Document:

ex106-bwexamendmentno5to

US6224674   006975-0846  Execution Version  AMENDMENT NO. 5 TO AMENDED AND RESTATED CREDIT AGREEMENT  This AMENDMENT NO. 5 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of May 10, 2021, is among BABCOCK & WILCOX  ENTERPRISES, INC., a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A.,  in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement  described below) (in such capacity, the “Administrative Agent”), and each of the Lenders party  hereto, for purposes of Sections 1, 2, 5(a), 6, and 8 hereof, acknowledged and agreed by certain  Subsidiaries of the Borrower, as Guarantors, and, for purposes of Section 5(b), B. Riley Financial,  Inc., as Limited Guarantor.  W I T N E S S E T H:  WHEREAS, the Borrower, the Administrative Agent and the Lenders have entered into  that certain Amended and Restated Credit Agreement, dated as of May 14, 2020 (as amended  through Amendment No. 1, dated as of October 30, 2020, Amendment No. 2, dated as of February  8, 2021, Amendment No. 3, dated as of March 4, 2021, Amendment No. 4, dated as of March 26,  2021, and from time to time further amended, supplemented, restated, amended and restated or  otherwise modified the “Credit Agreement”; capitalized terms used in this Amendment not  otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement  (as amended hereby)), pursuant to which the Revolving Credit Lenders have provided the  Revolving Credit Facility to the Borrower and the Term Loan Lenders have provided the Term  Loan Facility to the Borrower; and  WHEREAS, the Borrower has requested that the Administrative Agent and the Required  Lenders agree to, among other items, (i) amend Section 7.01 (Indebtedness) to permit the issuance  of certain Disqualified Stock and permit payment of regular cash dividends thereon and (ii) modify  Article XI (Additional Subordination Terms) to permit the related cashless prepayment of Term  Loans; and  WHEREAS, the Borrower, the Administrative Agent and the Lenders signatory hereto are  willing to effect such amendments on the terms and conditions contained in this Amendment.  NOW, THEREFORE, in consideration of the premises and further valuable consideration, the  receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:  1. Amendments to the Credit Agreement.  The Credit Agreement is, effective as of the Amendment No. 5 Effective Date, hereby amended  as follows:  (a)  Section 1.01 (Defined Terms) of the Credit Agreement shall be amended by  inserting the following new definitions in the appropriate alphabetical order in  Section 1.01:   

 

US6224674   006975-0846 2 “Cashless Notes Indebtedness Term Loan Prepayment” means the deemed optional  prepayment of the principal amount of Term Loans by the Borrower pursuant to  Section 2.05(a)(i), which prepayments shall be effectuated by the conversion or  exchange on or prior to February 17, 2021 of Term Loans in an aggregate principal  amount deemed purchased not to exceed $35,000,000 into Notes Indebtedness  permitted pursuant to Section 7.01(q) on a dollar-for dollar basis based on the  principal amount of such deemed purchased Notes Indebtedness.   “Cashless Stock Conversion Term Loan Prepayment” means the deemed optional  prepayment of the principal amount of Term Loans by the Borrower pursuant to  Section 2.05(a)(i), which prepayment shall be effectuated by the conversion or  exchange on or prior to July 2, 2021, of Term Loans into Preferred Stock permitted  pursuant to Section 7.01(t) on a dollar-for-dollar basis based on the greater of the  deemed issued Preferred Stock’s voluntary liquidation preference and its  involuntary liquidation preference.   “Converted Preferred Stock” means Preferred Stock issued by the Borrower solely  for the purpose of effectuating a Cashless Stock Conversion Term Loan  Prepayment.  “Preferred Stock” means any preferred Stock issued by the Borrower, including any  Converted Preferred Stock.   “Preferred Stock Prospectus” has the meaning specified in Section 7.01(t).   (b) The definition of “Cashless Term Loan Prepayment” shall be amended and restated  in its entirety as follows:   “Cashless Term Loan Prepayment” means (x) any Cashless Notes Indebtedness  Term Loan Prepayment or (y) any Cashless Stock Conversion Term Loan  Prepayment, as the context may require.   (c) Clause (a) of the definition of “Restricted Payment” shall be amended by inserting  the text underlined below and deleting the text stricken below to read in its entirety  as follows:   (a) any dividend, distribution or any other payment whether direct or indirect, on  account of any Stock or Stock Equivalents of the Borrower or any of its Subsidiaries  now or hereafter outstanding, except (i) a dividend payable solely in Stock or Stock  Equivalents (other than Disqualified Stock), or (ii) a dividend or distribution  payable solely to the Borrower or one or more Guarantors, or (iii) so long as at the  time of payment no Default or Event of Default shall have occurred and be  continuing or may result therefrom, any payment to holders of Preferred Stock  issued pursuant to Section 7.01(t) of regularly payable dividends at a rate not to  exceed 9.0% per annum of the liquidation preference of such Preferred Stock,   

 

US6224674   006975-0846 3 (d) Clause (d)(iv)(B) of Section 2.09 (Fees) shall be amended by inserting the text  underlined below and deleting the text stricken below to read in its entirety as  follows:   (B) the remainder of the outstanding Deferred Ticking Fees and Other  Amendment Fees shall be payable on the earlier of (a) the last day  of the Availability Period with respect to the Revolving Credit  Facility and (b) the later of (I) the date on which the sum of (x) the  aggregate amount of principal of Borrower incurs Additional Notes  Indebtedness incurred by the Borrower plus (y) the aggregate  liquidation preference of Preferred Stock (other than Converted  Preferred Stock) issued by the Borrower in an aggregate principal  amount that exceeds $30,000,000  and (II) the later of (x) each date  set forth below with respect to each corresponding “Aggregate  Amount Payable” if the Revolving Credit Facility Termination Date  does not occur prior to or simultaneously with such date and (y) the  last Business Day of any calendar month (any such date, a “Test  Date”) on which the Cash Balance exceeds $50,000,000, provided  that, if after giving pro forma effect to the payment of such portion  of fees owed under this Section 2.09(d)(iv)(B) the Cash Balance  does not exceed $50,000,000, (i) such payment shall not exceed the  amount that would cause the Cash Balance to equal $50,000,000 and  (ii) accumulated unpaid amounts of such portion or portions of such  fees shall be paid on the next Test Date on which the Cash Balance  exceeds $50,000,000 in an amount not to exceed the amount that  would cause the Cash Balance to equal $50,000,000 after giving pro  forma effect to the payment of such fees; provided that the Deferred  Ticking Fees and Other Amendment Fees shall be waived in the  amounts set forth below in the column titled “Aggregate Amount  Waived”, if the Revolving Credit Facility Termination Date occurs  on or before the date as set forth below:  Date Aggregate Amount Waived Aggregate Amount Payable  June 30, 2021 $9,000,000.00  $3,000,000.00  July 31, 2021 $6,000,000.00  $3,000,000.00  August 31, 2021 $3,000,000.00  $1,500,000.00  September 30, 2021 $1,500,000.00  $750,000.00  October 31, 2021 $750,000.00  $375,000.00  November 30, 2021 $375,000.00  $375,000.00  

 

US6224674   006975-0846 4 (e) Clause (q)(y) of Section 7.01 (Indebtedness) of the Credit Agreement shall be  amended by inserting the text underlined below and deleting the text stricken below  to read in its entirety as follows:   (y) Additional Notes Indebtedness of the Borrower issued on or after the  Amendment No. 4 Effective Date in an aggregate amount not to exceed  $150,000,000 at any time outstanding, provided that the sum of (I) the aggregate  principal amount of Additional Notes Indebtedness incurred by the Borrower  pursuant to this Section 7.01(q)(y) plus (II) the aggregate liquidation preference of  Preferred Stock (other than Converted Preferred Stock) issued by the Borrower   pursuant to Section 7.01(t) shall not exceed $200,000,000 in the aggregate;  (f) Section 7.01 (Indebtedness) of the Credit Agreement shall be amended by (i)  deleting the word “and” after clause (r) thereof, (ii) deleting the period and inserting  “;” after clause (s) thereof and (iii) inserting a new clause (t) to read in its entirety  as follows:   (t) Preferred Stock (including Disqualified Stock) issued by the Borrower on  or prior to June 30, 2021; provided that (i) at the time of such issuance, no  Default or Event of Default may have occurred and be continuing or may  result therefrom, (ii) the terms and conditions thereof shall be as set forth in  the Prospectus Supplement filed on May 3, 2021 to the prospectus dated  April 30, 2021 relating to the Series A Cumulative Perpetual Preferred  Stock (the “Preferred Stock Prospectus”), provided that such terms and  conditions may be modified to the extent not adverse to the Revolving  Credit Lenders in the sole discretion of the Administrative Agent, (iii) the  certificate of designations and certificate of increase, if any, governing the  Preferred Stock shall be in form and substance satisfactory to the  Administrative Agent, (iv) the Preferred Stock shall not mature or be  mandatorily redeemable or convertible, in whole or in part, provided that  the Preferred Stock may be mandatorily convertible into common Stock (or  alternative consideration, provided that any such alternative consideration  is at the option, or within the control of, the Borrower and shall, for the  avoidance of doubt, be subject to Section 7.05 (Restricted Payments)) as a  result of (I) a change of control of the Borrower (such “change of control”,  to be defined as defined in the Preferred Stock Prospectus) or (II) the  Preferred Stock no longer being listed on any of the NYSE, NYSE AMER  or NASDAQ (or any successor thereof) at such time the Borrower is not  subject to reporting requirements of the Securities and Exchange Act of  1934, (v) the terms and conditions of the Preferred Stock shall not contain  financial covenants, negative covenants or affirmative covenants that are  not set forth in the Preferred Stock Prospectus, and (vi) the sum of (I) the  aggregate principal amount of Additional Notes Indebtedness incurred by  the Borrower pursuant to Section 7.01(q)(y) plus (II) the aggregate  

 

