Document:

Exhibit 4.6

 

 

 

 

 

 

 

 

 

SB FINANCIAL GROUP, INC. 

 

INDENTURE

 

DATED AS OF__ , 20__

 

_______________________________,
TRUSTEE 

 

SENIOR DEBT SECURITIES

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE I DEFINITIONS AND INCORPORATION
    BY REFERENCE	1
	 	 	 
	SECTION
    1.1.	Definitions	1
	SECTION
    1.2. 	Other
    Definitions	3
	SECTION
    1.3. 	
    Incorporation by Reference of Trust Indenture Act	3
	SECTION
    1.4. 	Rules
    of Construction 	4
	 	 	 
	ARTICLE II THE SECURITIES	4
	 	 	 
	SECTION
    2.1.	
    Issuable in Series	4
	SECTION
    2.2. 	
    Establishment of Terms of Series of Securities	4
	SECTION
    2.3. 	Execution
    and Authentication	6
	SECTION
    2.4. 	Registrar
    and Paying Agent	6
	SECTION
    2.5. 	Paying
    Agent to Hold Money in Trust	7
	SECTION
    2.6.	
    Securityholder Lists	7
	SECTION
    2.7. 	Transfer
    and Exchange	7
	SECTION
    2.8. 	Mutilated,
    Destroyed, Lost and Stolen Securities	7
	SECTION
    2.9.	Outstanding
    Securities	8
	SECTION
    2.10. 	
    Treasury Securities	8
	SECTION
    2.11. 	Temporary
    Securities	8
	SECTION
    2.12. 	Cancellation	8
	SECTION
    2.13.	Defaulted
    Interest	9
	SECTION
    2.14. 	Global
    Securities	9
	SECTION
    2.15.	CUSIP
    Numbers	10
	 	 	 
	ARTICLE III REDEMPTION 	10
	 	 	 
	SECTION
    3.1. 	Noticed
    to Trustee	10
	SECTION
    3.2. 	Selection
    of Securities to be Redeemed	10
	SECTION
    3.3. 	Notice
    of Redemption	10
	SECTION
    3.4.	
    Effect of Notice of Redemption	11
	SECTION
    3.5. 	Deposit
    of Redemption Price	11
	SECTION
    3.6.	
    Securities Redeemed in Part	11
	 	 	 
	ARTICLE IV COVENANTS	11
	 	 	 
	SECTION
    4.1. 	Payment
    of Principal and Interest	11
	SECTION
    4.2. 	SEC
Reports	11
	SECTION
    4.3.	
Compliance Certificate	11
	SECTION
    4.4.	
Stay, Extension and Usury Laws	12

  

    i

     

    

 

	SECTION
    4.5. 	Corporate
    Existence	12
	SECTION
    4.6. 	
Taxes	12
	 	 	 
	ARTICLE V SUCCESSORS	12
	 	 	 
	SECTION
    5.1.	
When Company May Merge, Etc.	12
	SECTION
    5.2.	
Successor Corporation Substituted	12
	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES
    	13
	 	 	 
	SECTION
    6.1. 	Events
of Default	13
	SECTION
    6.2. 	Acceleration
of Maturity; Rescission and Annulment	14
	SECTION
    6.3. 	Collection
of Indebtedness and Suits for Enforcement by Trustee	14
	SECTION
    6.4.	
Trustee May File Proofs of Claim	15
	SECTION
    6.5. 	Trustee
May Enforce Claims Without Possession of Securities	15
	SECTION
    6.6. 	Application
of Money Collected	15
	SECTION
    6.7.	
Limitation on Suits	15
	SECTION
    6.8.	
Unconditional Right of Holders to Receive Principal and Interest	16
	SECTION
    6.9. 	Restoration
of Rights and Remedies	16
	SECTION
    6.10.	
Rights and Remedies Cumulative	16
	SECTION
    6.11. 	Delay
or Omission Not Waiver	16
	SECTION
    6.12. 	Control
by Holders	16
	SECTION
    6.13.	
Waiver of Past Defaults	17
	SECTION
    6.14. 	Undertaking
for Costs	17
	 	 	 
	ARTICLE VII TRUSTEE 	17
	 	 	 
	SECTION
    7.1.	
    Duties of Trustee	17
	SECTION
    7.2.	
Rights of Trustee	18
	SECTION
    7.3. 	Individual
Rights of Trustee	19
	SECTION
    7.4. 	Trustee’s
Disclaimer	19
	SECTION
    7.5.	
Notice of Defaults	19
	SECTION
    7.6. 	Reports
by Trustee to Holders	19
	SECTION
    7.7.	
    Compensation and Indemnity	19
	SECTION
    7.8. 	Replacement
of Trustee	20
	SECTION
    7.9.	
Successor Trustee by Merger, Etc.	21
	SECTION
    7.10.	
Eligibility; Disqualification	21
	SECTION
    7.11.	
Referential Collection of Claims Against Company	21
	 	 	 
	ARTICLE VIII SATISFACTION AND DISCHARGE;
    DEFEASANCE 	21
	 	 	 
	SECTION
    8.1. 	Satisfaction
and Discharge of Indenture	21

  

    ii

     

    

 

	SECTION
    8.2.	
    Application of Trust Funds; Indemnification	22
	SECTION
    8.3. 	Legal Defeasance
of Securities of any Series	22
	SECTION
    8.4. 	Covenant
Defeasance	23
	SECTION
    8.5. 	Repayment
to Company	24
	 	 	 
	ARTICLE IX AMENDMENTS AND WAIVERS
    	24
	 	 	 
	SECTION
    9.1. 	Without
Consent of Holders	24
	SECTION
    9.2. 	With Consent
of Holders	24
	SECTION
    9.3. 	Limitations	25
	SECTION
    9.4.	 Compliance
with Trust Indenture Act	25
	SECTION
    9.5.	 Revocation
and Effect of Consents	25
	SECTION
    9.6. 	Notation
on or Exchange of Securities	26
	SECTION
    9.7. 	Trustee
Protected	26
	 	 	 
	ARTICLE X MISCELLANEOUS 	26
	 	 	 
	SECTION
    10.1. 	Trust Indenture
    Act Controls	26
	SECTION
    10.2.	 Notices	26
	SECTION
    10.3. 	Communication
by Holders with Other Holders	27
	SECTION
    10.4. 	Certificate
and Opinion as to Conditions Precedent	27
	SECTION
    10.5. 	Statements
Required in Certificate or Opinion	27
	SECTION
    10.6. 	Rules by
Trustee and Agents	27
	SECTION
    10.7.	 Legal
Holidays	27
	SECTION
    10.8. 	No Recourse
Against Others	27
	SECTION
    10.9.	 Counterparts	27
	SECTION
    10.10. 	Governing
Laws	28
	SECTION
    10.11. 	No Adverse
Interpretation of Other Agreements	28
	SECTION
    10.12. 	Successors	28
	SECTION
    10.13.	 Severability	28
	SECTION
    10.14. 	Table of
Contents, Headings, Etc.	28
	 	 	 
	ARTICLE XI SINKING FUNDS 	28
	 	 	 
	SECTION
    11.1. 	Applicability
of Article	28
	SECTION
    11.2. 	 Satisfaction
of Sinking Fund Payments with Securities	29
	SECTION
    11.3.	 Redemption
of Securities for Sinking Fund	29

 

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	 	CROSS REFERENCE TABLE	 
	Trust	 	
	Indenture	 	Indenture
	Act Section	 	Section
	Section 310	(a)(1)	7.10
	 	(a)(2)	7.10
	 	(a)(3)	N/A
	 	(a)(4)	N/A
	 	(a)(5)	7.10
	 	(b)	7.10
	Section 311	(a)	7.11
	 	(b)	7.11
	 	(c)	N/A
	Section 312	(a)	2.6
	 	(b)	10.3
	 	(c)	10.3
	Section 313	(a)	7.6
	 	(b)(1)	7.6
	 	(b)(2)	7.6
	 	(c)(1)	7.6
	 	(d)	7.6
	Section 314	(a)	4.2, 10.5
	 	(b)	N/A
	 	(c)(1)	10.4
	 	(c)(2)	10.4
	 	(c)(3)	N/A
	 	(d)	N/A
	 	(e)	10.5
	 	(f)	N/A
	Section 315	(a)	7.1
	 	(b)	7.5
	 	(c)	7.1
	 	(d)	7.1
	 	(e)	6.14
	Section 316	(a)	2.10
	 	(a)(1)(A)	6.12
	 	(a)(1)(B)	6.13
	 	(b)	6.8
	Section 317	(a)(1)	6.3
	 	(a)(2)	6.4
	 	(b)	2.5
	Section 318	(a)	10.1

  

* This Cross Reference Table shall not, for any purpose,
be deemed to be part of the Indenture.

