities of such series, and (unless such paying agent is the Trustee) the Issuer will promptly notify
the Trustee in writing of any failure so to act.

 

Anything in this section
to the contrary notwithstanding, the Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect
to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums
held in trust for any such series by the Issuer or any paying agent hereunder, as required by this Section, such sums to be held
by the Trustee upon the trusts herein contained.

 

    	 	-25-	 

     

    

  

Anything in this Section
3.03 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.03 is subject to the provisions
of Section 9.05.

 

Section 3.04 Certificate
of the Issuer. Within 120 days after the close of the fiscal year ended ●, and within 120 days after the close of each
fiscal year thereafter, the Issuer will furnish to the Trustee a brief certificate (which need not comply with Section 10.05) from
the principal executive, financial or accounting officer of the Issuer as to his or her knowledge of the Issuer’s compliance
with all conditions and covenants under the Indenture (such compliance to be determined without regard to any period of grace or
requirement of notice provided under the Indenture).

 

At the time such certificate
is filed, the Issuer will also file with the Trustee a letter or statement of the independent accountants who shall have certified
the financial statements of the Issuer for its preceding fiscal year to the effect that, in making the examination necessary for
certification of such financial statements, they have obtained no knowledge of any default by the Issuer in the performance or
fulfillment of any covenant, agreement or condition contained in this Indenture, which default remains uncured at the date of such
letter or statement, or, if they shall have obtained knowledge of any such uncured default, specifying in such letter or statement
such default or defaults and the nature and status thereof, it being understood that such accountants shall not be liable directly
or indirectly for failure to obtain knowledge of any such default or defaults, and that nothing contained in this Section 3.04
shall be construed to require such accountants to make any investigation beyond the scope required in connection with such examination.

 

Section 3.05 List of
Securityholders. If and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Issuer
will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and
addresses of the Holders of the Securities of such series pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually
not more than 10 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such
record date and on dates to be determined pursuant to Section 2.03 for non-interest bearing Securities in each year and (b) at
such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request as of a
date not more than 10 days prior to the time such information is furnished.

 

Section 3.06 Reports
by the Issuer. The Issuer covenants to:

 

(a) file, whether or not
required to do so under applicable law, with the Trustee, within 15 days after the Issuer files the same with the Commission:

 

(i) copies of the
annual reports and of the information, documents, and other reports which the Issuer files with the Commission pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934; and

 

    	 	-26-	 

     

    

  

(ii) such additional
information, documents and reports with respect to compliance by the Issuer with the conditions and covenants provided for in this
Indenture as the Issuer may from time to time file with the Commission; and

 

(b) transmit to the Securityholders,
in the manner and to the extent provided in Section 10.04, such summaries of any information, documents and reports required to
be filed with the Trustee pursuant to the provisions of subdivision (a) of this Section 3.06 as may be required by the rules and
regulations of the Commission.

 

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

 

Section 3.07 Corporate
Existence. So long as any of the Securities remain unpaid, the Issuer will at all times (except as otherwise provided or permitted
elsewhere in this Indenture) do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence.

 

Section 3.08 Restrictions
on Mergers, Sales and Consolidations. So long as any of the Securities remain unpaid, the Issuer will not consolidate or merge
with or sell, convey or lease all or substantially all of its property to any other corporation except as permitted in Article
8 hereof.

 

Section 3.09 Further
Assurances. From time to time whenever requested by the Trustee, the Issuer will execute and deliver such further instruments
and assurances and do such further acts as may be reasonably necessary or proper to carry out more effectually the purposes of
this Indenture or to secure the rights and remedies hereunder of the Holders of the Securities of any series.

 

Article
4

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section 4.01 Event of
Default Defined; Acceleration of Maturity; Waiver of Default. “Event of Default” with respect to Securities
of any series wherever used herein, means any one of the following events which shall have occurred and be continuing (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a) default by the Issuer
in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and
payable, and continuance of such default for a period of 30 days;

 

    	 	-27-	 

     

    

  

(b) default by the Issuer
in the payment of all or any part of the Principal on any of the Securities of such series as and when the same shall become due
and payable either at maturity, upon redemption, by declaration or otherwise, and continuance of such default for a period of five
days;

 

(c) default by the Issuer
in the performance, or breach by the Issuer, of any of its covenants or agreements in respect of the Securities of such series
(other than a covenant or agreement in respect of the Securities of such series a default in whose performance or whose breach
is elsewhere in this section specifically dealt with), and continuance of such default or breach for a period of 30 consecutive
days after there has been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee
by the Holders of at least 25% in Principal amount of the Outstanding Securities of all series affected thereby, a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a notice of default hereunder;

 

(d) the entry by a court
having jurisdiction in the premises of a decree or order for relief in respect of the Issuer in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or the appointment of a receiver, liquidator, assignee,
custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of the Issuer’s property
and assets or the ordering of the winding up or liquidation of the Issuer’s affairs, and the continuance of any such decree
or order unstayed and in effect for a period of 90 consecutive days;

 

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

 

(f) any other Event of
Default provided in the supplemental indenture or resolution of the Board of Directors under which such series of Securities is
issued or in the form of Security for such series.

 

If an Event of Default
described in clauses 4.01(a), 4.01(b), 4.01(c) or 4.01(f) occurs and is continuing, then, and in each and every such case, unless
the Principal of all of the Securities of such series shall have already become due and payable, either the Trustee or the Holders
of not less than 25% in aggregate Principal amount of the Securities of any affected series then Outstanding hereunder (each such
series voting as a separate class) by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare
the entire Principal (or, if the Securities of such series are Original Issue Discount Securities, such portion of the Principal
amount as may be specified in the terms of such series) of all Securities of such series and the interest accrued thereon, if any,
to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable. If an Event
of Default described in clauses Section 4.01(d) or Section 4.01(e) occurs and is continuing, then the Principal amount of all the
Securities then Outstanding and interest accrued thereon, if any, shall be and become immediately due and payable, without any
notice or other action by any Holder or the Trustee, to the full extent permitted by applicable law.

 

    	 	-28-	 

     

    

  

The foregoing provisions,
however, are subject to the condition that if, at any time after the Principal (or, if the Securities are Original Issue Discount
Securities, such portion of the Principal as may be specified in the terms thereof) of the Securities of any series (or of all
the Securities, as the case may be) shall have been so declared due and payable, and before any judgment or decree for the payment
of the monies due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall deposit with the Trustee
a sum sufficient to pay all matured installments of interest upon all the Securities of such series (or of all the Securities,
as the case may be) and the Principal of any and all Securities of such series (or of all the Securities, as the case may be) which
shall have become due otherwise than by acceleration (with interest upon such Principal and, to the extent that payment of such
interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series (or at the respective
rates of interest or Yields to Maturity of all the Securities, as the case may be) to the date of such payment or deposit) and
such amount as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all
other expenses and liabilities incurred, and all advances made, by the Trustee except as a result of negligence or bad faith, and
if any and all Events of Default under the Indenture, other than the non-payment of the Principal of Securities which shall have
become due by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then and in every such case
the Holders of a majority in aggregate Principal amount of all the then Outstanding Securities of all such series that have been
accelerated, each such series voting as a separate class, by written notice to the Issuer and to the Trustee, may waive all defaults
with respect to such series (or with respect to all the Securities, as the case may be) and rescind and annul such declaration
and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or
shall impair any right consequent thereon.

 

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

 

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Section 4.02 Collection
of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer covenants that (h) in case default shall be made in the payment
of any installment of interest on any of the Securities of any series when such interest shall have become due and payable, and
such default shall have continued for a period of 30 days or (i) in case default shall be made in the payment of all or any part
of the Principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity
of the Securities of such series or upon any redemption or by declaration or otherwise, then in each case upon demand of the Trustee,
the Issuer will pay to the Trustee for the benefit of the Holders of the Securities of such series (x) the whole amount that then
shall have become due and payable on all Securities of such series for Principal or interest, as the case may be (with interest
to the date of such payment upon the overdue Principal and, to the extent that payment of such interest is enforceable under applicable
law, on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original
Issue Discount Securities) specified in the Securities of such series) and (y) in addition thereto, such further amount as shall
be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor
Trustee, their respective agents and counsel, and any expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee except as a result of its negligence or bad faith.

 

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

 

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

 

In case there shall be
pending proceedings relative to the Issuer or any other obligor upon the Securities under Title 11 of the United States Code or
any other applicable Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Issuer or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer
or other obligor upon the Securities of any series, or to the creditors or property of the Issuer or such other obligor, the Trustee,
irrespective of whether the Principal of any Securities shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall
be entitled and empowered, by intervention in such proceedings or otherwise:

 

(a) to file and prove a
claim or claims for the whole amount of Principal and interest (or, if the Securities of any series are Original Issue Discount
Securities, such portion of the Principal amount as may be specified in the terms of such series) owing and unpaid in respect of
the Securities of any series, and to file such other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial
proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or property of the Issuer
or such other obligor;

 

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(b) unless prohibited by
applicable law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a trustee or
a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing
similar functions in comparable proceedings; and

 

(c) to collect and receive
any monies or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to
the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other
similar official is hereby authorized by each of the Securityholders to make payments to the Trustee, and, in the event that the
Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and
counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except
as a result of negligence or bad faith and all other amounts due to the Trustee or any predecessor Trustee pursuant to Section
5.06.

 

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

 

All rights of action and
of asserting claims under this Indenture, or under any of the Securities, may be enforced by the Trustee without the possession
of any of the Securities or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject
to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents
and attorneys, shall be for the ratable benefit of the Holders of the Securities in respect of which such action was taken.