US6224674   006975-0846 5 liquidation preference of Preferred Stock (other than Converted Preferred  Stock) issued by the Borrower hereunder shall not exceed $200,000,000 in  the aggregate.  (g) Clause (j) of Section 7.08 (Transactions with Affiliates) of the Credit Agreement  shall be amended by inserting the text underlined below to read in its entirety as  follows:  (j)  any Cashless Term Loan Prepayment, including (x) the incurrence of the  Notes Indebtedness and (y) the issuance of Converted Preferred Stock, that  is converted or exchanged from Term Loans; and  (h) Clause (k) of Section 7.08 (Transactions with Affiliates) of the Credit Agreement  shall be amended by inserting the text underlined below to read in its entirety as  follows:   (k) the issuance of Stock and Stock Equivalents (other than Disqualified Stock  (excluding any Preferred Stock issued pursuant to Section 7.01(t)) of the  Borrower and not otherwise constituting or giving rise to a Change of  Control.   (i) Section 8.01 (Events of Default) of the Credit Agreement shall be amended by (i)  deleting the period and inserting “; or” after clause (k) thereof, (ii) deleting the  period and inserting “; or” after clause (l) thereof and (iii) inserting a new clause  (m) to read in its entirety as follows:   (m) Stock Conversion Term Loan Prepayment Default. Following the initial  issuance of any Preferred Stock, if prior to the later of (x) June 30, 2021 and (y)  two Business Days following such initial issuance, at least 50% of the principal  amount of the outstanding Term Loans as of such initial issuance date shall not  have been prepaid pursuant to a Cashless Stock Conversion Term Loan  Prepayment.   (j) Clause (a) of Section 11.02 (Turnover) of the Credit Agreement shall be amended  by inserting the text underlined below and deleting the text stricken below to read  in its entirety as follows:   (a)  Any payment or distribution (whether in cash, property or securities) that  may be received by any Term Loan Lender or its Affiliate (including, in each case,  in its capacity as a holder of Notes Indebtedness or Preferred Stock) on account of  any Obligations with respect to the Term Loan Facility, the Notes Indebtedness, the  Preferred Stock, the B. Riley Fee Letter or the 2020 Refinancing in violation of this  Agreement (including Section 7.05) shall be segregated and held in trust and  promptly paid over to the Administrate Agent, for the benefit of the Secured Parties,  in each case, in the same form as received, with any necessary endorsements, and  each of the Term Loan Lenders hereby authorizes the Administrative Agent to  make any such endorsements as agent for such Term Loan Lender or its respective  

 

US6224674   006975-0846 6 Affiliate (in each case, which authorization, being coupled with an interest, is  irrevocable).  All such payments paid over to the Administrative Agent shall be, as  applicable, (i) used to pay L/C Borrowings and, if the L/C Borrowings are paid in  full, Cash Collateralize Letters of Credit or (ii) applied in accordance with the  provisions of Section 8.03. For purposes of this Agreement, each Term Loan  Lender agrees that in an any proceeding under any Debtor Relief Law or any other  judicial proceeding relative to any Loan Party of the Borrower, any debt or equity  securities issued or to be issued by the reorganized or liquidating Borrower or any  reorganized or liquidating Loan Party that is allocated to any Term Loan Lender or  Affiliate thereof on account of the Term Loan Facility, the Notes Indebtedness, the  Preferred Stock, the B. Riley Fee Letter or the 2020 Refinancing in a plan of  reorganization or liquidation shall be deemed to be payments that are subject to the  turnover provisions hereunder. 2. Additional Agreements and Acknowledgments.  (a) The Borrower agrees to pay, or cause to be paid, to the Administrative Agent, for  the account of each Revolving Credit Lender who consented to this Amendment by  executing and delivering to the Administrative Agent a signature page hereto on or  prior to the Amendment No. 5 Effective Date, a work fee of $50,000, which fee  shall be earned on the Amendment No. 5 Effective Date and shall be payable in  immediately available funds upon the Amendment No. 5 Effective Date; provided  that, if the aggregate amount of such fees payable under this Section 2(a) exceeds  $700,000, the aggregate amount of such fees shall be reduced by the excess thereof  and such reduced fees shall be allocated equally among each such consenting  Revolving Credit Lender (the fees under this Section 2(a), the “Work Fees”).    (b) The Borrower and the other Loan Parties each acknowledge and agree that the  breach or failure to comply in any respect with the terms and conditions of this  Section 2 shall constitute an immediate Event of Default under Section 8.01 of the  Credit Agreement.  3. Effectiveness; Conditions Precedent.  The amendments contained herein shall only be effective upon the satisfaction or waiver  of each of the following conditions precedent (the date of satisfaction or waiver, the  “Amendment No. 5 Effective Date”):  (a) the Administrative Agent shall have received each of the following documents or  instruments in form and substance acceptable to the Administrative Agent:  (i) counterparts of this Amendment executed by the Loan Parties, the Limited  Guarantor, the Administrative Agent, the Required Lenders and each Term  Loan Lender;   

 

US6224674   006975-0846 7 (ii) a certificate of the chief financial officer or treasurer of the Borrower  certifying that as of the Amendment No. 5 Effective Date (A) all of the  representations and warranties in this Amendment are true and correct in all  material respects (or, to the extent any such representation and warranty is  modified by a materiality or Material Adverse Effect standard, in all  respects) as of such date (except to the extent that such representations and  warranties expressly relate to an earlier date, in which case they shall be  true and correct in all material respects (or, to the extent any such  representation and warranty is modified by a materiality or Material  Adverse Effect standard, in all respects) as of such earlier date), (B) no  Default shall exist, or would result from the occurrence of the Amendment  No. 5 Effective Date and (C) that since December 31, 2020, there have not  occurred any facts, circumstances, changes, developments or events which,  individually or in the aggregate, have constituted or would reasonably be  expected to result in, a Material Adverse Effect; and  (iii) a solvency certificate, executed by a Responsible Officer of the Borrower  in form and substance reasonably acceptable to the Administrative Agent,  which, among other things, shall certify that the Borrower will be Solvent  as of the date hereof and after the issuance of Preferred Stock permitted  under the Credit Agreement (as amended hereby) on a pro forma basis as if  issued on the Amendment No. 5 Effective Date.  (b) the Administrative Agent shall have received on account of each Revolving Credit  Lender who consented to this Amendment, the Work Fee;  (c) without prejudice to, or limiting the Borrower’s obligations under, Section 10.04  (Expenses; Indemnity; Damage Waiver) of the Credit Agreement, all outstanding  fees, costs and expenses due to the Administrative Agent and the Lenders, including  on account of Agent’s Legal Advisor and FTI, shall have been paid in full to the  extent that the Borrower has received an invoice therefor (with reasonable and  customary supporting documentation) at least two Business Days prior to the  Amendment No. 5 Effective Date (without prejudice to any post-closing settlement  of such fees, costs and expenses to the extent not so invoiced); and  (d) each of the representations and warranties made by the Borrower in Section 4  hereof shall be true and correct.   The Administrative Agent agrees that it will, upon the satisfaction or waiver of the  conditions contained in this Section 3, promptly provide written notice to the Borrower,  and the Lenders of the effectiveness of this Amendment.  4. Representations and Warranties.  

 

US6224674   006975-0846 8 In order to induce the Administrative Agent and the Lenders to enter into this Amendment,  the Borrower represents and warrants to the Administrative Agent and the Lenders, for  itself and for each other Loan Party, as follows:  (a) that both immediately prior to and immediately after giving effect to this  Amendment, no Default or Event of Default exists;  (b) the representations and warranties contained in the Credit Agreement are true and  correct in all material respects on and as of the date hereof (except to the extent that  such representations and warranties (i) specifically refer to an earlier date, in which  case they shall be true and correct in all material respects as of such earlier date and  (ii) contain a materiality or Material Adverse Effect qualifier, in which case such  representations and warranties shall be true and correct in all respects);  (c) the execution, delivery and performance by the Borrower and the other Loan Parties  of this Amendment and the consummation of the transactions contemplated hereby  have been duly authorized by all necessary corporate, limited liability company or  partnership action, including the consent of shareholders, partners and members  where required, do not contravene any Loan Party or any of its Subsidiaries’  respective Constituent Documents, do not violate any Requirement of Law  applicable to any Loan Party or any order or decree of any Governmental Authority  or arbiter applicable to any Loan Party and do not require the consent of,  authorization by, approval of, notice to, or filing or registration with, any  Governmental Authority or any other Person in order to be effective and  enforceable;  (d) this Amendment has been duly executed and delivered on behalf of the Borrower  and the other Loan Parties;  (e) this Amendment constitutes a legal, valid and binding obligation of the Borrower  and the other Loan Parties enforceable against the Borrower and the other Loan  Parties in accordance with its terms, except as may be limited by applicable  bankruptcy, insolvency, reorganization, moratorium, Debtor Relief Laws or similar  laws affecting the enforcement of creditors’ rights generally and by general  principles of equity; and  (f) as of the date hereof, all Liens, security interests, assignments and pledges  encumbering the Collateral, created pursuant to and/or referred to in the Credit  Agreement or the other Loan Documents, are valid, enforceable, duly perfected to  the extent required by the Loan Documents, non-avoidable, first priority liens,  security interests, assignments and pledges (subject to Liens permitted by Section  7.02 of the Credit Agreement), continue unimpaired, are in full force and effect and  

 

US6224674   006975-0846 9 secure and shall continue to secure all of the obligations purported to be secured in  the respective Security Instruments pursuant to which such Liens were granted.  5. Consent, Acknowledgement and Reaffirmation of Indebtedness and Liens.  (a) By its execution hereof, each Loan Party, in its capacity under each of the Loan  Documents to which it is a party (including the capacities of debtor, guarantor,  grantor and pledgor, as applicable, and each other similar capacity, if any, in which  such party has granted Liens on all or any part of its properties or assets, or  otherwise acts as an accommodation party, guarantor, indemnitor or surety with  respect to all or any part of the Obligations), hereby:  (i) expressly consents to the amendments and modifications to the Credit  Agreement effected hereby;  (ii) expressly confirms and agrees that, notwithstanding the effectiveness of this  Amendment, each Loan Document to which it is a party is, and all of the  obligations and liabilities of such Loan Party to the Administrative Agent,  the Lenders and each other Secured Party contained in the Loan Documents  to which it is a party (in each case, as amended and modified by this  Amendment), are and shall continue to be, in full force and effect and are  hereby reaffirmed, ratified and confirmed in all respects and, without  limiting the foregoing, agrees to be bound by and abide by and operate and  perform under and pursuant to and comply fully with all of the terms,  conditions, provisions, agreements, representations, undertakings,  warranties, indemnities, guaranties, grants of security interests and  covenants contained in the Loan Documents;  (iii) to the extent such party has granted Liens or security interests on any of its  properties or assets pursuant to any of the Loan Documents to secure the  prompt and complete payment, performance and/or observance of all or any  part of its Obligations to the Administrative Agent, the Lenders, and/or any  other Secured Party, acknowledges, ratifies, remakes, regrants, confirms  and reaffirms without condition, all Liens and security interests granted by  such Loan Party to the Administrative Agent for their benefit and the benefit  of the Lenders, pursuant to the Credit Agreement and the other Loan  Documents, and acknowledges and agrees that all of such Liens and security  interests are intended and shall be deemed and construed to continue to  secure the Obligations under the Loan Documents, as amended, restated,  supplemented or otherwise modified and in effect from time to time,  including but not limited to, the Loans made by, and Letters of Credit  provided by, the Administrative Agent and the Lenders to the Borrower  and/or the other Loan Parties under the Credit Agreement, and all  extensions renewals, refinancings, amendments or modifications of any of  the foregoing;  