 

     

     

    

 

Indenture dated as
of _______ ___, 20__ between SB FINANCIAL GROUP, INC., an Ohio corporation (“Company”), and ________________________________,
as trustee (“Trustee”). Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Securities issued under this Indenture:

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.1. Definitions.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are
owing to such Holders.

 

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

 

“Agent” means any Registrar, Paying
Agent or Service Agent.

 

“Authorized
Newspaper” means a newspaper in an official language of the country of publication customarily published at least once a
day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used.
If it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication
of such notice.

 

“Bearer” means anyone in possession
from time to time of a Bearer Security.

 

“Bearer
Security” means any Security, including any interest coupon appertaining thereto, that does not provide for the identification
of the Holder thereof.

 

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

 

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

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for
a particular Series, any day except a Saturday, Sunday or a legal holiday in the City of Defiance, Ohio on which banking institutions
are authorized or required by law, regulation or executive order to close.

 

“Capital
Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate
stock.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer.

 

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

 

    1

     

    

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered.

“Default” means any event which is,
or after notice or passage of time or both would be, an Event of Default.

 

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

 

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

 

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

 

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

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

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

 

“Holder” or “Securityholder”
means a person in whose name a Security is registered or the holder of a Bearer Security.

 

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

 

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

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

 

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

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer,
principal financial officer or principal accounting officer.

 

“Opinion
of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of
or counsel to the Company.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in
respect of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate
trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity
with a particular subject.

 

    2

     

    

 

“SEC” means the Securities and Exchange
Commission.

 

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

 

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

 

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

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other
Subsidiaries of that person or a combination thereof.

 

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

 

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

 

“U.S. Government Obligations” means securities
which 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,
and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder
of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
U.S. Government Obligation evidenced by such depository receipt.

 

SECTION 1.2. Other Definitions.

 

	 	Term	 	Defined in

 Section
	 	 	 	 
	 	“Bankruptcy Law”	 	6.1
	 	“Custodian”	 	6.1
	 	“Event of Default”	 	6.1
	 	“Legal Holiday”	 	10.7
	 	“mandatory sinking fund payment”	 	11.1
	 	“optional sinking fund payment”	 	11.1
	 	“Paying Agent”	 	2.4
	 	“Registrar”	 	2.4
	 	“Service Agent”	 	2.4
	 	“successor person”	 	5.1

 

SECTION
1.3. Incorporation by Reference of Trust Indenture Act.

 

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

 

“Commission” means the SEC.

 

    3

     

    

 

“indenture securities” means the Securities.

 

“indenture security holder” means a
Securityholder.

 

“indenture to be qualified” means this
Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

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

 

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

 

SECTION 1.4. Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

		(c)	references to “generally accepted accounting principles”
and “GAAP” shall mean generally accepted accounting principles in effect as of the time when and for the period as
to which such accounting principles are to be applied;

 

		(d)	“or” is not exclusive;

 

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

 

		(f)	provisions apply to successive events and transactions.

 

ARTICLE II

THE SECURITIES

 

SECTION
2.1. Issuable in Series.

 

The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided
in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant
to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority
granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record
date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters,
provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

SECTION
2.2. Establishment of Terms of Series of Securities.

 

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

 

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

 

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

 

    4

     

    

 

2.1.3 any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

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

 

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

 

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

 

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

 

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

 

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

 

2.1.10 if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable;

 

2.1.11 the
forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities
will be issuable as Global Securities);

 

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

 

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

 

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

 

2.1.15 any
addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.1.16 any
other terms of the Securities of the Series (which may modify or delete any provision of this Indenture insofar as it applies to
such Series); and

 

2.1.17 any
depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of
such Series if other than those appointed herein.

 

All Securities
of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to
above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities
of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

    5

     

    

  

SECTION
2.3. Execution and Authentication.

 

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

 

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

 

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

 

The Trustee
shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such
Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly
authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date
of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate
principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant
to Section 2.2, except as provided in Section 2.8.

 

Prior to
the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected
in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of
the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities
within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with
Section 10.4.

 

The Trustee
shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by
counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or
trustees, executive committee or a trust committee of directors and/or Vice Presidents shall determine that such action would expose
the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

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

 

SECTION
2.4. Registrar and Paying Agent.

 

The Company
shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant
to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying
Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”)
and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served
(“Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer
and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or
address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such required
Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company
may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from
time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section
2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional service
agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service agent.

 

    6

     

    

 

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

 

SECTION
2.5. Paying Agent to Hold Money in Trust.

 

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

 

SECTION
2.6. Securityholder Lists.

 

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

 

SECTION
2.7. Transfer and Exchange.

 

Where Securities
of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at
the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges
pursuant to Sections 2.11, 3.6 or 9.6).

 

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

 

SECTION
2.8. Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

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

 

    7

     

    

 

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

 

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

 

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

 

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

 

SECTION
2.9. Outstanding Securities.

 

The Securities
outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section as not outstanding.

 

If a Security
is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser.

 

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

 

A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

In determining
whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding
for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination
upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

 

SECTION
2.10. Treasury Securities.

 

In determining
whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company shall be disregarded, except that for the purposes
of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver, only Securities of a Series that the Trustee knows are so owned shall be so disregarded.

 

SECTION
2.11. Temporary Securities.

 

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

 

    8

     

    

  

SECTION
2.12. Cancellation.

 

The Company
at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered
for transfer, exchange, payment, replacement or cancellation and deliver such canceled Securities to the Company, unless the Company
otherwise directs; provided that the Trustee shall not be required to destroy Securities. The Company may not issue new Securities
to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

SECTION 2.13. Defaulted Interest.

 

If the Company
defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special
record date. The Company shall fix the record date and payment date. At least 10 days before the record date, the Company shall
mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount
of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

SECTION 2.14. Global Securities.

 

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

 

2.13.2 Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders
other than the Depository for such Security or its nominee only if: (i) such Depository notifies the Company that it is unwilling
or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository registered as a clearing agency
under the Exchange Act within 90 days of such event; (ii) the Company executes and delivers to the Trustee an Officers’ Certificate
to the effect that such Global Security shall be so exchangeable; or (iii) an Event of Default with respect to the Securities represented
by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as
provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depository with respect to such
Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such
Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

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

 

“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee
of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or
its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository
to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

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

 

2.13.5 Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the
principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

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2.13.6 Consents,
Declaration and Directions. Except as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as
the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified
in a written statement of the Depository with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

SECTION 2.15. CUSIP Numbers.

 

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

 

ARTICLE III

REDEMPTION

 

SECTION 3.1. Noticed to Trustee.

 

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

 

SECTION 3.2. Selection of
Securities to be Redeemed.

 

Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than
all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any
manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series outstanding
not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series
that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000
or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

SECTION 3.3. Notice of Redemption.

 

Unless otherwise
indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least
30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to
each Holder whose Securities are to be redeemed and, if any Bearer Securities are outstanding, publish on one occasion a notice
in an Authorized Newspaper. The notice shall identify the Securities of the Series to be redeemed and shall state:

 

		(a)	the redemption date;

 

		(b)	the redemption price;

 

		(c)	the name and address of the Paying Agent;

 

		(d)	that Securities of the Series called for redemption must
be surrendered to the Paying Agent to collect the redemption price;

 

		(e)	that interest on Securities of the Series called for
redemption ceases to accrue on and after the redemption date;

 

    10

     

    

 

		(f)	the CUSIP number, if any; and

 

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

 

At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense.

 

SECTION 3.4. Effect of Notice
of Redemption.

 

Once notice
of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable
on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying
Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date, provided that installments
of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or
one or more predecessor Securities) registered at the close of business on the relevant record date therefor according to their
terms and the terms of this Indenture.

 

SECTION 3.5. Deposit of Redemption
Price.

 

On or before
the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued
interest, if any, on all Securities to be redeemed on that date.

 

SECTION 3.6. Securities Redeemed
in Part.

 

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

 

ARTICLE IV

COVENANTS

 

SECTION 4.1. Payment of Principal
and Interest.

 

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

 

SECTION 4.2. SEC Reports.

 

The Company
shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe)
which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall
comply with the other provisions of TIA Section 314(a). Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).

 

SECTION 4.3. Compliance Certificate.

 

The Company
shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate
stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of
his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and
is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event
of Default shall have occurred, describing all such Defaults or Events of Default of which he/she may have knowledge).

 

    11

     

    

 

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

 

SECTION 4.4. Stay, Extension
and Usury Laws.

 

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

 

SECTION 4.5. Corporate Existence.

 

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

 

SECTION 4.6. Taxes.

 

The Company
shall pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by appropriate
proceedings.

 

ARTICLE
V

SUCCESSORS

 

SECTION 5.1. When Company
May Merge, Etc.

