Document:

Exhibit 4.1

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

240 Greenwich
Street, 22W Floor, New York, NY 10286

 

 

 

February 11, 2022

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

SmartTrust 554 (the “Fund”)

 

Dear Sirs:

The Bank of New York Mellon
is acting as trustee for the Fund, consisting of the unit investment trust (the “Trust”) included in the Registration
Statement relating to the Fund. We enclosed a list of the securities to be deposited in the Trust on the date hereof. The prices indicated
therein reflect our evaluation of such securities as of close of business on February 10, 2022, in accordance with the valuation method
set forth in the applicable Standard Terms and Conditions of Trust and Trust Agreement. We consent to the reference to The Bank of New
York Mellon as the party performing the evaluations of the Trust securities in the Registration Statement (No. 333-261067) filed with
the Securities and Exchange Commission with respect to the registration of the sale of the Units of the Trust and to the filing of this
consent as an exhibit thereto.

 

Very truly yours,

 

/s/ GERARDO CIPRIANO                   

Gerardo Cipriano

Vice PresidentExhibit 4.3

 

Consent of Independent Registered Public
Accounting Firm

We have issued our report
dated February 11, 2022, with respect to the financial statement of SmartTrust 554 contained in Amendment No. 1 to the Registration Statement
on Form S-6 (File No. 333-261067) and related Prospectus. We consent to the use of the aforementioned report in the Registration Statement
and Prospectus, and to the use of our name as it appears under the caption “Independent Registered Public Accounting Firm”.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

February 11, 2022EXHIBIT 4.1

 

 

AMERICAN EXPRESS COMPANY

 

AND

 

THE BANK OF NEW YORK MELLON

 

Trustee

_____________

 

Senior Indenture

_____________

 

Dated as of December 2, 2021

 

 

     

     

    

 

AMERICAN EXPRESS COMPANY

Indenture dated as of December 2, 2021 

_____________________

CROSS REFERENCE SHEET1

 

Showing the location in the
Indenture of the provisions inserted pursuant to Sections 310 to 318(a) inclusive of the Trust Indenture Act of 1939.

 

	Provisions of	 	 
	Trust Indenture Act	 	 
	
    of 1939
	 	
    Indenture Provision

	§ 310(a)(1), (2)	 	§ 8.09
	              (3)	 	Not Applicable
	              (4)	 	Not Applicable
	        (b)	 	§8.08; § 8.10
	        (c)	 	Not Applicable
	§ 311(a)	 	§ 8.13(a)
	        (b)	 	§ 8.13(b)
	        (b)(2)	 	§ 9.03 (a)(ii); § 9.03(b)
	        (c)	 	Not Applicable
	§ 312(a)	 	§ 9.01; § 9.02(a)
	         (b)	 	§ 9.02(b)
	         (c)	 	§ 9.02(c)
	§ 313(a)	 	§ 9.03(a)
	         (b)(1)	 	Not Applicable
	              (2)	 	§ 9.03(b)
	         (c)	 	§ 9.03(a); § 9.03(b)
	         (d)	 	§ 9.03(c)
	§ 314(a)	 	§ 9.04
	         (b)	 	Not Applicable
	         (c)	 	§ 1.02
	         (d)	 	Not Applicable
	         (e)	 	§ 1.02
	         (f)	 	Not Applicable
	§ 315(a)(1)	 	§8.01(a)(i)
	              (2)	 	§ 8.01(a)(ii)
	         (b)	 	§ 8.02
	         (c)	 	§ 8.01(b)
	         (d)(1)	 	§ 8.01(a)
	              (2)	 	§ 8.01(c)(ii)
	              (3)	 	§ 8.01(c)(iii)
	         (e)	 	§ 7.14
	§ 316(a)	 	§ 7.12; § 7.13
	         (b)	 	§ 7.08
	         (c)	 	§ 1.04
	§ 317(a)(1), (2)	 	§ 7.03; § 7.04
	         (b)	 	§ 12.03
	§ 318(a)	 	§ 1.08

_____________________________

 

1 This Cross Reference Sheet is
not part of the Indenture

 

    i

     

    

 

TABLE OF CONTENTS

 

Page

 

ARTICLE One  

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

	Section 1.01	Definitions	1
	Section 1.02	Compliance Certificates and Opinions	8
	Section 1.03	Form of Documents Delivered to Trustee	8
	Section 1.04	Act of Holders	9
	Section 1.05	Notices, etc., to Trustee and Company	10
	Section 1.06	Notice to Holders; Waiver	11
	Section 1.07	Immunity of Incorporators; Stockholders, Officers and Directors	11
	Section 1.08	Conflict with Trust Indenture Act	11
	Section 1.09	Effect of Headings and Table of Contents	12
	Section 1.10	Successors and Assigns	12
	Section 1.11	Separability Clause	12
	Section 1.12	Benefits of Indenture	12
	Section 1.13	Governing Law	12
	Section 1.14	Cross References	12
	Section 1.15	Counterparts	12
	Section 1.16	Legal Holidays	13
	Section 1.17	Securities in Foreign Currencies	13
	Section 1.18	Force Majeure	13

 

ARTICLE Two

 

SECURITY FORMS

 

	Section 2.01	Forms Generally	13
	Section 2.02	Form of Certificate of Authentication	14
	Section 2.03	Securities in Global Form	14

 

ARTICLE Three

 

THE SECURITIES

 

	Section 3.01	Amount Unlimited; Issuable in Series	15
	Section 3.02	Denominations	18
	Section 3.03	Initial Securities and Exchange Securities	18
	Section 3.04	Authentication and Dating	18
	Section 3.05	Execution of Securities	20
	Section 3.06	Exchange and Registration of Transfer of Securities	21
	Section 3.07	Mutilated, Destroyed, Lost or Stolen Securities	23
	Section 3.08	Temporary Securities	24
	Section 3.09	Payment of Interest; Interest Rights Preserved	25
	Section 3.10	Persons Deemed Owners	26
	Section 3.11	Cancellation	26
	Section 3.12	Computation of Interest	27
	Section 3.13	CUSIP Numbers	27
	Section 3.14	Notice of Tax Issue Price	27

 

    ii

     

    

 

ARTICLE Four

 

REDEMPTION OF SECURITIES

 

	Section 4.01	Applicability of Article	27
	Section 4.02	Election to Redeem; Notice to Trustee	28
	Section 4.03	Selection by Trustee of Securities to Be Redeemed	28
	Section 4.04	Notice of Redemption	28
	Section 4.05	Deposit of Redemption Price	29
	Section 4.06	Securities Payable on Redemption Date	29
	Section 4.07	Securities Redeemed in Part	30

 

ARTICLE Five

 

SINKING FUNDS

 

	Section 5.01	Applicability of Article	30
	Section 5.02	Satisfaction of Mandatory Sinking Fund Payments with Securities	30
	Section 5.03	Redemption of Securities for Sinking Fund	31

 

ARTICLE Six

 

SATISFACTION AND DISCHARGE

 

	Section 6.01	Satisfaction and Discharge of Indenture	32
	Section 6.02	Satisfaction, Discharge and Defeasance of Securities of any Series	34
	Section 6.03	Application of Trust Money	35
	Section 6.04	Paying Agent to Repay Moneys Held	35
	Section 6.05	Return of Unclaimed Moneys	36

 

ARTICLE Seven

 

REMEDIES

 

	Section 7.01	Events of Default	36
	Section 7.02	Acceleration of Maturity; Rescission and Annulment	37
	Section 7.03	Collection of Indebtedness and Suits for Enforcement by Trustee	38
	Section 7.04	Trustee May File Proofs of Claim	39
	Section 7.05	Trustee May Enforce Claims without Possession of Securities	40
	Section 7.06	Application of Money Collected	40
	Section 7.07	Limitation on Suits	40
	Section 7.08	Unconditional Right of Holders to Receive Principal, Premium and Interest	41
	Section 7.09	Restoration of Rights and Remedies	41
	Section 7.10	Rights and Remedies Cumulative	42
	Section 7.11	Delay or Omission Not Waiver	42
	Section 7.12	Control by Holders	42
	Section 7.13	Waiver of Past Defaults	42
	Section 7.14	Undertaking for Costs	43
	Section 7.15	Waiver of Stay or Extension Laws	43

 

    iii

     

    

 

ARTICLE Eight

 

THE TRUSTEE

 

	Section 8.01	Certain Duties and Responsibilities	43
	Section 8.02	Notice of Defaults	45
	Section 8.03	Certain Rights of Trustee	45
	Section 8.04	Not Responsible for Recitals or Issuance of Securities	47
	Section 8.05	May Hold Securities	47
	Section 8.06	Money Held in Trust	47
	Section 8.07	Compensation and Reimbursement	47
	Section 8.08	Disqualification; Conflicting Interests	48
	Section 8.09	Corporate Trustee Required; Different Trustees for Different Series; Eligibility	48
	Section 8.10	Resignation and Removal; Appointment of Successor	49
	Section 8.11	Acceptance of Appointment by Successor	50
	Section 8.12	Merger, Conversion, Consolidation or Succession to Business	51
	Section 8.13	Preferential Collection of Claims against Company	51
	Section 8.14	Authenticating Agent	51

 

ARTICLE Nine

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

	Section 9.01	Company to Furnish Trustee Names and Addresses of Holders	52
	Section 9.02	Preservation of Information; Communications to Holders	53
	Section 9.03	Reports by Trustee	54
	Section 9.04	Reports by Company	54

 

ARTICLE Ten

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

	Section 10.01	Company May Consolidate, etc., Only on Certain Terms	55
	Section 10.02	Successor Corporation Substituted	56

 

    iv

     

    

 

ARTICLE Eleven

 

SUPPLEMENTAL INDENTURES

 

	Section 11.01	Supplemental Indentures without Consent of Holders	56
	Section 11.02	Supplemental Indentures with Consent of Holders	58
	Section 11.03	Execution of Supplemental Indentures	59
	Section 11.04	Notice of Supplemental Indenture	59
	Section 11.05	Effect of Supplemental Indentures	59
	Section 11.06	Conformity with Trust Indenture Act	59
	Section 11.07	Reference in Securities to Supplemental Indentures	60

 

ARTICLE Twelve COVENANTS

 

	Section 12.01	Payment of Principal, Premium and Interest	60
	Section 12.02	Maintenance of Office or Agency	60
	Section 12.03	Money for Securities Payments to Be Held in Trust.	61
	Section 12.04	Payment of Taxes and Other Claims	62
	Section 12.05	Statement as to Compliance	62
	Section 12.06	Corporate Existence	62
	Section 12.07	Restrictions on the Creation of Mortgages and Liens	62
	Section 12.08	Permit No Vacancy in Office of Trustee	64
	Section 12.09	Other Instruments and Acts	64
	Section 12.10	Waiver	64
	 	 	 
	Appendix A	Provisions Relating to Initial
  Securities and Exchange Securities	A-1
	Appendix B	Form of Certificate of Transfer	B-1
	Appendix C	Form of Free Transferability
  Certificate	C-1

 

    v

     

    

 

INDENTURE, dated as of December
2, 2021, between AMERICAN EXPRESS COMPANY, a New York corporation, having its principal office at 200 Vesey Street, New York, New York
10285 (the “Company”), and The Bank of New York Mellon, a New York banking corporation, having its corporate trust office
at 240 Greenwich Street, New York, New York 10286, as trustee hereunder (the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company is authorized
to borrow money for its corporate purposes and to issue debentures, notes or other evidences of unsecured indebtedness therefor; and for
its corporate purposes, the Company has determined to make and issue its debentures, notes or other evidences of unsecured indebtedness
to be issued in one or more series (the “Securities”), as hereinafter provided, up to such principal amount or amounts as
may from time to time be authorized by or pursuant to the authority granted in one or more resolutions of the Board of Directors.

 

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

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

That, in consideration of
the premises and of the mutual covenants herein contained and of the purchase and acceptance of the Securities by the holders thereof
and of the sum of One Dollar to the Company duly paid by the Trustee at or before the ensealing and delivery of these presents, and for
other valuable considerations, the receipt whereof is hereby acknowledged, and in order to declare the terms and conditions upon which
the Securities are to be issued, IT IS HEREBY COVENANTED, DECLARED AND AGREED, by and between the parties hereto, that all the Securities
are to be executed, authenticated and delivered subject to the further covenants and conditions hereinafter set forth; and the Company,
for itself and its successors, does hereby covenant and agree to and with the Trustee and its successors in said trust, for the benefit
of those who shall hold the Securities, or any of them, as follows:

 

ARTICLE
One

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
1.01          Definitions.

 

For all purposes of this Indenture,
of all indentures supplemental hereto and all Securities issued hereunder except as otherwise expressly provided or unless the context
otherwise requires: (a) the terms defined in this Article shall have the meanings assigned to them in this Article, and include the plural
as well as the singular; (b) all terms used in this Indenture, in any indenture supplemental hereto or in any such Securities that are
defined in the Trust Indenture Act shall have the meanings assigned to them in said Act; and (c) all accounting terms not otherwise defined
herein or in such Securities shall have the meanings assigned to them in accordance with generally accepted accounting principles in effect
at the date of computation.

 

     

     

    

 

Certain terms used in Article
Eight hereof are defined in that Article.

 

“Act”
when used with respect to any Holder has the meaning specified in Section 1.04 hereof.

 

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

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Security, the rules and procedures of the
Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Assistant Controller”
means any deputy, associate or assistant (or any person performing similar functions) to the Controller.

 

“Assistant Treasurer”
means any deputy, associate or assistant (or any person performing similar functions) to the Treasurer.

 

“Assistant Secretary”
means any deputy, associate or assistant (or any person performing similar functions) to the Secretary.

 

“Authenticating
Agent:” See Section 8.14 hereof.

 

“Authorized Officers:”
See Section 1.05 hereof.

 

“Authorized
Newspaper” means a newspaper of general circulation in the same city in which the Place of Payment with respect to Securities
of a series shall be located or in the Borough of Manhattan, The City of New York, printed in the English language and customarily published
on each Business Day, whether or not published on Saturdays, Sundays or holidays. Whenever successive weekly publications in an Authorized
Newspaper are required hereunder, they may be made (unless otherwise expressly provided herein) on the same or different days of the week
and in the same or in different Authorized Newspapers.

 

“Bearer
Rules” means the provisions of the Internal Revenue Code, in effect from time to time, governing the treatment of bearer
obligations and any regulations thereunder including, to the extent applicable to any series of Securities, proposed or temporary regulations.

 

“Board
of Directors” means either the board of directors of the Company or any committee of that board duly authorized to act
hereunder or any duly authorized directors and/or officers of the Company to whom that board or committee shall have delegated its authority.

 

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

 

    2

     

    

 

“Business
Day” means any day that is not a Saturday or Sunday or any other day on which banks in New York City are authorized or
obligated by law or regulation to close.

 

“Certificate
of Authentication:” See Section 2.02.

 

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

 

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

 

“Company
Consent,” “Company Order” and “Company
Request” mean, respectively, a written consent, order or request signed in the name of the Company by any one of its
Officers and delivered to the Trustee.

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business
shall be principally administered, which office of The Bank of New York Mellon, at the date of the execution of this Indenture, is located
at 240 Greenwich Street, 7th Floor, New York, New York 10286, Attn: Corporate Trust Administration.

 

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

 

“Debt”
of any Person at any date means all obligations which in accordance with generally accepted accounting principles would be included in
determining total liabilities as shown on the liabilities side of the balance sheet of such Person at such date. Such term shall include
all obligations of such Person guaranteeing any Debt of any third Person (any such obligation being herein called a “Guarantee”).

 

“Defaulted
Interest:” See Section 3.09 hereof.

 

“Depositary”
when used with respect to the Securities of any series issuable or issued, in whole or in part, in the form of a Global Security, means
the Person designated as Depositary by the Company pursuant to Section 3.01 until a successor Depositary shall have been designated pursuant
to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then
a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities
of any such series shall mean the Depositary with respect to the Securities of that series.

 

“Dollars”
and the sign “$” mean the coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.

 

“Electronic Means”
shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable
authorization codes,passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee
as available for use in connection with its services hereunder.

 

    3

     

    

 

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

 

“Exchange Securities:”
See Appendix A hereto.

 

“Event
of Default:” See Section 7.01 hereof.

 

“Federal
Bankruptcy Code:” See Section 7.01 hereof.

 

“Foreign
Currency” means any currency issued by the government of any country other than the United States of America or any composite
currency (including, without limitation, the Euro).