 

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

 

Section 4.03 Application
of Proceeds. Any monies collected by the Trustee pursuant to this Article in respect of any series shall be applied in the
following order at the date or dates fixed by the Trustee and, in case of the distribution of such monies on account of Principal
or interest, upon presentation of the several Securities in respect of which monies have been collected and stamping (or otherwise
noting) thereon the payment, or issuing Securities of such series in reduced Principal amounts in exchange for the presented Securities
of like series if only partially paid, or upon surrender thereof if fully paid:

 

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FIRST: To the
payment of costs and expenses applicable to such series in respect of which monies have been collected, including reasonable compensation
to the Trustee and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred,
and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith, and all other
amounts due to the Trustee or any predecessor Trustee pursuant to Section 5.06;

 

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

 

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

 

FOURTH: To the
payment of the remainder, if any, to the Issuer or any other person lawfully entitled thereto.

 

Section 4.04 Suits for
Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may proceed to protect
and enforce the rights vested in it by this Indenture, either at law or in equity or in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in
this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

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Section 4.05 Restoration
of Rights on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right under this Indenture
and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee,
then and in every such case the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder,
and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings
had been taken.

 

Section 4.06 Limitations
on Suits by Securityholder. No Holder of any Security of any series shall have any right by virtue or by availing of any provision
of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with
respect to this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for
any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of an Event of Default
and of the continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate Principal
amount of the Securities of such series then outstanding shall have made written request upon the Trustee to institute such action
or proceedings in respect of such Event of Default in its own name as trustee hereunder and shall have offered to the Trustee indemnity
satisfactory to the Trustee against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60
days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding
and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.09; it being
understood and intended, and being expressly covenanted by the Holder of every Security with every other Holder and the Trustee,
that no one or more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of
any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities, or to obtain
or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in
the manner herein provided and for the equal, ratable and common benefit of all Holders of Securities of the applicable series.
For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

 

Section 4.07 Unconditional
Right of Securityholders to Institute Certain Suits. Notwithstanding any other provision in this Indenture and any provision
of any Security, the right of any Holder of any Security to receive payment of the Principal of or interest on such Security on
or after the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section 4.08 Powers
and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in Section 4.06, no right or remedy herein
conferred upon or reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

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No delay or omission of
the Trustee or of any Securityholder to exercise any right or power accruing upon any Event of Default occurring and continuing
as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence
therein; and, subject to Section 4.06, every power and remedy given by this Indenture or by law to the Trustee or to the Securityholders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 4.09 Control
by Securityholders. The Holders of a majority in aggregate Principal amount of the Securities of each series affected (with
each series voting as a separate class) at the time outstanding shall have the right to direct the time, method, and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect
to the Securities of such series by this Indenture; provided that such direction shall not be otherwise than in accordance with
law and the provisions of this Indenture and provided further that (subject to the provisions of Section 5.01) the Trustee shall
have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action
or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee,
or a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed
would subject the Trustee to personal liability or if the Trustee in good faith shall so determine that the actions or forbearances
specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series
so affected not joining in the giving of said direction.

 

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

 

Section 4.10 Waiver
of Past Defaults. Prior to a declaration of the acceleration of the maturity of the Securities of any series as provided in
Section 4.01, the Holders of a majority in aggregate Principal amount of the Securities of such series at the time Outstanding
(each such series voting as a separate class) may on behalf of the Holders of all the Securities of such series waive an existing
default or Event of Default, except a default in the payment of Principal of or interest on any Security as specified in clauses
(a) or (b) of Section 4.01 or in respect of a covenant or provision hereof which cannot be modified or amended without the consent
of each Holder affected as provided in Section 7.02. In the case of any such waiver, the Issuer, the Trustee and the Holders of
the Securities of each series affected shall be restored to their former positions and rights hereunder, respectively.

 

Upon any such waiver, such
default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom
shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other default or Event of Default or impair any right consequent thereon.

 

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Section 4.11 Trustee
to Give Notice of Default, But May Withhold in Certain Circumstances. The Trustee shall give to the Securityholders of any
series, as the names and addresses of such Holders appear on the registry books, notice by mail of all defaults known to Responsible
Officers of the Trustee which have occurred with respect to such series, such notice to be transmitted within 90 days after the
occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term “default”
or “defaults” for the purposes of this section being hereby defined to mean any event or condition which is, or with
notice or lapse of time or both would become, an Event of Default); provided that, except in the case of default in the
payment of the Principal of or interest on any of the Securities of such series, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or
Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders
of such series.

 

Section 4.12 Right of
Court to Require Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Security by
such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees 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;
provided that the provisions of this Section 4.12 shall not apply to (i) any suit instituted by the Trustee, (ii) any suit instituted
by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate Principal amount
of the Securities of such series or (iii) any suit instituted by a Holder pursuant to Section 4.07. 

 

Article
5

CONCERNING THE TRUSTEE

 

Section 5.01 Duties
and Responsibilities of the Trustee. With respect to the Holders of any series of Securities issued hereunder, the Trustee,
prior to the occurrence of an Event of Default with respect to the Securities of a particular series and after the curing or waiving
of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred
(which has not been cured or waived) 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 such person’s own affairs.

 

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

 

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

 

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

 

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

 

(i) this subsection
(b) shall not be construed to limit the effect of subsection (a) of this Section 5.01; 

 

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

 

(iii) the Trustee
shall not be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with the
direction of the Holders 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.

 

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

 

The provisions of this
Section 5.01 are in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act of 1939.

 

Whether or not therein
expressly provided, every provision of this Indenture relating to the conduct of, affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section 5.01.

 

Section 5.02 Certain
Rights of the Trustee. In furtherance of and subject to the Trust Indenture Act of 1939, and subject to Section 5.01:

 

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(a) In the absence of bad
faith on its part, the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution,
Officers’ Certificate or any other certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties;

 

(b) any request, direction,
order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other
evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to
the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Issuer;

 

(c) the Trustee may consult
with counsel of its selection and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or Opinion
of Counsel;

 

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

 

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

 

(f) prior to the occurrence
of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested
in writing so to do by the Holders of not less than a majority in aggregate Principal amount of the Securities of all series affected
then outstanding; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely
to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee
by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity satisfactory to it against such
expenses or liabilities as a condition to proceeding, and the reasonable expenses of every such investigation shall be paid by
the Issuer or, if paid by the Trustee or any predecessor trustee, shall be repaid by the Issuer upon demand;

 

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

 

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

 

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

 

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

 

(k) the Trustee may request
that the Issuer deliver an Officers’ 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 Officers’ 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.

 

Section 5.03 Trustee
Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained herein and
in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and
the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or
sufficiency of this Indenture or the Securities. The Trustee shall not be accountable for the use or application by the Issuer
of any of the Securities or of the proceeds thereof. 

 

Section 5.04 Trustee
and Agents May Hold Securities; Collections, etc. The Trustee or any agent of the Issuer or the Trustee, in its individual
or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee
or such agent and may otherwise deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the
same rights it would have if it were not the Trustee or such agent.

 

Section 5.05 Monies
Held by Trustee. All monies received by the Trustee in trust hereunder need not be segregated from other funds except to the
extent required by mandatory provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any
liability for interest on any monies received by it hereunder.

 

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Section 5.06 Compensation
and Indemnification of Trustee and Its Prior Claim. The Issuer covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to, such compensation as shall be agreed in writing from time to time by the Issuer and the Trustee
(which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Issuer
covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including
the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not regularly
in its employ) except to the extent any such expense, disbursement or advance may arise from its negligence or bad faith. The Issuer
also covenants and agrees to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any loss,
liability or expense arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder
and the performance of its duties hereunder, including the costs and expenses of defending itself against or investigating any
claim of liability (whether asserted by the Issuer, a Holder or any other Person) in the premises, except to the extent such loss,
liability or expense is due to the negligence or bad faith of the Trustee or such predecessor Trustee. The obligations of the Issuer
under this section to compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and
each predecessor Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall
survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee. Such additional indebtedness
shall be a senior claim and lien to that of the Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the Holders of particular Securities, and the Securities are hereby subordinated
to such senior claim. The parties agree that if the Trustee renders services following an Event of Default under Section 4.01(d)
or 4.01(e), compensation for such services is intended to constitute administrative expense under any bankruptcy law. 

 

Section 5.07 Right of
Trustee to Rely on Officers’ Certificate, etc. Subject to Section 5.01 and 5.02, whenever in the administration of the
trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking
or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on
the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions
of this Indenture upon the faith thereof.

 

Section 5.08 Persons
Eligible for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times be a corporation
which is eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and which has (or which
is a Wholly-Owned Subsidiary, directly or indirectly, of a bank holding company which has) a combined capital and surplus of at
least $50,000,000. If such corporation or holding company publishes reports of condition at least annually, pursuant to law or
to the requirements of a Federal, State or District of Columbia supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation or holding company shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.

 

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Section 5.09 Resignation
and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any
time resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer. Upon
receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable
series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee or trustees. If no successor Trustee shall have been
so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation,
the resigning Trustee may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a
successor Trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for
at least six months may, subject to the provisions of Section 4.12, on behalf of himself and all others similarly situated, petition
any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor Trustee.

 

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

 

(i) the Trustee
shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of Securities
after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities
of such series for at least six months;

 

(ii) the Trustee
shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and shall fail
to resign after written request therefor by the Issuer or by any Securityholder; or 

 

(iii) the Trustee
shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or a receiver
or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the Issuer may remove
the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument,
in duplicate, executed by order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor Trustee, or, subject to Section 315(e) of the Trust Indenture Act of 1939, any
Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The Holders of a majority
in aggregate Principal amount of the Securities of each series at the time outstanding may at any time remove the Trustee with
respect to Securities of such series and appoint a successor Trustee with respect to the Securities of such series by delivering
to the Trustee so removed, to the successor Trustee so appointed and to the Issuer the evidence provided in Section 6.01 of the
action in that regard taken by the Securityholders.

 

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(d) Any resignation or
removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant
to any of the provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section 5.10.