 

US6224674   006975-0846 10 (iv) agrees that this Amendment shall in no manner impair or otherwise  adversely affect any of the Liens and security interests granted in or  pursuant to the Loan Documents; and  (v) acknowledges and agrees that: (i) the Guaranty and any obligations incurred  thereunder, have been provided in exchange for “reasonably equivalent  value” (as such term is used under the Bankruptcy Code and applicable state  fraudulent transfer laws) and “fair consideration” (as such term is used  under applicable state fraudulent conveyance laws) or similar term under  applicable Debtor Relief Laws and (ii) each grant or perfection of a Lien or  security interest on any Collateral provided in connection with Loan  Documents, this Amendment and/or any negotiations with the  Administrative Agent and/or the Lenders in connection with a “workout” of  the Obligations is intended to constitute, and does constitute, a  “contemporaneous exchange for new value” (as such term is used in Section  547 of the Bankruptcy Code) or similar concept under applicable Debtor  Relief Laws.  (b) By its execution hereof, the Limited Guarantor, in its capacity under the Limited  Guarantor, hereby:   (i) expressly consents to the amendments and modifications to the Credit  Agreement effected hereby;  (ii) expressly confirms and agrees that, notwithstanding the effectiveness of this  Amendment, the Limited Guaranty, is and shall continue to be, in full force  and effect and is hereby reaffirmed, ratified and confirmed in all respects  and, without limiting the foregoing, agrees to be bound by and abide by and  operate and perform under and pursuant to and comply fully with all of the  terms, conditions, provisions, agreements, representations, undertakings,  warranties, indemnities, guaranties, grants of security interests and  covenants contained in the Limited Guaranty; and  (iii) acknowledges and agrees that the Limited Guaranty and any obligations  incurred thereunder, have been provided in exchange for “reasonably  equivalent value” (as such term is used under the Bankruptcy Code and  applicable state fraudulent transfer laws) and “fair consideration” (as such  term is used under applicable state fraudulent conveyance laws).  6. Releases; Waivers.   (a) By its execution hereof, each Loan Party (on behalf of itself and its Affiliates) and  its successors-in-title, legal representatives and assignees and, to the extent the  same is claimed by right of, through or under any Loan Party, for its past, present  and future employees, agents, representatives, officers, directors, shareholders, and  trustees (each, a “Releasing Party” and collectively, the “Releasing Parties”), does  

 

US6224674   006975-0846 11 hereby remise, release and discharge, and shall be deemed to have forever remised,  released and discharged, the Administrative Agent, the Lenders and each of the  other Secured Parties, and the Administrative Agent’s, each Lenders’ and each  other Secured Party’s respective successors-in-title, legal representatives and  assignees, past, present and future officers, directors, affiliates, shareholders,  trustees, agents, employees, consultants, experts, advisors, attorneys and other  professionals and all other persons and entities to whom any of the foregoing would  be liable if such persons or entities were found to be liable to any Releasing Party,  or any of them (collectively hereinafter, the “Lender Parties”), from any and all  manner of action and actions, cause and causes of action, claims, charges, demands,  counterclaims, suits, covenants, controversies, damages, judgments, expenses,  liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other  compensation, recovery or relief on account of any liability, obligation, demand or  cause of action of whatever nature, whether in law, equity or otherwise (including,  without limitation, any so called “lender liability” claims, claims for subordination  (whether equitable or otherwise), interest or other carrying costs, penalties, legal,  accounting and other professional fees and expenses and incidental, consequential  and punitive damages payable to third parties, or any claims arising under 11 U.S.C.  §§ 541-550 or any claims for avoidance or recovery under any other federal, state  or foreign law equivalent), whether known or unknown, fixed or contingent, joint  and/or several, secured or unsecured, due or not due, primary or secondary,  liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative,  asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now  existing, heretofore existing or which may heretofore have accrued against any of  the Lender Parties under the Credit Agreement or any of the other Loan Documents,  whether held in a personal or representative capacity, and which are based on any  act, fact, event or omission or other matter, cause or thing occurring at or from any  time prior to and including the date hereof, in all cases of the foregoing in any way,  directly or indirectly arising out of, connected with or relating to the Credit  Agreement or any other Loan Document and the transactions contemplated thereby,  and all other agreements, certificates, instruments and other documents and  statements (whether written or oral) related to any of the foregoing (each, a “Claim”  and collectively, the “Claims”), in each case, other than Claims arising from Lender  Parties’ gross negligence, fraud, or willful misconduct. Each Releasing Party  further stipulates and agrees with respect to all Claims, that it hereby waives,  to the fullest extent permitted by applicable law, any and all provisions, rights,  and benefits conferred by any applicable U.S. federal or state law, or any  principle of common law, that would otherwise limit a release or discharge of  any unknown Claims pursuant to this Section 6. 

 

US6224674   006975-0846 12 (b) By its execution hereof, each Loan Party hereby (i) acknowledges and confirms  that there are no existing defenses, claims, subordinations (whether equitable or  otherwise), counterclaims or rights of recoupment or setoff against the  Administrative Agent, the Lenders or any other Secured Parties in connection with  the Obligations or in connection with the negotiation, preparation, execution,  performance or any other matters relating to the Credit Agreement, the other Loan  Documents or this Amendment and (ii) expressly waives any setoff, counterclaim,  recoupment, defense or other right that such Loan Party now has against the  Administrative Agent, any Lender or any of their respective affiliates, whether in  connection with this Amendment, the Credit Agreement and the other Loan  Documents, the transactions contemplated by this Amendment or the Credit  Agreement and the Loan Documents, or any agreement or instrument relating  thereto.  7. Entire Agreement.  This Amendment, the Credit Agreement (including giving effect to the amendments set  forth in Section 1 above), and the other Loan Documents (collectively, the “Relevant  Documents”), set forth the entire understanding and agreement of the parties hereto in  relation to the subject matter hereof and supersedes any prior negotiations and agreements  among the parties relating to such subject matter. No promise, condition, representation or  warranty, express or implied, not set forth in the Relevant Documents shall bind any party  hereto, and no such party has relied on any such promise, condition, representation or  warranty. Each of the parties hereto acknowledges that, except as otherwise expressly  stated in the Relevant Documents, no representations, warranties or commitments, express  or implied, have been made by any party to any other party in relation to the subject matter  hereof or thereof. None of the terms or conditions of this Amendment may be changed,  modified, waived or cancelled orally or otherwise, except in writing and in accordance with  Section 10.01 of the Credit Agreement.  8. Full Force and Effect of Credit Agreement.  This Amendment is a Loan Document (and the Borrower and the other Loan Parties agree  that the “Obligations” secured by the Collateral shall include any and all obligations of the  Loan Parties under this Amendment). Except as expressly modified hereby, all terms and  provisions of the Credit Agreement and all other Loan Documents remain in full force and  effect and nothing contained in this Amendment shall in any way impair the validity or  enforceability of the Credit Agreement or the Loan Documents, or alter, waive, annul, vary,  affect, or impair any provisions, conditions, or covenants contained therein or any rights,  powers, or remedies granted therein. This Amendment shall not constitute a modification  of the Credit Agreement or any of the other Loan Documents or a course of dealing with  

 

US6224674   006975-0846 13 Administrative Agent or the Lenders at variance with the Credit Agreement or the other  Loan Documents such as to require further notice by Administrative Agent or any Lender  to require strict compliance with the terms of the Credit Agreement and the other Loan  Documents in the future, except in each case as expressly set forth herein. The Borrower  acknowledges and expressly agrees that Administrative Agent and the Lenders reserve the  right to, and do in fact, require strict compliance with all terms and provisions of the Credit  Agreement and the other Loan Documents (subject to any qualifications set forth therein),  as amended herein.  9. Counterparts; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto in  different counterparts), each of which shall constitute an original, but all of which when  taken together shall constitute a single contract. Except as provided in Section 3 above, this  Amendment shall become effective when it shall have been executed by the Administrative  Agent and when the Administrative Agent shall have received counterparts hereof that,  when taken together, bear the signatures of each of the other parties hereto. Delivery of an  executed counterpart of a signature page of this Amendment by facsimile, electronic email  or other electronic imaging means (e.g., “pdf” or “tif”), including DocuSign, shall be  effective as delivery of a manually executed counterpart of this Amendment.  10. Governing Law; Jurisdiction; Waiver of Jury Trial.  THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE  OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED  UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE  TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW  YORK. Sections 10.04, 10.14 and 10.15 of the Credit Agreement are hereby incorporated  herein by this reference.  11. Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the  legality, validity and enforceability of the remaining provisions of this Amendment shall  not be affected or impaired thereby and (b) the parties shall endeavour in good faith  negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions  the economic effect of which comes as close as possible to that of the illegal, invalid or  unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not  invalidate or render unenforceable such provision in any other jurisdiction.  12. References.  

 

US6224674   006975-0846 14 All references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or  words of like import referring to the Credit Agreement and each reference to the “Credit  Agreement”, (or the defined term “Agreement”, “thereunder”, “thereof” of words of like  import referring to the Credit Agreement) in the other Loan Documents shall mean and be  a reference to the Credit Agreement as amended hereby and giving effect to the  amendments contained in this Amendment.  13. Successors and Assigns.  This Amendment shall be binding upon the Borrower, the Lenders and the Administrative  Agent and their respective successors and assigns, and shall inure to the benefit of the  Borrower, the Lenders and the Administrative Agent and the respective successors and  assigns of the Borrower, the Lenders and the Administrative Agent.  [Signature pages follow]  

 

[Babcock & Wilcox Enterprises, Inc.  Amendment No.5 Signature Page]   IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed  and delivered by their duly authorized officers as of the day and year first above written.  BABCOCK & WILCOX ENTERPRISES, INC.      By: _______________________________________  Name:  Rodney E. Carlson   Title:  Treasurer                                                                 

 