 

“Global
Security” means a Security issued to evidence all or a part of any series of Securities that is executed by the Company
and authenticated and delivered to the Depositary or pursuant to the Depositary’s instructions, all in accordance with this Indenture
and pursuant to a Company Order, which shall be registered in the name of the Depositary or its nominee.

 

“Guarantee:”
See definition of “Debt.”

 

“Holder”
means, unless otherwise established as contemplated by Section 3.01 with respect to the Securities of any series, a Person in whose name
a Security of any series is registered in the Securities Register for the Securities of such series.

 

“Indenture”
means this instrument as originally executed, or as it may be amended or supplemented from time to time as herein provided, and shall
include the form and terms of particular series of Securities established as contemplated hereunder.

 

“Initial Securities:”
See Appendix A hereto.

 

“interest”
when used with respect to any non-interest bearing Security means interest payable after Maturity thereto.

 

“Interest
Payment Date” means the Stated Maturity of an installment of interest on the Securities of any series.

 

“Lien:”
See Section 12.07 hereof.

 

“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, pursuant to a sinking fund, notice of
option to elect repayment or otherwise.

 

“Members:”
See Section 3.05(e) hereof.

 

    4

     

    

 

“Offering
Document” means any offering circular, offering memorandum, prospectus or similar offering document delivered in respect
of an offering of one or more series of Securities issued pursuant to this Indenture.

 

“Officer’s
Certificate” means a certificate of the Company signed by any one of its Officers and delivered to the Trustee. Wherever
this Indenture requires that an Officer’s Certificate be signed also by an accountant or other expert, such accountant or other
expert (except as otherwise expressly provided in this Indenture) may be in the employ of the Company.

 

“Officer”
means the Chairman of the Board, any one of the Vice Chairmen, the President, any one of the Vice Presidents, the Treasurer, any one of
the Assistant Treasurers, the Controller, any one of the Assistant Controllers, the Secretary or any one of the Assistant Secretaries
of the Company.

 

“Opinion
of Counsel” means a written opinion of the General Counsel or Counsel of the Company, or other counsel for the Company
who may be an employee of the Company.

 

“Original
Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration pursuant to Section 7.02 hereof.

 

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

 

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

 

(b)          Securities
or portions thereof for whose payment or redemption the necessary amount of money or other trust funds, including trust funds established
under Section 6.01 or 6.02 hereof, has been theretofore deposited with the Trustee or any Paying Agent (other than the Company or any
other obligor on the Securities) in trust for the Holders of such Securities or shall have been set aside and segregated in trust by
the Company or any other obligor on the Securities (if the Company or any other obligor on the Securities shall act as its own Paying
Agent) for the Holders of such Securities; provided, however, that, if such Securities or portions thereof are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;
and

 

(c)          Securities which have been paid pursuant to Section 3.07 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of
the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of Securities Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, (i) Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that,
in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded
(Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor), and (ii) the principal
amount of an Original Issue Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration pursuant to
Section 7.02 hereof.

 

    5

     

    

 

“Overdue
Rate” with respect to any series of the Securities means the rate designated as such in or pursuant to a Board Resolution
or supplemental indenture, as the case may be, relating to such series as contemplated by Section 3.01 hereof, or if not so designated,
the rate of interest, if any, on such series of Securities.

 

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

 

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

 

“Place
of Payment” when used with respect to the Securities of any series, means the place or places where the principal of
(and premium, if any) and interest, if any, on the Securities of such series are payable as specified as contemplated by Section 3.01
or, if not so specified, as specified in Section 12.02.

 

“Principal
Subsidiary” of the Company means the following so long as they continue to be a Subsidiary: American Express Travel Related
Services Company, Inc. and any one or more Subsidiaries of the Company that shall succeed to all or substantially all of the business
of such Subsidiary or succeed to the ownership of all or substantially all of the property and assets of such Subsidiary.

 

“record
date:” See Section 3.09 hereof.

 

“Redemption
Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption in or pursuant
to a Board Resolution or supplemental indenture, as the case may be, with respect to the Securities of such series as contemplated by
Section 3.01 hereof.

 

“Redemption
Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant
to a Board Resolution or supplemental indenture, as the case may be, with respect to the Securities of such series as contemplated by
Section 3.01 hereof, exclusive of interest accrued and unpaid to the Redemption Date.

 

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

 

    6

     

    

 

“Securities:”
See RECITALS OF THE COMPANY herein. For the avoidance of doubt, references to the Securities of any series refer to the Initial Securities
and Exchange Securities of such series treated as a single class.

 

“Securities
Register” and “Securities Registrar:” See Section 3.06 hereof.

 

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

 

“Subsidiary”
of any Person means (i) any corporation of which such Person at the time owns or controls, directly or through an intervening medium,
more than fifty per cent (50%) of each class of outstanding Voting Stock, (ii) any limited liability company, general partnership, joint
venture, joint stock company or similar entity, of which such Person at the time owns or controls, directly or indirectly, more than fifty
per cent (50%) of its outstanding partnership, membership or similar voting interests, as the case may be and (iii) any limited partnership
of which such Person, directly or indirectly, is a general partner, and unless otherwise specified shall mean a Subsidiary of the Company.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument and, subject to the provisions of
Article Eight hereof, shall also include its successors and assigns as Trustee hereunder. If there shall be at any one time more than
one Trustee hereunder, “Trustee” shall mean each such Trustee and shall apply to each such Trustee only with respect
to those series of the Securities with respect to which it is serving as Trustee.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this instrument
was executed, except as provided in Section 11.06 hereof.

 

“U.S.
Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and which shall also include
a depository receipt issued by a commercial bank or trust company as custodian with respect to any such obligation set forth in (i) or
(ii) above or a specific payment of interest on or principal of any such obligation held by such custodian for the account of the holder
of a depository receipt; provided, however, 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
obligation evidenced by such depository receipt or the specific payment of interest on or principal of such obligation.

 

    7

     

    

 

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

 

“Voting
Stock” means stock of the class or classes having general voting power under ordinary circumstances to elect at least
a majority of the board of directors, managers or trustees of such corporation (irrespective of whether or not at the time stock of any
other class or classes shall have or might have voting power by reason of the happening of any contingency).

 

Section
1.02          Compliance
Certificates and Opinions.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
1.03          Form
of Documents Delivered to Trustee.

 

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

 

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

 

    8

     

    

 

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

 

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

 

Section
1.04          Act
of Holders.

 

(a)          Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Company. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section 8.01 hereof) conclusive in favor of the Trustee and the
Company, if made in the manner provided in this Section 1.04.

 

(b)          The
fact and date of the execution by any Person of any such instrument or writing, or the authority of the Person executing the same, may
be proved in any manner which the Trustee deems sufficient and in accordance with such reasonable requirements as the Trustee may determine.

 

(c)          The ownership of Securities of any series shall be proved by the Securities Register.

 

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

 

(e)          The Company may set a record date for purposes of determining the identity of Holders entitled to vote or consent or take any other
action under this Indenture, which record date shall not be more than 60 days nor less than 10 days prior to the solicitation with respect
thereto, and only such Holders shall be so entitled.

 

    9

     

    

 

Section
1.05          Notices,
etc., to Trustee and Company.

 

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

 

(a)          the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Trustee at its Corporate Trust Office, or

 

(b)          the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (except as provided in Subsection (d)
of Section 7.01 hereof) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the
Company.

 

The Trustee shall have
the right to accept and act upon instructions, given pursuant to this Agreement and delivered by the Company using Electronic Means
(“Instructions”); provided, however, that the Company shall provide to the Trustee an incumbency certificate listing
officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of
such Authorized Officers, which incumbency certificate shall be amended by the Issuer whenever a person is to be added or deleted
from the listing. The Issuer understands and agrees that the Trustee cannot determine the identity of the actual sender of such
Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer
listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be
responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all
Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes,
passwords and/or authentication keys upon receipt by the Company. For the avoidance of doubt, Section 8.03(a) hereof shall apply to
Instructions provided by the Company to the Trustee using Electronic Means. The Company agrees: (i) to assume all risks arising out
of the use by the Company of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully
informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there
may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security
procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee upon learning of any
compromise or unauthorized use of the security procedures.

 

    10

     

    

 

Section
1.06          Notice
to Holders; Waiver.

 

Where this Indenture provides
for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Securities Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice
to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders. Any notice mailed in the manner prescribed by this Indenture
shall be deemed to have been given whether or not such Holder receives said notice. In case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made
with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section
1.07          Immunity
of Incorporators; Stockholders, Officers and Directors.

 

No recourse shall be had for
the payment of the principal of (and premium, if any) or the interest, if any, on any Security of any series, or for any claim based thereon,
or upon any obligation, covenant or agreement of this Indenture, against any incorporator, stockholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, either directly or indirectly through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise;
it being expressly agreed and understood that this Indenture and all the Securities of each series are solely corporate obligations, and
that no personal liability whatever shall attach to, or is incurred by, any incorporator, stockholder, officer or director, past, present
or future, of the Company or of any successor corporation, either directly or indirectly through the Company or any successor corporation,
because of the incurring of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities of each series, or to be implied herefrom or therefrom; and that all such personal
liability is hereby expressly released and waived as a condition of, and as part of the consideration for, the execution of this Indenture
and the issue of the Securities of each series.

 

Section
1.08          Conflict
with Trust Indenture Act.

 

If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the
Trust Indenture Act, such required provision shall control.

 

    11

     

    

 

Section
1.09          Effect
of Headings and Table of Contents.

 

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

 

Section
1.10          Successors
and Assigns.

 

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

 

Section
1.11          Separability
Clause.

 

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

 

Section
1.12          Benefits
of Indenture.

 

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

 

Section
1.13          Governing
Law.

 

This Indenture and each Security
shall be deemed to be a contract made under the laws of the State of New York and this Indenture and each Security for all purposes shall
be governed by and construed in accordance with the laws of the State of New York.

 

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
1.14          Cross
References.

 

All references herein to “Articles”
and other subdivisions are to the corresponding Articles or other subdivisions of this Indenture; and the words “herein,”
 “hereof,” “hereby,” “hereunder,” “hereinbefore” and “hereinafter”
and other words of similar purport refer to this Indenture generally and not to any particular Article, Section or other subdivision hereof.

 

Section
1.15          Counterparts.

 

This Indenture may be executed
in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument. Each party agrees that this Indenture may be electronically or digitally signed, and that any such electronic or digital signatures
appearing on this Indenture are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

 

    12

     

    

 

Section
1.16          Legal
Holidays.

 

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

 

Section
1.17          Securities
in Foreign Currencies.

 

Whenever this Indenture provides
for any action by, or any distribution to, Holders of Securities denominated in Dollars and in any Foreign Currency, in the absence of
any provision to the contrary established as contemplated by Section 3.01 for the Securities of any particular series, any amount in respect
of any Security denominated in a Foreign Currency shall be treated for any such action or distribution as that amount of Dollars that
could be obtained for such amount on such reasonable basis of exchange and as of such date as the Company may specify in a Company Order.

 

The Trustee shall segregate
moneys, funds and accounts held by the Trustee in one currency or currency unit from any moneys, funds or accounts in any other currencies
or currency units, notwithstanding any provision herein which would otherwise permit the Trustee to commingle such amounts.

 

Section
1.18          Force
Majeure.

 

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

 

ARTICLE
Two

SECURITY FORMS

 

Section
2.01          Forms
Generally.

 

The Securities of each series
shall be in substantially the form as shall be established by or pursuant to the authority granted in a Board Resolution or in one or
more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters,numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with any law or with any rules made pursuant thereto or with any rules of any securities
exchange or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of
such Securities.

 

    13

     

    

 

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

 

Section
2.02          Form
of Certificate of Authentication.

 

The Certificate of Authentication
on all Securities shall be in substantially the following form:

 

Date:                          

 

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

 

	 	The Bank of New York Mellon,as Trustee
	 	
	 	 
	 	By	[Authorized Officer or Authorized Signatory]
	 	 
	 	or
	 	 
	 	 
	 	By	[As Authenticating Agent]
	 	 
	 	 
	 	By	[Authorized Officer or Authorized Signatory]

 

Section 2.03          Securities in Global Form.

 

If any Security of a
series is issuable as a Global Security (in whole or in part), such Global Security may provide that it shall represent the
aggregate principal amount of Outstanding Securities of such series from time to time represented thereby in the records of the
Trustee or endorsed thereon and may also provide that the aggregate principal amount of Outstanding Securities of such series
represented thereby in the records of the Trustee or endorsed thereon may from time to time be reduced or increased. Any change in
the records of the Trustee or any endorsement of a Global Security to reflect the aggregate principal amount, or any increase or
decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee in accordance with provisions
established as contemplated by Section 3.01.

 

    14

     

    

 

  

ARTICLE
Three

 

THE SECURITIES

 

Section
3.01       Amount
Unlimited; 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. There shall be established in or pursuant to a Board Resolution or one or more indentures supplemental hereto,
prior to the issuance of any Securities of any series (except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections 3.06, 3.07, 3.08, 4.07, 11.07 or Appendix
A hereof):

 

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

 

(b)       any
limit upon the aggregate principal amount of the Securities of such series that may be authenticated and delivered under this Indenture;

 

(c)      the
date or dates (or manner of determining the same) on which the principal of and premium, if any, on the Securities of such series is
payable (which if so provided in or pursuant to the authority granted in such Board Resolution or supplemental indenture, may be determined
by the Company from time to time and set forth in the Securities of the series issued from time to time);

 

(d)       the Persons to whom interest on Securities of such series shall be payable, if other than the Persons in whose names such Securities
are registered at the close of business on the record date for such interest;

 

(e)       the
rate or rates (or manner of determining the same) at which the Securities of such series shall bear interest, if any, the date or dates
from which such interest shall accrue (which, in either case or both, if so provided in or pursuant to the authority granted in such
Board Resolution or supplemental indenture, may be determined by the Company from time to time and set forth in the Securities of the
series issued from time to time), the Interest Payment Dates on which such interest shall be payable (or manner of determining the same)
and, if other than as set forth in Section 3.09 hereof, the record date for the determination of Holders to whom interest is payable
and the basis upon which interest shall be calculated if other than as set forth in Section 3.12;

 

(f)        the
place or places at which (i) the principal of and premium, if any, and interest, if any, on Securities of such series shall be
payable if other than as set forth in the third sentence of Section 12.02, (ii) registration of transfer of Securities of such
series may be effected, (iii) exchanges of Securities of such series may be effected and (iv) notice and demands to or upon the
Company in respect of the Securities of such series and this Indenture may be served; and if such is the case, that the principal of
such Securities shall be payable without the presentment or surrender thereof;

 

    15

     

    

 

(g)       the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of such series
may be redeemed, in whole or in part, at the option of the Company, at the option of a Holder or otherwise;

 

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

 

(i)        if other than Dollars, the Foreign Currency in which payment of the principal of, premium, if any, and interest, if any, on the
Securities of such series shall be payable or in which such Securities will be denominated;

 

(j)        if the principal of, premium, if any, or interest, if any, on the Securities of such series are to be payable, at the election
of the Company or a Holder thereof, in a coin or currency (which may be a composite currency) other than that in which such Securities
are stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made;

 

(k)       if denominated or payable in any coin or currency, including composite currencies, other than Dollars, or if the terms of the Securities
provide that the principal amount thereof payable at maturity may be more or less than the principal face amount thereof at original issuance,
the method by which the Securities of such series shall be valued, which may be any reasonable method, against the Securities of all other
series for voting, the giving of any request, demand, authorization, direction, notice, consent or waiver, distribution and all other
purposes hereof and any provisions required for purposes of applying Sections 6.01, 6.02 and 12.07(b) hereof;

 

(l)        if the amount of payments of principal of and premium, if any, or interest, if any, on the Securities of such series may be determined
with reference to an index, the formula or other method (which may be based on one or more currencies (including a composite currency),
commodities, equity indices or other indices), and the manner in which such amounts shall be determined;

 

(m)       if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which Securities
of such series shall be issuable;

 

(n)       if other than the principal amount thereof, the portion of the principal amount of Securities of such series that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 7.02 hereof or the method by which such portion shall be
determined;

 

    16

     

    

 

(o)       any addition to, or modification or deletion of, any Event of Default or any covenant of the Company specified herein with respect
to the Securities of such series;

 

(p)       if other than the rate of interest, if any, stated in the title of the Securities of such series, the applicable Overdue Rate;

 

(q)       if the Securities of such series do not bear interest, the applicable dates for purposes of Section 9.01 hereof;

 

(r)       the
inapplicability, if such is to be the case, to the Securities of such series of Section 6.02 relating to satisfaction, discharge and
defeasance of Securities and any modification to Section 6.02;

 

(s)       if other than The Bank of New York Mellon is to act as Trustee for the Securities of such series, the name and Corporate Trust
Office of such Trustee;

 

(t)       whether the Securities of such series shall be issued in whole or in part in the form of a Global Security or Securities and, in
such case the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for definitive
Securities, the Depositary for such Global Security or Securities (which shall be a clearing agency registered under the Exchange Act,
or any other applicable statute or regulation, to the extent required thereunder), whether such Global Security shall be permanent or
temporary, any limitations on the rights of the Holder or Holders to transfer or exchange the same or to obtain the registration of transfer
thereof in addition to or in lieu of those set forth in Section 3.06 of this Indenture and Section 2.3 of Appendix A to this Indenture,
any limitations on the rights of the Holder or Holders thereof to obtain certificates in definitive form, and, the provisions for determining
the aggregate principal amount of Outstanding Securities from time to time represented thereby and any and all matters incidental to such
Global Security or Securities;

 

(u)       whether
such Securities shall be issued in the form of Initial Securities subject to Appendix A to this Indenture or in the form of Exchange
Securities;

 

(v)       if the Securities of such series may be converted into or exchanged for other securities of the Company or any other Persons, the
terms and conditions pursuant to which the Securities of such series may be converted or exchanged;

 

(w)      if
the principal of or premium, if any, or interest, if any, on the Securities of such series are to be payable, at the election of the
Company or a Holder thereof, in securities or other property, the type and amount of such securities or other property, or the method
by which such amount shall be determined, and the periods within which, and the terms and conditions upon which, any such election may
be made;

 

(x)       if the Securities of any such series are to be issuable as bearer securities, any and all matters incidental thereto;

 

    17

     

    

 

(y)       if the Securities of such series are to be issued upon the exercise of a warrant or right, the time, manner and place for such
Securities to be authenticated and delivered; and

 

(z)       any
other terms of the Securities of such series (which terms shall not be inconsistent with the provisions of this Indenture, shall conform
to any applicable requirements of the Trust Indenture Act, and shall not materially adversely affect the rights of the Holders of Securities
then outstanding).