 

Section 5.10 Acceptance
of Appointment by Successor. Any successor Trustee appointed as provided in Section 5.09 shall execute and deliver to the Issuer
and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of
the predecessor Trustee with respect to all or any applicable series shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series
of its predecessor hereunder, with like effect as if originally named as Trustee for such series hereunder. On the written request
of the Issuer or of the successor Trustee, upon payment of its charges then unpaid, the Trustee ceasing to act shall, subject to
Section 5.06, pay over to the successor Trustee all monies at the time held by it hereunder and shall execute and deliver an instrument
transferring to such successor Trustee all such rights, powers, duties and obligations. Upon request of any such successor Trustee,
the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor
Trustee all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds
held or collected by such Trustee to secure any amounts then due it pursuant to the provisions of Section 5.06.

 

If a successor Trustee
is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each successor
Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall
continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each
such Trustee shall be Trustee of a trust or trusts under separate indentures. 

 

Upon acceptance of appointment
by any successor Trustee as provided in this Section 5.10, the Issuer shall mail notice thereof by first-class mail to the Holders
of Securities of any series for which such successor Trustee is acting as Trustee at their last addresses as they shall appear
in the Security register. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice
called for by the preceding sentence may be combined with the notice called for by Section 5.09. If the Issuer fails to mail such
notice within 10 days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to
be mailed at the expense of the Issuer.

 

Section 5.11 Merger,
Conversion, Consolidation or Succession to Business of Trustee. Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 5.08,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.

 

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

 

Section 5.12 Reports
to the Trustee. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture
as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15 following the date of the initial
issuance of Securities under this Indenture deliver to Holders a brief report, dated as of such May 15, which complies with the
provisions of such Section 313(a).

 

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

 

Article
6

CONCERNING THE SECURITYHOLDERS

 

Section 6.01 Evidence
of Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by a specified percentage in Principal amount of the Securityholders of any or
all series may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such specified
percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee. Proof of execution of any
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section
5.01 and 5.02) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Article.

 

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Section 6.02 Proof of
Execution of Instruments and of Holding of Securities; Record Date. Subject to Section 5.01 and 5.02, the execution of any
instrument by a Securityholder or such Securityholder’s agent or proxy may be proved by the certificate of any notary public
or other officer authorized to take acknowledgment of deeds, that the Person executing such instrument acknowledged to such notary
public or other such officer the execution thereof, or by an affidavit of a witness to such execution sworn to before any such
notary public or other officer. Where such execution is by an officer of a corporation or association or a member of a partnership
on behalf of such corporation, association or partnership, as the case may be, or by any other Person acting in a representative
capacity, such certificate or affidavit shall also constitute sufficient proof of such Person’s authority. The holding of
Securities shall be proved by the Security register or by a certificate of the registrar thereof. The Issuer may set a record date
for purposes of determining the identity of Holders of Securities of any series entitled to vote or consent to any action referred
to in Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates
(in the case of any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of
such vote or consent, and thereafter, notwithstanding any other provisions hereof, only Holders of Securities of such series of
record on such record date shall be entitled to so vote or give such consent or revoke such vote or consent.

 

Section 6.03 Holders
to be Treated as Owners. Prior to due presentment of a Security for registration of transfer, the Issuer, the Trustee and any
agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security
register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding
any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the Principal of and,
subject to the provisions of this Indenture, interest on such Security and for all other purposes, and neither the Issuer nor the
Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to
any such person, or upon such person’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to
satisfy and discharge the liability for monies payable upon any such Security. 

 

Section 6.04 Securities
Owned by Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate Principal amount of Outstanding
Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned
by the Issuer or any other obligor on the Securities with respect to which such determination is being made or by any person directly
or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the
Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the
purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying
on any such direction, consent or waiver only Securities as to which the Trustee has received written notice are so owned shall
be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is
not the Issuer or any other obligor upon the Securities or any person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right,
the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon
request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying
all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described persons; and,
subject to Section 5.01 and 5.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence
of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose of any such
determination.

 

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Section 6.05 Right of
Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01,
of the taking of any action by the Holders of the percentage in aggregate Principal amount of the Securities of any or all series,
as the case may be, specified in this Indenture in connection with such action, any Holder of a Security the serial number of which
is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such
action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke
such action so far as concerns such Security. Except as aforesaid any such action taken by the Holder of any Security shall be
conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such Security.
Any action taken by the Holders of the percentage in aggregate Principal amount of the Securities of any or all series, as the
case may be, specified in this Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee
and the Holders of all the Securities affected by such action.

 

Article
7

SUPPLEMENTAL INDENTURES

 

Section 7.01 Supplemental
Indentures Without Consent of Securityholders. The Issuer, when authorized by a resolution of its Board of Directors certified
to the Trustee, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto
for one or more of the following purposes: 

 

(a) to evidence the succession
of another corporation or corporations to the Issuer, or successive successions, and the assumption by the successor corporation
of the covenants, agreements and obligations of the Issuer pursuant to Article 8;

 

(b) (i) to cure any ambiguity
or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent
with any other provision contained herein or in any supplemental indenture, (ii) to conform the terms of Securities to the description
thereof in the prospectus and prospectus supplement (or similar offering document) offering such Securities or (iii) to make such
other provisions in regard to matters or questions arising under this Indenture or under any supplemental indenture as the Board
of Directors may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Securities
in any material respect;

 

(c) to establish the form
or terms of Securities of any series as permitted by Section 2.01 and 2.03;

 

    	 	-44-	 

     

    

  

(d) to evidence and provide
for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 5.10;

 

(e) to comply with any
requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act of 1939;

 

(f) to provide for uncertificated
or Unregistered Securities and to make all appropriate changes for such purpose;

 

(g) to make any change
that would not reasonably be expected to adversely affect the rights of any Holder in any material respect;

 

(h) to add to the covenants
of the Issuer such new covenants, restrictions, conditions or provisions as its Board of Directors shall consider to be for the
protection of the Holders of Securities, and with respect to which the Trustee has received an Opinion of Counsel to a similar
effect, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default; provided, that in respect of any such additional covenant, restriction, condition
or provision such supplemental indenture may provide for a particular period of grace after default (which period may be shorter
or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default
or may limit the remedies available to the Trustee upon such an Event of Default or may limit the right of the Holders of a majority
in aggregate Principal amount of the Securities of such series to waive such an Event of Default; or

 

(i) to make any change
so long as no Securities are Outstanding.

 

The Trustee is hereby authorized
to join with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder,
but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise. 

 

Any supplemental indenture
authorized by the provisions of this section may be executed without the consent of the Holders of any of the Securities at the
time outstanding, notwithstanding any of the provisions of Section 7.02.

 

Section 7.02 Supplemental
Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 6) of the Holders of not less
than a majority in aggregate Principal amount of the Securities at the time Outstanding of all series affected by such supplemental
indenture (voting as one class), the Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may, from
time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying
in any manner the rights of the Holders of the Securities of each such series; provided, that no such supplemental indenture shall
without the consent of each Holder affected thereby:

 

    	 	-45-	 

     

    

  

(a) change the stated maturity
of the Principal of, or the time of payment of any installment of interest on, such Holder’s Security;

 

(b) reduce the Principal
thereof or the rate of interest thereon, or any premium payable with respect thereto;

 

(c) change any place of
payment where, or the currency in which, any Security or any premium or the interest thereon is payable;

 

(d) change the provisions
for calculating any redemption or repurchase price, including the definitions relating thereto;

 

(e) make any change to
Section 4.07 or Section 4.10 (except to include other provisions subject to Section 4.10);

 

(f) reduce the percentage
in Principal amount of outstanding Securities of the relevant series the consent of whose Holders is required for any such supplemental
indenture, for any waiver of compliance with any provisions of this Indenture or any defaults and their consequences provided for
in this Indenture;

 

(g) alter or impair the
right to convert any Security at the rate and upon the terms provided in Article 12;

 

(h) waive a default in
the payment of Principal of or interest on any Security of such Holder (except pursuant to a rescission of acceleration pursuant
to Section 4.01);

 

(i) adversely affect the
rights of such Holder under any mandatory redemption or repurchase provision or any right of redemption or repurchase at the option
of such Holder; 

 

(j) modify any of the provisions
of this Section 7.02, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each outstanding Security affected thereby; or

 

(k) change or waive any
provision that, pursuant to a board resolution or indenture supplemental hereto establishing the terms of one or more series of
Securities, is prohibited to be so changed or waived.

 

Upon the written request
of the Issuer, accompanied by a copy of a resolution of the Board of Directors certified by the secretary or an assistant secretary
of the Issuer authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders as aforesaid and other documents, if any, required by Section 6.01, the Trustee shall join with
the Issuer in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated
to, enter into such supplemental indenture.

 

    	 	-46-	 

     

    

  

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

 

Promptly after the execution
by the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a
notice thereof by first class mail to the Holders of Securities of each series affected thereby at their addresses as they shall
appear on the registry books of the Issuer, setting forth in general terms the substance of such supplemental indenture. Any failure
of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

 

Section 7.03 Effect
of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of Securities of each series affected thereby
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions
of this Indenture for any and all purposes.

 

Section 7.04 Documents
to Be Given to Trustee. The Trustee, subject to the provisions of Section 5.01 and 5.02, may receive an Officers’ Certificate
and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 7 complies with
the applicable provisions of this Indenture.

 

Section 7.05 Notation
on Securities in Respect of Supplemental Indentures. Securities of any series authenticated and delivered after the execution
of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for
such series as to any matter provided for by such supplemental indenture or as to any action taken at any such meeting. If the
Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee
and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared
by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then outstanding. 