[Babcock & Wilcox Enterprises, Inc.  Amendment No.5 Signature Page]   Acknowledged and Agreed for purposes of Sections 1, 2,  5(a), 6 and 8 of the Amendment:    AMERICON EQUIPMENT SERVICES, INC.  AMERICON, LLC  BABCOCK & WILCOX CONSTRUCTION CO., LLC  BABCOCK & WILCOX EBENSBURG POWER, LLC    BABCOCK & WILCOX EQUITY INVESTMENTS,  LLC  BABCOCK & WILCOX HOLDINGS, LLC  BABCOCK & WILCOX INDIA HOLDINGS, INC.  BABCOCK & WILCOX INTERNATIONAL SALES  AND SERVICE CORPORATION  BABCOCK & WILCOX INTERNATIONAL, INC.  BABCOCK & WILCOX CANADA CORP.  BABCOCK & WILCOX SPIG, INC.  BABCOCK & WILCOX TECHNOLOGY, LLC  BABCOCK & WILCOX DE MONTERREY, S.A. DE  C.V.  DELTA POWER SERVICES, LLC  DIAMOND OPERATING CO., INC.  DIAMOND POWER AUSTRALIA HOLDINGS, INC.      DIAMOND POWER CHINA HOLDINGS, INC.    DIAMOND POWER EQUITY INVESTMENTS, INC.  DIAMOND POWER INTERNATIONAL, LLC  EBENSBURG ENERGY, LLC  O&M HOLDING COMPANY  POWER SYSTEMS OPERATIONS, INC.  SOFCO EFS HOLDINGS LLC  THE BABCOCK & WILCOX COMPANY    By: __________________________________________  Name:  Rodney E. Carlson   Title: Treasurer          

 

[Babcock & Wilcox Enterprises, Inc.  Amendment No.5 Signature Page]   Acknowledged and Agreed for purposes of Section 5(b)  of the Amendment:      B. RILEY FINANCIAL, INC.      By:         Name:  Phil Ahn                                                               Title:    CFO       DocuSign Envelope ID: D5379EE2-BC90-4871-9DF2-7BA77CE1D62B 

 

[Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 Signature Page]  Administrative Agent:   BANK OF AMERICA, N.A., as  Administrative Agent By:_________________________  Name:   Title:  Bridgett J. Manduk Mowry Vice President 

 

     [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     ___________________________, as Lender     By:_________________________  Name:   Title:     Bank of America, N.A. Stefanie Tanwar Director 

 

   [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     Banc of America Credit Products, Inc, as Lender     By:_________________________  Name: Miles Hanes  Title: Authorized Signatory    

 

[Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]  ___________________________, as Lender   By:_________________________  Name:   Title:  By:_________________________  Name:   Title:  The Bank of Nova Scotia Hiliary Lai Senior Manager Justin Mitges Director 

 

 

 

      [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     BNP Paribas        , as Lender       By:_________________________  Name: Pierre-Nicholas Rogers  Title: Managing Director     By: _____________________  Name: Yudesh Sohan  Title: Director     

 

 

 

     [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]       CRÉDIT AGRICOLE CORPORATE AND  INVESTMENT BANK, as Lender     By:_________________________  Name: Yuriy A. Tsyganov  Title: Managing Director    By:_________________________  Name: Kathleen Sweeney  Title: Managing Director    

 

 

 

     [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     JPMORGAN CHASE BANK, N.A., as Lender     By:_________________________  Name: Antje Focke  Title:   Executive Director     

 

   [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     MUFG Bank, Ltd., as Lender     By:_________________________  Name: David Helffrich  Title: Director    

 

     [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     NTAC:3NS‐20    The Northern Trust Company, as Lender     By:_________________________  Name: Coleen Letke  Title:  Senior Vice President        

 

 

 

 

 

 

 

     [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     UniCredit Bank, AG New York Branch, as Lender     _________________________  Michael D. Novellino   Director    _________________________  Scott Obeck  Director    

 

  

 

     [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]     B. RILEY SECURITIES, INC. (f/k/a B. Riley FBR,  Inc.)      By:         Name:  Michael McCoy                                                               Title:    CFO                                                                              DocuSign Envelope ID: D5379EE2-BC90-4871-9DF2-7BA77CE1D62B 

 

     [Babcock & Wilcox Enterprises, Inc.  Amendment No. 5 - Signature Page]   B. RILEY FINANCIAL, INC.      By:         Name:  Phil Ahn                                                               Title:    CFO    DocuSign Envelope ID: D5379EE2-BC90-4871-9DF2-7BA77CE1D62BExhibit 4.3

 

 

 

EMCORE CORPORATION

 

 

 

INDENTURE

 

Dated as of                     
, 20

 

 

 

[                                                 
]

 

Trustee

 

Senior Debt Securities

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.1.	Definitions	1
	 	 	 
	Section 1.2.	Other Definitions	4
	 	 	 
	Section 1.3.	Incorporation by Reference of Trust Indenture Act	5
	 	 	 
	Section 1.4.	Rules of Construction	5
	 	 	 
	ARTICLE II.	THE SECURITIES	5
	 	 	 
	Section 2.1.	Issuable in Series	5
	 	 	 
	Section 2.2.	Establishment of Terms of Series of Securities	6
	 	 	 
	Section 2.3.	Denominations; Provision for Payment	8
	 	 	 
	Section 2.4.	Execution and Authentication	8
	 	 	 
	Section 2.5.	Registrar and Paying Agent	9
	 	 	 
	Section 2.6.	Paying Agent to Hold Money in Trust	10
	 	 	 
	Section 2.7.	Securityholder Lists	10
	 	 	 
	Section 2.8.	Transfer and Exchange	10
	 	 	 
	Section 2.9.	Mutilated, Destroyed, Lost and Stolen Securities	11
	 	 	 
	Section 2.10.	Outstanding Securities	11
	 	 	 
	Section 2.11.	Treasury Securities	12
	 	 	 
	Section 2.12.	Temporary Securities	12
	 	 	 
	Section 2.13.	Cancellation	13
	 	 	 
	Section 2.14.	Defaulted Interest	13
	 	 	 
	Section 2.15.	Global Securities	13
	 	 	 
	Section 2.16.	CUSIP Numbers	14
	 	 	 
	Section 2.17.	Evidence of Ownership	15
	 	 	 
	ARTICLE III.	REDEMPTION	15
	 	 	 
	Section 3.1.	Notice to Trustee	15
	 	 	 
	Section 3.2.	Selection of Securities to be Redeemed	15
	 	 	 
	Section 3.3.	Notice of Redemption	15
	 	 	 
	Section 3.4.	Effect of Notice of Redemption	16
	 	 	 
	Section 3.5.	Deposit of Redemption Price	17
	 	 	 
	Section 3.6.	Securities Redeemed in Part	17
	 	 	 	 

    i

     

    

 

	ARTICLE IV.	COVENANTS	17
	 	 	 
	Section 4.1.	Payment of Principal and Interest	17
	 	 	 
	Section 4.2.	Reports by Company	18
	 	 	 
	Section 4.3.	Compliance Certificate	18
	 	 	 
	Section 4.4.	Stay, Extension and Usury Laws	18
	 	 	 
	Section 4.5.	Corporate Existence	19
	 	 	 
	ARTICLE V.	SUCCESSORS	19
	 	 	 
	Section 5.1.	Consolidation, Merger and Sale of Assets	19
	 	 	 
	Section 5.2.	Successor Person Substituted	19
	 	 	 
	ARTICLE VI.	DEFAULTS AND REMEDIES	20
	 	 	 
	Section 6.1.	Events of Default	20
	 	 	 
	Section 6.2.	Acceleration of Maturity; Rescission and Annulment	21
	 	 	 
	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	22
	 	 	 
	Section 6.4.	Trustee May File Proofs of Claim	22
	 	 	 
	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities	23
	 	 	 
	Section 6.6.	Application of Money Collected	23
	 	 	 
	Section 6.7.	Limitation on Suits	24
	 	 	 
	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest	24
	 	 	 
	Section 6.9.	Restoration of Rights and Remedies	24
	 	 	 
	Section 6.10.	Rights and Remedies Cumulative	25
	 	 	 
	Section 6.11.	Delay or Omission Not Waiver	25
	 	 	 
	Section 6.12.	Control by Holders	25
	 	 	 
	Section 6.13.	Waiver of Past Defaults	26
	 	 	 
	Section 6.14.	Undertaking for Costs	26
	 	 	 
	ARTICLE VII.	TRUSTEE	26
	 	 	 
	Section 7.1.	Duties of Trustee	26
	 	 	 
	Section 7.2.	Rights of Trustee	28
	 	 	 
	Section 7.3.	Individual Rights of Trustee	29
	 	 	 
	Section 7.4.	Trustee’s Disclaimer	29
	 	 	 
	Section 7.5.	Notice of Defaults	29
	 	 	 
	Section 7.6.	Reports by Trustee to Holders	29
	 	 	 	 

    ii

     

    

 

	Section 7.7.	Compensation and Indemnity	30
	 	 	 
	Section 7.8.	Replacement of Trustee	31
	 	 	 
	Section 7.9.	Successor Trustee by Merger, Etc.	32
	 	 	 
	Section 7.10.	Eligibility; Disqualification	32
	 	 	 
	Section 7.11.	Preferential Collection of Claims Against Company	32
	 	 	 
	ARTICLE VIII.	SATISFACTION AND DISCHARGE; DEFEASANCE	32
	 	 	 
	Section 8.1.	Satisfaction and Discharge of Indenture	32
	 	 	 
	Section 8.2.	Application of Trust Funds; Indemnification	33
	 	 	 
	Section 8.3.	Legal Defeasance of Securities of any Series	34
	 	 	 
	Section 8.4.	Covenant Defeasance	35
	 	 	 
	Section 8.5.	Repayment to Company	36
	 	 	 
	Section 8.6.	Reinstatement	36
	 	 	 
	ARTICLE IX.	AMENDMENTS AND WAIVERS	37
	 	 	 
	Section 9.1.	Without Consent of Holders	37
	 	 	 
	Section 9.2.	With Consent of Holders	38
	 	 	 
	Section 9.3.	Limitations	38
	 	 	 
	Section 9.4.	Compliance with Trust Indenture Act	39
	 	 	 
	Section 9.5.	Revocation and Effect of Consents	39
	 	 	 
	Section 9.6.	Notation on or Exchange of Securities	39
	 	 	 
	Section 9.7.	Trustee Protected	40
	 	 	 
	ARTICLE X.	MISCELLANEOUS	40
	 	 	 
	Section 10.1.	Trust Indenture Act Controls	40
	 	 	 
	Section 10.2.	Notices	40
	 	 	 
	Section 10.3.	Communication by Holders with Other Holders	41
	 	 	 
	Section 10.4.	Certificate and Opinion as to Conditions Precedent	41
	 	 	 
	Section 10.5.	Statements Required in Certificate or Opinion	41
	 	 	 
	Section 10.6.	Rules by Trustee and Agents	42
	 	 	 
	Section 10.7.	Legal Holidays	42
	 	 	 
	Section 10.8.	No Recourse Against Others	42
	 	 	 
	Section 10.9.	Counterparts	42
	 	 	 
	Section 10.10.	Governing Law; Jury Trial Waiver	42
	 	 	 
	Section 10.11.	No Adverse Interpretation of Other Agreements	43
	 	 	 
	Section 10.12.	Successors	43
	 	 	 	 

    iii

     

    

 

