Document:

DATED
                                         THIS 18 DAY OF DECEMBER 2013

 

 

  

 

BETWEEN

 

 

 

 

PGCG ASSETS HOLDINGS SDN.
BHD.

[Company No. 983271-U]

("the Landlord")

 

 

 

AND

 

ESQUIRE BAYVIEW SDN. BHD.

[COMPANY No. 963265- D]

("the
LESSEE")

 

 

 

 

 

 

 

 

LEASE AGREEMENT

 

 

 

 

[ref:                                    ]

 

 

 

 

    	 

    	 

    

 

 

LEASE
Agreement

 

 

THIS LEASE AGREEMENT
is made on the day and year set out in Item 1 of the Schedule hereto between the party whose name and particulars are set
out in Item 2 of the Schedule hereto (hereinafter called "the Landlord) of the one part, AND the party whose
name and particulars are set out in Item 3 of the Schedule hereto (hereinafter called "the LESSEE") of the other
part.

 

WHEREAS:-

.-

	1)		The Landlord is the
                                         beneficial owner of all the parcel(s) of property described in Item 4 of the Schedule
                                         hereto (hereinafter called "the Demised Premises").

 

	2)		Subject to the terms
                                         and conditions hereinafter contained the Landlord is desirous to let to the LESSEE and
                                         the LESSEE is desirous to take on rent the Demised Premises from the Landlord for a period
                                         stated in Item 5 of the Schedule hereto at the monthly lease rental stated in Item 7
                                         of the Schedule hereto.

 

	3)		The LESSEE has agreed
                                         to rent the Demised Premises from the Landlord subject to the terms and conditions herein.

 

	4)		The LESSEE was notified
                                         and acknowledged that the Landlord had let out part of the ground floor to Popular Wizard
                                         Sdn. Bhd. who operates the De Asian Café, which Rental Agreement is attached hereto
                                         as Appendix A and the right, interest and benefits of the Landlord under the said Rental
                                         Agreement shall be assigned over to the LESSEE together with the Landlord's right, interests
                                         and benefits of the car park facilities and use of external walls for advertising purpose.

 

NOW THIS AGREEMENT WITNESSETH THAT:

 

	1.		Subject to the LESSEE
                                         paying to the Landlord the lease rental hereby reserved and complying with all the terms
                                         and conditions hereinafter contained the Landlord shall let to the LESSEE and the LESSEE
                                         shall take on lease the Demised Premises from the Landlord for the fixed period of time
                                         stated in Item 5 of the Schedule hereto at the fixed monthly lease rental stated in Item
                                         6 of the Schedule hereto, the first of such lease rental to be paid within 3 months upon
                                         the execution hereof and the subsequent payments to be made in advance by or on the seventh
                                         (7th) day of each month, by payment directly to the Landlord.

 

	2.		The term of the LEASE
                                         hereby created shall commence on the date set out in Item 8 of the Schedule hereto and
                                         shall, unless otherwise sooner determined or renewed in accordance with the terms herein
                                         contained, expire on the date stated in Item 9 of the Schedule hereto.

 

    	1

    	 

    

 

LEASE Agreement

 

 

	3.		The LESSEE shall
                                         pay to the Landlord within one month and three months upon the execution of this Agreement
                                         hereof, the sum stated in Item 10a and 10b respectively, of the Schedule hereto as Security
                                         and Utility deposit as security for the due performance of the several terms and obligations
                                         contained herein to be performed by the LESSEE. The Security and Utility Deposit shall
                                         not be construed or be utilised as lease rental for any arrears or be set off against
                                         any lease rental due by the LESSEE to the Landlord in the months preceding the expiration
                                         of the term hereby created and any renewal hereof, if any. The Security and Utility Deposit
                                         shall be refunded free of interest to the LESSEE less such sum(s) as may be lawfully
                                         due to the Landlord in respect of breach by the LESSEE in due observance and performance
                                         of any of the terms and conditions herein contained (fair wear and tear excepted) within
                                         fourteen (14) days from the date of determination of the LEASE herein.

 

	4.		(a) It is mutually
                                         agreed that the Lessee will take over the Demised Premises as is where is and major renovation
                                         works will be carried out to convert it to a layout for a hotel operation. The Lessee
                                         shall bear the cost of such renovations and alteration and there after maintain at its
                                         own cost all the M&E, Air Conditioning, Lifts, Generator Set, Fire Fighting &
                                         Protection Systems, Computerized Monitoring System (BOMBA LINK), Security Surveillance
                                         CCTV system, Water Treatment, Pest Control, Refuse Disposal.