 

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Article
8

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section 8.01 Issuer
May Consolidate, etc., on Certain Terms. The Issuer covenants that it will not merge or consolidate with any other Person or
sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets to any Person (other
than a consolidation with or merger with or into or a sale, conveyance, transfer, lease or other disposition to a Wholly-Owned
Subsidiary with a positive net worth; provided that, in connection with any such merger of the Issuer with a Wholly-Owned
Subsidiary, no consideration (other than common stock) in the surviving person or the Issuer shall be issued or distributed to
the stockholders of the Issuer), unless (xiv) either (x) the Issuer shall be the continuing corporation, or the successor corporation
or (y) the Person formed by such consolidation or into which the Issuer is merged or that acquires by sale or conveyance substantially
all the assets of the Issuer (if other than the Issuer) shall be a corporation or limited liability company organized and validly
existing under the laws of the United States of America or any jurisdiction thereof and shall expressly assume the due and punctual
payment of the Principal of and interest on all the Securities, according to their tenor, and the due and punctual performance
and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Issuer, by supplemental
indenture satisfactory to the Trustee, executed and delivered to the Trustee by such Person, (xv) immediately after giving effect
to such transaction, no default or Event of Default shall have occurred and be continuing and (xvi) the Issuer delivers to the
Trustee an Officers’ Certificate and Opinion of Counsel, in each case stating that such consolidation, merger or transfer
and such supplemental indenture complies with this Section 8.01 and that all conditions precedent provided for herein relating
to such transaction have been complied with; provided, however, that the foregoing limitations shall not apply if,
in the good faith determination of the Board of Directors, whose determination shall be evidenced by a board resolution certified
to the Trustee, the principal purpose of such transaction is to change the state of incorporation of the Issuer; and provided
further that any such transaction shall not have as one of its purposes the evasion of the foregoing limitations.

 

Section 8.02 Successor
Corporation Substituted. In case of any such consolidation, merger, sale, conveyance, transfer, lease or other disposition,
and following such an assumption by the successor Person, such successor Person shall succeed to and be substituted for the Issuer,
with the same effect as if it had been named herein. Such successor Person may cause to be signed, and may issue either in its
own name or in the name of the Issuer prior to such succession any or all of the Securities issuable hereunder which theretofore
shall not have been signed by the Issuer and delivered to the Trustee; and, upon the order of such successor Person instead of
the Issuer and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee, pursuant to the
terms hereof, shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the
officers of the Issuer to the Trustee for authentication, and any Securities which such successor Person thereafter shall cause
to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have the same
legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Securities had been issued at the date of the execution hereof. 

 

In case of any such consolidation,
merger, sale, conveyance, transfer, lease or other disposition, such changes in phraseology and form (but not in substance) may
be made in the Securities thereafter to be issued as may be appropriate.

 

Upon the assumption by
the successor Person in the manner described in this Article, the Issuer shall be discharged from all obligations and covenants
under this Indenture and the Securities.

 

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Article
9

DISCHARGE OF INDENTURE

 

Section 9.01 Defeasance
Within One Year of Payment. Except as otherwise provided in this Section 9.01, the Issuer may terminate its obligations under
the Securities of any series and this Indenture with respect to Securities of such series if:

 

(i) all Securities of such
series previously authenticated and delivered (other than destroyed, lost or wrongfully taken Securities of such series that have
been replaced or Securities of such series for whose payment money or securities have theretofore been held in trust and thereafter
repaid to the Issuer, as provided in Section 9.05) have been delivered to the Trustee for cancellation and the Issuer has paid
all sums payable by it hereunder; or

 

(ii) (A) the Securities
of such series mature within one year or all of them are to be called for redemption within one year under arrangements satisfactory
to the Trustee for giving the notice of redemption, (B) the Issuer irrevocably deposits in trust with the Trustee, as trust funds
solely for the benefit of the Holders of such Securities for that purpose, money or U.S. Government Obligations or a combination
thereof sufficient (unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee), without consideration of any reinvestment and
after payment of all Federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee,
to pay Principal of and interest on the Securities of such series to maturity or redemption, as the case may be, and to pay all
other sums payable by it hereunder and (C) the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of
Counsel, in each case stating that all conditions precedent provided for herein relating to the satisfaction and discharge of this
Indenture with respect to the Securities of such series have been complied with.

 

With respect to the foregoing
clause (i), only the Issuer’s obligations under Sections 5.06 and 9.05 in respect of the Securities of such series shall
survive. With respect to the foregoing clause (ii), only the Issuer’s obligations in Section 2.03 through 2.11, 3.02, 5.06,
5.09 and 9.05 in respect of the Securities of such series shall survive until such Securities of such series are no longer outstanding.
Thereafter, only the Issuer’s obligations in Section 5.06 and 9.05 in respect of the Securities of such series shall survive.
After any such irrevocable deposit, the Trustee shall acknowledge in writing the discharge of the Issuer’s obligations under
the Securities of such series and this Indenture with respect to the Securities of such series except for those surviving obligations
specified above. 

 

Section 9.02 Defeasance.
Except as provided below, the Issuer will be deemed to have paid and will be discharged from any and all obligations in respect
of the Securities of any series and the provisions of this Indenture will no longer be in effect with respect to the Securities
of such series (and the Trustee, at the expense of the Issuer, shall execute instruments in form and substance satisfactory to
the Issuer and the Trustee acknowledging the same) if the following conditions shall have been satisfied:

 

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(a) the Issuer has irrevocably
deposited in trust with the Trustee as trust funds specifically pledged as security for, and dedicated solely to, Holders of the
Securities of such series, for payment of the Principal of and interest on the Securities of such series, money or U.S. Government
Obligations or a combination thereof sufficient (unless such funds consist solely of money, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee) without consideration
of any reinvestment and after payment of all federal, state and local taxes or other charges and assessments in respect thereof
payable by the Trustee, to pay and discharge the Principal of and accrued interest on the outstanding Securities of such series
to maturity or earlier redemption (irrevocably provided for under arrangements satisfactory to the Trustee), as the case may be;

 

(b) such deposit will not
result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument
to which the Issuer is a party or by which it is bound;

 

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

 

(d) the Issuer shall have
delivered to the Trustee (1) either (x) a ruling directed to the Trustee received from the Internal Revenue Service to the effect
that the Holders of the Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a
result of the Issuer’s exercise of its option under this Section 9.02 and will be subject to federal income tax on the same
amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred
or (y) an Opinion of Counsel to the same effect as the ruling described in clause (x) above and based upon a change in law and
(2) an Opinion of Counsel to the effect that the Holders of the Securities of such series have a valid security interest in the
trust funds subject to no prior liens under the UCC; and

 

(e) the Issuer has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided
for herein relating to the defeasance contemplated by this Section 9.02 of the Securities of such series have been complied with.

 

The Issuer’s obligations
in Section 2.03 through 2.11, 3.02, 5.06, 5.09 and 9.05 with respect to the Securities of such series shall survive until such
Securities are no longer outstanding. Thereafter, only the Issuer’s obligations in Section 5.06 and 9.05 shall survive.

 

Section 9.03 Covenant
Defeasance. The Issuer may omit to comply with any term, provision or condition set forth in Section 3.04, 3.06 or 3.08 (or
any other specific covenant relating to the Securities of any series provided for in a Board Resolution or supplemental indenture
pursuant to Section 2.03 which may by its terms be defeased pursuant to this Section 9.03), and such omission shall be deemed not
to be an Event of Default under clause (c) of Section 4.01, with respect to the outstanding Securities of such series if: 

 

    	 	-50-	 

     

    

  

(a) the Issuer has irrevocably
deposited in trust with the Trustee as trust funds solely for the benefit of the Holders of the Securities of such series, for
payment of the Principal of and interest, if any, on the Securities of such series, money or U.S. Government Obligations or a combination
thereof in an amount sufficient (unless such funds consist solely of money, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee) without consideration of any reinvestment
and after payment of all Federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee,
to pay and discharge the Principal of and interest on the outstanding Securities of such series to maturity or earlier redemption
(irrevocably provided for under arrangements satisfactory to the Trustee), as the case may be;

 

(b) such deposit will not
result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument
to which the Issuer is a party or by which it is bound;

 

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

 

(d) the Issuer has delivered
to the Trustee an Opinion of Counsel to the effect that (A) the Holders of the Securities of such series have a valid security
interest in the trust funds subject to no prior liens under the UCC and (B) such Holders will not recognize income, gain or loss
for Federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on
the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not
occurred; and

 

(e) the Issuer has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided
for herein relating to the covenant defeasance contemplated by this Section 9.03 of the Securities of such series have been complied
with.

 

Section 9.04 Application
of Trust Money. Subject to Section 9.05, the Trustee or Paying Agent shall hold in trust money or U.S. Government Obligations
deposited with it pursuant to 9.01, 9.02, or 9.03, as the case may be, in respect of the Securities of any series and shall apply
the deposited money and the proceeds from deposited U.S. Government Obligations in accordance with the Securities of such series
and this Indenture to the payment of Principal of and interest on the Securities of such series; provided that such money need
not be segregated from other funds except to the extent required by law. The Issuer shall pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to 9.01, 9.02, or
9.03, as the case may be, or the Principal and interest received in respect thereof, other than any such tax, fee or other charge
that by law is for the account of the Holders. 

 

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Section 9.05 Repayment
to Issuer. Subject to Section 5.06, 9.01, the Trustee and the Paying Agent shall promptly pay to the Issuer upon request set
forth in an Officers’ Certificate any money held by them at any time and not required to make payments hereunder and thereupon
shall be relieved from all liability with respect to such money. Subject to applicable escheat or abandoned property laws, the
Trustee and the Paying Agent shall pay to the Issuer upon written request any money held by them and required to make payments
hereunder under this Indenture that remains unclaimed for two years; provided that the Trustee or such Paying Agent before
being required to make any payment shall cause to be published at the expense of the Issuer once in an Authorized Newspaper or
mailed to each Holder entitled to such money at such Holder’s address (as set forth in the register) notice that such money
remains unclaimed and that after a date specified therein (which shall be at least 30 days from the date of such publication or
mailing) any unclaimed balance of such money then remaining will be repaid to the Issuer. After payment to the Issuer, Holders
entitled to such money must look to the Issuer for payment as general creditors unless an abandoned property law designates another
Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease.