	Section 10.13.	Severability	43
	 	 	 
	Section 10.14.	Table of Contents, Headings, Etc.	43
	 	 	 
	Section 10.15.	Securities in a Foreign Currency	43
	 	 	 
	Section 10.16.	Judgment Currency	44
	 	 	 
	Section 10.17.	Force Majeure	44
	 	 	 
	Section 10.18.	U.S.A. Patriot Act	44
	 	 	 
	ARTICLE XI.	SINKING FUNDS	45
	 	 	 
	Section 11.1.	Applicability of Article	45
	 	 	 
	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities	45
	 	 	 
	Section 11.3.	Redemption of Securities for Sinking Fund	46
	 	 	 	 

    iv

     

    

 

EMCORE CORPORATION

 

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of                            
, 20

 

	§ 310(a)(1)	 	 	 	7.10
	(a)(2)	 	 	 	7.10
	(a)(3)	 	 	 	Not Applicable
	(a)(4)	 	 	 	Not Applicable
	(a)(5)	 	 	 	7.10
	(b)	 	 	 	7.10
	§ 311(a)	 	 	 	7.11
	(b)	 	 	 	7.11
	§ 312(a)	 	 	 	2.7
	(b)	 	 	 	10.3
	(c)	 	 	 	10.3
	§ 313(a)	 	 	 	7.6
	(b)(1)	 	 	 	7.6
	(b)(2)	 	 	 	7.6
	(c)(1)	 	 	 	7.6
	(d)	 	 	 	7.6
	§ 314(a)	 	 	 	4.2, 10.5
	(b)	 	 	 	Not Applicable
	(c)(1)	 	 	 	10.4
	(c)(2)	 	 	 	10.4
	(c)(3)	 	 	 	Not Applicable
	(d)	 	 	 	Not Applicable
	(e)	 	 	 	10.5
	(f)	 	 	 	Not Applicable
	§ 315(a)	 	 	 	7.1
	(b)	 	 	 	7.5
	(c)	 	 	 	7.1
	(d)	 	 	 	7.1
	(e)	 	 	 	6.14
	§ 316(a)	 	 	 	2.11
	(a)(1)(A)	 	 	 	6.12
	(a)(1)(B)	 	 	 	6.13
	(b)	 	 	 	6.8
	§ 317(a)(1)	 	 	 	6.3
	(a)(2)	 	 	 	6.4
	(b)	 	 	 	2.6
	§ 318(a)	 	 	 	10.1

 

 

Note:  This reconciliation and tie shall not, for any purpose,
be deemed to be part of the Indenture.

 

    v

     

    

 

Indenture dated as of                            
, 20    , between EMCORE CORPORATION, a company incorporated under the laws of the State of New Jersey (“Company”),
and                                                                                                            ,
as trustee (“Trustee”).

 

Each party agrees as follows for the benefit of the
other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.          
Definitions.

 

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

 

“Agent” means any Registrar or
Paying Agent.

 

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

 

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

 

“Business Day” means, for a particular
Series, any day except a Saturday, Sunday or any day, including a legal holiday, on which banking institutions are authorized or required
by law, regulation or executive order to close in The City of New York (or in connection with any payment, the place of payment).

 

“Capital Stock” of any person
means any and all shares, interests, participations, rights or other equivalents (however designated) of the equity of such person.

 

“Certificated Securities” means
definitive Securities in registered non-global certificated form.

 

“Company” means the party named
as such above until a successor, which duly assumes the obligations under this Indenture, replaces it and thereafter means the successor.

 

“Company Order” means a written
order signed in the name of the Company by an Officer.

 

     

     

    

 

“Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally
administered, which office at the date hereof is located at                         
,                       
; Attention:                          
, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the corporate trust
office of any successor Trustee at which this Indenture shall be administered (or such other address as a successor Trustee may designate
from time to time by notice to the Holders of the Company).

 

“Default” means any event which
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 whole or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and
if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall
mean the Depositary with respect to the Securities of such Series.

 

“Discount Security” means any
Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.

 

“Dollars” and “$”
means the currency of The United States of America.

 

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

 

“Foreign Currency” means any currency
or currency unit issued by a government other than the government of The United States of America.

 

“Foreign Government Obligations”
means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations
guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP” means accounting principles
generally accepted in The United States of America 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 have been approved by a significant segment of the accounting profession, which are in
effect as of the date of determination.

 

“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing
all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of
such Depositary or nominee.

 

    2

     

    

 

“Holder” or “Securityholder”
means a person in whose name a Security is registered on the books of the Registrar.

 

“Indenture” means this Indenture
as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established
as contemplated hereunder.

 

“interest” means, with respect
to any Security, any interest on such Security, and with respect to any Discount Security which by its terms bears interest only after
Maturity, interest payable after Maturity.

 

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

 

“Officer” means the Chief Executive
Officer, President, any Vice President, the Treasurer or Secretary of the Company.

 

“Officer’s Certificate”
means a certificate signed by any Officer (or any person designated in writing by an Officer of the Company as authorized to execute and
deliver Officer’s Certificates) and delivered to the Trustee.

 

“Opinion of Counsel” means a written
opinion of legal counsel.  The counsel may be an employee of or counsel to the Company. Opinions of Counsel required to be delivered
under this Indenture may have qualifications customary for opinions of the type required.

 

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

 

“principal” of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on the Security.

 

“Responsible Officer” means any
officer of the Trustee in its Corporate Trust Office having direct responsibility for administration of this Indenture and also means,
with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or
her knowledge of and familiarity with a particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1
and 2.2 hereof.

 

    3

     

    

 

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

 

“Subsidiary” means, with respect
to any person, any corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the outstanding shares of Capital Stock or other interests having the power to vote in the election of directors, managers or trustees
thereof is at the time directly or indirectly owned or controlled by such person or one or more of the other Subsidiaries of such person,
or a combination thereof.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that
in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment,
the Trust Indenture Act as so amended.

 

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

 

“United States” or “U.S.”
means The United States of America (including the states thereof and the District of Columbia), its territories and possessions and other
areas subject to its jurisdiction.

 

“U.S. Government Obligations”
means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith
and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, 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 evidenced by such depository
receipt.

 

Section 1.2.          
Other Definitions.

 

	 	 	DEFINED IN
	TERM	 	SECTION
	 	 	 
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1

 

    4

     

    

 

	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.5
	“Registrar”	 	2.5
	“Required Currency”	 	10.16
	“successor person”	 	5.1

 

Section 1.3.          
Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture
have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the
Securities.

 

“obligor” on the indenture securities means
the Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that are defined
by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are
used herein as so defined.

 

Section 1.4.          
Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c)          
 “or” is not exclusive;

 

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

 

(e)          
provisions apply to successive events and transactions.

 

ARTICLE II.

THE SECURITIES

 

Section 2.1.          
Issuable in Series.

 

The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited.  The Securities may be issued in one or more Series. All Securities
of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, supplemental
indenture hereto or Officer’s Certificate establishing the terms of such Series. In the case of Securities of a Series to be
issued from time

 

    5

     

    

 

to time, the Board Resolution, Officer’s Certificate or supplemental
indenture establishing the terms thereof may provide for the method by which specified terms (such as interest rate, maturity date, record
date or date from which interest shall accrue) are to be determined.  Securities may differ between Series in respect of any
matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of this Indenture.

 

Section 2.2.          
Establishment of Terms of Series of Securities.

 

At or prior to the issuance of any Securities within
a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities
within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution,
and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate:

 

2.2.1.             
the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) of the Series;

 

2.2.2.             
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

2.2.3.             
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.8, 2.9, 2.12, 3.6 or 9.6);

 

2.2.4.             
the date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5.             
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.6.             
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer,
mail or other means;

 

2.2.7.             
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series must be redeemed or may be redeemed, in whole or in part, at the option of the Company;

 

2.2.8.             
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms

 

    6

     

    

 

and conditions upon which Securities of the Series shall be redeemed
or purchased, in whole or in part, pursuant to such obligation;

 

2.2.9.             
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the
option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.10.           
if other than denominations of $1,000 and integral multiples of $1,000 in excess thereof, the denominations in which the Securities of
the Series shall be issuable;

 

2.2.11.           
the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12.           
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13.           
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination
is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

2.2.14.           
the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

2.2.15.           
if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

2.2.16.           
the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

 

2.2.17.           
the provisions, if any, relating to any security provided for the Securities of the Series;

 

2.2.18.           
any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

2.2.19.           
any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.2.20.           
any Depositaries, trustees, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein;

 

    7

     

    

  

2.2.21.           
the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or
exchange price, the conversion or exchange period, the securities or other property into which the Securities will be convertible, provisions
as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events
requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of
Securities are redeemed;

 

2.2.22.           
whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of
subordination, if any, of such guarantees; and

 

2.2.23.           
any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such
Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of
Securities of that Series.

 

All Securities of any one Series need not be
issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant
to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section 2.3.          
Denominations; Provision for Payment.

 

The Securities of any Series shall be issuable,
except as otherwise provided with respect to Securities of any Series pursuant to Section 2.2, as registered Securities in the
denominations of one thousand Dollars ($1,000) or any integral multiples of $1,000 in excess thereof. Unless otherwise provided with respect
to Securities of any Series pursuant to Section 2.2, the principal of and the interest on the Securities of any Series, if any,
thereon, shall by payable in Dollars at the Corporate Trust Office of the Trustee. Unless otherwise specified pursuant to Section 2.2
with respect to any Securities of any Series, interest on the Securities of any Series shall be computed on the basis of a 360-day
year consisting of twelve 30-day months.

 

Section 2.4.          
Execution and Authentication.

 

Two Officers shall sign the Securities for the Company
by manual or facsimile signature.

 

If an Officer whose signature is on a Security no
longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture.

 

The Trustee shall at any time, and from time to time,
authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture

 

    8

     

    

 

hereto or Officer’s Certificate, upon receipt by the Trustee
of a Company Order.  Each Security shall be dated the date of its authentication.

 

The aggregate principal amount of Securities of any
Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.9.

 

Prior to the issuance of Securities of any Series,
the Trustee shall have received and (subject to Section 7.1) shall be fully protected in conclusively relying on:  (a) the
Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2 establishing the
form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officer’s Certificate complying with Section 9.7 (with respect to the execution
of supplemental indentures) and Section 10.4, and (c) an Opinion of Counsel complying with Section 9.7 (with respect to
the execution of supplemental indentures) and Section 10.4.

 

The Trustee shall have the right, but not the obligation,
to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that
such action may not be taken lawfully; or (b) if the Trustee in good faith determines that such action would expose the Trustee to
personal liability.

 

The Trustee may appoint an authenticating agent acceptable
to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so.  Each
reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has
the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

Section 2.5.          
Registrar and Paying Agent.