 

All Securities of any one
series shall be substantially identical except (i) as to denomination, (ii) as to restrictions on transfer as may relate to Exchange Securities
issued in exchange for Initial Securities as provided in Appendix A to this Indenture and (iii) except as may otherwise be provided in
or pursuant to the authority granted in such Board Resolution or in any such indenture supplemental hereto. All Securities of any one
series need not be issued at the same time, and, unless otherwise provided, a series may be reopened for issuance of additional Securities
of such series.

 

Section
3.02       Denominations.

 

Unless otherwise established
as contemplated by Section 3.01, the Securities of each series shall be issuable only in registered form without coupons in such denominations
as shall be specified as contemplated by Section 3.01 hereof. In the absence of any such specification with respect to the Securities
of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

 

Section
3.03       Initial
Securities and Exchange Securities.

 

Provisions relating to the
Initial Securities and the Exchange Securities of each series of Securities that shall be issued pursuant to this Indenture are set forth
in Appendix A, which is hereby incorporated in and expressly made part of this Indenture. Securities of each series may have notations,
legends or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or usage, provided that
any such notation, legend or endorsement is in a form reasonably acceptable to the Company.

 

Section
3.04       Authentication
and Dating.

 

At any time and from time
to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to
the Trustee for authentication. Except as otherwise provided in this Article or in Appendix A to this Indenture, the Trustee shall thereupon
authenticate and deliver, or cause to be authenticated and delivered, said Securities pursuant to a Company Order. Securities shall be
dated the date of their authentication. In authenticating (or causing authentication of) such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be provided with, and (subject to Sections 8.01
and 8.03 hereof) shall be fully protected in relying upon:

 

    18

     

    

 

(a)       a Board Resolution
relating thereto and, if applicable, an appropriate record of any action taken pursuant to such resolution, in each case certified by
the Secretary or an Assistant Secretary of the Company;

 

(b)       an
executed supplemental indenture, if any, relating thereto;

 

(c)       an Officer’s Certificate setting forth the form and terms of the Securities of such series established pursuant to Sections
2.01 and 3.01 hereof (to the extent not set forth in the documents delivered pursuant to Subsections 3.04(a) or 3.04(b)) and stating that
all conditions precedent provided for in this Indenture relating to the issuance of such Securities have been complied with, that no Event
of Default with respect to any series of Securities has occurred and is continuing and that the issuance of such Securities is not and
will not result in (i) an Event of Default or an event or condition that, upon the giving of notice (or the acquisition of knowledge)
or the lapse of time or both, would become an Event of Default or (ii) a default under the provisions of any other material instrument
or agreement by which the Company is bound; and

 

(d)       an
Opinion of Counsel stating

 

(i)       that
the form and the terms of such Securities have been established by or pursuant to the authority granted in a Board Resolution or by a
supplemental indenture as permitted by Sections 2.01 and 3.01 hereof in conformity with the provisions of this Indenture;

 

(ii)      that
such Securities, when executed and delivered by the Company, and authenticated and delivered by or on behalf of the Trustee in the manner
and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company entitled
to the benefits of the Indenture and enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization and, moratorium and other similar laws relating to or affecting creditors’ rights generally and to general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and an implied covenant
of good faith and fair dealing and to such other qualifications as such counsel shall conclude do not materially affect the rights of
Holders of such Securities;

 

(iii)     that
the Company has the corporate power to issue such Securities, and has duly taken all necessary corporate action with respect to such
issuance;

 

(iv)     that
the issuance of such Securities will not contravene the charter or by-laws of the Company or result in any violation of any of the terms
or provisions of any applicable law or regulation that would normally be applicable to general business entities with respect to such
issuance or result in any material violation of any indenture, mortgage or other agreement known to such counsel by which the Company
or any of its subsidiaries is bound;

 

(v)      that,
solely with respect to the issuance of Exchange Securities, this Indenture is qualified under the Trust Indenture Act; and

 

(vi)       such other matters as the Trustee may reasonably request.

 

    19

     

    

 

The Trustee shall have the
right to decline to authenticate and deliver, or cause to be authenticated and delivered, any Securities under this Section 3.04 if the
Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine
that such action would expose the Trustee to personal liability to existing Holders.

 

Each Security shall be dated
the date of its authentication.

 

Section
3.05       Execution
of Securities.

 

(a)       The
Securities shall be signed in the name and on behalf of the Company by the manual, facsimile or electronic signatures of its Chairman
of the Board, any one of its Vice Chairmen, its President or any one of its Vice Presidents and attested to by its Secretary or any one
of its Assistant Secretaries, whose signatures may be manual, facsimile or electronic. Only such Securities as shall bear thereon a certificate
of authentication substantially in the form hereinbefore recited, executed by or on behalf of the Trustee by manual, facsimile or electronic
signature, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by or on behalf
of the Trustee upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been duly
authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

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

 

    20

     

    

 

(c)       If
the Company shall establish pursuant to Section 3.01 that the Securities of a series are to be issued in whole or in part in the
form of one or more Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver one or more
Global Securities that (i) shall represent an aggregate amount equal to the aggregate principal amount of the Outstanding Securities
of such series to be represented by such Global Securities, (ii) shall be registered, if in registered form, in the name of the
Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such
Depositary or pursuant to such Depositary’s instruction and (iv) shall bear a legend substantially to the following effect:
 “This note is a global note within the meaning of the indenture hereinafter referred to and is registered in the name of the
Depositary or a nominee thereof. Unless and until it is exchanged in whole or in part for notes in certificated form, this note 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 a nominee of the Depositary to a successor of the
Depositary or a nominee of such successor. Unless this note is presented by an authorized representative of the Depositary to the
Company or its agent for registration of transfer, exchange or payment, and any note issued is registered in the name of Cede &
Co. or to such other entity as is requested by an authorized representative of the Depositary (and any payment is made to Cede &
Co. or to such other entity as is requested by an authorized representative of the Depositary), any transfer, pledge or other use
hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.” The aggregate principal amount of each Global Security may from time to time be increased or decreased by
adjustments made on the records of the Depositary for such Global Security or Securities or the nominee of such Depositary, as
provided in this Indenture.

 

(d)       Each
Depositary designated pursuant to Section 3.01 for a Global Security in registered form must, at the time of its designation and at all
times while it serves as such Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or
regulation.

 

(e)       Members of, or participants in, the Depositary (“Members”) shall have no rights under this Indenture with respect to
any Global Security held on their behalf by the Depositary or by the Securities Registrar under such Global Security, and the Depositary
may be treated by the Company, the Trustee, the Paying Agent and the Securities Registrar and any of their agents as the absolute owner
of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee,
the Paying Agent or the Securities Registrar or any of their agents from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or impair, as between the Depositary and its Members, the operation of customary practices of the Depositary
governing the exercise of the rights of an owner of a beneficial interest in any Global Security. The registered holder of a Global Security
may grant proxies and otherwise authorize any Person, including Members and Persons that may hold interests through Members, to take any
action that a Holder is entitled to take under this Indenture or the Securities.

 

Section
3.06       Exchange
and Registration of Transfer of Securities.

 

Securities of any series (except for Global Securities,
which may only be exchanged in the limited circumstances described below) may be exchanged for Securities of like tenor and aggregate
principal amount of the same series of other authorized denominations, subject to the provisions of Appendix A to this Indenture. Unless
otherwise established as contemplated by Section 3.01, Securities to be exchanged shall be surrendered at any of the offices or agencies
of the Company maintained as provided in Section 12.02 hereof for such purpose, and the Company shall execute and register, or cause to
be registered, and the Trustee shall authenticate and deliver, or cause to be authenticated and delivered, in exchange therefor the Security
or Securities which the Holder making such exchange shall be entitled to receive.

 

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Unless otherwise established as contemplated by Section
3.01, the Company shall keep, at said office or agency in the same city in which the Corporate Trust Office of the Trustee is located,
a register for each series of Securities issued hereunder (the register maintained at such office or agency being referred to as the “Securities
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Securities of such series and registration of transfer of such Securities as provided in this Article. The Securities Register shall
be in written form or in any other form capable of being converted into written form within a reasonable time. The Trustee is hereby initially
appointed “Securities Registrar” for the purpose of registering Securities and registering transfers of Securities as herein
provided. Upon due presentment for registration of transfer of any Security of any series at any of the offices or agencies to be maintained
by the Company, as provided in Section 12.02 hereof, the Company shall execute and register, or cause to be registered, and the Trustee
shall authenticate and deliver, or cause to be authenticated and delivered, in the name of the transferee or transferees a new Security
or Securities of the same series in authorized denominations for an equal aggregate principal amount.

 

Every Security issued upon registration of transfer
or exchange of Securities pursuant to this Section 3.06 shall be the valid obligation of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Security or Securities surrendered upon registration of such transfer or exchange.

 

Except as provided in Appendix A to this Indenture,
all Securities presented for registration of transfer or for exchange, redemption or payment shall (if so required by the Company, the
Trustee or the Securities Registrar) be duly endorsed by, or be accompanied by, a written instrument or instruments of transfer in form
satisfactory to the Company, the Trustee and the Securities Registrar duly executed by the Holder thereof or his attorney duly authorized
in writing.

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to
Sections 3.08, 4.07 or 11.07 hereof not involving any transfer.

 

The Company shall not be required (a) to issue, register
the transfer of or exchange any Security of any series during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of Securities of such series and ending at the close of business on the day of such mailing or (b)
to register the transfer of or exchange any Security selected for redemption in whole or in part, except, in the case of any Security
to be redeemed in part, the portion thereof not to be redeemed.

 

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As provided in Section
3.05 hereof, each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated
for such Global Security or a nominee thereof and delivered to such Depositary or a custodian therefor, and each such Global
Security shall constitute a single Security for all purposes of this Indenture. Notwithstanding the foregoing and except as
otherwise specified as contemplated by Section 3.01, no Global Security shall be registered for transfer or exchange, or
authenticated or delivered, pursuant to this Section 3.06 or Sections 3.07, 3.08, 4.07 or 11.07 in the name of a Person other than
the Depositary for such Security or its nominee until (i) the Depositary with respect to a Global Security notifies the Company in
writing that it is unwilling or unable to continue as Depositary for such Global Security or the Depositary ceases to be a clearing
agency registered under the Exchange Act or other applicable statute or regulation if required thereunder, and the Company notifies
the Trustee that it is unable to locate a qualified successor Depositary, (ii) the Company executes and delivers to the Trustee a
Company Order that such Global Security shall be so transferable and exchangeable or (iii) there shall have occurred and be
continuing an Event of Default with respect to the Securities of such Series. Upon the occurrence in respect of any Global Security
of any series of any one or more of the conditions specified in clauses (i), (ii) or (iii) of the preceding sentence or such other
conditions as may be specified as contemplated by Section 3.01 for such series, the Company shall execute, and the Trustee upon
receipt of a Company Order shall authenticate and deliver, without service charge, (i) to the Depositary or to each Person specified
by such Depositary a new Security or Securities of the same series, of like tenor and terms in definitive form and of any authorized
denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial
interest in the Global Security, and (ii) to such Depositary a new Global Security of like tenor and terms and in a principal amount
equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount
of Securities delivered pursuant to clause (i).

 

Except as provided in the preceding paragraph or
in Appendix A to this Indenture, any Security authenticated and delivered upon registration of transfer or, or in exchange for, or in
lieu of, any Global Security or any portion thereof, whether pursuant to this Section 3.06, Section 3.07, 3.08, 4.07 or 11.07 or otherwise,
shall also be a Global Security. Notwithstanding any other provision of this Indenture, a Global Security may not be transferred except
as a whole by the Depositary for such Global Security to a nominee of such Depositary or to another Depositary or a nominee thereof or
by a nominee of such Depositary to such Depositary or another nominee of such Depositary or to another Depositary or a nominee thereof.

 

Upon the exchange of a Global Security for Securities
in definitive form, such Global Security shall be cancelled by the Trustee. Definitive Securities issued in exchange for a Global Security
pursuant to this Section shall either be in global form, established as contemplated by Sections 2.01 and 3.01, or shall be registered
in such names and in such authorized denominations and delivered to the Depositary or to such Persons at such addresses as the Depositary
for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee in
writing.

 

Section
3.07       Mutilated,
Destroyed, Lost or Stolen Securities.

 

In case any temporary or
definitive Security shall become mutilated or be destroyed, lost or stolen, and in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide purchaser, the Company in the case of a mutilated Security shall, and in
the case of a lost, stolen or destroyed Security may in its discretion, execute, and upon a Company Request the Trustee shall
authenticate and deliver, or cause to be authenticated and delivered, a new Security of the same series bearing a number, letter or
other distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu
of and in substitution for the Security so destroyed, lost or stolen, or if any such Security shall have become due and payable or
shall be about to become due and payable, instead of issuing a substituted Security, the Company may pay or authorize the payment of
the same without surrender thereof (except in the case of a mutilated Security). In every case the applicant for a substituted
Security shall surrender the Security to the Trustee, if mutilated, and shall furnish to the Company and to the Trustee such
security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft,
the applicant shall also furnish to the Company and to the Trustee evidence to their satisfaction of the destruction, loss or theft
of such Security and of the ownership thereof.

 

    23

     

    

 

Upon the issuance of any substituted
Security under this Section 3.07, 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 and any Authenticating
Agent) connected therewith.

 

Every substituted Security
issued pursuant to the provisions of this Section 3.07 by virtue of the fact that any Security is mutilated, destroyed, lost or stolen
shall constitute an additional contractual obligation of the Company, whether or not the mutilated, 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. All Securities shall be held and owned upon the express condition that
the foregoing provisions of this Section 3.07 are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities and shall preclude (to the extent lawful) any and all other rights or remedies with respect to the replacement or payment
of negotiable instruments or other securities without their surrender.