 

Article
10

MISCELLANEOUS PROVISIONS

 

Section 10.01 Incorporators,
Stockholders, Officers and Directors Exempt from Individual Liability. No recourse under or upon any obligation, covenant or
agreement contained in this Indenture or in any Security, or because of any indebtedness evidenced thereby, shall be had against
any incorporator, as such, or against any past, present or future stockholder, officer, director or employee, as such, of the Issuer
or of any successor Person thereof, either directly or through the Issuer or any successor Person thereof, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of the Securities by the Holders thereof and as part of
the consideration for the issue of the Securities.

 

Section 10.02 Provisions
of Indenture for the Sole Benefit of Parties and Securityholders. Nothing in this Indenture or in the Securities, expressed
or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors
and the Holders of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any covenant or
provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors
and of the Holders of the Securities.

 

Section 10.03 Successors
and Assigns of Issuer Bound by Indenture. All the covenants, stipulations, promises and agreements contained in this Indenture
by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

 

Section 10.04 Notices
and Demands on Issuer, Trustee and Securityholders. Any notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be given or served by
being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address
of the Issuer is filed by the Issuer with the Trustee) to Tower International, Inc. at 17672 Laurel Park Drive North, Suite 400
Livonia, Michigan 48152, Attention: Chief Financial Officer. Any notice, direction, request or demand by the Issuer or any Securityholder
to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the Corporate
Trust Office.

 

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Where this Indenture provides
for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at such Holder’s last address as it appears in the Security
register. 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 or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer and Securityholders
when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as
shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 10.05 Officers’
Certificates and Opinions of Counsel; Statements to be Contained Therein. Upon any application or demand by the Issuer to the
Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need
be furnished.

 

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

 

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

 

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

 

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

 

Section 10.06 Payments
Due on Saturdays, Sundays and Holidays. If the date of maturity of interest on or Principal of the Securities of any series
or the date fixed for redemption or repayment of any such Security shall not be a Business Day, then payment of interest or Principal
need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on
the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date.

 

Section 10.07 Conflict
of Any Provision of Indenture with Trust Indenture Act of 1939. If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with another provision incorporated in this Indenture by operation of Sections 310 to 317, inclusive, of
the Trust Indenture Act of 1939, such incorporated provision shall control.

 

Section 10.08 New York
Law to Govern. This Indenture and each Security shall be deemed to be a contract under the laws of the State of New York, and
for all purposes shall be construed in accordance with the laws of such State.

 

Section 10.09 Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

 

Section 10.10 Effect
of Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect
the construction hereof. 

 

Article
11

REDEMPTION OF SECURITIES

 

Section 11.01 Applicability
of Article. The provisions of this Article shall be applicable to the Securities of any series which are redeemable before
their maturity except as otherwise specified as contemplated by Section 2.03 for Securities of such series.

 

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Section 11.02 Notice
of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed as a whole
or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid,
at least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of Securities of such series
at their last addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by
mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall
not affect the validity of the proceedings for the redemption of any other Security of such series.

 

The notice of redemption
to each such Holder shall specify the CUSIP numbers of such Securities to be redeemed, the Principal amount of each Security of
such series held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment,
that payment will be made upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption
will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed
will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the
portion of the Principal amount thereof to be redeemed, the method the Trustee shall use to determine such Securities to be redeemed
as specified in the last paragraph of this Section 11.02, if applicable, and shall state that on and after the date fixed for redemption,
upon surrender of such Security, a new Security or Securities of such series in Principal amount equal to the unredeemed portion
thereof will be issued.

 

The notice of redemption
of Securities of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the Issuer’s written
request, by the Trustee in the name and at the expense of the Issuer.

 

By 11:00 a.m. (New York
City time) on the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit
with the Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and
hold in trust as provided in Section 3.03) an amount of money sufficient to redeem on the redemption date all the Securities of
such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for
redemption. If less than all the outstanding Securities of a series are to be redeemed, the Issuer will deliver to the Trustee
at least 70 days (unless a shorter period shall be satisfactory to the Trustee) prior to the date fixed for redemption an Officers’
Certificate stating the aggregate Principal amount of Securities to be redeemed. 

 

In the case of the redemption
of all of the Securities of a series outstanding, the Issuer shall notify the Trustee in writing of the redemption date 45 days
(unless a shorter period shall be satisfactory to the Trustee) prior to the redemption date.

 

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If less than all the Securities
of a series are to be redeemed, the Trustee shall select, pro rata or by lot or in such manner as it shall deem appropriate and
fair, Securities of such series to be redeemed in whole or in part. Securities of a series may be redeemed in part in multiples
equal to the minimum authorized denomination for Securities of such series or any multiple thereof. The Trustee shall promptly
notify the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the Principal amount thereof to be redeemed. For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case
of any Security redeemed or to be redeemed only in part, to the portion of the Principal amount of such Security which has been
or is to be redeemed.

 

Section 11.03 Payment
of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of
Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest
on the Securities or portions of Securities so called for redemption shall cease to accrue and, except as provided in Section 5.05
and 9.04, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under
this Indenture, and the Holders thereof shall have no right in respect of such Securities except the right to receive the redemption
price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place
of payment specified in said notice, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer
at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided that any
semiannual payment of interest becoming due on the date fixed for redemption shall be payable to the Holders of such Securities
registered as such on the relevant record date subject to the terms and provisions of Section 2.07 hereof.

 

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

 

Upon presentation of any
Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the
Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in Principal
amount equal to the unredeemed portion of the Security so presented, pursuant to Section 2.04, 2.05 and 2.06. 

 

Section 11.04 Exclusion
of Certain Securities from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection
for redemption if they are identified by registration and certificate number in a written statement signed by an authorized officer
of the Issuer and delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as
being owned of record and beneficially by, and not pledged or hypothecated by, either (a) the Issuer or (b) an entity specifically
identified in such written statement directly or indirectly controlling or controlled by or under direct or indirect common control
with the Issuer.

 

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Section 11.05 Conversion
Arrangement On Call For Redemption. In connection with any redemption of Securities, the Issuer shall deposit the amount due
in connection with such redemption as required by Section 11.02 or it may arrange for the purchase and conversion of any Securities
called for redemption by an agreement with one or more investment bankers or other purchasers to purchase such Securities and to
make the deposit required of it by Section 11.02 on its behalf by paying to the Trustee or the Paying Agent in trust for the Securityholders,
on or before 10:00 a.m. New York time on the redemption date, an amount no less than the redemption price, together with interest,
if any, accrued to the redemption date of such Securities, in immediately available funds. Notwithstanding anytime to the contrary
contained in this Article 11, the obligation of the Issuer to pay the redemption price of such Securities, including all accrued
interest, if any, shall be deemed to be satisfied and discharged to the extent such amount is so paid by such purchasers. If such
an agreement is entered into, any Securities not duly surrendered for conversion by the Holders thereof may, at the option of the
Issuer, be deemed, to the fullest extent permitted by law, acquired by such purchasers from such Holders and (notwithstanding anything
to the contrary contained in Article 12) surrendered by such purchasers for conversion, all as of immediately prior to the close
of business on the last day on which Securities of such series called for redemption may be converted in accordance with this Indenture
and the terms of such Securities, subject to payment of the above amount aforesaid. The Trustee or the Paying Agent shall hold
and pay to the Securityholders whose Securities are selected for redemption any such amount paid to it in the same manner as it
would monies deposited with it by the Issuer for the redemption of Securities. Without the Trustee’s and the Paying Agent’s
prior written consent, no arrangement between the Issuer and such purchasers for the purchase and conversion of any Securities
shall increase or otherwise affect any of the powers, duties, responsibilities or obligations of the Trustee as set forth in this
Indenture, and the Issuer agrees to indemnify the Trustee from, and hold it harmless against, any loss, liability or expense arising
out of or in connection with any such arrangement for the purchase and conversion of any Securities between the Issuer and such
purchasers, including the costs and expenses incurred by the Trustee and the Paying Agent in the defense of any claim or liability
arising out of or in connection with the exercise or performance of any of its powers, duties, responsibilities or obligations
under this Indenture.

 

Article
12

CONVERSION OF SECURITIES

 

Section 12.01 Applicability
of Article. Securities of any series which are convertible into Capital Stock at the option of the Securityholder shall be
convertible in accordance with their terms and (unless otherwise specified as contemplated by Section 2.03 for Securities of any
series) in accordance with this Article. Each reference in this Article 12 to “a Security” or “the Securities”
refers to the Securities of the particular series that is convertible into Capital Stock. Each reference in this Article to “Capital
Stock” into which Securities of any series are convertible refers to the class of Capital Stock into which the Securities
of such series are convertible in accordance with their terms (as specified as contemplated by Section 2.03). If more than one
series of Securities with conversion privileges are outstanding at any time, the provisions of this Article 12 shall be applied
separately to each such series. 

 

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Section 12.02 Right
of Securityholders to Convert Securities. Subject to and upon compliance with the terms of the Securities and the provisions
of Section 11.05 and this Article 12, at the option of the Holder thereof, any Security of any series of any authorized denomination,
or any portion of the Principal amount thereof which is $1,000 or any integral multiple of $1,000, may, at any time during the
period specified in the Securities of such series, or in case such Security or portion thereof shall have been called for redemption,
then in respect of such Security or portion thereof until and including, but not after (unless the Issuer shall default in payment
due upon the redemption thereof), the close of business on the Business Day prior to the date fixed for redemption except that
in the case of redemption at the option of the Securityholder, if specified in the terms of such Securities, such right shall terminate
upon receipt of written notice of the exercise of such option, be converted into duly authorized, validly issued, fully paid and
nonassessable shares of Capital Stock, as specified in such Security, at the conversion rate for each $1,000 Principal amount of
Securities (such initial conversion rate reflecting an initial conversion price specified in such Security) in effect on the conversion
date, or, in case an adjustment in the conversion rate has taken place pursuant to the provisions of Section 12.05, then at the
applicable conversion rate as so adjusted, upon surrender of the Security or Securities, the Principal amount of which is so to
be converted, to the Issuer at any time during usual business hours at the office or agency to be maintained by it in accordance
with the provisions of Section 3.02, accompanied by a written notice of election to convert as provided in Section 12.03 and, if
so required by the Issuer and the Trustee, by a written instrument or instruments of transfer in form satisfactory to the Issuer
and the Trustee duly executed by the registered Holder or such Holder’s attorney duly authorized in writing. All Securities
surrendered for conversion shall, if surrendered to the Issuer or any conversion agent, be delivered to the Trustee for cancellation
and cancelled by it, or shall, if surrendered to the Trustee, be cancelled by it, as provided in Section 2.10.