 

The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such Series, an office or agency where Securities of such
Series may be presented or surrendered for payment (“Paying Agent”) and where Securities of such Series may
be surrendered for registration of transfer or exchange (“Registrar”).  The Registrar shall keep a register with
respect to each Series of Securities and to their transfer and exchange (the “Security Register”).  The Company
will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying
Agent.  If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the
Trustee with the name and address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations and surrenders.

 

The Company may also from time to time designate
one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or Paying Agent
in each place so specified for Securities of

 

    9

     

    

 

any Series for such purposes.  The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar
or additional paying agent.  The term “Registrar” includes any co-registrar; and the term “Paying Agent”
includes any additional paying agent.  The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

The Company hereby appoints the Trustee as the initial
Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the case may be, is appointed prior to the
time Securities of that Series are first issued.

 

Section 2.6.          
Paying Agent to Hold Money in Trust.

 

The Company shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Securities of that Series,
and will notify the Trustee in writing of any default by the Company in making any such payment.  While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary of the Company) shall have no further liability for the money.  If the Company or a Subsidiary of the Company acts
as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities
all money held by it as Paying Agent.  Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the
Trustee shall serve as Paying Agent for the Securities.

 

Section 2.7.          
Securityholder Lists.

 

The Trustee shall preserve in as current a form as
is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities
and shall otherwise comply with TIA  § 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee
at least ten days before each interest payment date and at such other times as the Trustee may request in writing, within 30 days after
receipt by the Company of any such request, a list, in such form and as of such date as the Trustee may reasonably require, of the names
and addresses of Securityholders of each Series of Securities.

 

Section 2.8.          
Transfer and Exchange.

 

Where Securities of a Series are presented to
the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities
of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. 
To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. 
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.12, 3.6 or 9.6).

 

    10

     

    

 

Neither the Company nor the Registrar shall be required
(a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business
15 days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending
at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected,
called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called
for redemption in part.

 

Section 2.9.          
Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

If there shall be delivered to the Company and the
Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity
bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of written notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company
Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

Upon the issuance of any new Security under this
Section 2.9, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any Series issued pursuant
to this Section 2.9 in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

The provisions of this Section 2.9 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

 

Section 2.10.        
Outstanding Securities.

 

The Securities outstanding at any time are all the
Securities authenticated by the Trustee except for those canceled by the Registrar and those described in this Section 2.10 as not
outstanding.

 

    11

     

    

 

If a Security is replaced pursuant to Section 2.9,
it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.

 

If the Paying Agent (other than the Company, a Subsidiary
of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities
payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases
to accrue.

 

The Company may purchase or otherwise acquire the
Securities, whether by open market purchases, negotiated transactions or otherwise.  A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security.

 

In determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder,
the principal amount of a 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 6.2.

 

Section 2.11.        
Treasury Securities.

 

In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver,
Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in conclusively relying on any such request, demand, authorization, direction, notice,
consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded.  Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right to deliver any such request, demand, authorization, direction, notice, consent or
waiver with respect to the Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor.

 

Section 2.12.        
Temporary Securities.

 

Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order.  Temporary Securities shall
be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. 
Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities
of the same Series and date of maturity in exchange for temporary Securities.  Until so exchanged, temporary Securities shall
have the same rights under this Indenture as the definitive Securities.

 

    12

     

    

  

Section 2.13.        
Cancellation.

 

The Company at any time may deliver Securities to
the Trustee for cancellation.  The Registrar and the Paying Agent, if not the Trustee, shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment.  The Trustee shall cancel all Securities surrendered for transfer,
exchange, payment, replacement, conversion or cancellation and shall dispose of such canceled Securities (subject to the record retention
requirement of the Exchange Act and the Trustee) in accordance with its customary procedures and deliver a certificate of such cancellation
to the Company upon written request of the Company.  The Company may not issue new Securities to replace Securities that it has paid
or delivered to the Trustee for cancellation.

 

Section 2.14.        
Defaulted Interest.

 

If the Company defaults in a payment of interest
on a Series of Securities, it may pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a subsequent special record date.  The Company shall fix the
record date and payment date.  At least ten days before the special record date, the Company shall mail to the Trustee and to each
Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. 
The Company may pay defaulted interest in any other lawful manner.

 

Section 2.15.        
Global Securities.

 

2.15.1.           
Terms of Securities.  A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary
for such Global Security or Securities.

 

2.15.2.           
Transfer and Exchange.  Notwithstanding any provisions to the contrary contained in Section 2.8 of this Indenture and
in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.8 of this Indenture for Securities registered
in the names of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing
agency under the Exchange Act within 90 days of such event or (b) the Company determines in its sole discretion not to have such
Securities represented by one or more Global Securities and executes and delivers to the Trustee an Officer’s Certificate to the
effect that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided in this Section 2.15.2, a
Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary,
by a nominee of such Depositary to such Depositary or another

 

    13

     

    

 

nominee of such Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such a successor Depositary.

 

2.15.3.           
Legend.  Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. 
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
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 A SUCCESSOR DEPOSITARY.”

 

2.15.4.           
Acts of Holders.  The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under this
Indenture.

 

2.15.5.           
Payments.  Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof, which in the case of a Depositary
therefor will be made in accordance with its applicable procedures.

 

2.15.6.           
Consents, Declaration and Directions.  The Company, the Trustee and any Agent shall treat a person as the Holder of such principal
amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of
the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any
consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.16.        
CUSIP Numbers.

 

The Company in issuing the Securities may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience
to Holders; provided that any such notice may state 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 elements of identification
printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.  The Trustee
shall have no liability for any defect in the “CUSIP” numbers as they appear on any Security, notice or elsewhere.  The
Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

 

    14

     

    

 

Section 2.17.        
Evidence of Ownership.

 

The Company, the Trustee and any agent of the Company
or the Trustee may deem and treat the person in whose name any registered Security shall be registered upon the Security Register for
such series as the absolute owner of such registered Security (whether or not such registered 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 registered Security and for all other purposes; and neither the Company nor the
Trustee nor any agent of the Company or the Trustee shall be affected by any notice to the contrary.

 

ARTICLE III.

REDEMPTION

 

Section 3.1.          
Notice to Trustee.

 

The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a
Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part
of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date
and the principal amount of Series of Securities to be redeemed.  The Company shall give the notice to the Trustee at least
45 days before the redemption date, unless a shorter period is satisfactory to the Trustee.

 

Section 3.2.          
Selection of Securities to be Redeemed.

 

Unless otherwise indicated for a particular Series by
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities of a Series are
to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and
appropriate, including selecting by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject,
in the case of Global Securities, to the applicable rules and procedures of the Depositary; provided that the unredeemed portion
of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination)
for such Security.  The Trustee shall make the selection from Securities of the Series outstanding not previously called for
redemption.  Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions
of Securities of that Series called for redemption.

 

Section 3.3.          
Notice of Redemption.

 

Unless otherwise indicated for a particular Series by
Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 30 days but not more than 60 days before
a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.

 

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The notice shall identify the Securities of the Series to
be redeemed and shall state:

 

(a)          
the redemption date;

 

(b)          
the redemption price and the amount of accrued interest, if any, to be paid;

 

(c)          
the name and address of the Paying Agent and, if applicable, the conversion Agent;

 

(d)          
for convertible Securities, the conversion price;

 

(e)          
if any Global Security is being redeemed in part, the portion of the principal amount of such Global Security to be redeemed and that,
after the redemption date upon surrender of such Global Security, the principal amount thereof will be decreased by the portion thereof
redeemed pursuant thereto;

 

(f)           
if any Certificated Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed, and that,
after the redemption date, upon surrender of such Security, a new Certificated Security in principal amount equal to the unredeemed portion
thereof will be issued in the name of the Holder thereof upon cancellation of the original Certificated Security;

 

(g)          
that Securities of the Series (or portion thereof) called for redemption must be surrendered to the Paying Agent to collect the redemption
price;

 

(h)          
that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company
defaults in the deposit of the redemption price;

 

(i)           
the CUSIP number, if any, and state that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed
in the SEC’s notice or printed on the Securities; and

 

(j)           
any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered
to the Trustee, at least 15 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section 3.4.          
Effect of Notice of Redemption.

 

Once notice of redemption is mailed as provided in
Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price.  Except as otherwise provided in the supplemental indenture, Board Resolution

 

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or Officer’s Certificate for a Series, a notice of redemption
may not be conditional.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest
to the redemption date other than Securities or portions of Securities called for redemption which have been delivered by the Company
to the Registrar for cancellation.  The Paying Agent shall return to the Company any money not required for that purpose.

 

Unless the Company shall default in the payment of
Securities (and accrued interest) called for redemption, interest on such Securities shall cease to accrue after the redemption date. 
Convertible Securities called for redemption shall cease to be convertible after the close of business on the Business Day immediately
preceding the redemption date, unless the Company shall default in the payment of such Securities on the redemption date, in which event
the Securities shall remain convertible until paid (together with accrued interest).

 

Failure to give notice of redemption, or any defect
in such notice to the Holder of any Security of a Series designated for redemption, in whole or in part, shall not affect the sufficiency
of any notice of redemption with respect to the Holder of any other Security of such Series.

 

Section 3.5.          
Deposit of Redemption Price.

 

On or before 10:00 a.m., New York City time, on the
redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest,
if any, on all Securities to be redeemed on that date.

 

Section 3.6.          
Securities Redeemed in Part.

 

Upon surrender of a Certificated Security that is
redeemed in part, the Trustee shall authenticate for the Holder a new Certificated Security of the same Series and the same maturity
equal in principal amount to the unredeemed portion of the Security surrendered and concurrently cancel the surrendered Certificated Security.

 

ARTICLE IV.

COVENANTS

 

Section 4.1.          
Payment of Principal and Interest.

 

The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series in accordance with the terms of such Securities and this Indenture.  On or before 10:00 a.m., New York City time,
on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest,
if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.  Principal and
interest shall be considered paid on the date due if the Paying Agent holds in accordance with this Indenture on that date money sufficient
to pay all principal and interest then due and the Paying Agent is not prohibited from paying such money to the Holders on such date pursuant
to the terms of this Indenture.

 

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Section 4.2.          
Reports by Company.

 

(a) As long as any Securities are outstanding,
the Company shall file with the Trustee, and transmit to the Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to TIA § 314(a). All reports, information and documents referred to in this Section 4.2
will be deemed to be filed with the Trustee and transmitted to the Holders at the time such reports, information or documents are publicly
filed with the SEC via the SEC’s EDGAR filing system (or any successor system), it being understood that the Trustee shall have
no responsibility whatsoever to determine if such filings have been made.

 

(b)  Delivery of reports, information and documents
to the Trustee under this Section 4.2 are for informational purposes only and shall not constitute a representation or warranty as
to the accuracy or completeness of the reports, information and documents.  The Trustee’s receipt of the foregoing shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s
Certificates).