 

Section
3.08       Temporary
Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute and the Trustee shall authenticate and deliver, or cause to be
authenticated and delivered, temporary Securities of such series (printed, lithographed, typewritten, mimeographed or otherwise
produced). Temporary Securities shall be issuable in any authorized denomination and substantially in the form of the definitive
Securities in lieu of which they are issued but with such omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Company with the concurrence of the Trustee. Every such temporary Security shall be
executed by the Company and shall be authenticated by or on behalf of the Trustee upon the same conditions and in substantially the
same manner, and with the same effect, as the definitive Securities in lieu of which they are issued. The Company, without
unreasonable delay, will execute and deliver to the Trustee definitive Securities of such series and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor, at any of the offices or agencies of the Company maintained as
provided in Section 12.02 hereof for such purpose, and the Trustee shall authenticate and deliver, or cause to be authenticated and
delivered, in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series.
Such exchange shall be made by the Company at its own expense and without any charge therefor except that in case of any such
exchange involving any registration of transfer, the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto. Until so exchanged, the temporary Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered
hereunder.

 

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Upon any exchange of a portion
of a temporary Global Security for a definitive Global Security or for the individual Securities represented thereby pursuant to this
Section 3.08 or Section 3.06 or Appendix A hereof, the temporary Global Security shall be endorsed by the Trustee to reflect the reduction
of the principal amount evidenced thereby, whereupon the principal amount of such temporary Global Security shall be reduced for all purposes
by the amount so exchanged and endorsed.

 

Section
3.09       Payment
of Interest; Interest Rights Preserved.

 

The Holder at the close of
business on any record date with respect to any Interest Payment Date shall be entitled to receive the interest, if any, payable on such
Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange subsequent to the record date
and prior to such Interest Payment Date. Except as otherwise specified as contemplated by Section 3.01 hereof for Securities of a particular
series, the term “record date” as used in this Section 3.09 with respect to any Interest Payment Date, shall mean the last
day of the calendar month preceding such Interest Payment Date if such Interest Payment Date is the fifteenth day of the calendar month,
and shall mean the fifteenth day of the calendar month preceding such Interest Payment Date if such Interest Payment Date is the first
day of the calendar month, whether or not such day shall be a Business Day.

 

If and to the extent the Company
shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder on such record date by virtue of having been such Holder,
and such Defaulted Interest shall be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:

 

(a)       The
Company may make payment of any Defaulted Interest to the Holders at the close of business on a subsequent record date established
in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on
each Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Holders entitled to such Defaulted Interest as in this clause (a) provided. Thereupon the Trustee shall
fix a record date for the payment of such Defaulted Interest that shall not be more than 15 days and not less than 10 days prior to
the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such record date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the record date therefor to be mailed, first-class postage prepaid, to
each Holder at his address as it appears on the Securities Register, not less than 10 days prior to such record date. Notice of the
proposed payment of such Defaulted Interest and the record date therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Holders at the close of business on such record date (notwithstanding the cancellation of such Securities upon
any transfer or exchange subsequent to such record date and prior to such payment) and shall no longer be payable pursuant to the
following clause (b).

 

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

 

Subject to the foregoing provisions
of this Section 3.09, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

Section
3.10       Persons
Deemed Owners.

 

Prior to the due presentment
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
any Security is registered as the owner of such Security for the purpose of receiving payment of principal of and premium, if any and,
subject to Section 3.09 hereof, interest, if any, on such Security and for all other purposes whatsoever, whether or not such Security
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

None of the Company nor the
Trustee nor their respective agents shall have any responsibility or liability for any aspect of the records relating to or payments made
on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests or for any other aspect of the relationship between the Depositary and its participants or indirect
participants or the relationship between such participants or indirect participants and the owners of beneficial interests in the Global
Securities.

 

Section
3.11       Cancellation.

 

All Securities
surrendered for the purpose of payment, redemption, exchange or registration of transfer or for credit against any sinking fund
shall, if surrendered to the Company or any Paying Agent or any Securities Registrar, be surrendered to the Trustee and promptly
cancelled by it, or, if surrendered to the Trustee, shall be promptly cancelled by it, and no Securities shall be issued in lieu
thereof except as expressly permitted by any of the provisions of this Indenture. Notwithstanding any other provision of this
Indenture to the contrary, in the case of a series all the Securities of which are not to be originally issued at one time, a
Security of such series shall not be deemed to have been Outstanding at any time hereunder if and to the extent that, subsequent to
the authentication and delivery thereof, such Security is delivered to the Trustee for cancellation by the Company or any agent
thereof upon the failure of the original purchaser thereof to make payment therefor against delivery thereof, and any Security so
delivered to the Trustee shall be promptly cancelled by it. The Trustee shall dispose of cancelled Securities and deliver a
certificate of such disposal to the Company upon its request therefor unless, by a Company Order, the Company directs that such
cancelled Securities be returned to it. If the Company shall acquire any of the Securities, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered
to the Trustee for cancellation.

 

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Section
3.12       Computation
of Interest.

 

Except as otherwise specified
as contemplated by Section 3.01 hereof for Securities of any series, interest on the Securities of each series shall be computed on the
basis of a 360-day year of twelve 30-day months.

 

Section
3.13       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 identification numbers printed on the Securities, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP”
numbers

 

Section
3.14       Notice
of Tax Issue Price.

 

The Company intends to provide
the Trustee of each series no later than ninety (90) days after the first date of issuance of Securities of that series a written notice
specifying whether those Securities are traded on an established market for U.S. federal income tax purposes, and if so, the issue price
of those Securities for U.S. federal income tax purposes, as well as such other related information as the Company determines in its discretion
may be relevant to a Holder or beneficial owner of those Securities.  The Trustee of such series, upon request in writing (including
by facsimile transmission) from a Holder or beneficial owner of Securities of such series, shall transmit a copy of such written notice
to such Holder or beneficial owner.  For the avoidance of doubt, the Trustee assumes no responsibility for the correctness of any
such written notice.

 

ARTICLE
Four

 

REDEMPTION OF SECURITIES

 

Section
4.01       Applicability
of Article.

 

The provisions of this Article
shall be applicable to the Securities of any series which are redeemable before their Maturity except as otherwise specified as contemplated
by Section 3.01 hereof for Securities of such series.

 

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Section
4.02       Election
to Redeem; Notice to Trustee.

 

The election of the Company
to redeem any Securities of any series shall be evidenced by or pursuant to authority granted in a Board Resolution. In case of any redemption
at the election of the Company of less than all of the Securities of a series, the Company shall, at least 60 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee) deliver to the Trustee an Officer’s Certificate
notifying the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed and stating that
no default in payment of interest or Event of Default has occurred and is continuing with respect to such series.

 

Section
4.03       Selection
by Trustee of Securities to Be Redeemed.

 

If less than all the Securities
of any series are to be redeemed, the particular Securities of such series to be redeemed shall be selected not more than 60 days prior
to the Redemption Date in accordance with the policies and procedures of the applicable Depositary, and in the case of Securities in certificated
form by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot or by such method as
the Trustee shall deem appropriate (which is in compliance with the requirements of any national securities exchange on which such Securities
are listed) and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities
of such series or any integral multiple thereof) of the principal of Securities of a denomination greater than the minimum authorized
denomination of such series.

 

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

 

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

 

Section
4.04       Notice
of Redemption.

 

Notice of redemption
shall be given by first-class mail, postage prepaid, mailed not less than 5 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities of the series to be redeemed, at the Holder’s address appearing in the Securities Register. Any
notice of redemption of the Securities to be redeemed at the Company’s option may state that such redemption shall be
conditional, in the Company’s discretion, on one or more conditions precedent, and that the Redemption Date may (but shall not
be required to) be delayed until such time as any or all of such conditions have been satisfied, and that such conditional notice of
redemption may be rescinded by the Company if the Company determines that any or all of such conditions will not be satisfied by the
Redemption Date, and that in such event, such redemption notice shall be of no further force or effect and the Company shall not be
required to redeem the Securities of the series to have been redeemed on the Redemption Date or otherwise. Neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders.

 

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All notices of redemption
shall state:

 

(a)       the
Redemption Date,

 

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

 

(c)       if
less than all Outstanding Securities of such series are to be redeemed, the identification (and, in the case of partial redemption, the
respective principal amounts) of the Securities of such series to be redeemed,

 

(d)        that on the Redemption Date the Redemption Price, together with accrued interest, if any, to the Redemption Date, will become due and
payable upon each such Security, and that interest thereon shall cease to accrue from and after said date,

 

(e)        the
place where such Securities are to be surrendered for payment Of the Redemption Price and accrued interest, if any,

 

(f)         that
the redemption is for a sinking fund, if that be the case, and

 

(g)        applicable
CUSIP Numbers.

 

Notice of redemption of the
Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee
in the name and at the expense of the Company, provided, however, in the latter case, the Company shall give the Trustee
at least five days prior written notice.

 

Section
4.05       Deposit
of Redemption Price.

 

On or before any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 12.03 hereof) an amount of money (in the currency in which the Securities so called for redemption
are payable) sufficient to pay the Redemption Price of, and accrued interest, if any, on, all the Securities or portions thereof which
are to be redeemed on that date.

 

Section
4.06       Securities
Payable on Redemption Date.

 

Notice of redemption
having been given as aforesaid, the Securities or portions thereof so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, together with accrued interest, if any, to the Redemption Date, and from and
after such date (unless the Company shall default in the payment of the Redemption Price and such accrued interest, if any) such
Securities or portions thereof shall cease to bear interest. Upon surrender of such Securities for redemption in accordance with
said notice, such Securities or specified portions thereof shall be paid by the Company at the Redemption Price, together with any
accrued interest to the Redemption Date. —Installments of interest whose Stated Maturity is on or prior to the Redemption Date
shall be payable to the Holders of such Securities registered as such on the relevant record dates according to their terms and the
provisions of Section 3.09 hereof.

 

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If any Security called for
redemption shall not be so paid upon surrender thereof on such Redemption Date, the principal and premium, if any, shall, until paid,
bear interest from the Redemption Date at the Overdue Rate for such Security.

 

Section
4.07      Securities
Redeemed in Part.

 

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

 

ARTICLE
Five

 

SINKING FUNDS

 

Section
5.01       Applicability
of Article.

 

The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by
Section 3.01 hereof for Securities of such series.

 

The minimum amount of any
sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a “mandatory sinking fund
payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred
to as an “optional sinking fund payment.”

 

Section
5.02       Satisfaction
of Mandatory Sinking Fund Payments with Securities.

 

In lieu of making all or any
part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may at its option (a) deliver
to the Trustee Securities of that series theretofore purchased or otherwise acquired by the Company, or (b) receive credit for the principal
amount of Securities of that series that have been redeemed either at the election of the Company pursuant to the terms of such Securities
or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities; provided, however,
that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee
at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory
sinking fund payment shall be reduced accordingly.

 

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Section
5.03       Redemption
of Securities for Sinking Fund.

 

Not less than 60 days prior
to each sinking fund payment date for any series of the Securities, the Company will deliver to the Trustee a certificate signed by the
Treasurer or any Assistant Treasurer of the Company specifying the amount of the next ensuing mandatory sinking fund payment for such
series pursuant to the terms of such 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 Securities of such series pursuant to Section 5.02 hereof (which
Securities will accompany such certificate if not already delivered for cancellation to and held by the Trustee) and whether the Company
intends to exercise its right to make any permitted optional sinking fund payment with respect to such series. Such certificate shall
also state that no Event of Default has occurred and is continuing with respect to such series and shall set forth the basis for any credit
against the sinking fund. Such certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash
payment or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. In the case of the failure
of the Company to deliver such certificate when due (or to deliver the Securities specified in this Section 5.03) the sinking fund payment
due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem
the principal amount of such Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities
as provided in Section 5.02 and without the right to make any optional sinking fund payment, if any, with respect to such series.

 

Any sinking fund payment or
payments (mandatory or optional) with respect to the Securities of any series, which payment or payments are made in cash plus any unused
balance of any preceding sinking fund payments with respect to such series made in cash the sum of which shall equal or exceed $100,000
or the equivalent thereof in the Foreign Currency in which such series is denominated (or a lesser sum if the Company shall so request),
shall be applied by the Trustee on the sinking fund payment date on which such payment is made (or, if such payment is made before a sinking
fund payment date, on the sinking fund payment date following the date of such payment) to the redemption of such Securities at the Redemption
Price specified in such Securities for operation of the sinking fund together with accrued interest, if any, to the date fixed for redemption.
Any sinking fund moneys not so applied or allocated by the Trustee to the redemption of Securities shall be added to the next cash sinking
fund payment received by the Trustee for such series and, together with such payment, shall be applied in accordance with the provisions
of this Section 5.03. Any and all sinking fund moneys with respect to the Securities of any particular series held by the Trustee on the
last sinking fund payment date with respect to Securities of such series and not held for the payment or redemption of particular Securities
shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment
of the principal of the Securities of such series at Maturity.

 

The Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in the first paragraph of Section 4.03 hereof and
the Company shall cause notice of the redemption thereof to be given in the manner provided in Section 4.04 hereof. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 4.06 and 4.07 hereof.

 

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On or before any sinking fund
payment date, the Company shall deposit with the Trustee an amount of money in the currency in which payment is to be made pursuant to
Section 3.01 sufficient to pay any interest accrued to the Redemption Date for Securities or portions thereof to be redeemed on such sinking
fund payment date pursuant to this Section 5.03.

 

The Trustee shall not redeem
any Securities of any series with sinking fund moneys or mail any notice of redemption of such Securities by operation of the sinking
fund for such series during the continuance of a default in payment of interest on such Securities or of any Event of Default (other than
an Event of Default occurring as a consequence of this Section 5.03) with respect to such Securities, except that if the notice of redemption
of any such Securities shall theretofore have been mailed in accordance with the provisions hereof, the Trustee shall redeem such Securities
if cash sufficient for that purpose shall be deposited with the Trustee for that purpose in accordance with the terms of this Article.
Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur
and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default, be held as security
for the payment of such Securities; provided, however, that in case such Event of Default or default shall have been cured
or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for such Securities on which
such moneys may be applied pursuant to the provisions of this Section 5.03.

 

ARTICLE
Six

 

SATISFACTION AND DISCHARGE

 

Section
6.01       Satisfaction
and Discharge of Indenture.

 

This Indenture shall cease
to be of further effect with respect to the Securities of any series (except as to the rights of Holders of Outstanding Securities of
such series to receive, from the trust funds described in paragraph (a) of this Section 6.01, payment of the principal of, premium, if
any, and interest, if any, on such Outstanding Securities on the Stated Maturity of such principal, premium, if any, or installment of
interest, if any, the Company’s obligations with respect to such Outstanding Securities of such series under Sections 3.06, 3.07,
6.05, 12.02 and 12.03 as may be applicable to Outstanding Securities of such series, and the rights, powers, trusts, duties, indemnities
and immunities of the Trustee hereunder), and the Trustee for the Securities of such series, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Securities of such series,
when

 

(a)           either

 

(i)       all
the Securities of such series theretofore authenticated and delivered (other than (A) Securities of such series that have been
mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in Section 3.07 hereof and (B) Securities of
such series for whose payment money has theretofore been deposited with the Trustee or the Paying Agent for the Securities of such
series in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Section 6.05 and Section 12.03 hereof) have been delivered to such Trustee for cancellation; or

 

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(ii)       all
Securities of such series not theretofore delivered to such Trustee for cancellation

 

(A)       have
become due and payable, or

 

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

 

(C)       are to be called for redemption within one year under arrangements satisfactory to such Trustee for the giving of notice of redemption
by such Trustee in the name, and at the expense, of the Company,

 

and the Company has deposited or caused to be
deposited with such Trustee irrevocably as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of all Outstanding Securities of such series, with reference to this Section 6.01, (i) money in an amount in the currency
in which the Securities of such series are denominated or (ii) U.S. Government Obligations in the case of a series of Securities denominated
in Dollars or obligations issued or guaranteed by the government that issued the currency in which the Securities of such series are denominated
in the case of Securities denominated in Foreign Currencies, which through the payment of interest and principal in respect thereof in
accordance with their terms will provide, not later than the opening of business on the due date of any payment referred to below, money
in an amount in the currency in which the Securities of such series are denominated or (iii) a combination thereof, in each case sufficient,
in the opinion of a nationally recognized firm of independent registered public accountants expressed in a written certification thereof
delivered and addressed to the Trustee, to pay and discharge the entire indebtedness on the Outstanding Securities of such series not
theretofore delivered to such Trustee for cancellation, for principal (and premium, if any) and interest, if any, to the date of such
deposit (in the case of Securities of such series which have become due and payable) 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 in connection with Outstanding Securities of such
series, including all amounts due to the Trustee under Section 8.07 for such series, and

 

(c)       the
Company has delivered to such 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 with respect to the Securities of any series, the obligations of the Company to the Trustee for the Securities
of such series under Section 8.07 hereof and with respect to Securities of any other series hereof shall survive such satisfaction and
discharge.