 

The Company shall not consolidate with or merge with or into,
or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”)
unless:

 

		(a)	the Company is the surviving corporation or the successor
person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction
and expressly assumes the Company’s obligations on the Securities and under this Indenture; and

 

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

 

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

 

SECTION 5.2. Successor Corporation
Substituted.

 

Upon any
consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged
or to which such sale, lease, conveyance or other disposition 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 has been named as the
Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than
a lease) shall be released from all obligations and covenants under this Indenture and the Securities.

 

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ARTICLE VI

DEFAULTS AND REMEDIES

 

SECTION 6.1. Events
of Default.  “Event of Default,” wherever used herein with
respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental
indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

		(a)	default in the payment of any interest on any Security
of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount
of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of
30 days); or

 

		(b)	default in the payment of principal of any Security of
that Series at its Maturity; or

 

		(c)	default in the deposit of any sinking fund payment, when
and as due in respect of any Security of that Series; or

 

		(d)	default in the performance or breach of any covenant
or warranty of the Company in this Indenture (other than a covenant or warranty for which the consequences of nonperformance or
breach are addressed elsewhere in this Section 6.1 and other than a covenant or warranty that has been included in this Indenture
solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days
after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by
the Holders of not less than a majority in principal amount of the outstanding Securities of that Series a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

 

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

 

		(i)	commences a voluntary case;

 

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

 

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

 

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

 

		(v)	generally is unable to pay its debts as the same become
due; or

 

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

 

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

 

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

 

		(iii)	orders the liquidation of the Company, and the order
or decree remains unstayed and in effect for 60 days; or

 

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

 

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

 

SECTION 6.2. Acceleration
of Maturity; Rescission and Annulment.

 

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

 

At any time
after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal
amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment
of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 6.13. No such rescission shall affect any subsequent Default or impair any right
consequent thereon.

 

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

 

The Company covenants that if:

 

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

 

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

 

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

 

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

 

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

 

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

 

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SECTION 6.4. Trustee May File
Proofs of Claim.

 

In case
of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or
of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise: (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceeding; and (b) to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.7.

 

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

 

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

 

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

 

SECTION 6.6. Application of
Money Collected.

 

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

 

First: To the payment of all amounts due the Trustee
under Section 7.7;

 

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

 

Third: To the Company.

 

SECTION 6.7. Limitation on
Suits.

 

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

 

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

 

		(b)	the Holders of at least a majority in principal amount
of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or 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 6.9. Restoration of
Rights and Remedies.

 

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

 

SECTION 6.10. Rights and Remedies
Cumulative.

 

Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

SECTION 6.11. Delay or Omission
Not Waiver.

 

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

 

SECTION 6.12. Control by Holders.

 

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

 

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

 

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

 

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		(c)	subject to the provisions of Section 6.1, the Trustee
shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the
Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

SECTION 6.13. Waiver of Past
Defaults.

 

The Holders
of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all
the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default
(i) in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority
in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any
related payment default that resulted from such acceleration) or (ii) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. 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 6.14. Undertaking
for Costs.

 

All parties
to this Indenture agree, and each Holder of any Security by such Holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, 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 shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII

TRUSTEE

 

SECTION 7.1. Duties of Trustee.

 

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

 

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

 

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

 

		(ii)	in the absence of bad faith on its part, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’
Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in
the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required
to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine
whether or not they conform to the requirements of this Indenture.

 

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

 

		(i)	this paragraph does not limit the effect of paragraph
(b) of this Section;

 

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

 

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

 

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

 

		(e)	The Trustee may refuse to perform any duty or exercise
any right or power at the request or direction of any Holder unless the Trustee receives indemnity satisfactory to it against
any loss, liability or expense.

 

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

 

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

 

		(h)	The Paying Agent, the Registrar and any authenticating
agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (a), (b) and (c) of
this Section with respect to the Trustee.

 

SECTION 7.2. Rights of Trustee.

 

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

 

		(b)	Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate. The Trustee shall not be liable for any action it takes or omits to take in good faith
in reliance on such Officers’ Certificate.

 

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

 

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

 

		(e)	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 without negligence and in good faith and in reliance thereon.

 

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

 

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		(g)	The Trustee may consult with counsel of its selection
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder without negligence and in good faith and in reliance thereon.

 

		(h)	The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit.

 

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

 

SECTION 7.3. Individual Rights
of Trustee.

 

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

 

SECTION 7.4. Trustee’s
Disclaimer.

 

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

 

SECTION 7.5. Notice of Defaults.

 

If a Default
or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer
of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series and, if any Bearer Securities are
outstanding, publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within 90 days after it
occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the
case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Securityholders of that Series.

 

SECTION 7.6. Reports by Trustee
to Holders.

 

Within 60
days after May 15 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear
on the register kept by the Registrar and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief
report dated as of such May 15, in accordance with, and to the extent required under, TIA Section 313.

 

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

 

SECTION 7.7. Compensation
and Indemnity.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 7.8. Replacement of
Trustee.

 

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

 

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

 

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

 

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

 

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

 

		(d)	the Trustee becomes incapable of acting.

 

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

 

If a successor
Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities
of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

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

 

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SECTION 7.9. Successor Trustee
by Merger, Etc.

 

If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act shall be the successor Trustee.

 

SECTION 7.10. Eligibility;
Disqualification.

 

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

 

SECTION 7.11. Referential
Collection of Claims Against Company.

 

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

 

ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

SECTION 8.1. Satisfaction
and Discharge of Indenture.

 

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

 

		(a)	either:

 

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

 

		(ii)	all such Securities not theretofore delivered to the
Trustee for cancellation (1) have become due and payable, or (2) will become due and payable at their Stated Maturity within one
year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company; and the Company has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging
the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest
to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit)
or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been
deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall
survive.

 

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SECTION 8.2. Application of
Trust Funds; Indemnification.

 

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

 

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

 

		(c)	The Trustee shall deliver or pay to the Company from
time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided
in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants 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 or Foreign Government Obligations or money
were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign
Government Obligations held under this Indenture.

 

SECTION 8.3. Legal Defeasance
of Securities of any Series.

 

Unless this
Section 8.3 is otherwise specified, pursuant to Section 2.2.16, to be inapplicable to Securities of any Series, the Company shall
be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after
the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request,
execute proper instruments acknowledging the same), except as to:

 

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

 

		(b)	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3, and
8.5; and

 

		(c)	the rights, powers, trust and immunities of the Trustee
hereunder; provided that, the following conditions shall have been satisfied:

 

		(d)	the Company shall have deposited or caused to be irrevocably
deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities, cash in
Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance
with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later
than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge
each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities
of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

		(f)	no Default or Event of Default with respect to the Securities
of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after
such date;

 

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

 

		(h)	the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of
such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company; and

 

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

 

SECTION 8.4. Covenant Defeasance.

 

Unless this
Section 8.4 is otherwise specified pursuant to Section 2.2.16 to be inapplicable to Securities of any Series, on and after the
91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with respect to the
Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.6, and 5.1 as well as
any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’
Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default
or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series, provided that the following conditions shall have been satisfied:

 

		(a)	With reference to this Section 8.4, the Company has deposited
or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the
purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders
of such Securities, cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in
respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund
payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking
fund payments are due;

 

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

 

    23

     

    

 

		(c)	No Default or Event of Default with respect to the Securities
of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after
such date;

 

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

 

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

 

SECTION 8.5. Repayment to
Company.

 

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

 

ARTICLE IX

AMENDMENTS AND WAIVERS

 

SECTION 9.1. Without Consent
of Holders.

 

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

 

		(a)	to cure any ambiguity, defect or inconsistency;

 

		(b)	to comply with Article V;

 

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

 

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

 

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

 

		(f)	to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee; or

 

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

 

SECTION 9.2. With Consent
of Holders.

 

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

 

    24

     

    

 

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

 

SECTION 9.3. Limitations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 9.4. Compliance with
Trust Indenture Act.

 

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

 

SECTION 9.5. Revocation and
Effect of Consents.

 

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

 

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

 

    25

     

    

  

SECTION 9.6. Notation on or
Exchange of Securities.

 

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

 

SECTION 9.7. Trustee Protected.

 

In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture
that adversely affects its rights.

 

ARTICLE X

MISCELLANEOUS

 

SECTION 10.1. Trust Indenture
Act Controls.

 

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

 

SECTION 10.2. Notices.

 

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

 

if to the Company:

 

SB Financial Group, Inc.

401 Clinton Street,

Defiance, Ohio 43512

Attention: ______________________

Telephone: (419) ________________

 

if to the Trustee:

_______________________________

_____________________________

_____________________________

Attention:_____________________

Telephone: ( )___________________

 

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

 

Any notice
or communication to a Securityholder shall be mailed by first-class mail to such Securityholder’s address shown on the register
kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to mail a notice
or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders
of that or any other Series.