 

Section 4.3.          
Compliance Certificate.

 

To the extent any Securities of a Series are
outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s
Certificate (which need not contain the statements provided for in Section 10.4) from its principal executive officer, principal
financial officer or principal accounting officer stating that a review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate,
that to his or her knowledge the Company is not in default in the performance or observance of any of the terms, provisions and conditions
hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which the Officer
has knowledge).  Such Officer’s Certificate need not include a reference to any non-compliance that has been fully cured prior
to the date as of which such certificate speaks.

 

Section 4.4.          
Stay, Extension and Usury Laws.

 

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

 

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Section 4.5.          
Corporate Existence.

 

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

 

ARTICLE V.

SUCCESSORS

 

Section 5.1.          
Consolidation, Merger and Sale of Assets.

 

The Company may not consolidate with or merge with
or into, sell, convey, transfer or dispose of all or substantially all of its assets to any other person (a “successor person”),
whether in one transaction or a series of related transactions, unless:

 

(a)          
(i) the Company is the surviving corporation or (ii) the successor person (if other than the Company) (A) is a corporation,
limited liability corporation, partnership or trust organized under the laws of the United States; and (B) expressly assumes, by
an indenture supplemental hereto, the Company’s obligations on the Securities and under this Indenture; and

 

(b)          
immediately after giving effect to the transaction, no Default or Event of Default shall have happened and be continuing.

 

The Company shall deliver to the Trustee prior to
the consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating
that the proposed transaction and any supplemental indenture comply with Section 5.1 of this Indenture.

 

Notwithstanding the above, any Subsidiary of the
Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s Certificate
nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2.          
Successor Person Substituted.

 

Upon any consolidation or merger, or any sale, conveyance,
transfer, or lease of all or substantially all of the assets of the Company and its Subsidiaries in accordance with Section 5.1,
the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, conveyance, transfer,
or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
and the Securities with the same effect as if such successor person has been named as the Company herein; and, thereafter, the predecessor
Company, in the case of a sale, conveyance or transfer (other than a lease), shall be released from all obligations and covenants under
this Indenture and the Securities.

 

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ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1.          
Events of Default.

 

“Event of Default,” wherever used
herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental
indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

(a)          
failure to pay any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a
period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior
to 10:00 a.m., New York City time, on the 30th day of such period);

 

(b)          
failure to pay principal of any Security of that Series at its Maturity;

 

(c)          
default in the performance or breach of any covenant of the Company in this Indenture (other than defaults pursuant to sub-clauses (a) through
(c) above or defaults related to a covenant that has been included in this Indenture solely for the benefit of a Series of Securities
other than that Series), which default continues uncured for a period of 90 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding
Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder;

 

(d)          
the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)           
commences a voluntary case,

 

(ii)          
consents to the entry of an order for relief against it in an involuntary case,

 

(iii)         
consents to the appointment of a Custodian of it or for all or substantially all of its property, or

 

(iv)         
makes a general assignment for the benefit of its creditors;

 

(e)          
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)           
is for relief against the Company in an involuntary case,

 

(ii)          
appoints a Custodian of the Company or for all or substantially all of its property, or

 

(iii)         
orders the liquidation of the Company,

 

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and the order or decree remains unstayed and in effect for
60 days; or

 

(f)           
any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

The term “Bankruptcy Law” means
title 11, U.S. Code or any similar federal or state law for the relief of debtors.  The term “Custodian” means
any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

A Default under one Series of Securities issued
under this Indenture will not necessarily be a default under another Series of Securities under this Indenture.

 

The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, within 30 days of becoming aware of any Default or Event of Default, an Officer’s Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 

Section 6.2.          
Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or
(e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that
Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that
Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon
any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due
and payable.  If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration of acceleration
with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee
as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default
with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 

No such rescission shall affect any subsequent Default.

 

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Section 6.3.          
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

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

 

(b)          
default is made in the payment of principal of any Security at the Maturity thereof, or

 

(c)          
default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,

 

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

 

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

 

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

 

Section 6.4.          
Trustee May File Proofs of Claim.

 

In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relating to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

 

    22

     

    

 

(a)          
to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and

 

(b)          
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due
it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.7.

 

Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.

 

Section 6.5.          
Trustee May Enforce Claims Without Possession of Securities.

 

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

 

Section 6.6.          
Application of Money Collected.

 

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

 

First:                     
To the payment of all amounts due to the Trustee under this Indenture; and

 

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

 

    23

     

    

 

Third:                    
To the Company.

 

Section 6.7.          
Limitation on Suits.

 

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

 

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

 

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

 

(c)          
such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities
which might be incurred by the Trustee in compliance with such request;

 

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

 

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

 

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

 

Section 6.8.          
Unconditional Right of Holders to Receive Principal and Interest.

 

Notwithstanding any other provision in this Indenture,
the Holder of any Security has the right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption,
on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the
consent of such Holder.

 

Section 6.9.          
Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any

 

    24

     

    

 

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

 

Section 6.10.        
Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.9, no right or remedy herein conferred upon
or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the
extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11.        
Delay or Omission Not Waiver.

 

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

 

Section 6.12.        
Control by Holders.

 

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

 

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

 

(b)          
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction;

 

(c)          
subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability; and

 

(d)          
prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

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Section 6.13.        
Waiver of Past Defaults.

 

The Holders of not less than a majority in principal
amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any
past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest
on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding
Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from
such acceleration).  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default.

 

Section 6.14.        
Undertaking for Costs.

 

All parties to this Indenture agree, and each Holder
of any Security by his acceptance thereof shall be deemed to have agreed, 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; but the provisions of this
Section 6.14 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after
the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption
date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1.          
Duties of Trustee.

 

(a)          
If an Event of Default has occurred and is continuing, the Trustee shall exercise 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.

 

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

 

(i)           
The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

(ii)          
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel

 

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furnished to the Trustee and conforming to the requirements
of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions
of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein).

 

(c)          
The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

 

(i)           
This sub-clause (c) does not limit the effect of sub-clause (b) of this Section 7.1.

 

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

 

(iii)         
The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of
any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with
Section 6.12.

 

(d)          
Every provision of this Indenture that in any way relates to the Trustee is subject to sub-clauses (a), (b) and (c) of this
Section 7.1.

 

(e)          
The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

(f)           
The Trustee shall not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company. 
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)          
No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the
Trustee in its satisfaction.

 

(h)          
The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in sub-clauses
(e), (f) and (g) of this Section 7.1 and in Section 7.2, each with respect to the Trustee.

 

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Section 7.2.          
Rights of Trustee.

 

(a)          
The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether in its original
or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person.  The Trustee need not
investigate any fact or matter stated in the document.

 

(b)          
Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officer’s Certificate or an Opinion of Counsel
or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in conclusive reliance on such Officer’s
Certificate or Opinion of Counsel.

 

(c)          
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.

 

(d)          
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its
rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence.

 

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

 

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

 

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

 

(h)          
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 a Responsible Officer of the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and
this Indenture.

 

(i)           
In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any
kind whatsoever (including

 

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but not limited to lost profits), even if the Trustee has
been advised of the likelihood of such loss or damage.

 

(j)           
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to
do so.

 

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

 

(l)           
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

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

 

Section 7.3.          
Individual Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights
it would have if it were not Trustee.  Any Agent may do the same with like rights.  However, the Trustee is also subject to
Sections 7.10 and 7.11 hereof.

 

Section 7.4.          
Trustee’s Disclaimer.

 

The Trustee makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities,
and it shall not be responsible for any statement in the Securities other than its authentication.

 

Section 7.5.          
Notice of Defaults.

 

If a Default or Event of Default occurs and is continuing
with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall
mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs
or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default.  Except in the case of
a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice
if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section 7.6.          
Reports by Trustee to Holders.

 

Within 60 days after each anniversary of the date
of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register

 

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kept by the Registrar, a brief report dated as of such reporting date,
in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the time of its mailing
to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which the Securities of that
Series are listed.  The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on
any national securities exchange or of any delisting thereof.

 

Section 7.7.          
Compensation and Indemnity.

 

The Company shall pay to the Trustee from time to
time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing.  The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee
upon request for all reasonable out of pocket expenses incurred by it.  Such expenses shall include the reasonable compensation and
expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify each of the Trustee and
any predecessor Trustee against any cost, expense, claim (whether asserted by the Company, a Holder or any other person) or liability
(including the cost of defending itself), including taxes (other than taxes based upon, measured by or determined by the income of the
Trustee), incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or
Agent.  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee
to so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially
prejudiced thereby.  The Company shall defend the claim and the Trustee shall cooperate in the defense.  The Trustee may have
one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any
settlement made without its consent, which consent will not be unreasonably withheld.  This indemnification shall apply to officers,
directors, employees, shareholders and agents of the Trustee.

 

The Company need not reimburse any expense or indemnify
against any loss or liability incurred by the Trustee or by any officer, director, employee or shareholder of the Trustee through willful
misconduct or negligence.

 

To secure the Company’s payment obligations
in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected
by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.1(f) or (g) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this Section 7.7 shall survive
the termination of this Indenture or the resignation or removal of the Trustee.

 

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Section 7.8.          
Replacement of Trustee.

 

A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.8.

 

The Trustee may resign at any time with respect to
the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. 
The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by
so notifying the Trustee and the Company in writing.  The Company may remove the Trustee with respect to Securities of one or more
Series if:

 

(a)          
the Trustee fails to comply with Section 7.10;

 

(b)          
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(c)          
a Custodian or public officer takes charge of the Trustee or its property; or

 

(d)          
the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor
Trustee to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with respect to the Securities
of any one or more Series does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any
court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Company.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee shall transfer all property
held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect
to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall mail a notice
of its succession to each Securityholder of each such Series.  Notwithstanding replacement of the Trustee pursuant to this Section 7.8,
the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses
and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture
prior to such replacement.

 

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Section 7.9.          
Successor Trustee by Merger, Etc.

 

If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without
any further act shall be the successor Trustee, if such successor corporation is eligible and qualified under Section 7.10.

 

Section 7.10.        
Eligibility; Disqualification.

 

This Indenture shall always have a Trustee who satisfies
the requirements of TIA § 310(a)(1), (2) and (5).  The Trustee shall always have a combined capital and surplus of at least
$25,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA § 310(b).

 

Section 7.11.        
Preferential Collection of Claims Against Company.

 

The Trustee is subject to TIA § 311(a), excluding
any creditor relationship listed in TIA § 311(b).  A Trustee who has resigned or been removed shall be subject to TIA §
311(a) to the extent indicated.