 

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Section
6.02       Satisfaction,
Discharge and Defeasance of Securities of any Series.

 

Unless this Section 6.02 is
specified, as contemplated by Section 3.01 hereof, to be inapplicable to Securities of any series, the Company shall, notwithstanding
Section 6.01 hereof be deemed to have paid and discharged the entire indebtedness on all the Outstanding Securities of any such series
from and after the ninety-first day after the date of the deposit referred to in paragraph (a) below, the provisions of this Indenture
(except as to the rights of Holders of Outstanding Securities of such series to receive, from the trust funds described in paragraph (a)
below, payment of the principal of (and premium, if any) and interest, if any, on such Outstanding Securities on the Stated Maturity of
such principal, premium, if any, or installment of interest, if any, the Company’s obligations with respect to such Outstanding
Securities of such series under Sections 3.06, 3.07, 6.05, 12.02 and 12.03 hereof, as may be applicable to Outstanding Securities of such
series, and the rights, powers, trusts, duties, indemnities and immunities of the Trustee hereunder) shall no longer be in effect in respect
of Outstanding Securities of such series, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of such indebtedness, provided, however, that the following conditions shall have been satisfied:

 

(a)       the
Company has deposited or caused to be deposited with the Trustee irrevocably as trust funds in trust, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders of all Outstanding Securities of such series, with reference to this Section
6.02, (i) money in an amount in the currency in which the Securities of such series are denominated or (ii) U.S. Government Obligations
in the case of Securities denominated in Dollars or obligations issued or guaranteed by the government that issued the currency in which
the Securities are denominated in the case of Securities denominated in Foreign Currencies, which through the payment of interest and
principal in respect thereof in accordance with their terms will provide not later than the opening of business on the due date of any
payment referred to in this paragraph (a), money in an amount in the currency in which the Securities of such series are denominated,
or (iii) a combination thereof, in each case, sufficient, in the opinion of a nationally recognized firm of independent registered public
accountants expressed in a written certification thereof delivered and addressed to the Trustee, to pay and discharge the entire indebtedness
on all Outstanding Securities of such series for principal and premium, if any, and interest, if any, to the Stated Maturity as such
principal and premium, if any, or interest, if any, becomes due and payable in accordance with the terms of this Indenture and the Securities
of such series provided, however, that the Company shall not make or cause to be made the deposit provided by this clause
(a) unless the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that there will not occur any violation
of the Investment Company Act of 1940, as amended, on the part of the Company, the trust funds representing such deposit or the Trustee
as a result of such deposit and the related exercise of the Company’s option under this Section 6.02;

 

(b)       the
Company has paid or caused to be paid all other sums payable hereunder by the Company in connection with the Outstanding Securities of
such series, including all amounts due to the Trustee under Section 8.07 for such series;

 

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(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 the entire indebtedness on all Outstanding securities of such
series have been complied with; and

 

(d)              
the Company has delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such series will
not recognize gain or loss on such Securities for federal income tax purposes solely as a result of such deposit, defeasance and discharge
and will be subject to federal income tax in the same amounts and at the same times, as would have been the case if such deposit, defeasance
and discharge had not occurred.

 

Section
6.03        Application
of Trust Money.

 

(a)              
Subject to the provisions of Section 6.05, all money, U.S. Government Obligations and other governmental obligations deposited
with the Trustee for the Securities of any series pursuant to Sections 6.01 or 6.02 hereof, and all money received by the Trustee in respect
of U.S. Government Obligations and such other government obligations deposited with the Trustee for the Securities of any series pursuant
to Section 6.01 or Section 6.02 hereof, shall be held in trust and applied by it, in accordance with the provisions of the Securities
of such series and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as such Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest, if any,
on the Securities of such series; but such money need not be segregated from other funds except to the extent required by law.

 

(b)              
The Trustee shall deliver or pay to the Company from time to time upon Company request any U.S. Government Obligations, other government
obligations or money held by it as provided in Sections 6.01 and 6.02 that, in the opinion of a nationally recognized firm of independent
registered public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount
thereof that then would have been required to be deposited for the purpose for which such U.S. Government Obligations, other government
obligations or money were deposited or received.

 

Section
6.04        Paying
Agent to Repay Moneys Held.

 

Upon the satisfaction and
discharge of this Indenture all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the
Company, be repaid to it or paid to the appropriate Trustee, and thereupon such Paying Agent shall be released from all further liability
with respect to such moneys.

 

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Section
6.05        Return
of Unclaimed Moneys.

 

Any moneys deposited
with or paid to the Trustee or any Paying Agent for the Securities of any series or then held by the Company, in trust for the
payment of the principal of and premium, if any, or interest, if any, on the Securities of such series and not applied but remaining
unclaimed by the Holders of Securities of such series for two years after the date upon which the principal of and premium, if any,
or interest, if any, on such Securities, as the case may be, shall have become due and payable, shall, unless otherwise required by
mandatory provisions of applicable escheat as abandoned or unclaimed property law, be repaid to the Company, by such Trustee or any
Paying Agent on demand or (if then held by the Company) shall be discharged from such trust; and the Holder of any such Securities
entitled to receive such payment shall thereafter look only to the Company for the payment thereof and the liability of the Trustee
or such Paying Agent with respect to such payment and any obligation of the Company to hold moneys in trust for such payment shall
thereupon cease.

 

ARTICLE
Seven

REMEDIES

 

Section
7.01        Events
of Default.

 

“Event of Default”
whenever used herein with respect to Securities of any series means such events as may be established with respect to the Securities of
such series as contemplated by Section 3.01 hereof and any one of the following events, continued for the period of time, if any, and
after the giving of notice, if any, designated herein or therein, as the case may be, unless the same is either not applicable to such
series or is deleted or modified pursuant to the authority granted in the applicable Board Resolution or in the supplemental indenture
under which such series of Securities is issued, as the case may be, as contemplated by Section 3.01 hereof:

 

(a)              
default in the payment of all or any part of the principal of (or premium, if any, on) any Security of such series at its Maturity;
or

 

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

 

(c)              
default in the making or satisfaction of any sinking fund payment or analogous obligation when the same becomes due and payable
by the terms of the Securities of such series; or

 

(d)              
default in the performance, or breach, of any covenant or warranty of the Company in respect of the Securities of such series contained
in this Indenture or in such Securities (other than a covenant or warranty in respect of the Securities of such series a default in whose
performance or whose breach is elsewhere in this Section 7.01 specifically dealt with) or established pursuant to the authority granted
in the applicable Board Resolution or in the supplemental indenture under which such series of Securities is issued, as the case may be,
as contemplated by Section 3.01 hereof, and continuance of such default or breach for a period of 60 days after there has been given,
by registered or certified mail, to the Company by the Trustee for the Securities of such series, or to the Company and such Trustee by
the Holders of at least 25% in principal amount of the Outstanding Securities of such series, a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

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(e)              
 the entry of a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent, or
approving as properly filed, a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company
under Title 11 of the United States Code as now constituted or hereafter amended (the “Federal Bankruptcy Code”) or any other
applicable Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of
the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of 60 consecutive days; or

 

(f)               
the institution by the Company of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief
under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the filing of any such petition
or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any
substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing
of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any
such action; or

 

(g)              
any other Event of Default provided in or pursuant to the authority granted in the applicable Board Resolution or in the supplemental
indenture under which such series of Securities is issued, as the case may be, as contemplated by Section 3.01 hereof.

 

Section
7.02        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, then and in each and every such case, unless the
principal of all of the Securities of such affected series shall have already become due and payable, the Trustee for such affected series
or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such affected series may declare the
principal amount (or, if the Securities of such affected series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of such series) of all the Securities of such affected series to be due and payable immediately,
by a notice in writing to the Company (and to such Trustee if given by Holders), and upon any such declaration of acceleration the same
shall become immediately due and payable, anything in this Indenture or in the Securities of such affected series or any Board Resolution
relating thereto contained to the contrary notwithstanding.

 

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

 

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(a)              
 the Company has paid or deposited with the Trustee for the Securities of such affected series a sum sufficient to pay

 

(i)                
all overdue installments of interest, if any, on all Securities of such series,

 

(ii)             
the principal of (and premium, if any, on) any and all Securities of such series which have become due otherwise than by such declaration
of acceleration and interest thereon at the Overdue Rate applicable to such series,

 

(iii)           
to the extent that payment of such interest is lawful, interest upon any overdue installment of interest at the Overdue Rate applicable
to such series,

 

(iv)            
all sums paid or advanced by such Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of such
Trustee, its agents and counsel and any other amounts due such Trustee under Section 8.07 hereof; and

 

(b)              
all Events of Default with respect to such affected series of Securities, other than the non-payment of the principal of Securities
which have become due solely by such acceleration, have been cured or waived as provided in Section 7.13 hereof.

 

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

 

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

 

The Company covenants that
if

 

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

 

(b)              
default is made in the payment of all or any part of the principal of (or premium, if any, on) any Security of any series at the
Maturity thereof, or

 

(c)              
default is made in the making or satisfaction of any sinking fund payment or analogous obligation when the same becomes due pursuant
to the terms of the Securities of any series,

 

the Company will, upon demand of the Trustee
for the Securities of such affected series, pay to such Trustee, for the benefit of the Holder of any such Security (or Holders of
any such affected series of Securities in the case of clause (c) above), the whole amount then due and payable on any such Security
(or Securities of any such affected series in the case of clause (c) above) for principal (and premium, if any) and interest, if
any, with interest upon the overdue principal (and premium, if any) and, to the extent that payment of such interest shall be
legally enforceable, upon any overdue installment of interest, at the Overdue Rate of any such Security (or Securities of any such
affected series in the case of clause (c) above); 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 such Trustee, its
agents and counsel and any other amounts due such Trustee under Section 8.07 hereof;

 

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If the Company fails to pay
such amounts forthwith upon such demand, the Trustee for the Securities of such affected series, 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, and may prosecute such proceeding
to judgment or final decrees, and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities,
wherever situated.

 

If an Event of Default occurs
and is continuing, the Trustee for the Securities of such affected series may in its discretion proceed to protect and enforce its rights
and the rights of the Holders of the Securities of such series by such appropriate judicial proceedings as such 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
7.04        Trustee
May File Proofs of Claim.

 

The Trustee for the Securities
of any series (irrespective of whether the principal of the Securities of such series shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether such 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, in case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities of such series or the property of the Company or of such other obligor or their
creditors,

 

(i)                
to file and prove a claim or claims for the whole amount of principal (or, if the Securities of such series are Original Issue
Discount Securities, such portion of the principal amount as may be due and payable with respect to such series pursuant to a declaration
in accordance with Section 7.02 hereof), premium, if any, and interest, if any, owing and unpaid in respect of the Securities of such
series and to file such other papers or documents as may be necessary or advisable in order to have the claims of such Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel and any other
amounts due such Trustee under Section 8.07 hereof) and of the Holders of the Securities of such series allowed in such judicial proceeding,
and

 

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

 

    39

     

    

 

and any 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, for such series, and in the event that such Trustee shall consent to the making of such payments
directly to the Holders, to pay to such Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of such Trustee, its agents and counsel, and any other amounts due such Trustee under Section 8.07 hereof.

 

Nothing herein contained shall
be deemed to authorize any 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 of any series or the rights of any Holder thereof, or to authorize any Trustee to vote
in respect of the claim of any Holder in any such proceeding.

 

Section
7.05        Trustee
May Enforce Claims without Possession of Securities.

 

All rights of action and claims
under this Indenture or the Securities of any series may be prosecuted and enforced by the Trustee for the Securities of such series without
the possession of any of the Securities of such series or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by such 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 such Trustee, its agents and counsel
and any other amounts due such Trustee under Section 8.07 hereof, be for the ratable benefit of the Holders of the Securities in respect
of which such judgment has been recovered.

 

Section
7.06        Application
of Money Collected.

 

Any moneys collected by the
Trustee for the Securities of any series pursuant to this Article shall be applied in the following order, at the date or dates fixed
by such Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon
presentation of the several Securities with respect to which such moneys were collected, 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 such Trustee under Section 8.07 hereof;

 

SECOND: To the payment
of the amounts then due and unpaid upon such Securities for principal (and premium, if any) and interest, if any, 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 premium, if any) and interest, if any, respectively;

 

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

 

Section
7.07        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 other similar official), or for any other remedy hereunder, unless

 

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1)       an
Event of Default with respect to such series of Securities shall have occurred and be continuing and such Holder previously shall have
given to the Trustee for the Securities of such affected series written notice of default with respect to the Securities of such series
and of the continuance thereof;

 

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

 

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

 

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

 

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

 

it being understood and intended that no one or
more Holders of Securities of such affected series 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 Holders of Securities of such affected series, or to obtain
or to seek to obtain priority or preference over any other 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 the Holders of the Securities of such affected series.

 

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

 

Notwithstanding any other
provision of this Indenture, the Holder of a Security of any series shall have the right which is absolute and unconditional to receive
payment of the principal of (and premium, if any) and (subject to Section 3.09 hereof) interest, if any, on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section
7.09        Restoration
of Rights and Remedies.

 

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

 

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Section
7.10        Rights
and Remedies Cumulative.

 

No right or remedy herein
conferred upon or reserved to the Trustee for the Securities of any series or to the Holders of such Securities is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
7.11        Delay
or Omission Not Waiver.

 

No delay or omission of the
Trustee for the Securities of any series or of the Holders of such 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 such Trustee or to such Holders may be exercised from time to time, and as often as
may be deemed expedient, by such Trustee or by such Holders, as the case may be.

 

Section
7.12        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 for the Securities of such series or exercising any trust or power conferred on
such Trustee; provided, however, that

 

(a)              
such direction shall not be in conflict with any rule of law or with this Indenture, unduly prejudice the rights of Holders or
involve the Trustee in personal liability, and

 

(b)              
such Trustee may take any other action deemed proper by such Trustee that is not inconsistent with such direction.

 

Section
7.13        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 and its consequences, except a default

 

(a)              
in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or in the payment
of any sinking fund installment or analogous obligation with respect to the Securities of such series, or

 

(b)              
in respect of a covenant or provision hereof that under Article Eleven hereof cannot be modified or amended without the consent
of the Holder of each Outstanding Security affected.

 

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

 

Section
7.14        Undertaking
for Costs.

 

All parties to this Indenture
agree, and each Holder of a Security of any series 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
the Securities of any series for any action taken 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 7.14 shall not apply to any suit instituted by such Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any,
on any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the
Redemption Date).

 

Section
7.15        Waiver
of Stay or Extension Laws.

 

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

 

ARTICLE
Eight

THE TRUSTEE

 

Section
8.01        Certain
Duties and Responsibilities.

 

(a)              
Except during the continuance of an Event of Default with respect to a series of Securities,

 

(i)                
the Trustee for such series of Securities shall undertake to perform with respect to the Securities of such series such duties
and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against such Trustee; and

 

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

 

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

 

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

 

(i)                
this Subsection shall not be construed to limit the effect of Subsection (a) of this Section 8.01;

 

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

 

(iii)           
the Trustee for the Securities of any series shall not be liable with respect to any action taken, suffered or omitted to be taken
by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of
such series pursuant to Section 7.12 hereof relating to the time, method and place of conducting any proceeding for any remedy available
to such Trustee, or exercising any trust or power conferred upon such Trustee, under this Indenture; and

 

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

 

(d)              
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 8.01.

 

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Section
8.02        Notice
of Defaults.

 

Within 90 days after the
occurrence of any default hereunder with respect to the Securities of any series which is known to a Responsible Officer of the
Trustee of such series or of which such Trustee has been given written notice, the Trustee for such series shall transmit by mail to
all Holders of the Securities of such series, as their names and addresses appear in the Securities Register, notice of such default
hereunder with respect to such series known to such Trustee, unless such default shall have been cured or waived; provided, however,
that, except in the case of a default in the payment of principal of (or premium, if any) or interest, if any, on any Security of
such series, or in the payment of any sinking fund installment, redemption or analogous obligation, such Trustee shall be protected
in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of such Trustee in good faith determine that the withholding of such notice is in the interest of such
Holders; and provided, further, that in the case of any default of the character specified in Section 7.01(d) hereof
no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section 8.02,
the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of
Default.

 

Section
8.03        Certain
Rights of Trustee.