 

If a notice
or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or
not the Securityholder receives it. If the Company mails a notice or communication to Securityholders, it shall mail a copy to
the Trustee and each Agent at the same time.

 

    26

     

    

 

SECTION 10.3. Communication
by Holders with Other Holders.

 

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

 

SECTION 10.4. Certificate
and Opinion as to Conditions Precedent.

 

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

 

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

 

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

 

SECTION 10.5. Statements Required
in Certificate or Opinion.

 

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

 

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

 

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

 

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

 

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

 

SECTION 10.6. Rules by Trustee
and Agents.

 

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

 

SECTION 10.7. Legal Holidays.

 

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

 

SECTION 10.8. No Recourse
Against Others.

 

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

 

SECTION 10.9. Counterparts.

 

This Indenture
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

    27

     

    

 

SECTION 10.10. Governing Laws.

 

THIS INDENTURE
AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF OHIO APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH
STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

SECTION 10.11. No Adverse
Interpretation of Other Agreements.

 

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

 

SECTION 10.12. Successors.

 

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

 

SECTION 10.13. Severability.

 

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

 

SECTION 10.14. Table of Contents,
Headings, Etc.

 

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

 

ARTICLE XI

SINKING FUNDS

 

SECTION 11.1. Applicability
of Article.

 

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

 

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

 

    28

     

    

  

SECTION 11.2. Satisfaction
of Sinking Fund Payments with Securities.

 

The Company
may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities, (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption), and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either
at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund)
or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee,
together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee
begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified
in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the
principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than
$100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such
action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking
fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order
pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company
to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment
required to be released to the Company.

 

SECTION 11.3. Redemption of
Securities for Sinking Fund.

 

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

 

    29

     

    

  

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

 

Attest:

 

	 	SB FINANCIAL GROUP, INC.
	 	 	 
	 	By:	       
	 	Name:	 
	 	Its:	 

 

	Attest:	

 

	 	[TRUSTEE]
	 	 	 
	 	By:	       
	 	Name	 
	 	Its:	 

 

 

30Exhibit
4.7

 

 

 

 

 

 

 

 

 

SB
FINANCIAL GROUP, INC. 

 

INDENTURE

 

DATED
AS OF __, 20__

 

_______________________________,
TRUSTEE

 

SUBORDINATED
DEBT SECURITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	SECTION 1.1.	 Definitions	1
	SECTION 1.2.	 Other
Definitions	4
	SECTION 1.3. 	Incorporation by Reference of Trust Indenture Act	4
	SECTION 1.4.	 Rules of Construction	5
	 	 	 
	ARTICLE
    II THE SECURITIES	5
	 	 
	SECTION 2.1. 	Issuable in Series	5
	SECTION 2.2.	 Establishment of Terms of Series of Securities	5
	SECTION 2.3. 	Execution and Authentication	7
	SECTION 2.4. 	Registrar and Paying Agent	7
	SECTION 2.5. 	Paying Agent to Hold Money in Trust	8
	SECTION 2.6.	 Securityholder Lists.	8
	SECTION 2.7. 	Transfer and Exchange.	8
	SECTION 2.8. 	Mutilated, Destroyed, Lost and Stolen Securities	8
	SECTION 2.9. 	Outstanding Securities	9
	SECTION 2.10. 	Treasury Securities	9
	SECTION 2.11. 	Temporary Securities	9
	SECTION 2.12. 	Cancellation	9
	SECTION 2.13.	 Defaulted Interest	10
	SECTION 2.14. 	Global Securities	10
	SECTION 2.15. 	CUSIP Numbers	11
	 	 	 
	ARTICLE
    III REDEMPTION	11
	 	 
	SECTION 3.1. 	Noticed to Trustee	11
	SECTION 3.2. 	Selection of Securities to be Redeemed	11
	SECTION 3.3. 	Notice of Redemption.	11
	SECTION 3.4. 	Effect of Notice of Redemption	12
	SECTION 3.5.	 Deposit of Redemption Price	12
	SECTION 3.6. 	Securities Redeemed in Part	12
	 	 	 
	ARTICLE
    IV COVENANTS	12
	 	 
	SECTION 4.1.	 Payment of Principal and Interest	12
	SECTION 4.2. 	SEC Reports	12
	SECTION 4.3.	 Compliance Certificate	12
	SECTION 4.4. 	Stay, Extension and Usury Laws	13
	SECTION 4.5. 	Corporate Existence	13
	SECTION 4.6. 	Taxes	13

 

    i

     

    

 

	ARTICLE V SUCCESSORS	13
	 	 
	SECTION 5.1. 	When Company May Merge, Etc.	13
	SECTION 5.2. 	Successor Corporation Substituted	13
	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES	14
	 	 
	SECTION 6.1. 	Events of Default	14
	SECTION 6.2.	Acceleration of Maturity; Rescission and Annulment	15
	SECTION 6.3. 	Collection of Indebtedness and Suits for Enforcement by Trustee	15
	SECTION 6.4.	Trustee May File Proofs of Claim	15
	SECTION 6.5.	Trustee May Enforce Claims Without Possession of Securities	16
	SECTION 6.6. 	Application of Money Collected	16
	SECTION 6.7. 	Limitation on Suits	16
	SECTION 6.8. 	Unconditional Right of Holders to Receive Principal and Interest	17
	SECTION 6.9.	Restoration of Rights and Remedies	17
	SECTION 6.10.	Rights and Remedies Cumulative	17
	SECTION 6.11. 	Delay or Omission Not Waiver	17
	SECTION 6.12. 	Control by Holders	17
	SECTION 6.13. 	Waiver of Past Defaults	18
	SECTION 6.14.	Undertaking for Costs	18
	 	 	 
	ARTICLE VII TRUSTEE	18
	 	 
	SECTION 7.1. 	Duties of Trustee	18
	SECTION 7.2. 	Rights of Trustee	19
	SECTION 7.3. 	Individual Rights of Trustee	20
	SECTION 7.4. 	Trustee’s Disclaimer	20
	SECTION 7.5.	Notice of Defaults	20
	SECTION 7.6. 	Reports by Trustee to Holders	20
	SECTION 7.7. 	Compensation and Indemnity	20
	SECTION 7.8. 	Replacement of Trustee	21
	SECTION 7.9. 	Successor Trustee by Merger, Etc.	22
	SECTION 7.10. 	Eligibility; Disqualification	22
	SECTION 7.11. 	Referential Collection of Claims Against Company	22
	 	 	 
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	22
	 	 
	SECTION 8.1. 	Satisfaction and Discharge of Indenture	22
	SECTION 8.2. 	Application of Trust Funds; Indemnification	23
	SECTION 8.3. 	Legal Defeasance of Securities of any Series	23
	SECTION 8.4. 	Covenant Defeasance	24
	SECTION 8.5. 	Repayment to Company	25
	

 

    ii

     

    

 

	ARTICLE IX AMENDMENTS AND WAIVERS	25
	 	 
	SECTION 9.1. 	Without Consent of Holders	25
	SECTION 9.2. 	With Consent of Holders	25
	SECTION 9.3. 	Limitations	26
	SECTION 9.4. 	Compliance with Trust Indenture Act	26
	SECTION 9.5. 	Revocation and Effect of Consents	26
	SECTION 9.6. 	Notation on or Exchange of Securities	26
	SECTION 9.7. 	Trustee Protected	26
	 	 	 
	ARTICLE X MISCELLANEOUS	27
	 	 
	SECTION 10.1. 	Trust Indenture Act Controls	27
	SECTION 10.2. 	Notices	27
	SECTION 10.3. 	Communication by Holders with Other Holders	27
	SECTION 10.4. 	Certificate and Opinion as to Conditions Precedent	27
	SECTION 10.5. 	Statements Required in Certificate or Opinion	28
	SECTION 10.6. 	Rules by Trustee and Agents	28
	SECTION 10.7. 	Legal Holidays	28
	SECTION 10.8. 	No Recourse Against Others	28
	SECTION 10.9. 	Counterparts	28
	SECTION 10.10. 	Governing Laws	28
	SECTION 10.11. 	No Adverse Interpretation of Other Agreements	29
	SECTION 10.12. 	Successors	29
	SECTION 10.13. 	Severability	29
	SECTION 10.14. 	Table of Contents, Headings, Etc.	29
	 	 	 
	ARTICLE XI SINKING FUNDS	29
	 	 
	SECTION 11.1. 	Applicability of Article	29
	SECTION 11.2. 	Satisfaction of Sinking Fund Payments with Securities	29
	SECTION 11.3. 	Redemption of Securities for Sinking Fund	30
	 	 	 