 

The initial conversion
price or conversion rate in respect of a series of Securities shall be as specified in the Securities of such series. The conversion
price or conversion rate will be subject to adjustment on the terms set forth in Section 12.05 or such other or different terms,
if any, as may be specified by Section 2.03 for Securities of such series. Provisions of this Indenture that apply to conversion
of all of a Security also apply to conversion of a portion of it.

 

Section 12.03 Issuance
of Shares of Capital Stock on Conversion. As promptly as practicable after the surrender, as herein provided, of any Security
or Securities for conversion, the Issuer shall deliver or cause to be delivered at its said office or agency to or upon the written
order of the Holder of the Security or Securities so surrendered a certificate or certificates representing the number of duly
authorized, validly issued, fully paid and nonassessable shares of Capital Stock into which such Security or Securities may be
converted in accordance with the terms thereof and the provisions of this Article 12. Prior to delivery of such certificate or
certificates, the Issuer shall require a written notice at its said office or agency from the Holder of the Security or Securities
so surrendered stating that the Holder irrevocably elects to convert such Security or Securities, or, if less than the entire Principal
amount thereof is to be converted, stating the portion thereof to be converted. Such notice shall also state the name or names
(with address and social security or other taxpayer identification number) in which said certificate or certificates are to be
issued. Such conversion shall be deemed to have been made at the time that such Security or Securities shall have been surrendered
for conversion and such notice shall have been received by the Issuer or the Trustee, the rights of the Holder of such Security
or Securities as a Securityholder shall cease at such time, the person or persons entitled to receive the shares of Capital Stock
upon conversion of such Security or Securities shall be treated for all purposes as having become the record holder or holders
of such shares of Capital Stock at such time and such conversion shall be at the conversion rate in effect at such time. In the
case of any Security of any series which is converted in part only, upon such conversion, the Issuer shall execute and the Trustee
shall authenticate and deliver to the Holder thereof, as requested by such Holder, a new Security or Securities of such series
of authorized denominations in aggregate Principal amount equal to the unconverted portion of such Security. 

 

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If the last day on which
a Security may be converted is not a Business Day in a place where a conversion agent is located, the Security may be surrendered
to that conversion agent on the next succeeding day that is a Business Day.

 

The Issuer will not be
required to deliver certificates for shares of Capital Stock upon conversion while its stock transfer books are closed for a meeting
of shareholders or for the payment of dividends or for any other purpose, but certificates for shares of Capital Stock shall be
delivered as soon as the stock transfer books shall again be opened.

 

Section 12.04 No Payment
or Adjustment for Interest or Dividends. Unless otherwise specified as contemplated by Section 2.03 for Securities of such
series, Securities surrendered for conversion during the period from the close of business on any regular record date (or special
record date for payment of defaulted interest) next preceding any interest payment date to the opening of business on such interest
payment date (except Securities called for redemption on a redemption date within such period) when surrendered for conversion
must be accompanied by payment of an amount equal to the interest thereon which the registered Holder is to receive on such interest
payment date. Payment of interest shall be made, as of such interest payment date or such date, as the case may be, to the Holder
of record of the Securities as of such regular, or special, record date, as applicable. Except where Securities surrendered for
conversion must be accompanied by payment as described above, no interest on converted Securities will be payable by the Issuer
on any interest payment date subsequent to the date of conversion. No other payment or adjustment for interest or dividends is
to be made upon conversion. Notwithstanding the foregoing, upon conversion of any Original Issue Discount Security, the fixed number
of shares of Capital Stock into which such Security is convertible delivered by the Issuer to the Holder thereof shall be applied,
first, to pay the accrued original issue discount attributable to the period from the date of issuance to the date of conversion
of such Security, and, second, to pay the balance of the Principal amount of such Security.

 

Section 12.05 Adjustment
of Conversion Rate. Unless otherwise specified as contemplated by Section 2.03 for Securities of such series, the conversion
rate for Securities in effect at any time shall be subject to adjustment as follows: 

 

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(a) In case the Issuer
shall (i) declare a dividend or make a distribution on the class of Capital Stock into which Securities of such series are convertible
in shares of its Capital Stock, (ii) subdivide the outstanding shares of the class of Capital Stock into which Securities of such
series are convertible into a greater number of shares, (iii) combine the outstanding shares of the class of Capital Stock into
which Securities of such series are convertible into a smaller number of shares or (iv) issue by reclassification of the shares
of the class of Capital Stock into which Securities of such series are convertible (including any such reclassification in connection
with a consolidation or merger in which the Issuer is the continuing corporation) any shares, the conversion rate for the Securities
of such series in effect at the time of the record subdivision, combination or reclassification, shall be proportionately adjusted
so that the Holder of any Security of such series surrendered for conversion after such time shall be entitled to receive the number
and kind of shares which he would have owned or have been entitled to receive had such Security been converted immediately prior
to such time. Similar adjustments shall be made whenever any event listed above shall occur.

 

(b) In case the Issuer
shall fix a record date for the issuance of rights or warrants to all holders of the class of Capital Stock into which Securities
of such series are convertible entitling them (for a period expiring within 45 days after such record date) to subscribe for or
purchase shares of such class of Capital Stock (or securities convertible into shares of such class of Capital Stock) at a price
per share (or, in the case of a right or warrant to purchase securities convertible into such class of Capital Stock, having a
conversion price per share, after adding thereto the exercise price, computed on the basis of the maximum number of shares of such
class of Capital Stock issuable upon conversion of such convertible securities, per share of such class of Capital Stock, so issuable)
less than the current market price per share of such class of Capital Stock (as defined in subsection (e) below) on the date on
which such issuance was declared or otherwise announced by the Issuer (the “Determination Date”), the number
of shares of such class of Capital Stock into which each $1,000 Principal amount of Securities shall be convertible after such
record date shall be determined by multiplying the number of shares of such class of Capital Stock into which such Principal amount
of Securities was convertible immediately prior to such record date by a fraction, of which the numerator shall be the number of
shares of such class of Capital Stock outstanding on the Determination Date plus the number of additional shares of such class
of Capital Stock offered for subscription or purchase (or in the case of a right or warrant to purchase securities convertible
into such class of Capital Stock, the aggregate number of additional shares of such class of Capital Stock into which the convertible
securities so offered are initially convertible), and of which the denominator shall be the number of shares of such class of Capital
Stock outstanding on the Determination Date plus the number of shares of such class of Capital Stock obtained by dividing the aggregate
offering price of the total number of shares so offered (or, in the case of a right or warrant to purchase securities convertible
into such class of Capital Stock, the aggregate initial conversion price of the convertible securities so offered, after adding
thereto the aggregate exercise price of such rights or warrants computed on the basis of the maximum number of shares of such class
of Capital Stock issuable upon conversion of such convertible securities) by such current market price. Shares of such class of
Capital Stock of the Issuer owned by or held for the account of the Issuer shall not be deemed outstanding for the purpose of any
such computation. Such adjustment shall be made successively whenever such a record date is fixed; and to the extent that shares
of such class of Capital Stock are not delivered (or securities convertible into shares of such class of Capital Stock are not
delivered) after the expiration of such rights or warrants (or, in the case of rights or warrants to purchase securities convertible
into such class of Capital Stock once exercised, the expiration of the conversion right of such securities), the conversion rate
shall be readjusted to the conversion rate which would then be in effect had the adjustments made upon the issuance of such rights
or warrants (or securities convertible into shares) been made upon the basis of delivery of only the number of shares actually
delivered. In the event that such rights or warrants are not so issued, the conversion rate shall again be adjusted to be the conversion
rate which would then be in effect if such record date had not been fixed. 

 

    	 	-60-	 

     

    

  

(c) In case the Issuer
shall fix a record date for the making of a distribution to all holders of the class of Capital Stock into which Securities of
such series are convertible (including any such distribution made in connection with a consolidation or merger in which the Issuer
is the continuing corporation) of evidences of its indebtedness or assets (excluding any cash dividends paid from retained earnings
and dividends payable in Capital Stock for which adjustment is made pursuant to subsection (a) above or (d) below) or subscription
rights or warrants (excluding subscription rights or warrants to purchase the class of Capital Stock into which Securities of such
series are convertible), the number of shares of such class of Capital Stock into which each $1,000 Principal amount of Securities
of such series shall be convertible after such record date shall be determined by multiplying the number of shares of such class
of Capital Stock into which such Principal amount of Securities was convertible immediately prior to such record date by a fraction,
of which the numerator shall be the fair market value of the assets of the Issuer, after deducting therefrom all liabilities of
the Issuer and all preferences (including accrued but unpaid dividends) in respect of classes of Capital Stock having a preference
with respect to the assets of the Issuer over such class of Capital Stock (all as determined by the Board of Directors, whose determination
shall be conclusive, and described in a certificate signed by chairman of the Issuer’s Board of Directors, its president,
any vice president, its treasurer, any assistant treasurer, its secretary or any assistant secretary, filed with the Trustee and
each conversion agent) on such record date, and of which the denominator shall be such fair market value after deducting therefrom
such liabilities and preferences, less the fair market value (as determined by the Board of Directors, whose determination shall
be conclusive, and described in a statement filed with the Trustee and each conversion agent) of the assets or evidences of indebtedness,
so distributed or of such subscription rights or warrants applicable, so distributed. Such adjustment shall be made successively
whenever such a record date is fixed; and in the event that such distribution is not so made, the conversion rate shall again be
adjusted to the conversion rate which would then be in effect if such record date had not been fixed.