 

Except as otherwise provided
in Section 8.01 hereof:

 

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

 

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

 

(c)              
whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, rely upon an Officer’s Certificate;

 

(d)              
the Trustee may consult with counsel 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 in reliance thereon;

 

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

 

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(f)               
 the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or
investigation;

 

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

 

(h)              
except with respect to Section 12.01, the Trustee shall have no duty to inquire as to the performance of the Company with respect
to covenants contained in Article 12. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i)
any default or Event of Default occurring pursuant to Sections 12.01, 7.01(a) or 7.01(b) or (ii) any default or Event of Default of which
the Trustee shall have received written notification or obtained actual knowledge;

 

(i)                
delivery of reports, information and documents to the Trustee under Section 9.04 is for informational purposes only and the Trustee’s
receipt of the foregoing shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee
is entitled to rely exclusively on Officer’s Certificates);

 

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

 

(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 liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; and

 

(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.

 

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Section
8.04        Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein
and in the Securities, except the certificates of authentication, shall be taken as the statements of the Company, and the Trustee and
any Authenticating Agent assume no responsibility for their correctness. The Trustee and any Authenticating Agent make no representations
as to the validity or sufficiency of this Indenture or of the Securities. The Trustee and any Authenticating Agent shall not be accountable
for the use or application by the Company of Securities or the proceeds thereof.

 

Section
8.05        May
Hold Securities.

 

The Trustee, any Paying Agent,
Securities Registrar, any Authenticating Agent or any other agent of the Company or the Trustee, in its individual or any other capacity,
may become the owner or pledgee of Securities of any series and, subject to Section 8.08 and Section 8.13 hereof, may otherwise deal with
the Company with the same rights it would have if it were not Trustee, Paying Agent, Securities Registrar, Authenticating Agent or such
other agent.

 

Section
8.06        Money
Held in Trust.

 

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

 

Section
8.07        Compensation
and Reimbursement.

 

The Company agrees

 

(a)              
to pay to the Trustee for the Securities of any series from time to time reasonable compensation for all services rendered by it
hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(b)              
except as otherwise expressly provided herein, to reimburse the Trustee for the Securities of any series upon its request for all
reasonable expenses, disbursements and advances incurred or made by such Trustee in accordance with any provision of this Indenture (including
the reasonable compensation and the expenses and disbursements of its agents and counsel and of any Authenticating Agent), except any
such expense, disbursement or advance as shall be determined to have been caused by its own negligence or willful misconduct; and

 

(c)              
to indemnify the Trustee for the Securities of any series and its employees or agents for, and to hold them harmless against, any
loss, claim, damage, liability or expense incurred without negligence or bad faith on their part, arising out of or in connection with
the acceptance or administration of this trust and performance of their duties hereunder, including the costs and expenses (including
fees and disbursements of their counsel) of defending themselves against any claim or liability in connection with the exercise or performance
of any of their powers or duties hereunder.

 

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As security for the performance
of the obligations of the Company under this Section 8.07, the Trustee for the Securities of any series shall have a lien prior to the
Securities of all series upon all property and funds held or collected by such Trustee as such, except funds held in trust for the payment
of principal of (and premium, if any) or interest, if any, on the particular Securities of any series. The provisions of this Section
8.07 shall survive any Trustee succession, including the removal or resignation of the Trustee, and the satisfaction and discharge of
this Indenture. “Trustee” for purposes of this Section 8.07 shall include any predecessor trustee but the negligence and willful
misconduct of any Trustee shall not affect the rights of any other Trustee under this Section 8.07.

 

When the Trustee incurs expenses
or renders services in connection with an Event of Default, the expenses (including the reasonable charges and expenses of its counsel)
and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy,
insolvency or other similar law.

 

The provisions of this Section
shall survive the termination of this Indenture.

 

Section
8.08        Disqualification;
Conflicting Interests.

 

The Trustee shall comply with
Section 310(b) of the Trust Indenture Act; provided, however, that there shall be excluded from the operation of Section
310(b)(i) of the Trust Indenture Act any indenture or indentures under which other securities or certificates of interest or participation
in other securities of the Company are outstanding if the requirements for such exclusion set forth in Section 310(b)(i) of the Trust
Indenture Act are met.

 

Section
8.09        Corporate
Trustee Required; Different Trustees for Different Series; Eligibility.

 

There shall at all times
be a Trustee hereunder for the Securities of each series that shall be a corporation organized and doing business under the laws of
the United States of America or of any State or the District of Columbia, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or State
authority, and having a corporate trust office in the Borough of Manhattan, The City of New York, the State of New York, or in such
other city as shall be specified as contemplated by Section 3.01 hereof with respect to any series of Securities, provided, however,
that there is a corporation in any such city that is willing to act as Trustee upon reasonable and customary terms. If such
corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section 8.09, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. A different Trustee
may be appointed by the Company for each series of Securities prior to the issuance of such Securities. If the initial Trustee for
any series of Securities is to be other than The Bank of New York Mellon, the Company and such Trustee shall, prior to the issuance
of such Securities, execute and deliver an indenture supplemental hereto, which shall provide for the appointment of such Trustee as
Trustee for the Securities of such series and shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee. If at any time the Trustee for the Securities of any series shall cease to be eligible in accordance with the provisions of
this Section 8.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article Eight.

 

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Section
8.10        Resignation
and Removal; Appointment of Successor.

 

(a)              
No resignation or removal of the Trustee for the Securities of any series and no appointment of a successor Trustee for the Securities
of such series pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section
8.11 hereof.

 

(b)              
The Trustee, or any trustee or trustees hereafter appointed for the Securities of any series may resign at any time with respect
to one or more or all such series of the Securities by giving written notice thereof to the Company. If an instrument of acceptance by
a successor Trustee for the Securities of any series shall not have been delivered to the Trustee for such series within thirty days after
the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction
for the appointment of a successor Trustee for such series.

 

(c)              
The Trustee for the Securities of any series may be removed at any time with respect to one or more or all such series by Act of
the Holders of a majority in aggregate principal amount of the Outstanding Securities of such one or more series (each voting as a class)
delivered to such Trustee and to the Company.

 

(d)              
If at any time:

 

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

 

(ii)             
such Trustee shall cease to be eligible under Section 8.09 hereof and shall fail to resign after written request therefor by the
Company or by any such Holder of Securities, or

 

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

 

then, in any such case, (1) the Company by a
Board Resolution may remove the Trustee, or (2) subject to Section 7.14 hereof, any Holder of a Security of such series who has been
a bona fide Holder of such Security for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of such Trustee and the appointment of a successor Trustee for such series.

 

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(e)              
If the Trustee for the Securities of any series shall resign, be removed or become incapable of acting, or if a vacancy shall occur
in the office of Trustee for the Securities of any series for any cause, the Company, by a resolution of the Board of Directors, shall
promptly appoint a successor Trustee for the Securities of such series. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee for the Securities of such series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee for such series and supersede
the successor Trustee appointed by the Company. If no successor Trustee for the Securities of such series shall have been so appointed
by the Company or such Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona fide Holder
of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee for the Securities of such series.

 

(f)               
The Company shall give notice of each resignation and each removal of the Trustee for the Securities of any series and each appointment
of a successor Trustee for the Securities of such series by mailing written notice of such event by first-class mail, postage prepaid,
to the Holders of the Securities of such series as their names and addresses appear in the Securities Register. Each notice shall include
the name of such successor Trustee and the address of its Corporate Trust Office.

 

Section
8.11        Acceptance
of Appointment by Successor.

 

Every successor Trustee appointed
hereunder shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its lien, if any, provided for
in Section 8.07 hereof. Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts.

 

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

 

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No successor Trustee for the
Securities of any series shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
under Section 310(b) of the Trust Indenture Act and eligible under Section 8.09.

 

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

 

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

 

Section
8.13        Preferential
Collection of Claims against Company.

 

The Trustee shall comply with
Section 311(a) of the Trust Indenture Act with respect to each series of Securities for which it is Trustee.

 

Section
8.14        Authenticating
Agent.

 

The Trustee for a series of
securities may appoint an Authenticating Agent for such series that shall be acceptable to the Company, to act on behalf of such Trustee
and subject to its direction in connection with the authentication of the Securities of such series. Each Authenticating Agent shall at
all times be a corporation organized and doing business under the laws of the United States of America or of any State or the District
of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000,
and subject to supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.14
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.

 

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Securities of any series authenticated
by the Authenticating Agent for the Securities of such series shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee for the Securities of such series. Whenever reference is made in this Indenture
to the authentication and delivery of Securities of any series by the Trustee for the Securities of such series or such Trustee’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of such Trustee by the
Authenticating Agent for such series and a certificate of authentication executed on behalf of such Trustee by such Authenticating Agent.

 

Any corporation into which
any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency
business of any Authenticating Agent, shall continue to be the Authenticating Agent with respect to the Securities of all series for which
it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee for the Securities
of such series or such Authenticating Agent.

 

Any Authenticating Agent may
at any time resign by giving written notice of resignation to the applicable Trustee and to the Company. The Trustee for the Securities
of any series may at any time terminate the agency of any Authenticating Agent for such series by giving written notice of termination
to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at
any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 8.14, with respect to the
Securities of one or more or all series, the Trustee for such series may appoint a successor Authenticating Agent that shall be acceptable
to the Company, and upon doing so shall give written notice of such appointment to the Company and shall mail notice of such appointment
to all Holders of the Securities of such series as the names and addresses of such Holders appear upon the Securities Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder with like effect as if originally appointed as Authenticating Agent hereunder. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 8.14.

 

The Trustee for the Securities
of each series agrees to pay to the Authenticating Agent for the Securities of such series from time to time reasonable compensation for
its services, and each such Trustee shall be entitled to be reimbursed for such payments subject to the provisions of Section 8.07 hereof.

 

ARTICLE
Nine

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

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

 

The Company will furnish
or cause to be furnished to the Trustee for the Securities of each series (a) semi-annually, on a date not more than 15 days after
each regular record date with respect to an Interest Payment Date, if any, for the Securities of such series, and (b) on semi-
annual dates in each year to be determined pursuant to Section 3.01 hereof if the Securities of such series do not bear interest and
(c) at such other times as such Trustee may request in writing, within 30 days after receipt by the Company of any such request, a
list in such form as such Trustee may reasonably require containing all the information in the possession or control of the Company,
or any of its Paying Agents other than such Trustee, as to the names and addresses of the Holders of the Securities of such series,
obtained since the date as of which the next previous list, if any, was furnished. Any such list may be dated as of a date not more
than 15 days prior to the time such information is furnished or caused to be furnished and need not include information received
after such date; provided, however, that as long as such Trustee is the Securities Registrar for such series, no such
list shall be required to be furnished.

 

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Section
9.02        Preservation
of Information; Communications to Holders.

 

(a)              
The Trustee for the Securities of each series shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders of the Securities of such series contained in the most recent list furnished to such Trustee as provided in Section
9.01 hereof or in the Securities Register if such Trustee be the Securities Registrar for such series and the names and addresses of Holders
received by such Trustee in its capacity as Paying Agent for such series. Such Trustee may destroy any list furnished to it as provided
in Section 9.01 hereof upon receipt of a new list so furnished.

 

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

 

(i)                
afford such applicants access to the information preserved at the time by such Trustee in accordance with Subsection (a) of this
Section 9.02, or

 

(ii)             
inform such applicants as to the approximate number of such Holders whose names and addresses appear in the information preserved
at the time by such Trustee in accordance with Subsection (a) of this Section 9.02, and as to the approximate cost of mailing to such
Holders the form of proxy or other communication, if any, specified in such application.

 

If such Trustee shall
elect not to afford such applicants access to such information, such Trustee shall upon the written request of such applicants, mail
to each Holder to whom the applicant desires to communicate whose name and address appear in the information preserved at the time
by such Trustee in accordance with Subsection (a) of this Section 9.02, a copy of the form of proxy or other communication which is
specified in such request, with reasonable promptness after a tender to such Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, such Trustee shall mail
to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the
effect that, in the opinion of such Trustee, such mailing would be contrary to the best interests of such Holders or would be in
violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity
for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and
opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, such Trustee
shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of
such tender, otherwise such Trustee shall be relieved of any obligation or duty to such applicants respecting their application.

 

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(c)              
Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee, nor any agent of the Company or the Trustee, shall be held accountable by reason of the disclosure of any such information
as to the names and addresses of the Holders in accordance with Subsection (b) of this Section 9.02, regardless of the source from which
such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request
made under Subsection (b) of this Section 9.02.

 

Section
9.03        Reports
by Trustee.

 

Within 60 days after the first
May 15 that occurs not less than 60 days following the first date of issuance of the Securities of any series under this Indenture and
within 60 days after May 15 in every year thereafter, the Trustee for the Securities of such series shall transmit by mail to all Holders
of such series, as their names and addresses appear in the Securities Register, a brief report dated as of such May 15 required by, and
in compliance with the provisions of, Section 313(a) of the Trust Indenture Act and at such other times in such manner such other reports
as may be required by Section 313 of the Trust Indenture Act in each case with respect to the Securities of such series. A copy of each
such report shall, at the time of such transmission to such Holders, be filed by such Trustee with each stock exchange upon which such
Securities are listed and also with the Commission. The Company will notify such Trustee when such Securities are listed on any stock
exchange.

 

Section
9.04        Reports
by Company.

 

The Company will

 

(a)               file
with the Trustee for the Securities of each series, such information, documents and reports as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided therein; provided that any such information, documents or reports filed with
the Commission pursuant to Sections 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is
filed with the Commission; provided further that, to the extent information, documents or reports are filed with the Commission and
required to be delivered to the Trustee, the availability of such information, documents or reports on the Commission's Electronic
Data Gathering Analysis and Retrieval system or any successor thereto or the Company's website will be deemed to have satisfied such
delivery requirements to the Trustee;

 

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

 

(c)      
transmit by mail to all Holders, as their names and addresses appear in the Securities Register, within 30 days after the filing
thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(a) and (b) of this Section 9.04 as may be required by rules and regulations prescribed from time to time by the Commission. To the extent
information, documents or reports are filed with the Commission and required to be delivered to the Holders, the availability of such
information, documents or reports on the Commission's Electronic Data Gathering Analysis and Retrieval system or any successor thereto
or the Company's website will be deemed to have satisfied such delivery requirements to the Holders.

 

ARTICLE
Ten

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section
10.01    Company May Consolidate,
etc., Only on Certain Terms.

 

The Company shall not consolidate
with or merge into any other Person or convey, transfer or lease all or substantially all of its properties and assets to any Person or
group of Persons and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer or lease
all or substantially all of its properties and assets to the Company, unless:

 

1)       in
case the Company shall consolidate with or merge into another Person or convey, transfer or lease all or substantially all of its properties
and assets to any Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires by
conveyance, transfer or lease, all or substantially all of the properties and assets of the Company, shall be a corporation, partnership
or trust organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the
due and punctual payment of the principal of (and premium, if any) and interest on all the Securities and the performance of every covenant
of this Indenture on the part of the Company to be performed or observed;

 

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

 

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3)       the
Company has delivered to such Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with.

 

The provisions of this Section
10.01 shall not be applicable to a merger or consolidation in which the Company is the surviving corporation.

 

Section
10.02    Successor Corporation
Substituted.

 

Upon any consolidation by
the Company with or merger by the Company into any other Person or any conveyance, transfer or lease of all or substantially all of the
properties and assets of the Company in accordance with Section 10.01, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under
this Indenture and the Securities.

 

ARTICLE
Eleven

 

SUPPLEMENTAL INDENTURES

 

Section
11.01    Supplemental Indentures
without Consent of Holders.