	ARTICLE XII SUBORDINATION OF SECURITIES	30
	 	 
	SECTION 12.1. 	Agreement of Subordination	30
	SECTION 12.2. 	Payments to Holders	30
	SECTION 12.3. 	Subrogation of Securities	32
	SECTION 12.4. 	Authorization to Effect Subordination	33
	SECTION 12.5. 	Notice to Trustee	33
	SECTION 12.6. 	Trustee’s Relation to Senior Indebtedness	33
	SECTION 12.7.	 No Impairment of Subordination	34
	SECTION 12.8. 	Article Applicable to Paying Agents	34
	SECTION 12.9. 	Senior Indebtedness Entitled to Rely	34

 

    iii

     

    

 

	 	CROSS REFERENCE TABLE	 
	

        Trust
        Indenture
	 	 	 	

        Indenture

	Act
    Section	 	 	 	Section
	Section
    310	 	(a)(1)	 	7.10
	 	 	(a)(2)	 	7.10
	 	 	(a)(3)	 	N/A
	 	 	(a)(4)	 	N/A
	 	 	(a)(5)	 	7.10
	 	 	(b)	 	7.10
	Section
    311	 	(a)	 	7.11
	 	 	(b)	 	7.11
	 	 	(c)	 	N/A
	Section
    312	 	(a)	 	2.6
	 	 	(b)	 	10.3
	 	 	(c)	 	10.3
	Section
    313	 	(a)	 	7.6
	 	 	(b)(1)	 	7.6
	 	 	(b)(2)	 	7.6
	 	 	(c)(1)	 	7.6
	 	 	(d)	 	7.6
	Section
    314	 	(a)	 	4.2,
    10.5
	 	 	(b)	 	N/A
	 	 	(c)(1)	 	10.4
	 	 	(c)(2)	 	10.4
	 	 	(c)(3)	 	N/A
	 	 	(d)	 	N/A
	 	 	(e)	 	10.5
	 	 	(f)	 	N/A
	Section
    315	 	(a)	 	7.1
	 	 	(b)	 	7.5
	 	 	(c)	 	7.1
	 	 	(d)	 	7.1
	 	 	(e)	 	6.14
	Section
    316	 	(a)	 	2.10
	 	 	(a)(1)(A)	 	6.12
	 	 	(a)(1)(B)	 	6.13
	 	 	(b)	 	6.8
	Section
    317	 	(a)(1)	 	6.3
	 	 	(a)(2)	 	6.4
	 	 	(b)	 	2.5
	Section
    318	 	(a)	 	10.1

 

 

 

		*	This
Cross Reference Table shall not, for any purpose, be deemed to be part of the Indenture.

 

 

 

     

     

    

 

Indenture dated as
of _______ ___, 20__ between SB FINANCIAL GROUP, INC., an Ohio corporation (“Company”), and ________________________________,
as trustee (“Trustee”). Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Securities issued under this Indenture:

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.1. Definitions.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are
owing to such Holders.

 

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

 

“Agent” means any Registrar, Paying
Agent or Service Agent.

 

“Authorized
Newspaper” means a newspaper in an official language of the country of publication customarily published at least once a
day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used.
If it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication
of such notice.

 

“Bearer” means anyone in possession
from time to time of a Bearer Security.

 

“Bearer
Security” means any Security, including any interest coupon appertaining thereto, that does not provide for the identification
of the Holder thereof.

 

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

 

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

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for
a particular Series, any day except a Saturday, Sunday or a legal holiday in the City of Defiance, Ohio on which banking institutions
are authorized or required by law, regulation or executive order to close.

 

“Capital
Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate
stock.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer.

 

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

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered.

 

    1

     

    

 

“Default” means any event which is,
or after notice or passage of time or both would be, an Event of Default.

 

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

 

“Designated
Senior Indebtedness” means any senior indebtedness of the Company that expressly provides that it is “designated senior
indebtedness” for purposes of this Indenture (provided that the instrument, agreement or other document creating or evidencing
such Senior Indebtedness may place limitations and conditions on the right of such Senior Indebtedness to exercise the rights of
Designated Senior Indebtedness).

 

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

 

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

 

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

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

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

 

“Holder” or “Securityholder”
means a person in whose name a Security is registered or the holder of a Bearer Security.

 

“indebtedness”
means, with respect to any person, and without duplication, (a) all indebtedness, obligations and other liabilities (contingent
or otherwise) of such person for borrowed money (including obligations of the Company in respect of overdrafts, foreign exchange
contracts, currency exchange agreements, interest rate protection agreements, and any loans or advances from banks, whether or
not evidenced by notes or similar instruments) or evidenced by bonds, debentures, notes or similar instruments (whether or not
the recourse of the lender is to the whole of the assets of such person or to only a portion thereof) (other than any account payable
or other accrued current liability or obligation incurred in the ordinary course of business in connection with the obtaining of
materials or services), (b) all reimbursement obligations and other liabilities (contingent or otherwise) of such person with respect
to letters of credit, bank guarantees or bankers’ acceptances, (c) all obligations and liabilities (contingent or otherwise)
in respect of leases of such person required, in conformity with generally accepted accounting principles, to be accounted for
as capitalized lease obligations on the balance sheet of such person and all obligations and other liabilities (contingent or otherwise)
under any lease or related document (including a purchase agreement) in connection with the lease of real property which provides
that such person is contractually obligated to purchase or cause a third party to purchase the leased property and thereby guarantee
a minimum residual value of the leased property to the lessor and the obligations of such person under such lease or related document
to purchase or to cause a third party to purchase such leased property, (d) all obligations of such person (contingent or otherwise)
with respect to an interest rate or other swap, cap or collar agreement or other similar instrument or agreement or foreign currency
hedge, exchange, purchase or similar instrument or agreement, all direct or indirect guaranties or similar agreements by such person
in respect of, and obligations or liabilities (contingent or otherwise) of such person to purchase or otherwise acquire or otherwise
assure a creditor against loss in respect of indebtedness, obligations or liabilities of another person of the kind described in
clauses (a) through (d), (e) any indebtedness or other obligations described in clauses (a) through (d) secured by any mortgage,
pledge, lien or other encumbrance existing on property which is owned or held by such person, regardless of whether the indebtedness
or other obligation secured thereby shall have been assumed by such person and (f) any and all refinancings, replacements, deferrals,
renewals, extensions and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or liability
of the kind described in clauses (a) through (f).

 

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

 

    2

     

    

 

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

 

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

 

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

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer,
principal financial officer or principal accounting officer.

 

“Opinion
of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of
or counsel to the Company.

 

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

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in
respect of, the Security.

 

“Representative”
means the (a) indenture trustee or other trustee, agent or representative for any Senior Indebtedness or (b) with respect to any
Senior Indebtedness that does not have any such trustee, agent or other representative, (i) in the case of such Senior Indebtedness
issued pursuant to an agreement providing for voting arrangements as among the holders or owners of such Senior Indebtedness, any
holder or owner of such Senior Indebtedness acting with the consent of the required persons necessary to bind such holders or owners
of such Senior Indebtedness and (ii) in the case of all other such Senior Indebtedness, the holder or owner of such Senior Indebtedness.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate
trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity
with a particular subject.

 

“SEC” means the Securities and Exchange
Commission.

 

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

 

“Senior
Indebtedness” means the principal, premium, if any, interest, including any interest accruing after bankruptcy, and rent
or termination payment on or other amounts due on our current or future Indebtedness, whether created, incurred, assumed, guaranteed
or in effect guaranteed by us, including any deferrals, renewals, extensions, refundings, amendments, modifications or supplements
to the above. However, Senior Indebtedness does not include: (i) Indebtedness that expressly provides that it shall not be senior
in right of payment to the Securities or expressly provides that it is on the same basis or junior to the Securities; (ii) our
indebtedness to any of our majority-owned subsidiaries; and (iii) the Securities.

 

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

 

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

 

    3

     

    

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other
Subsidiaries of that person or a combination thereof.

 

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

 

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

 

“U.S. Government Obligations” means securities
which 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,
and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include
a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific
payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder
of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
U.S. Government Obligation evidenced by such depository receipt.

 

SECTION 1.2. Other Definitions.

 

	
        Term

        

        
	 	
        Defined in Section

        

        

	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Payment Blockage Notice”	 	12.2
	“Registrar”	 	2.4
	“Service Agent”	 	2.4
	“successor person”	 	5.1

 

SECTION
1.3. Incorporation by Reference of Trust Indenture Act.

 

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

 

“Commission” means the SEC.

 

“indenture securities” means the
Securities.

 

“indenture security holder” means a
Securityholder.

 

“indenture to be qualified” means
this Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

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

 

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

 

    4

     

    

 

SECTION 1.4. Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

	 	(c)	references to “generally accepted accounting principles” and “GAAP” shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied;

 

	 	(d)	“or” is not exclusive;

 

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

 

	 	(f)	provisions apply to successive events and transactions.