 

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1.          
Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Order cease to
be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)          
either

 

(i)           
all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.9) have been delivered to the Trustee for cancellation; or

 

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

 

(1)          
have become due and payable, or

 

(2)          
will become due and payable at their Stated Maturity within one year, or

 

(3)          
have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company;

 

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and the Company, in the case of (1), (2) or (3) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations
sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable
on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction and discharge of
this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the
Trustee pursuant to sub-clause (a) of this Section 8.1, the provisions of Sections 2.5, 2.8, 2.9, 8.2 and 8.5 shall survive.

 

Section 8.2.          
Application of Trust Funds; Indemnification.

 

(a)          
Subject to the provisions of Section 8.5, all money or U.S. Government Obligations deposited with the Trustee pursuant to Section 8.1,
all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or
8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited
with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

 

(b)          
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders.

 

(c)          
The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess
of the amount thereof which then would have been required to be deposited for the

 

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purpose for which such U.S. Government Obligations or Foreign
Government Obligations or money were deposited or received.  This provision shall not authorize the sale by the Trustee of any U.S.
Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3.          
Legal Defeasance of Securities of any Series.

 

Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to
in sub-clause (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall
no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging
the same), except as to:

 

(a)          
the rights of Holders of Securities of such Series to receive, from the trust funds described in sub-clause (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity
of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture
and the Securities of such Series;

 

(b)          
the provisions of Sections 2.5, 2.8, 2.9, 8.2, 8.3 and 8.5; and

 

(c)          
the rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that, the following conditions shall have been satisfied:

 

(d)          
the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as
trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the
benefit of the Holders of such Securities: (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars
and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other
than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect
thereof in accordance with their terms (and without reinvestment), will provide, not later than one day before the due date of any payment
of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment
bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments
of interest or principal and such sinking fund payments are due;

 

    34

     

    

 

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

 

(f)           
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 or during the period ending on the 91st day after such date;

 

(g)          
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to U.S. 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, defeasance and
discharge had not occurred;

 

(h)          
the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with
the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(i)           
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section 8.3 have been complied with.

 

Section 8.4.          
Covenant Defeasance.

 

Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2 and 4.3, 4.4 and 5.1as well as any additional covenants
specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered
pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with
respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2.18 and designated as an Event
of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that
the following conditions shall have been satisfied:

 

(a)          
With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities: (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a

 

    35

     

    

 

Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their
terms (and without reinvestment), will provide, not later than one day before the due date of any payment of money, an amount in cash,
sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in
a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any,
on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest
or principal and such sinking fund payments are due;

 

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

 

(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 Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and covenant defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit
and covenant defeasance had not occurred;

 

(e)          
The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)           
The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section 8.4 have been complied with.

 

Section 8.5.          
Repayment to Company.

 

Subject to applicable abandoned property law, the
Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that
remains unclaimed for two years after such principal or interest has become due and payable.  After that, Securityholders entitled
to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person.

 

Section 8.6.          
Reinstatement.

 

If the Trustee or the Paying Agent is unable to apply
any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the obligations of the Company

 

    36

     

    

 

under this Indenture with respect to the Securities of such Series and
under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1
until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided,
however, that if the Company has made any payment of principal of or interest on any Securities because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money
or U.S. Government Obligations  held by the Trustee or Paying Agent after payment in full to the Holders.

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1.          
Without Consent of Holders.

 

The Company and the Trustee may amend or supplement
this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

(a)          
to add guarantees with respect to any Series of Securities or secure any Series of Securities;

 

(b)          
to surrender any of the Company’s rights or powers under this Indenture;

 

(c)          
to add covenants or Events of Default for the benefit of the Securityholders of any Series of Securities;

 

(d)          
to comply with the applicable rules or procedures of the Depositary;

 

(e)          
to cure any ambiguity, defect or inconsistency, as described in the Officer’s Certificate delivered pursuant to Section 10.4;

 

(f)           
to comply with Article V;

 

(g)          
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(h)          
to make any change that does not materially adversely affect the rights of any Securityholder;

 

(i)           
to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

(j)           
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;

 

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

 

    37

     

    

 

(l)           
to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities may
be listed or traded; and

 

(m)         
to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall not be effective
with respect to any outstanding Securities of any Series created prior to the execution of such supplemental indenture which is entitled
to the benefit of such provision.

 

Section 9.2.          
With Consent of Holders.

 

The Company and the Trustee may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected
by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series), 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 Securityholders of each such Series.  Except as
provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by
written notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such
Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.

 

It shall not be necessary for the consent of the
Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but
it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this Section 9.2
becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing the supplemental
indenture or waiver.  Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3.          
Limitations.

 

Without the consent of each Securityholder affected,
an amendment or waiver may not:

 

(a)          
reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)          
reduce the rate of or extend the time for payment of interest (including default interest) on any Security or that Series;

 

(c)          
reduce the principal of, or change the Stated Maturity of, any Security or reduce the amount of, or postpone the date fixed for, the payment
of any sinking fund or analogous obligation;

 

(d)          
reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

    38

     

    

 

(e)          
waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration
of the Securities of any Series by the Holders of at least a majority in principal amount of the then outstanding Securities of such
Series and a waiver of the payment default that resulted from such acceleration);

 

(f)           
make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)          
make any change in Sections 6.8 or 6.13 or this Section 9.3; or

 

(h)          
waive a redemption payment with respect to any Security.

 

Section 9.4.          
Compliance with Trust Indenture Act.

 

Every amendment to this Indenture or the Securities
of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5.          
Revocation and Effect of Consents.

 

Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation
of the consent is not made on any Security.

 

Any amendment or waiver once effective shall bind
every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of sub-clauses
(a) through (h) of Section 9.3.  In that case, the amendment or waiver shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security.

 

The Company may, but shall not be obligated to, fix
a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required
or permitted to be taken pursuant to this Indenture.  If a record date is fixed, then notwithstanding the immediately preceding paragraph,
those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give
such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders after
such record date.  No such consent shall be valid or effective for more than 120 days after such record date.

 

Section 9.6.          
Notation on or Exchange of Securities.

 

The Company or the Trustee may place an appropriate
notation about an amendment or waiver on any Security of any Series thereafter authenticated.  The Company in exchange for Securities
of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment
or waiver.

 

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Section 9.7.          
Trustee Protected.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall receive, and (subject to Section 7.1) shall be fully protected in conclusively relying upon, an Officer’s
Certificate or an Opinion of Counsel or both complying with Section 10.4 and stating that the supplemental indenture is the legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to customary exceptions. 
The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both,
except that the Trustee need not sign any supplemental indenture that, in its sole discretion, adversely affects its rights.

 

ARTICLE X.

MISCELLANEOUS

 

Section 10.1.        
Trust Indenture Act Controls.

 

If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision
shall control.

 

Section 10.2.        
Notices.

 

Any request, demand, notice or communication by the
Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person
or mailed by first-class mail:

 

if to the Company:

 

	EMCORE Corporation

2015 W. Chestnut Street

Alhambra, California 91803

Attention: Ryan Hochgesang, Vice President & General Counsel

Telephone: (626) 293-3400	 

 

if to the Trustee:

 

	 	 
	 	 
	 	 
	Attention:	 	 
	 	 
	 	 	 

 

The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication to a Securityholder shall
be mailed by first-class mail to his address shown on the register kept by the Registrar.  Failure to mail a notice or

 

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communication to a Securityholder of any Series or any defect
in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

 

If a notice or communication is mailed or published
in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.

 

If the Company mails a notice or communication to
Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

 

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

 

Section 10.3.        
Communication by Holders with Other Holders.

 

Securityholders of any Series may communicate
pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights
under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else
shall have the protection of TIA § 312(c).

 

Section 10.4.        
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company to
the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(a)          
an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(b)          
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 10.5.        
Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall
comply with the provisions of TIA § 314(e) and shall include:

 

(a)          
a statement that the person making such certificate or opinion has read such covenant or condition;

 

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

 

    41

     

    

 

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

 

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

 

Section 10.6.        
Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for action
by or a meeting of Securityholders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 10.7.        
Legal Holidays.

 

Unless otherwise provided by Board Resolution, Officer’s
Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business
Day.  If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that
is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8.        
No Recourse Against Others.

 

A director, officer, employee or stockholder (past
or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities or this Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a
Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.9.        
Counterparts.

 

This Indenture may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.  The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be
used in lieu of the original Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or PDF shall
be deemed to be their original signatures for all purposes.

 

Section 10.10.     
Governing Law; Jury Trial Waiver.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW).

 

    42

     

    

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 10.11.     
No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary of the Company.  Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.

 

Section 10.12.     
Successors.

 

All agreements of the Company in this Indenture and
the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.13.     
Severability.

 

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

 

Section 10.14.     
Table of Contents, Headings, Etc.

 

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

 

Section 10.15.     
Securities in a Foreign Currency.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect
to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then
the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall
be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of
Securities.  Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate
delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall
be at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates”
section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such
source as may be selected in good faith by the Company) on any date of determination.  The provisions of this paragraph shall apply
in determining the equivalent principal amount in respect

 

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of Securities of a Series denominated in currency other than Dollars
in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations provided for in
the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably
binding upon the Trustee and all Holders.

 

Section 10.16.     
Judgment Currency.

 

The Company agrees, to the fullest extent that it
may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert
the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”)
into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a Business Day, then the
rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of
New York the Required Currency with the Judgment Currency on the Business Day preceding the day on which final unappealable judgment is
entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or
satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency
other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee,
of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an
alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual
receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected
by judgment being obtained for any other sum due under this Indenture.

 

Section 10.17.     
Force Majeure.

 

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

 

Section 10.18.     
U.S.A. Patriot Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of
terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the

 

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Trustee.  The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

ARTICLE XI.

SINKING FUNDS

 

Section 11.1.        
Applicability of Article.

 

The provisions of this Article shall be applicable
to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2
and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment provided
for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and
any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund
payment.”  If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 11.2.  Each sinking fund payment shall be applied to the redemption of Securities
of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2.        
Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or any part
of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (a) deliver
outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (b) apply as credit Securities of such Series to which such sinking fund payment
is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of
the Securities of such Series (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking
fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously
so credited.  Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto,
not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be
credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly.  If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in
order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for
redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a
Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying
Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the
Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the

 

    45

     

    

 

Company having an unpaid principal amount equal to the cash payment
required to be released to the Company.

 

Section 11.3.        
Redemption of Securities for Sinking Fund.

 

Not less than 45 days (unless otherwise indicated
in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of Securities)
prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that
Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. 
Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect
of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in Section 3.3.  Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

[Signature page follows]

 

    46

     

    

 

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

 

	 	 	EMCORE CORPORATION, as Issuer
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Its:
	 	 	 
	 	 	 
	 	 	                                           , as Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Its:

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