 

Without the consent of any
Holders, the Company, when authorized by or pursuant to the authority granted in a resolution of its Board of Directors, and the Trustee
for the Securities of any or all series, at any time and from time to time, may enter into one or more indentures supplemental hereto,
in form satisfactory to such Trustee, for any of the following purposes:

 

(a)      
to evidence the succession of another corporation to the Company, and the assumption by any such successor of the covenants of
the Company herein and in the Securities contained: or

 

(b)      
to add to or modify the covenants or Events of Default of the Company, for the benefit of the Holders of the Securities of any
or all series; or

 

(c)        to
convey, transfer, assign, mortgage or pledge any property to or with such Trustee or to surrender any right or power herein conferred
upon the Company, and to modify or eliminate any of the provisions of this Indenture, provided that any such modification or elimination
shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision; or

 

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(d)      
 to establish the form or terms of the Securities of any series as permitted by Section 2.01 or Section 3.01 hereof; or

 

(e)      
to add to or change any of the provisions of this Indenture as is necessary or advisable to facilitate the issuance of Securities
of any series in bearer form, registrable or nonregistrable as to principal and with or without interest coupons, and to provide for exchangeability
of such Securities with the Securities of the same series issued hereunder in fully registered form and to make all appropriate changes
for such purpose, or to permit or facilitate the issuance of Securities in uncertificated form; or

 

(f)       to
add to or change any of the provisions of this Indenture to provide that bearer Securities may be registrable as to principal, to change
or eliminate any restrictions on the payment of principal of, or premium, if any, or interest on bearer Securities or on the delivery
of bearer Securities, or to permit bearer Securities to be issued in exchange for bearer Securities of other authorized denominations,
provided any such action shall not adversely affect the interests of the Holders of bearer Securities of any series or any related
coupons in any material respect unless such amendment is required to comply with the Bearer Rules; or

 

(g)     
to cure any ambiguity or make any other provisions with respect to matters or questions arising under this Indenture that shall
not adversely affect the interests of the Holders in any material respect; provided that any modification or amendment to this
Indenture made solely to conform the provisions of this Indenture or the Securities of any series to the description contained in the
 “Description of Notes” section or other analogous section of an Offering Document with respect to such series of Securities
shall be deemed not to adversely affect the interests of the Holders of the Securities of such series in any material respect; or

 

(h)     
to evidence and provide for the acceptance of appointment hereunder of a Trustee other than The Bank of New York Mellon, as Trustee
for a series of Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 8.09 hereof;

 

(i)       to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series or to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 8.11 hereof;

 

(j)       to
evidence any changes to Section 8.10 permitted by the terms thereof;

 

(k)       to
add to or modify the provisions hereof as may be necessary or desirable to provide for the denomination of Securities in Foreign Currencies
that shall not adversely affect the interests of the Holders of the Securities in any material respect;

 

(l)        to
supplement any of the provisions of this Indenture to such extent as is necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Section 6.01 or 6.02, provided, however, that any such action shall
not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in any material
respect;

 

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(m)     
to add to, change or eliminate any of the provisions of this Indenture; provided, that any such addition, change or elimination
(i) shall become effective only when no Security of any series entitled to the benefits of such provision and issued prior to the execution
of such supplemental indenture is outstanding or (ii) shall not apply to any outstanding Security;

 

(n)      to modify, eliminate or add to the provisions of the Indenture as necessary so as to qualify it under any applicable federal law;
or

 

(o)     
to prohibit the authentication and delivery of additional series of Securities.

 

Section
11.02    Supplemental Indentures
with Consent of Holders.

 

Subject to Sections 7.12 and
7.13 hereof, with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of
each series affected thereby, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of the Securities
of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of
the Holder of each Outstanding Security affected thereby,

 

(a)      change the Stated Maturity of the principal of, or any installment of interest on, any Security, or reduce the principal amount
thereof or the interest thereon, or any premium payable on the redemption thereof, or change the Place of Payment, or the coin or currency
in which any Security or the interest, if any, thereon is payable, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the Maturity thereof or adversely affect the right of repayment, if any,
at the option of the Holder, or reduce the amount of, or postpone the date fixed for, any payment under the sinking fund for any Security,
or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case
of redemption, on or after the Redemption Date), or

 

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

 

(c)      modify
any of the provisions of this Section 11.02 or Section 7.13 hereof, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Security affected
thereby, or

 

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(d)     
subordinate the indebtedness evidenced by the Securities to any other indebtedness of the Company.

 

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

 

It shall not be necessary
for any Act of Holders under this Section 11.02 to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.

 

Section
11.03    Execution of Supplemental
Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article Eleven or the modifications thereby of the trusts
created by this Indenture, the Trustee for the Securities of any series shall be provided with, and (subject to Section 8.01 hereof) shall
be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. Such Trustee may, but shall not be obligated to, enter into any such supplemental
indenture that affects such Trustee’s own rights, liabilities, duties or immunities under this Indenture or otherwise.

 

Section
11.04    Notice of Supplemental
Indenture.

 

Promptly after the execution
by the Company and the appropriate Trustee of any supplemental indenture pursuant to Section 11.02 hereof, the Company shall transmit
by mail to all Holders of any series of the Securities affected thereby, as their names and addresses appear in the Securities Register,
a notice setting forth in general terms the substance of such supplemental indenture.

 

Section
11.05    Effect of Supplemental
Indentures.

 

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

 

Section
11.06    Conformity with Trust
Indenture Act.

 

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

 

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Section
11.07    Reference in Securities to
Supplemental Indentures.

 

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

 

ARTICLE
Twelve

 

COVENANTS

 

Section
12.01    Payment of Principal,
Premium and Interest.

 

The Company will duly and
punctually pay the principal of, premium, if any, and interest, if any, on the Securities of each series in accordance with the terms
of such Securities established as contemplated by Section 3.01 of this Indenture.

 

Section
12.02    Maintenance of Office
or Agency.

 

The Company will maintain,
in each Place of Payment for any series of Securities, an office or agency where Securities of any series may be presented or surrendered
for payment, where 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 served; provided, however,
that at the option of the Company payment of interest may be made (subject to collection) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register. With respect to the Securities of any series, such office or agency
and each Place of Payment shall be as specified as contemplated by Section 3.01. In the absence of any such provisions with respect to
Securities of any series, (i) the Place of Payment for such Securities shall be in the city in which the Corporate Trust Office of the
Trustee for such series shall be located and (ii) such office or agency in such Place of Payment shall initially be the Corporate Trust
Office of such Trustee for such series. The Company will give prompt written notice to the Trustee of any change in the location of any
such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee for the Securities of each series with the address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of such Trustee, and the Company hereby appoints such Trustee for such series of Securities its agent
to receive all such presentations, surrenders, notices and demands with respect to the Securities of such series.

 

The Company may also
from time to time designate one or more other offices or agencies (in or outside the Place of Payment) where the Securities of one
or more series may be presented or surrendered for any or all of such purposes specified above, and may from time to time rescind
such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company of
its obligation to maintain an office or agency in each Place of Payment for such purposes.

 

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

 

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

 

Whenever the Company shall
have one or more Paying Agents, it will, on or before each due date of the principal of (and premium, if any) or interest, if any, on,
any Securities of any series, deposit with a Paying Agent for such series a sum sufficient to pay the principal (and premium, if any)
or interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal (and premium,
if any), or interest, if any, and (unless such Paying Agent is the Trustee for such series) the Company will promptly notify such Trustee
at its Corporate Trust Office of its failure so to act.

 

The Company will cause each
Paying Agent for the Securities of any series other than the Trustee for such series to execute and deliver to such Trustee an instrument
in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 12.03, that such Paying Agent will

 

(a)      
hold all sums held by it for the payment of the principal of, premium, if any, or interest, if any, on the Securities of such series
in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

 

(b)     
give such Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making
of any payment of principal, premium, if any, or interest, if any; and

 

(c)     
at any time during the continuance of any such default, upon the written request of such Trustee, forthwith pay to Such Trustee
all sums so held in trust by such Paying Agent.

 

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

 

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Section
12.04    Payment
of Taxes and Other Claims.

 

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

 

Section
12.05    Statement as to Compliance.

 

The Company will file with
the Trustee within four months after the close of each fiscal year (which, until the Company shall otherwise notify the Trustee, shall
be deemed to be the calendar year) a brief certificate, which need not comply with Section 1.02 hereof, from the principal executive,
financial or accounting officer of the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants
under this Indenture (without regard to any period of grace or requirement of notice provided in this Indenture).

 

Section
12.06    Corporate Existence.

 

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

 

Section
12.07    Restrictions on the Creation
of Mortgages and Liens.

 

(a)       The
Company will not at any time directly or indirectly create, assume, incur, or suffer to be created, assumed, or incurred or to exist
any mortgage, pledge, encumbrance or lien of any kind (except for any bona fide option or agreement to sell) (a “Lien”)
upon (1) any shares of capital stock owned by the Company of any of the Principal Subsidiaries (other than directors’
qualifying shares) or (2) any shares of capital stock owned by the Company of a Subsidiary of the Company that owns, directly or
indirectly, capital stock of any Principal Subsidiary (other than directors’ qualifying shares) without making effective
provision whereby the Securities (and any other indebtedness of the Company or such Subsidiary entitled to the benefit of a covenant
similar to the covenant contained in this Section 12.07, subject to applicable priorities of payment) will be secured by such Lien
equally and ratably with any and all other obligations thereby secured, so long as any such other obligations and indebtedness shall
be so secured; provided, however, that notwithstanding the foregoing, the Company may incur or suffer to be incurred or to exist
upon such capital stock (A) Liens for taxes, assessments or other governmental charges or levies that are not yet due or are payable
without penalty or of which the amount, applicability or validity is being contested by the Company in good faith by appropriate
proceedings, or (B) the Liens of any judgment, if such judgment shall not have remained undischarged, or unstayed on appeal or
otherwise, for more than 60 days.

 

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(b)     
The provisions of Section 12.07(a) shall cease to be binding on the Company with respect to any series of the Securities to which
such provisions are applicable and shall be of no further force and effect from and after the ninety-first day after the date of the deposit
referred to in paragraph (1) below; provided that the following conditions shall have been satisfied:

 

(1)       the
Company has deposited or caused to be deposited with the Trustee irrevocably as trust funds in trust, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders of all Outstanding Securities of such series, with reference to this Section
12.07(b), (i) money in an amount in the currency in which the Securities are denominated or (ii) U.S. Government Obligations in the case
of Securities denominated in Dollars or obligations issued or guaranteed by the government which issued the currency in which the Securities
are denominated in the case of Securities denominated in a Foreign Currency, which through the payment of interest and principal in respect
thereof in accordance with their terms will provide not later than the opening of business on the due date of any payment referred to
in this paragraph (1) money in an amount in the currency in which the Securities are denominated, or (iii) a combination thereof, sufficient,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge the entire indebtedness on all Outstanding Securities or such series for principal (and premium,
if any) and interest, if any to the Stated Maturity as such principal (and premium, if any) or interest, if any, becomes due and payable
in accordance with the terms of this Indenture and the Securities of such series; provided, however, the Company shall not
make or cause to be made the deposit provided by this clause (1) unless the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that there will not occur any violation of the Investment Company Act of 1940, as amended, on the part of the Company,
the trust funds representing such deposit or the Trustee as a result of such deposit and related exercise of the Company’s option
under this Section 12.07(b);

 

(2)       the
Company has paid or caused to be paid all other sums payable hereunder by the Company in connection with the Outstanding Securities of
such series, including all fees and expenses of the Trustee for such series; and

 

(3)       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 foregoing relief from the covenant contained in Section 12.07(a) have been complied with.

 

Subject to the provisions
of Section 6.05 hereof, all money, U.S. Government Obligations and other government obligations deposited with the Trustee for the Securities
of any series pursuant to paragraph (1) of this Subsection and all money received by the Trustee in respect of U.S. Government Obligations
and such other government obligations deposited with the Trustee for the Securities of any series pursuant to said paragraph (1) shall
be held in trust and applied by the Trustee, in accordance with the provisions of the Securities of such series and this Indenture, to
the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), of the principal of
(and premium, if any) and interest, if any, on the Securities of such series; but such money need not be segregated from other funds
except to the extent required by law. Compliance with the provisions of this Section 12.07(b) shall not relieve the Company of its obligation
to make payments of principal of and interest, if any, on the Securities of such series or, except with respect to Section 12.07(a),
of any other of its obligations under this Indenture and the Securities of such series.

 

    63

     

    

 

The Trustee shall deliver
or pay to the Company from time to time upon Company request any U.S. Government Obligations, other government obligations or money held
by it as provided in this Section 12.07(b) which, in the opinion of a nationally recognized firm of independent public accountants 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 purpose for which such U.S. Government Obligations, other government obligations or money were deposited or received.

 

Section
12.08    Permit No Vacancy in Office
of Trustee.

 

The Company, whenever necessary
to avoid or fill a vacancy in the office of the Trustee for the Securities of any series, will appoint, in the manner provided in Section
8.10 hereof, a Trustee for the Securities of such series, so that there shall at all times be a Trustee for the Securities of every series
hereunder.

 

Section
12.09    Other Instruments and
Acts.

 

The Company will, as necessary
or upon the request of the Trustee for the Securities of any series, execute and deliver such further instruments and do such further
acts as may reasonably be necessary or proper to carry out more effectually the purposes of this Indenture.

 

Section
12.10    Waiver.

 

Without limitation of the
rights of the Holders and the Company with respect to waivers and amendments set forth in Sections 7.13 and 11.02, the Company may omit
in any particular instance to comply with a covenant or provision hereof which non-compliance could constitute a default hereunder (other
than (i) a covenant or provision with respect to the payment of the principal of (or premium, if any) or interest, if any, on any Security
of any series, or in payment of any sinking fund installment or analogous obligation with respect to the Securities of such series or
(ii) a covenant or condition which under Article Eleven hereof cannot be modified or amended without the consent of the Holder of each
Outstanding Security affected), if before or after the time for such compliance the Holders of at least a majority in principal amount
of the Securities at the time Outstanding of any series affected by the omission shall, by Act of such Holders, either waive such compliance
in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant
or provision except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee of each such series in respect of any such covenant or provision shall remain in full force and effect.

 

    64

     

    

 

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

 

	 	AMERICAN EXPRESS COMPANY
	 	 
	 	By:	/s/ David L. Yowan
	 	 	Name: David L. Yowan
	 	 	Title: Treasurer
	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 
	 	By:	/s/ Shannon Matthews
	 	 	Name: Shannon Matthews
	 	 	Title: Agent

 

     

     

    

 

APPENDIX A

 

FOR OFFERINGS TO QUALIFIED INSTITUTIONAL BUYERS PURSUANT TO RULE 144A
AND TO CERTAIN PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S.

 

PROVISIONS RELATING
TO INITIAL SECURITIES

AND EXCHANGE SECURITIES

 

1. Definitions.

 

1.1  Definitions.

 

For the purposes of this Appendix A the following
terms shall have the meanings indicated below:

 

“Definitive Security” means a certificated
Initial Security or Exchange Security bearing, if required, the applicable restricted securities legend set forth in Section 2.2.

 

“Exchange Securities” means Securities
issued in exchange for Initial Securities pursuant to a Registered Exchange Offer.

 

“Initial Securities” means Securities
issued from time to time in one or more series as provided for in this Indenture.

 

“QIB” means a “qualified institutional
buyer” as defined in Rule 144A.

 

"Registered Exchange Offer" means an offer
by the Company to certain Holders of Initial Securities of one or more series of a like aggregate principal amount of Exchange Securities
of each series registered under the Securities Act in exchange for such Initial Securities.

 

“Securities Act” means the Securities
Act of 1933, as amended.

 

“Securities Custodian” means the custodian
with respect to a Global Security (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee.

 

"Shelf Registration Statement" means a
registration statement filed by the Company with the Commission in connection with the offer and sale of Initial Securities.

 

“Transfer Restricted Securities” means,
with respect to each series of Securities issued from time to time pursuant to this Indenture, Definitive Securities and any other Securities
that bear or are required to bear one of the legends set forth in Section 2.2 hereto.

 

    A-1

     

    

 

1.2  Other Definitions

 

	 	 	Defined in
	Term	 	Section:
	 	 	 
	“Global Securities”	 	2.1(b)
	“Regulation S” 	 	2.1(a)
	“Regulation S Global Security” 	 	2.1(b)
	“Rule 144A”	 	2.1(a)
	“Rule 144A Global Security”	 	2.1(b)

 

2. The Securities.

 

2.1 Form and Dating.

 

(a)  Initial Securities of one or more
series issued from time to time pursuant to this Indenture will be issued only to QIBs in reliance on Rule 144A under the Securities
Act (“Rule 144A”) and purchasers in reliance on Regulation S under the Securities Act (“Regulation S”). Initial
Securities may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to the restrictions
on transfer set forth herein.