 

ARTICLE II

THE SECURITIES

 

SECTION
2.1. Issuable in Series.

 

The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided
in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant
to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority
granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record
date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters,
provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture, but all Securities
issued hereunder shall be subordinate and junior in right of payment, to the extent and in the manner set forth in Article XII,
to all Senior Indebtedness of the Company

 

SECTION
2.2. Establishment of Terms of Series of Securities.

 

At or prior
to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case
of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections
2.2.2 through 2.2.17) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution,
supplemental indenture or an Officers’ Certificate:

 

2.1.1
the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

2.1.2
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be
issued;

 

2.1.3 any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.1.4
the date or dates on which the principal of the Securities of the Series is payable;

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

2.1.10 if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable;

 

2.1.11 the
forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities
will be issuable as Global Securities);

 

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

 

2.1.13
the provisions, if any, relating to any security provided for the Securities of the Series;

 

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

 

2.1.15 any
addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.1.16 any
other terms of the Securities of the Series (which may modify or delete any provision of this Indenture insofar as it applies to
such Series); and

 

2.1.17 any
depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of
such Series if other than those appointed herein.

 

All
Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms
of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate
referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

    6

     

    

 

SECTION
2.3. Execution and Authentication.

 

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

 

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

 

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

 

The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in
the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.
Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its
duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the
date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate.

 

The
aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal
amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered
pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected
in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of
the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities
within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with
Section 10.4.

 

The
Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised
by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors
or trustees, executive committee or a trust committee of directors and/or Vice Presidents shall determine that such action would
expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

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

 

SECTION
2.4. Registrar and Paying Agent.

 

The
Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series
pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying
Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”)
and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served
(“Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer
and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or
address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such required
Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

The
Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and
may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant
to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional
service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service agent.

 

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

 

    7

     

    

 

SECTION
2.5. Paying Agent to Hold Money in Trust.

 

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

 

SECTION
2.6. Securityholder Lists.

 

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

 

SECTION
2.7. Transfer and Exchange.

 

Where
Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them
for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange
if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate
Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except
as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

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

 

SECTION
2.8. Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

SECTION
2.9. Outstanding Securities.

 

The
Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section as not outstanding.

 

If a
Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser.

 

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

 

A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

In determining
whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding
for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination
upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

 

SECTION
2.10. Treasury Securities.

 

In determining
whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company shall be disregarded, except that for the purposes
of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice,
consent or waiver, only Securities of a Series that the Trustee knows are so owned shall be so disregarded.

 

SECTION
2.11. Temporary Securities.

 

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

 

SECTION
2.12. Cancellation.

 

The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to
the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement or cancellation and deliver such canceled Securities to the
Company, unless the Company otherwise directs; provided that the Trustee shall not be required to destroy Securities. The Company
may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

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SECTION 2.13. Defaulted Interest.

 

If the
Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special
record date. The Company shall fix the record date and payment date. At least 10 days before the record date, the Company shall
mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount
of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

SECTION 2.14. Global Securities.

 

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

 

2.13.2 Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders
other than the Depository for such Security or its nominee only if: (i) such Depository notifies the Company that it is unwilling
or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository registered as a clearing agency
under the Exchange Act within 90 days of such event; (ii) the Company executes and delivers to the Trustee an Officers’ Certificate
to the effect that such Global Security shall be so exchangeable; or (iii) an Event of Default with respect to the Securities represented
by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except
as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depository with respect to
such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of
such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

2.13.3
Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This Security is
a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or
a nominee of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository
or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the
Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository
or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

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

 

2.13.5 Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the
principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.13.6 Consents,
Declaration and Directions. Except as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as
the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified
in a written statement of the Depository with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

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SECTION 2.15. CUSIP Numbers.

 

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

 

ARTICLE III

REDEMPTION

 

SECTION 3.1. Noticed to Trustee.

 

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

 

SECTION 3.2. Selection of
Securities to be Redeemed.

 

Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate,
if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed
in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series outstanding
not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series
that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000
or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

SECTION 3.3. Notice of Redemption.

 

Unless otherwise
indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least
30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail
to each Holder whose Securities are to be redeemed and, if any Bearer Securities are outstanding, publish on one occasion a notice
in an Authorized Newspaper. The notice shall identify the Securities of the Series to be redeemed and shall state:

 

	 	(a)	the redemption date;

 

	 	(b)	the redemption price;

 

	 	(c)	the name and address of the Paying Agent;

 

	 	(d)	that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

	 	(e)	that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;

 

	 	(f)	the CUSIP number, if any; and

 

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

 

At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense.

 

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SECTION 3.4. Effect of Notice
of Redemption.

 

Once
notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due
and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to
the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date, provided
that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such
Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor according
to their terms and the terms of this Indenture.

 

SECTION 3.5. Deposit of Redemption
Price.

 

On or
before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and
accrued interest, if any, on all Securities to be redeemed on that date.

 

SECTION 3.6. Securities Redeemed
in Part.

 

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

 

ARTICLE IV

COVENANTS

 

SECTION 4.1. Payment of Principal
and Interest.

 

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

 

SECTION 4.2. SEC Reports.

 

The
Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe)
which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall
comply with the other provisions of TIA Section 314(a). Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).

 

SECTION 4.3. Compliance Certificate.

 

The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate
stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of
his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and
is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event
of Default shall have occurred, describing all such Defaults or Events of Default of which he/she may have knowledge).

 

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

 

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SECTION 4.4. Stay, Extension
and Usury Laws.

 

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

 

SECTION 4.5. Corporate Existence.

 

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

 

SECTION 4.6. Taxes.

 

The
Company shall pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by
appropriate proceedings.

 

ARTICLE
V

SUCCESSORS

 

SECTION 5.1. When Company
May Merge, Etc.

 

The Company shall not consolidate with or merge with or into,
or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”)
unless:

 

	 	(a)	the Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and

 

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

 

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

 

SECTION 5.2. Successor Corporation
Substituted.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the
Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company
is merged or to which such sale, lease, conveyance or other disposition 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 has been named
as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other
than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.

 

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ARTICLE VI

DEFAULTS AND REMEDIES

 

SECTION 6.1. Events of Default. “Event of
Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless
in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series
shall not have the benefit of said Event of Default:

 

	 	(a)	default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or

 

	 	(b)	default in the payment of principal of any Security of that Series at its Maturity; or

 

	 	(c)	default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or

 

	 	(d)	default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty for which the consequences of nonperformance or breach are addressed elsewhere in this Section 6.1 and other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than a majority in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

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

 

	 	(i)	commences a voluntary case;

 

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

 

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

 

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

 

	 	(v)	generally is unable to pay its debts as the same become due; or

 

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

 

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

 

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

 

	 	(iii)	orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or

 

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

 

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

 

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SECTION 6.2. Acceleration
of Maturity; Rescission and Annulment.

 

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

 

At
any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in
principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 6.13. No such rescission shall affect any subsequent Default
or impair any right consequent thereon.

 

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

 

The Company covenants that if:

 

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

 

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

 

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

 

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

 

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

 

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

 

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SECTION 6.4. Trustee May File
Proofs of Claim.

 

In case
of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or
of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise: (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceeding; and (b) to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.7.

 

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

 

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

 

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

 

SECTION 6.6. Application of
Money Collected.

 

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

 

First: To the payment of all amounts due the Trustee
under Section 7.7;

 

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

 

Third: To the Company.

 

SECTION 6.7. Limitation on
Suits.

 

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

 

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

 

	 	(b)	the Holders of at least a majority in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

it being understood and intended
that no one or more of such Holders shall have any right in any manner whatever by virtue

of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority
or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all such Holders.

 

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

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or 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 6.9. Restoration of
Rights and Remedies.

 

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

 

SECTION 6.10. Rights and Remedies
Cumulative.

 

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

 

SECTION 6.11. Delay or Omission
Not Waiver.

 

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

 

SECTION 6.12. Control by Holders.

 

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

 

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

 

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

 

	 	(c)	subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

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SECTION 6.13. Waiver of Past
Defaults.

 

The
Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders
of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except
a Default (i) in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders
of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration) or (ii) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. 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 6.14. Undertaking
for Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by such Holder’s acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, 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 shall not apply to any suit instituted
by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII

TRUSTEE

 

SECTION 7.1. Duties of Trustee.

 

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

 

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

 

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

 

	 	(ii)	in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.

 

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

 

	 	(i)	this paragraph does not limit the effect of paragraph (b) of this Section;

 

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

 

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

 

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

 

	 	(e)	The Trustee may refuse to perform any duty or exercise any right or power at the request or direction of any Holder unless the Trustee receives indemnity satisfactory to it against any loss, liability or expense.