 

(d) In case the Issuer
shall, by dividend or otherwise, distribute to all holders of its Capital Stock cash (excluding any dividend or distribution in
connection with the liquidation, dissolution or winding up of the Issuer, whether voluntary or involuntary), then, in such case,
unless the Issuer elects to reserve such cash for distribution to the Holders of the Securities upon the conversion of the Securities
so that any such Holder converting Securities will receive upon such conversion, in addition to the shares of Capital Stock to
which such Holder is entitled, the amount of cash which such Holder would have received if such Holder had, immediately prior to
the record date for such distribution of cash, converted its Securities into Capital Stock, the conversion rate shall be adjusted
so that the same shall equal the rate determined by multiplying the conversion rate in effect immediately prior to the record date
by a fraction of which the denominator shall be the current market price of the Capital Stock (determined as provided in Section
12.05(e) on the record date less the amount of cash so distributed (and not excluded as provided above) applicable to one share
of Capital Stock and the numerator shall be such current market price of the Capital Stock (determined as provided in Section 12.05(e)),
such adjustment to be effective immediately prior to the opening of business on the day following the record date; provided, however,
that in the event the portion of the cash so distributed applicable to one share of Capital Stock is equal to or greater than the
current market price of the Capital Stock (determined as provided in Section 12.05(e)) on the record date, in lieu of the foregoing
adjustment, adequate provision shall be made so that each Securityholder shall have the right to receive upon conversion the amount
of cash such Holder would have received had such Holder converted each Security on the record date. If such dividend or distribution
is not so paid or made, the conversion rate shall again be adjusted to be the conversion rate which would then be in effect if
such dividend or distribution had not been declared. 

 

    	 	-61-	 

     

    

  

(e) For the purpose of
any computation under subsections (b) and (d) above and Section 12.06, the current market price per share of the Capital Stock
on any date as of which such price is to be computed shall mean the average of the Closing Prices for the 30 consecutive Business
Days commencing 45 Business Days before such date.

 

(f) No adjustment in the
conversion rate shall be required unless such adjustment would require a cumulative increase or decrease of at least 1% in such
rate; provided, however, that any adjustments which by reason of this subsection (f) are not required to be made
shall be carried forward and taken into account in any subsequent adjustment; and provided further, that adjustments shall
be required and made in accordance with the provisions of this Article 12 (other than this subsection (f)) not later than such
time as may be required in order to preserve the tax-free nature for United States income tax purposes to the Holders of Securities
or the class of Capital Stock into which such Securities are convertible. All calculations under this Article 12 shall be made
to the nearest cent or to the nearest one-thousandth of a share, as the case may be. Anything in this Section 12.05 to the contrary
notwithstanding, the Issuer shall be entitled to make such adjustments in the conversion rate, in addition to those required by
this Section 12.05, as it in its discretion shall determine to be advisable in order that any stock dividend, subdivision of shares,
distribution of rights to purchase stock or securities, or distribution of securities convertible into or exchangeable for stock
hereafter made by the Issuer to its shareholders shall not be taxable for United States income tax purposes.

 

(g) Whenever the conversion
rate is adjusted, as herein provided, the Issuer shall promptly file with the Trustee and with the office or agency maintained
by the Issuer for the conversion of Securities of such series pursuant to Section 3.02, a certificate of a firm of independent
public accountants of recognized national standing selected by the Board of Directors (who may be the regular accountants employed
by the Issuer) setting forth the conversion rate after such adjustment and setting forth a brief statement of the facts requiring
such adjustment and a computation thereof. Such certificate shall be conclusive evidence of the correctness of such adjustment.
Neither the Trustee nor any conversion agent shall be under any duty or responsibility with respect to any such certificate or
any facts or computations set forth therein, except to exhibit said certificate from time to time to any Securityholder of such
series desiring to inspect the same. The Issuer shall promptly cause a notice setting forth the adjusted conversion rate to be
mailed to the Holders of Securities of such series, as their names and addresses appear upon the register of the Issuer. 

 

    	 	-62-	 

     

    

  

(h) In the event that at
any time, as a result of shares of any other class of Capital Stock becoming issuable in exchange or substitution for or in lieu
of shares of the class of Capital Stock into which such Securities are convertible or as a result of an adjustment made pursuant
to subsection (a) above, the Holder of any Security of such series thereafter surrendered for conversion shall become entitled
to receive any shares of the Issuer other than shares of the class of Capital Stock into which the shares of such series are convertible,
thereafter the number of such other shares so receivable upon conversion of any Security shall be subject to adjustment from time
to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the class of Capital Stock
into which the Securities of such series are convertible contained in subsections (a) to (f), inclusive, above, and the provisions
of this Article 12 with respect to the class of Capital Stock into which the Securities of such series are convertible shall apply
on like terms to any such other shares.

 

(i) The conversion rate
with respect to any Original Issue Discount Security, the terms of which provide for convertibility, shall not be adjusted during
the term of such Original Issue Discount Security for accrued original issue discount.

 

(j) In the event that the
Securities of any series are convertible into more than one class of Capital Stock, the provisions of this Section 12.05 shall
apply separately to events affecting each such class.

 

Section 12.06 No Fractional
Shares to Be Issued. No fractional shares of Capital Stock shall be issued upon conversions of Securities. If more than one
Security of any series shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall
be issuable upon conversion thereof shall be computed on the basis of the aggregate Principal amount of the Securities of such
series (or specified portions thereof to the extent permitted hereby) so surrendered. Instead of a fraction of a share of Capital
Stock which would otherwise be issuable upon conversion of any Security or Securities (or specified portions thereof), the Issuer
shall pay a cash adjustment in respect of such fraction of a share in an amount equal to the same fractional interest of the current
market price (as defined in Section 12.05) per share of Capital Stock on the Business Day next preceding the day of conversion.

 

Section 12.07 Preservation
of Conversion Rights Upon Consolidation, Merger, Sale or Conveyance. In case of any consolidation of the Issuer with, or merger
of the Issuer into, any other corporation (other than a consolidation or merger in which the Issuer is the continuing corporation),
or in the case of any sale or transfer of all or substantially all of the assets of the Issuer, the corporation formed by such
consolidation or the corporation into which the Issuer shall have been merged or the corporation which shall have acquired such
assets, as the case may be, shall execute and deliver to the Trustee, a supplemental indenture, subject to the provisions of Article
7 and 8 as they relate to supplemental indentures, providing that the Holder of each Security then Outstanding of a series which
was convertible into Capital Stock shall have the right thereafter to convert such Security into the kind and amount of shares
of stock and other securities and property, including cash, receivable upon such consolidation, merger, sale or transfer by a holder
of the number of shares of Capital Stock of the Issuer into which such Securities might have been converted immediately prior to
such consolidation, merger, sale or transfer. Such supplemental indenture shall conform to the provisions of the Trust Indenture
Act of 1939 as then in effect and shall provide for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 12. Neither the Trustee nor any conversion agent shall be under any responsibility to
determine the correctness of any provision contained in any such supplemental indenture relating either to the kind or amount of
shares of stock or other securities or property receivable by Securityholders upon the conversion of their Securities after any
such consolidation, merger, sale or transfer, or to any adjustment to be made with respect there to and, subject to the provisions
of Article 5, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon,
an Opinion of Counsel with respect thereto. If in the case of any such consolidation, merger, sale or transfer, the stock or other
securities and property receivable by a Holder of the Securities includes stock or other securities and property of a corporation
other than the successor or purchasing corporation, then such supplemental indenture shall also be executed by such other corporation
and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors
shall reasonably consider necessary. The above provisions of this Section 12.07 shall similarly apply to successive consolidations,
mergers, sales or transfers. 

 

    	 	-63-	 

     

    

  

Section 12.08 Notice
to Security Holders of a Series Prior to Taking Certain Types of Action. With respect to the Securities of any series, in case:

 

(a) the Issuer shall authorize
the issuance to all holders of the class of Capital Stock into which Securities of such series are convertible of rights or warrants
to subscribe for or purchase shares of its Capital Stock or of any other right;

 

(b) the Issuer shall authorize
the distribution to all holders of the class of Capital Stock into which Securities of such series are convertible of evidences
of its indebtedness or assets (except for the exclusions with respect to certain dividends set forth in Section 12.05(c));

 

(c) of any subdivision,
combination or reclassification of the class of Capital Stock into which Securities of such series are convertible or of any consolidation
or merger to which the Issuer is a party and for which approval by the shareholders of the Issuer is required, or of the sale or
transfer of all or substantially all of the assets of the Issuer; or

 

(d) of the voluntary or
involuntary dissolution, liquidation or winding up of the Issuer;

 

then the Issuer shall cause to be filed with
the Trustee and at the office or agency maintained for the purpose of conversion of Securities of such series pursuant to Section
3.02, and shall cause to be mailed to the Holders of Securities of such series, at their last addresses as they shall appear upon
the register of the Issuer, at least 10 days prior to the applicable record date hereinafter specified, a notice stating (i) the
date as of which the holders of such class of Capital Stock to be entitled to receive any such rights, warrants or distribution
are to be determined, or (ii) the date on which any such subdivision, combination, reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation, winding up or other action is expected to become effective, and the date as of which it is
expected that holders of record of such class of Capital Stock shall be entitled to exchange their Capital Stock of such class
for securities or other property, if any, deliverable upon such subdivision, combination, reclassification, consolidation, merger,
sale, transfer, dissolution, liquidation, winding up or other action. The failure to give the notice required by this Section 12.08
or any defect therein shall not affect the legality or validity of any distribution, right, warrant, subdivision, combination,
reclassification, consolidation, merger, sale, transfer, dissolution, liquidation, winding up or other action, or the vote upon
any of the foregoing. Such notice shall also be published by and at the expense of the Issuer not later than the aforesaid filing
date at least once in an Authorized Newspaper. 