 

(b)  Global Securities. Initial
Securities of a series initially issued to persons in reliance on Rule 144A shall be issued initially in the form of one or more
permanent global securities in definitive, fully registered form (collectively, the “Rule 144A Global Security”) and
Initial Securities initially issued to persons in reliance on Regulation S shall be issued initially in the form of one or more global
securities (collectively, the “Regulation S Global Security”), in each case without interest coupons and with the global securities
legend set forth in Section 3.05(c) of this Indenture and the applicable restricted securities legend set forth in Section 2.2 of this
Appendix A, which shall be deposited on behalf of the initial recipients of the Initial Securities represented thereby with the Securities
Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated
by the Trustee as provided in this Indenture. The Rule 144A Global Security and Regulation S Global Security are together referred
to in this Appendix as “Global Securities.” The aggregate principal amount of the Global Securities may from time to time
be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided.

 

2.2   Legends.

 

(a)  Except as permitted by the following
paragraphs (c), (d) and (e), each certificate evidencing the Global Securities and the Definitive Securities of any series of Securities
issued from time to time pursuant to this Indenture (and all Securities issued in exchange therefor or in substitution thereof), except
for those issued to non-U.S. persons under Regulation S under the Securities Act, shall bear a legend in substantially the following
form:

 

    A-2

     

    

 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A
 “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR (B) IT
IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, THAT THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO AMERICAN EXPRESS COMPANY (THE “COMPANY”) OR ANY OF ITS SUBSIDIARIES, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (D) IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR 904 OF
REGULATION S OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED
THAT THE COMPANY AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF
THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE INDENTURE IS COMPLETED AND DELIVERED BY
THE TRANSFEROR TO THE TRUSTEE.

 

BY ITS ACQUISITION OF THIS SECURITY THE HOLDER THEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD
THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS
SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY
OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE
(“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY
SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (II) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE OR GIVE RISE TO A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR
LAWS.”

 

    A-3

     

    

 

(b) Except as permitted by the following paragraphs (c),
(d) and (e), each certificate evidencing the Global Securities and the Definitive Securities of any series of Securities issued from time
to time pursuant to this Indenture (and all Securities issued in exchange therefor or in substitution thereof), issued to non-U.S. persons
under Regulation S under the Securities Act shall bear a legend in substantially the following form:

 

“THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR (B)
IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”), (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, THAT THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO AMERICAN EXPRESS COMPANY (THE “COMPANY”) OR ANY OF ITS SUBSIDIARIES, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (D) IN AN OFFSHORE TRANSACTION TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR 904 OF
REGULATION S OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED
THAT THE COMPANY AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF
THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE INDENTURE IS COMPLETED AND DELIVERED BY
THE TRANSFEROR TO THE TRUSTEE.

 

    A-4

     

    

 

BY ITS ACQUISITION OF THIS SECURITY THE HOLDER THEREOF WILL
BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY
CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE
U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S.
OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE
UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (II) THE ACQUISITION
AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.”

 

(c)  Upon any sale or transfer of a Transfer
Restricted Security of any series of Securities issued from time to time pursuant to this Indenture (including any Transfer Restricted
Security represented by a Global Security) pursuant to Rule 144 under the Securities Act:

 

    A-5

     

    

 

(i) in the case of any Transfer Restricted
Security that is a Definitive Security, the Securities Registrar shall permit the Holder thereof to exchange such Transfer Restricted
Security for a Security of such series that does not bear the legend set forth in Sections 2.2(a) or (b), as the case may be, of this
Appendix A and rescind any restriction on the transfer of such Transfer Restricted Security; and

 

(ii) in the case of any Transfer Restricted
Security that is represented by a Global Security, the Securities Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Security for a Security of such series that does not bear the legend set forth in Sections 2.2(a) or (b), as the case may be,
of this Appendix A and rescind any restriction on the transfer of such Transfer Restricted Security,

 

in either case, if the Holder certifies in writing
to the Securities Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the
form set forth in Appendix B hereto and, if requested by the Company or the Trustee, provides an opinion of counsel as to the legality
of such transfer and the rescission of restrictions on transfer pursuant to clauses (i) or (ii) of this Section 2.2(c), as the case may
be).

 

(d)  After a transfer of any Initial Securities
of any series of Securities issued from time to time pursuant to this Indenture during the period of the effectiveness of a Shelf Registration
Statement with respect to such Initial Securities of such series, if such a transfer of Initial Securities is registered pursuant to such
Shelf Registration Statement all requirements pertaining to restricted securities legends on such Initial Security will cease to apply,
and an Initial Security of such series in global form without restricted security legends will be available to the transferee of the beneficial
interests of such Initial Securities of each series. Upon the effectiveness of a Shelf Registration Statement the Company will deliver
an Officers’ Certificate to the Trustee instructing the Trustee to issue Securities of such series without restricted security legends
upon the registered transfer thereof.

 

(e)  Upon the consummation of a Registered
Exchange Offer with respect to the Initial Securities of any series of Securities issued from time to time pursuant to this Indenture
pursuant to which certain Holders of such Initial Securities of such series are offered Exchange Securities in exchange for their Initial
Securities, Exchange Securities of such series in global form without restricted security legends will be available to Holders or beneficial
owners that exchange such Initial Securities (or beneficial interests therein) in such Registered Exchange Offer. Upon the consummation
of a Registered Exchange Offer, the Company will deliver an Officers’ Certificate to the Trustee instructing the Trustee to issue
Exchange Securities of such series without restricted security legends.

 

    A-6

     

    

 

(f)  Applicable Procedures for Delegending.

 

(i) After one year (or such shorter
period as may be permitted under Rule 144 of the Securities Act) has elapsed following the date of original issuance of any Transfer
Restricted Security of any series of Securities issued from time to time pursuant to this Indenture, if such Transfer Restricted
Securities are freely tradeable pursuant to Rule 144 under the Securities Act by Holders who are not Affiliates of the Company where
no conditions of Rule 144 are then applicable (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long
as such holding period requirement has been satisfied), the Company may at its option instruct the Trustee in writing to remove the
applicable legend set forth above from such Securities by delivering to the Trustee a certificate in the form of Appendix C hereto,
and upon such instruction such legend shall be deemed removed from any Global Securities representing such Securities without
further action on the part of Holders. Upon any such removal, the Company shall: (1) notify Holders of such Securities that such
legend has been removed or deemed removed; and (2) instruct the Depositary to change the CUSIP number for such Securities to the
unrestricted CUSIP number for such Securities. At such time as the Company instructs the Trustee to remove the restrictive legend
from the Securities, such legend will be deemed removed from any Global Securities.

 

(ii) Notwithstanding any provision of this
Section 2.2(f) to the contrary, in the event that Rule 144 as promulgated under the Securities Act (or any successor rule) is amended
to change the one-year holding period thereunder (or the corresponding period under any successor rule), each reference in this Section
2.2(f) to “one year” shall be deemed for all purposes hereof to be references to such changed period, provided, that such
changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal
securities laws. This Section 2.2(f) shall apply to successive amendments to Rule 144 (or any successor rule) changing the holding period
thereunder.

 

2.3   Transfer and Exchange

 

(a) Transfer and Exchange of Definitive Securities.
When Definitive Securities of any series of Securities issued from time to time pursuant to this Appendix A of this Indenture (or issued
in exchange therefor or in substitution therefor) are presented to the Securities Registrar with a request:

 

(i) to register the transfer of such Definitive
Securities; or

 

(ii) to exchange such Definitive Securities
for an equal principal amount of Definitive Securities of such series of other authorized denominations,

 

the Securities Registrar shall register the transfer
or make the exchange if permitted under Section 3.06 of this Indenture and Section 2.2 of this Appendix A; provided, however,
that in the event that the Definitive Securities surrendered for transfer or exchange are Transfer Restricted Securities, such Definitive
Securities are being transferred or exchanged pursuant to an effective registration statement under the Securities Act or pursuant to
clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable:

 

    A-7

     

    

 

(A)  if such Definitive Securities
are being delivered to the Securities Registrar by a Holder for registration in the name of such Holder, without transfer, a certification
from such Holder to that effect; or

 

(B)  if such Definitive Securities
are being transferred to the Company, a certification to that effect; or

 

(C)  if such Definitive Securities
are Transfer Restricted Securities that being transferred pursuant to an exemption from registration in accordance with Rule 144
under the Securities Act or in reliance upon another exemption from the registration requirements of the Securities Act, such Securities
may be transferred only in accordance with such procedures as are substantially consistent with the provisions of this Indenture (including
the certification requirements set forth in Appendix B hereto intended to ensure that such transfers comply with Rule 144A, Regulation
S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other procedures as may
from time to time be adopted by the Company.

 

(b) Transfer and Exchange of Global Securities.
In the event that a Global Security of any series of Securities issued from time to time pursuant to this Indenture (or issued in exchange
therefor or in substitution therefor) is exchanged for Definitive Securities of such series prior to the consummation of a Registered
Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Securities, such Securities may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of this Indenture (including the certification
requirements set forth in Appendix B hereto intended to ensure that such transfers comply with Rule 144A, Regulation S or such other applicable
exemption from registration under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted
by the Company.

 

(c) Rule 144A Global Security to Regulation S
Global Security. If the owner of a beneficial interest in a Rule 144A Global Security of any series of Securities issued from time
to time pursuant to this Indenture wishes at any time to transfer such interest to a Person who wishes to acquire the same in the form
of a beneficial interest in the Regulation S Global Security of such series of Securities, such transfer may be effected only in accordance
with the provisions of this Section 2.3(c) and the Applicable Procedures. Upon receipt by the Trustee, as Securities Registrar, of (A)
an order given by the Depositary or its authorized representative directing that a beneficial interest in such Regulation S Global Security
in a specified principal amount be credited to a specified account and that a beneficial interest in such Rule 144A Global Security in
an equal principal amount be debited from another specified account and (B) a certificate in the form of Appendix B hereto, satisfactory
to the Trustee and duly executed by the owner of such beneficial interest in such Rule 144A Global Security or his attorney duly authorized
in writing, then the Trustee, as Securities Registrar, shall reduce the principal amount of such Rule 144A Global Security and increase
the principal amount of such Regulation S Global Security by such specified principal amount.

 

    A-8

     

    

 

(d) Regulation S Global Security to Rule 144A
Global Security. If the owner of a beneficial interest in a Regulation S Global Security of any series of Securities issued from time
to time pursuant to this Indenture wishes at any time to transfer such interest to a Person who wishes to acquire the same in the form
of a beneficial interest in the Rule 144A Global Security of such series of Securities, such transfer may be effected only in accordance
with this Section 2.3(d) and the Applicable Procedures. Upon receipt by the Trustee, as Securities Registrar, of (A) an order given by
the Depositary or its authorized representative directing that a beneficial interest in such Rule 144A Global Security in a specified
principal amount be credited to a specified account and that a beneficial interest in such Regulation S Global Security in an equal principal
amount be debited from another specified account and (B) a certificate in the form of Appendix B hereto, satisfactory to the Trustee and
duly executed by the owner of such beneficial interest in such Regulation S Global Security or his attorney duly authorized in writing,
then the Trustee, as Securities Registrar, shall reduce the principal amount of such Regulation S Global Security and increase the principal
amount of such Rule 144A Global Security by such specified principal amount.

 

    A-9

     

    

 

APPENDIX B

 

FORM OF CERTIFICATE OF TRANSFER

 

American Express Company

200 Vesey Street

New York, New York 10285

 

The Bank of New York Mellon

240 Greenwich Street, 7th Floor

New York, New York 10286

 

Re:          [        ]% Senior Notes due
[        ] (the “Notes”)

 

Reference is hereby made to the Indenture, dated as of December 2,
2021 (the “Indenture”), between American Express Company (the “Company”), and The Bank of New York
Mellon, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

                                                  (the
 “Transferor”) owns and proposes to transfer the Notes or interest in such Notes specified in Annex A hereto, in the
principal amount of $[         ] (the “Transfer”), to                                                                 (the
 “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies
that:

 

[CHECK ALL THAT APPLY]

 

1.  ̈ Check
if Transferee will take delivery of a beneficial interest in the 144A Global Security or a Definitive Security pursuant to Rule
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of
1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Security is being transferred to a Person that the Transferor reasonably believed and believes is
purchasing the beneficial interest or Definitive Security for its own account, or for one or more accounts with respect to which
such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will be subject
to the restrictions on transfer enumerated in the restricted security legend printed on the 144A Global Security and/or the
Definitive Security or otherwise contained in the Indenture and the Securities Act.

 

    B-1

     

    

 

2.  ̈ Check
if Transferee will take delivery of a beneficial interest in the Regulation S Global Security or a Definitive Security pursuant to
Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United
States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor
any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed
selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(a) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act
and (iv) if the proposed transfer is being made prior to the expiration of the Regulation S distribution compliance period, the
transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will be subject
to the restrictions on Transfer enumerated in the restricted security legend printed on the Regulation S Global Security and/or a
Definitive Security or otherwise contained in the Indenture and the Securities Act.

 

3.  ̈ Check
and complete if Transferee will take delivery of a beneficial interest in a Definitive Security pursuant to any provision of the
Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Global Securities or Definitive Securities that are Transfer Restricted
Securities and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the
United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)        ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)        ̈
such Transfer is being effected to the Company or a Subsidiary thereof;

 

or

 

(c)        ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act;

 

4.  ̈ Check
if Transferee will take delivery of a beneficial interest in a Global Note or Definitive Note that is not a Transfer Restricted
Security.

 

(a)        ̈ Check
if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the restricted security
legend will not be required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will no longer be subject to
the restrictions on transfer enumerated in the restricted security legend printed on the Global Securities, on Definitive Securities
and in the Indenture.

 

    B-2

     

    

 

(b)        ̈ Check
if Transfer is pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule
904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
restricted security legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will no
longer be subject to the restrictions on transfer enumerated in the restricted security legend printed on the Global Securities, on
Definitive Securities and in the Indenture.

 

(c)        ̈ Check
if Transfer is pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the restricted security legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Security will not be subject to the restrictions on transfer enumerated
in the restricted security legend printed on the Global Securities or Definitive Securities and in the Indenture.

 

This certificate and the statements contained herein are made for your
benefit and the benefit of the Company.

 

	 	 

	 	[Insert Name of Transferor]

 

	 	By:	 

	 	Name:	 

	 	Title:	 

	Dated:	 	 	

 

    B-3

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

(a)        ̈
a beneficial interest in the:

 

(i)        ̈
144A Global Security (CUSIP _________); or

 

(ii)        ̈
Regulation S Global Security (CUSIP _________); or

 

(b)        ̈
a Definitive Security that is a Transfer Restricted Security.

 

2.       After
the Transfer, the Transferee will hold:

 

[CHECK ONE OF (a), (b) OR (c)]

 

(a)        ̈
a beneficial interest in the:

 

(i)        ̈
144A Global Security (CUSIP _________); or

 

(ii)        ̈
Regulation S Global Security (CUSIP _________); or

 

(iii)        ̈
Global Security that is not a Transfer Restricted Security (CUSIP _________); or

 

(b)        ̈
a Definitive Security that is a Transfer Restricted Security; or

 

(c)        ̈
a Definitive Security that is not a Transfer Restricted Security, in accordance
with the terms of the Indenture.

 

    B-4

     

    

  

APPENDIX C

 

FORM OF FREE TRANSFERABILITY CERTIFICATE

 

[date]

 

The Bank of New York Mellon

240 Greenwich Street. 7th Floor

New York, NY 10286

 

Re:         [         ]% Senior Notes due [       ];
CUSIP: [        ]

 

Dear Sir/Madam:

 

Reference is hereby made to the Indenture, dated as of December 2,
2021 (the “Indenture”), between American Express Company (the “Company”), and The Bank of New York
Mellon, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

Whereas the [      ]% Senior Notes due [       ], issued pursuant to the Indenture
(the “Notes”), have become freely tradable without restrictions by non-affiliates of the Company pursuant to Rule 144(b)(1)
under the Securities Act, in accordance with Section 2.2(f) of Appendix A to the Indenture the Company hereby instructs you that:

 

(i) the relevant restricted security legend described in Section 2.2
of Appendix A to the Indenture and set forth on the Notes shall be deemed removed from the Notes, in accordance with the terms and conditions
of the Notes and as provided in the Indenture, without further action on the part of Holders; and

 

(ii) the applicable restricted CUSIP number and restricted ISIN number
for the Notes shall be deemed removed from the Notes and replaced with the unrestricted CUSIP number ([       ]) and unrestricted ISIN number
([      ]), respectively, set forth therein, in accordance with the terms and conditions of the Notes and as provided in the Indenture, without
further action on the part of Holders.

 

	 	AMERICAN EXPRESS COMPANY
	 
	 	By:	 	
	 	Name:	
	 	Title:	

 

    C-1

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