 

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

 

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

 

	 	(h)	The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

 

SECTION 7.2. Rights of Trustee.

 

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

 

	 	(b)	Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate.

 

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

 

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

 

	 	(e)	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 without negligence and in good faith and in reliance thereon.

 

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

 

	 	(g)	The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without negligence and in good faith and in reliance thereon.

 

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	 	(h)	The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.

 

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

 

SECTION 7.3. Individual Rights
of Trustee.

 

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

 

SECTION 7.4. Trustee’s
Disclaimer.

 

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

 

SECTION 7.5. Notice of Defaults.

 

If a
Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series and, if any Bearer Securities
are outstanding, publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within 90 days after
it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in
the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may
withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Securityholders of that Series.

 

SECTION 7.6. Reports by Trustee
to Holders.

 

Within
60 days after May 15 in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear
on the register kept by the Registrar and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief
report dated as of such May 15, in accordance with, and to the extent required under, TIA Section 313.

 

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

 

SECTION 7.7. Compensation
and Indemnity.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 7.8. Replacement of
Trustee.

 

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

 

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

 

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

 

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

 

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

 

	 	(d)	the Trustee becomes incapable of acting.

 

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

 

If a
successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the
Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

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

 

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SECTION 7.9. Successor Trustee
by Merger, Etc.

 

If the
Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee.

 

SECTION 7.10. Eligibility;
Disqualification.

 

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

 

SECTION 7.11. Referential
Collection of Claims Against Company.

 

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

 

ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

SECTION 8.1. Satisfaction
and Discharge of Indenture.

 

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

 

	 	(a)	either:

 

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

 

	 	(ii)	all such Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable, or (2) will become due and payable at their Stated Maturity within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been
deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall
survive.

 

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SECTION 8.2. Application of
Trust Funds; Indemnification.

 

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

 

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

 

	 	(c)	The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants 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 or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

SECTION 8.3. Legal Defeasance
of Securities of any Series.

 

Unless
this Section 8.3 is otherwise specified, pursuant to Section 2.2.16, to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st
day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to
such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall,
at Company Request, execute proper instruments acknowledging the same), except as to:

 

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

 

	 	(b)	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3, and 8.5; and

 

	 	(c)	the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

 

	 	(d)	the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities, cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

	 	(f)	no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date;

 

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

 

	 	(h)	the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

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

 

SECTION 8.4. Covenant Defeasance.

 

Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2.16 to be inapplicable to Securities of any Series, on and after
the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with respect
to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.6, and 5.1 as well
as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’
Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default
or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series, provided that the following conditions shall have been satisfied:

 

	 	(a)	With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

	 	(c)	No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date;

 

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

 

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

 

SECTION 8.5. Repayment to
Company.

 

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

 

ARTICLE IX

AMENDMENTS AND WAIVERS

 

SECTION 9.1. Without Consent
of Holders.

 

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

 

	 	(a)	to cure any ambiguity, defect or inconsistency;

 

	 	(b)	to comply with Article V;

 

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

 

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

 

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

 

	 	(f)	to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or

 

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

 

SECTION 9.2. With Consent
of Holders.

 

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

 

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

 

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SECTION 9.3. Limitations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 9.4. Compliance with
Trust Indenture Act.

 

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

 

SECTION 9.5. Revocation and
Effect of Consents.

 

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

 

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

 

SECTION 9.6. Notation on or
Exchange of Securities.

 

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

 

    26

     

    

 

SECTION 9.7. Trustee Protected.

 

In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture
that adversely affects its rights.

 

ARTICLE X

MISCELLANEOUS

 

SECTION 10.1. Trust Indenture
Act Controls.

 

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

 

SECTION 10.2. Notices.

 

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

 

if to the Company:

 

SB Financial Group, Inc.

401 Clinton Street,

Defiance, Ohio 43512

Attention: ______________________

Telephone: (419) ________________

 

if to the Trustee:

 

_______________________________

_______________________________

_______________________________

Attention:_____________________

Telephone: ( )___________________

 

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

 

Any notice
or communication to a Securityholder shall be mailed by first-class mail to such Securityholder’s address shown on the register
kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to mail a notice
or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders
of that or any other Series.

 

If a
notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether
or not the Securityholder receives it. If the Company mails a notice or communication to Securityholders, it shall mail a copy
to the Trustee and each Agent at the same time.

 

SECTION 10.3. Communication
by Holders with Other Holders.

 

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

 

    27

     

    

 

SECTION 10.4. Certificate
and Opinion as to Conditions Precedent.

 

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

 

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

 

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

 

SECTION 10.5. Statements Required
in Certificate or Opinion.

 

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

 

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

 

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

 

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

 

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

 

SECTION 10.6. Rules by Trustee
and Agents.

 

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

 

SECTION 10.7. Legal Holidays.

 

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

 

SECTION 10.8. No Recourse
Against Others.

 

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

 

SECTION 10.9. Counterparts.

 

This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

  

    28

     

    

 

SECTION 10.10. Governing Laws.

 

THIS INDENTURE
AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF OHIO APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH
STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

 

SECTION 10.11. No Adverse
Interpretation of Other Agreements.

 

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

 

SECTION 10.12. Successors.

 

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

 

SECTION 10.13. Severability.

 

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

 

SECTION 10.14. Table of Contents,
Headings, Etc.

 

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

 

ARTICLE XI

SINKING FUNDS

 

SECTION 11.1. Applicability
of Article.

 

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

 

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

 

SECTION 11.2. Satisfaction
of Sinking Fund Payments with Securities.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be
made pursuant to the terms of such Securities, (1) deliver outstanding Securities of such Series to which such sinking fund payment
is applicable (other than any of such Securities previously called for mandatory sinking fund redemption), and (2) apply as credit
Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed
either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking
fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms
of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the
Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the
Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the
price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall
be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order
that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding
sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company
Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the
Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash
payment required to be released to the Company.

 

    29

     

    

 

SECTION 11.3. Redemption of
Securities for Sinking Fund.

 

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

 

ARTICLE XII

SUBORDINATION OF SECURITIES

 

SECTION 12.1. Agreement of
Subordination.

 

The
Company covenants and agrees, and each Holder of Securities issued hereunder by such Holder’s acceptance thereof likewise
covenants and agrees, that all Securities shall be issued subject to the provisions of this Article XII; and each person holding
any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to be bound by such
provisions.

 

The
payment of the principal of, premium, if any, and interest on all Securities (including, but not limited to, the redemption price
with respect to the Securities called for redemption in accordance with Article III as provided in the Indenture) issued hereunder
shall, to the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment
in full of all Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter incurred.

 

No provision of this Article XII shall prevent the
occurrence of any default or Event of Default hereunder.

 

SECTION 12.2. Payments to
Holders.

 

No payment
shall be made with respect to the principal of, or premium, if any, or interest on the Securities (including, but not limited to,
the redemption price with respect to the Securities to be called for redemption in accordance with Article III as provided in the
Indenture), except payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 12.5,
if:

 

	 	(a)	a default in the payment of principal, premium, interest, rent or other obligations due on any Senior Indebtedness occurs and is continuing (or, in the case of Senior Indebtedness for which there is a period of grace, in the event of such a default that continues beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness), unless and until such default shall have been cured or waived or shall have ceased to exist; or

 

	 	(b)	a default, other than a payment default, on a Designated Senior Indebtedness occurs and is continuing that then permits holders of such Designated Senior Indebtedness to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a Representative or the Company.

 

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If the
Trustee receives any Payment Blockage Notice pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be effective
for purposes of this Section unless and until (A) at least 365 days shall have elapsed since the initial effectiveness of the immediately
prior Payment Blockage Notice, and (B) all scheduled payments of principal, premium, if any, and interest on the Securities that
have come due have been paid in full in cash. No nonpayment default that existed or was continuing on the date of delivery of any
Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.

 

The Company may and shall resume payments
on and distributions in respect of the Securities upon the earlier of:

 

	 	(1)	the date upon which the default is cured or waived or ceases to exist, or

 

	 	(2)	in the case of a default referred to in clause (ii) above, 179 days pass after notice is received if the maturity of such Designated Senior Indebtedness has not been accelerated, unless this Article XII otherwise prohibits the payment or distribution at the time of such payment or distribution.