 

    	 	-64-	 

     

    

  

Section 12.09 Covenant
to Reserve Shares for Issuance on Conversion of Securities. The Issuer covenants that at all times it will reserve and keep
available out of each class of its authorized Capital Stock, free from preemptive rights, solely for the purpose of issue upon
conversion of Securities of any series as herein provided, such number of shares of Capital Stock of such class as shall then be
issuable upon the conversion of all Outstanding Securities of such series. The Issuer covenants that any shares of Capital Stock
which shall be so issuable shall, when issued or delivered, be duly and validly issued shares of the class of authorized Capital
Stock into which Securities of such series are convertible, and shall be fully paid and nonassessable, free of all liens and charges
and not subject to preemptive rights and that, upon conversion, the appropriate capital stock accounts of the Issuer will be duly
credited.

 

Section 12.10 Compliance
with Governmental Requirements. The Issuer covenants that if any shares of Capital Stock required to be reserved for purposes
of conversion of Securities hereunder require registration or listing with or approval of any governmental authority under any
Federal or State law, pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or
any national or regional securities exchange on which such Capital Stock is listed at the time of delivery of any shares of such
Capital Stock, before such shares may be issued upon conversion, the Issuer will use reasonable efforts to cause such shares to
be duly registered, listed or approved, as the case may be.

 

Section 12.11 Payment
of Taxes Upon Certificates for Shares Issued Upon Conversion. The issuance of certificates for shares of Capital Stock upon
the conversion of Securities shall be made without charge to the converting Securityholders for any tax (including, without limitation,
all documentary and stamp taxes) in respect of the issuance and delivery of such certificates, and such certificates shall be issued
in the respective names of, or in such names as may be directed by, the Holders of the Securities converted; provided, however,
that the Issuer shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and
delivery of any such certificate in a name other than that of the Holder of the Security converted, and the Issuer shall not be
required to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof shall have
paid to the Issuer the amount of such tax or shall have established to the satisfaction of the Issuer that such tax has been paid.

 

Section 12.12 Trustee’s
Duties with Respect to Conversion Provisions. The Trustee and any conversion agent shall not at any time be under any duty
or responsibility to any Securityholder to determine whether any facts exist which may require any adjustment of the conversion
rate or conversion price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same. Neither the Trustee nor any conversion
agent shall be accountable with respect to the registration under securities laws, listing, validity or value (or the kind or amount)
of any shares of Capital Stock, or of any other securities or property, which may at any time be issued or delivered upon the conversion
of any Security; and neither the Trustee nor any conversion agent makes any representation with respect thereto. Neither the Trustee
nor any conversion agent shall be responsible for any failure of the Issuer to make any cash payment or to issue, transfer or deliver
any shares of stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of
conversion; and the Trustee, subject to the provisions of Article 5, and any conversion agent shall not be responsible for any
failure of the Issuer to comply with any of the covenants of the Issuer contained in this Article 12. 

 

    	 	-65-	 

     

    

  

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

 

	 	TOWER INTERNATIONAL, INC., as Issuer
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	●, as Trustee
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

    	 	-66-	 

     

    

  

FORM OF NOTE

 

UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 

 

TOWER INTERNATIONAL, INC.

● % Senior Note Due ●

 

No. ● CUSIP No.: ●

$ ●

 

TOWER INTERNATIONAL, INC.,
a Delaware corporation (“Issuer”, which term includes any successor corporation), for value received promises
to pay to CEDE & CO. or its registered assigns, the principal sum of ● on ●.

 

Interest Payment Dates:
● and ● (each, an “Interest Payment Date”), commencing on ●. Interest Record Dates: ●
and ● (each, an “Interest Record Date”).

 

Reference is made to the
further provisions of this Security contained herein, which will for all purposes have the same effect as if set forth at this
place.

 

    	 	-67-	 

     

    

  

IN WITNESS WHEREOF, the
Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officer.

 

	 	TOWER INTERNATIONAL, INC.
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 

 

    	 	-68-	 

     

    

  

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

 

	 	●, as Trustee
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    	 	-69-	 

     

    

  

(REVERSE OF SECURITY)

TOWER INTERNATIONAL, INC.

●% Senior Note Due ●

1. Interest.

 

TOWER INTERNATIONAL, INC.,
a Delaware corporation (the “Issuer”), promises to pay interest on the Principal amount of this Security at the rate
per annum shown above. Cash interest on the Securities will accrue from the most recent date to which interest has been paid or,
if no interest has been paid, from ●. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date,
commencing ●. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

The Issuer shall pay interest
on overdue Principal from time to time on demand at the rate borne by the Securities and on overdue installments of interest (without
regard to any applicable grace periods) to the extent lawful.

 

2. Method of Payment.

 

The Issuer shall pay interest
on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of business on the Interest
Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent
to such Interest Record Date and prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect
Principal payments. The Issuer shall pay Principal and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts (“U.S. Legal Tender”). However, the payments of interest, and
any portion of the Principal (other than interest payable at maturity or on any redemption or repayment date or the final payment
of Principal) shall be made by the Paying Agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New
York City time (or such other time as may be agreed to between the Issuer and the Paying Agent or the Issuer), directly to a Holder
(by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to
such payment date requesting that such payment will be so made and designating the bank account to which such payments shall be
so made and in the case of payments of Principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating
the same principal amount as the unredeemed Principal amount of the Securities surrendered.

 

3. Paying Agent.

 

Initially, ● (the
“Trustee”) will act as Paying Agent. The Issuer may change any Paying Agent without notice to the Holders.

 

    	 	-70-	 

     

    

  

4. Indenture.

 

The Issuer issued the Securities
under an Indenture, dated as of ● (the “Indenture”), between the Issuer and the Trustee. Capitalized terms
herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb)
(the “TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified under the
TIA, and thereafter as in effect on the date on which the Indenture is qualified under the TIA. Notwithstanding anything to the
contrary herein, the Securities are subject to all such terms, and Holders of Securities are referred to the Indenture and the
TIA for a statement of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture
shall govern.

 

5. Denominations; Transfer; Exchange.

 

The Securities are in registered
form, without coupons, in denominations of $1,000 and multiples of $1,000. A Holder shall register the transfer of or exchange
Securities in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted
by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Securities or portions thereof
for a period of fifteen (15) days before such series is selected for redemption, nor need the Issuer register the transfer or exchange
of any security selected for redemption in whole or in part.

 

6. Persons Deemed Owners.

 

The registered Holder of
a Security shall be treated as the owner of it for all purposes.

 

7. Unclaimed Funds.

 

If funds for the payment
of Principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Issuer at
its written request. After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease.

 

8. Legal Defeasance and Covenant
Defeasance.

 

The Issuer may be discharged
from its obligations under the Securities and under the Indenture with respect to the Securities except for certain provisions
thereof, and may be discharged from obligations to comply with certain covenants contained in the Securities and in the Indenture
with respect to the Securities, in each case upon satisfaction of certain conditions specified in the Indenture.

  

    	 	-71-	 

     

    

  

9. Amendment; Supplement; Waiver.

 

Subject to certain exceptions,
the Securities and the provisions of the Indenture relating to the Securities may be amended or supplemented with the written consent
of the Holders of at least a majority in aggregate Principal amount of the Securities then outstanding, and any existing Default
or Event of Default or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate
Principal amount of the Securities then outstanding. Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for
uncertificated Securities in addition to or in place of certificated Securities or comply with any requirements of the Commission
in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does not adversely
affect the rights of any Holder of a Security. 

 

10. Defaults and Remedies.

 

If an Event of Default
(other than certain bankruptcy Events of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders
of at least 25% in aggregate Principal amount of Securities then outstanding may declare all of the Securities to be due and payable
immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Issuer
occurs and is continuing, all the Securities shall be immediately due and payable immediately in the manner and with the effect
provided in the Indenture without any notice or other action on the part of the Trustee or any Holder. Holders of Securities may
not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture
or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in aggregate Principal amount of the Securities then outstanding to direct the Trustee in its exercise
of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default
if it determines that withholding notice is in their interest.

 

11. Conversion.

 

Reference is made to the
Indenture, including, without limitation, provisions giving the Holder of this Security the right to convert this Security into
Capital Stock of the Issuer on the terms and subject to the limitations as more fully specified in the Indenture. The initial conversion
rate for this Security is ●. This conversion rate is subject to modification as provided in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place.

 

12. Trustee Dealings with Issuer.

 

The Trustee under the Indenture,
in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as
if it were not the Trustee.

 

    	 	-72-	 

     

    

  

13. No Recourse Against Others.

 

No stockholder, director,
officer, employee or incorporator, as such, of the Issuer or any successor Person thereof shall have any liability for any obligation
under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation.
Each Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Securities. 

 

14. Authentication.

 

This Security shall not
be valid until the Trustee manually signs the certificate of authentication on this Security.

 

15. Abbreviations and Defined Terms.

 

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

 

16. CUSIP Numbers.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on
the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers
as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon.

 

17. Governing Law.

 

The laws of the State of
New York shall govern the Indenture and this Security thereof.

 

    	 	-73-	 

     

    

 

 ASSIGNMENT FORM

 

	I or we assign and transfer this Security to
	(Print or type name, address and zip code of assignee or transferee)
	(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint ___________________
agent to transfer this Security on the books of the Issuer. The agent may substitute another to act for him.

 

	Dated: 	 	 	Signed: 	 
	 	 	 	 	(Signed exactly as name appears on the other side of this Security)

 

	Signature Guarantee:	 
	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

    	 	-74-

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