 

Upon
any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
to creditors upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary
or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due upon all Senior Indebtedness
shall first be paid in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, or payment thereof
in accordance with its terms provided for in cash or other payment satisfactory to the holders of such Senior Indebtedness, before
any payment is made on account of the principal of, premium, if any, or interest on the Securities (except payments made pursuant
to Article VI from monies deposited with the Trustee pursuant thereto prior to commencement of proceedings for such dissolution,
winding-up, liquidation or reorganization); and upon any such dissolution or winding-up or liquidation or reorganization of the
Company or bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee
would be entitled, except for the provision of this Article XII, shall (except as aforesaid) be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the
Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Indebtedness (pro
rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, or as otherwise required
by law or a court order) or their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing any Senior Indebtedness may have been issued, as their respective interests may appear, to
the extent necessary to pay all Senior Indebtedness in full, in cash or other payment satisfactory to the holders of such Senior
Indebtedness, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before
any payment or distribution or provision therefor is made to the Holders of the Securities or to the Trustee.

 

For
purposes of this Article XII, the words, “cash, property or securities” shall not be deemed to include shares of stock
of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization
or readjustment, the payment of which is subordinated at least to the extent provided in this Article XII with respect to the Securities
to the payment of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed
by the new corporation, if any, resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior
Indebtedness (other than leases which are not assumed by the Company or the new corporation, as the case may be) are not, without
the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger
of the Company into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer
of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided
for in Article V shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section
12.2 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions
stated in Article V.

 

    31

     

    

 

In the
event of the acceleration of the Securities because of an Event of Default, no payment or distribution shall be made to the Trustee
or any Holder of Securities in respect of the principal of, premium, if any, or interest on the Securities (including, but not
limited to, the redemption price with respect to the Securities called for redemption in accordance with Article III as provided
in the Indenture), except payments and distributions made by the Trustee as permitted by the first or second paragraph of Section
12.5, until all Senior Indebtedness has been paid in full in cash or other payment satisfactory to the holders of Senior Indebtedness
or such acceleration is rescinded in accordance with the terms of this Indenture. If payment of the Securities is accelerated because
of an Event of Default, the Company shall promptly notify holders of Senior Indebtedness of the acceleration at the address set
forth in the notice from the Agent (or successor agent) to the Trustee as being the address to which the Trustee should send its
notice pursuant to this Section 12.2, unless there are no payment obligations of the Company thereunder and all obligations thereunder
to extend credit have been terminated or expired.

 

In
the event that, notwithstanding the foregoing provisions, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities (including, without limitation, by way of setoff or otherwise), prohibited by the foregoing,
shall be received by the Trustee or the Holders of the Securities before all Senior Indebtedness is paid in full in cash or other
payment satisfactory to the holders of such Senior Indebtedness, or provision is made for such payment thereof in accordance with
its terms in cash or other payment satisfactory to the holders of such Senior Indebtedness, such payment or distribution shall
be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or their representative
or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any Senior Indebtedness
may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of
all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in cash or other payment
satisfactory to the holders of such Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for
the holders of such Senior Indebtedness.

 

Nothing
in this Section 12.2 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.7. This Section 12.2
shall be subject to the further provisions of Section 12.5.

 

SECTION 12.3. Subrogation
of Securities.

 

Subject
to the payment in full of all Senior Indebtedness, the rights of the Holders of the Securities shall be subrogated to the extent
of the payments or distributions made to the holders of such Senior Indebtedness pursuant to the provisions of this Article XII
(equally and ratably with the holders of all indebtedness of the Company which by its express terms is subordinated to other indebtedness
of the Company to substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation)
to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the
Company applicable to the Senior Indebtedness until the principal, premium, if any, and interest on the Securities shall be paid
in full; and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any
cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions
of this Article XII, and no payment over pursuant to the provisions of this Article XII, to or for the benefit of the holders of
Senior Indebtedness by Holders of the Securities or the Trustee, shall, as between the Company, its creditors other than holders
of Senior Indebtedness, and the Holders of the Securities, be deemed to be a payment by the Company to or on account of the Senior
Indebtedness; and no payments or distributions of cash, property or securities to or for the benefit of the Holders of the Securities
pursuant to the subrogation provisions of this Article XII, which would otherwise have been paid to the holders of Senior Indebtedness
shall be deemed to be a payment by the Company to or for the account of the Securities. It is understood that the provisions of
this Article XII are and are intended solely for the purposes of defining the relative rights of the Holders of the Securities,
on the one hand, and the holders of the Senior Indebtedness, on the other hand.

 

Nothing
contained in this Article XII or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the
Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Securities, the obligation of the
Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and
interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to
or shall affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of the
Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article
XII of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise
of any such remedy.

 

Upon
any payment or distribution of assets of the Company referred to in this Article XII, the Trustee, subject to the provisions of
Section 7.1, and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent
jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate
of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered
to the Trustee or to the Holders of the Securities, for the purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon
and all other facts pertinent thereto or to this Article XII.

 

    32

     

    

 

SECTION 12.4. Authorization
to Effect Subordination.

 

Each
Holder of a Security by the holder’s acceptance thereof authorizes and directs the Trustee on the holder’s behalf to
take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article XII and appoints
the Trustee to act as the holder’s attorney-in-fact for any and all such purposes. If the Trustee does not file a proper
proof of claim or proof of debt in the form required in any proceeding referred to in Section 6.3 hereof at least 30 days before
the expiration of the time to file such claim, the holders of any Senior Indebtedness or their representatives are hereby authorized
to file an appropriate claim for and on behalf of the Holders of the Securities.

 

SECTION 12.5. Notice to Trustee.

 

The
Company shall give prompt written notice in the form of an Officers’ Certificate to a Responsible Officer of the Trustee
and to any paying agent of any fact known to the Company which would prohibit the making of any payment of monies to or by the
Trustee or any paying agent in respect of the Securities pursuant to the provisions of this Article XII. Notwithstanding the provisions
of this Article XII or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence
of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant
to the provisions of this Article XII, unless and until a Responsible Officer of the Trustee shall have received written notice
thereof at the Corporate Trust Office from the Company (in the form of an Officers’ Certificate) or a Representative or a
holder or holders of Senior Indebtedness or from any trustee thereof; and before the receipt of any such written notice, the Trustee,
subject to the provisions of Section 7.1, shall be entitled in all respects to assume that no such facts exist; provided that if
on a date not fewer than two Business Days prior to the date upon which by the terms hereof any such monies may become payable
for any purpose (including, without limitation, the payment of the principal of, or premium, if any, or interest on any Security)
the Trustee shall not have received, with respect to such monies, the notice provided for in this Section 12.5, then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies and to
apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which may be
received by it on or after such prior date. Notwithstanding anything in this Article XII to the contrary, nothing shall prevent
any payment by the Trustee to the Holders of monies deposited with it pursuant to Section 8.1, and any such payment shall not be
subject to the provisions of Section 12.1 or 12.2.

 

The
Trustee, subject to the provisions of Section 7.1, shall be entitled to rely on the delivery to it of a written notice by a Representative
or a person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that
such notice has been given by a Representative or a holder of Senior Indebtedness or a trustee on behalf of any such holder or
holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of
any person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article XII, the Trustee
may request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such person, the extent to which such person is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such person under this Article XII, and if such evidence is not furnished the Trustee may defer any
payment to such person pending judicial determination as to the right of such person to receive such payment.

 

SECTION 12.6. Trustee’s
Relation to Senior Indebtedness.

 

The
Trustee in its individual capacity shall be entitled to all the rights set forth in this Article XII in respect of any Senior Indebtedness
at any time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in Section 7.11 or elsewhere
in this Indenture shall deprive the Trustee of any of its rights as such holder.

 

With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article XII, and no implied covenants or obligations with respect to the holders of Senior
Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to
the holders of Senior Indebtedness and, subject to the provisions of Section 7.1, the Trustee shall not be liable to any holder
of Senior Indebtedness if it shall pay over or deliver to Holders of Securities, the Company or any other person money or assets
to which any holder of Senior Indebtedness shall be entitled by virtue of this Article XII or otherwise.

 

    33

     

    

 

SECTION 12.7. No Impairment
of Subordination.

 

No
right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

 

SECTION 12.8. Article Applicable
to Paying Agents.

 

If
at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the
term “Trustee” as used in this Article shall (unless the context otherwise requires) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this
Article in addition to or in place of the Trustee; provided, however, that the first paragraph of Section 12.5 shall not apply
to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent.

 

SECTION 12.9. Senior Indebtedness
Entitled to Rely.

 

The
holders of Senior Indebtedness (including, without limitation, Designated Senior Indebtedness) shall have the right to rely upon
this Article XII, and no amendment or modification of the provisions contained herein shall diminish the rights of such holders
unless such holders shall have agreed in writing thereto.

 

    34

     

    

 

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

 

	Attest:	 	
	 	 	 
	 	SB FINANCIAL GROUP, INC.
	 	 	 
	 	By:	                
	 	Name:	
	 	Its:	

	Attest:	 	 
	 	 	 
	 	[TRUSTEE]
	 	 	 
	 	By: 	            
	 	Name	 
	 	Its:	 

 

 

34

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