 

	      		(b)
                                         The LESSEE shall pay and discharge promptly all electricity, water, telephone, internet,
                                         sewerage and all other services including but not limited to items listed in 4(a) above,
                                         subscribed by and in the name of the Landlord or LESSEE during the term hereby created
                                         or such extensions thereof. The Security and Utilities Deposit shall be refunded free
                                         of interest to the LESSEE upon the expiration of the Term hereby created or any renewal
                                         of the Term hereby created, if any, provided always that all water, electricity, telephone
                                         charges, internet, sewerage and any other services including any penalties or late payment
                                         charges thereof up to the date of redelivery of vacant possession of the Demised Premises
                                         to the Landlord shall have been settled by the LESSEE and subject further to the right
                                         of the Landlord to deduct any monies for any antecedent breach(es) or default(s) of the
                                         obligations of the LESSEE to pay and discharge all charges arising hereunder.

 

	5.		The LESSEE hereby
                                         covenants with Landlord as follows:-

 

	(a)		that the LESSEE
                                         shall use and occupy the said Premises solely and exclusively for the purpose stated
                                         in Item 6 of the First Schedule hereto only and shall not use the said Premises for any
                                         other purpose, without first obtaining the written consent of the Landlord;

 

	(b)		that
                                         the LESSEE shall pay to the Landlord within one month upon the execution of this Agreement
                                         hereof, the Security Deposit as security for the due performance of the several
                                         terms and obligations contained herein to be performed by the LESSEE; and

 

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LEASE Agreement

 

 

 

 

	(c)		that the LESSEE
                                         shall pay to the Landlord the monthly lease rental in advance on or before the seventh
                                         (7th) day of each and every month by payment directly to the Landlord; and

 

	(d)		that the LESSEE
                                         shall pay to the Landlord within 3 months upon execution of this Agreement the Utility
                                         Deposit as security for the obligations of the LESSEE to pay and discharge promptly all
                                         electricity, water, telephone, internet, sewerage and other charges from time to time;
                                         and

 

	(e)		that the LESSEE
                                         shall pay on its due date all charges in respect of electricity, water, telephone, internet,
                                         sewerage and other services as and when such bills are rendered by the appropriate authority.
                                         Copies of payment receipts shall be handed for the Landlord's inspection at the end of
                                         every month thereof upon request thereof; and

 

	(f)		that the LESSEE
                                         shall permit the Landlord and/or his servant or agents at all reasonable times and from
                                         time to time to enter and view the condition of the Demised Premises and to execute and
                                         do repairs or other works as the Landlord deems it necessary; and

 

	(g)		that the LESSEE
                                         shall not make any structural or otherwise exhibit on the exterior of the Demised Premises
                                         or the windows without first obtaining the written consent of the Landlord. If such consent
                                         as aforesaid is granted, the LESSEE shall pay the costs thereof and when the term hereby
                                         created expires or when it is terminated for any reason whatsoever, the LESSEE shall
                                         endevour to revert the Demised Premises to its original state and conditions to the entire
                                         satisfaction of the Landlord and should the LESSEE refuse to do so, the Landlord may
                                         deduct such expenses from the security deposit and if the security deposit is insufficient,
                                         the Landlord shall be at liberty to claim against the LESSEE for the balance as a liquidated
                                         debt for the costs incurred. In any event any structural or other alteration made to
                                         the Demised Premises shall inure for the benefit of the Landlord; and

 

	(h)		that the LESSEE
                                         shall keep and maintain the interior of the Demised Premises in good and rentable repair
                                         and condition (fair wear and tear excepted); and

 

	(i)		that
                                         the LESSEE shall not do or permit or suffer to be done on the Demised Premises anything
                                         which in the opinion of the Landlord may be nuisance or annoyance to or in any way interfere
                                         with the quiet enjoyment and comfort of other occupants
                                         of the Demised Premises or the neighbourhood; and

 

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LEASE Agreement

 

 

 

	(j)		that the LESSEE
                                         shall observe and comply with all local, municipal and city by-laws, regulations and
                                         notices affecting the Demised Premises on the part of the LESSEE to be observed and complied
                                         as occupier thereof which are now in force or may hereafter be enacted; and

 

	(k)		that the LESSEE
                                         shall not to do anything whereby any insurance policy in respect of the Demised Premises
                                         against fire may be rendered void or voidable or whereby the premium in respect of such
                                         policy may be liable to be increased; and

 

	(l)		that the LESSEE
                                         shall not bring or store or permit or suffer to be brought in the Demised Premises any
                                         goods or matter which in the opinion of the Landlord are offensive or unpleasant or noxious
                                         or dangerous to the safety of the state and condition of the Demise Premises and the
                                         neighbourhood; and

 

	(m)		that the LESSEE
                                         shall not assign, sublet or part with the possession of the Demised Premises without
                                         first obtaining the written consent of the Landlord which consent shall not be unreasonably
                                         withheld; and

 

	(n)		that the LESSEE
                                         shall, on the determination of the Term hereby created peacefully yield up vacant possession
                                         of the Demised Premises and the fittings and fixtures contained therein to the Landlord
                                         in good and rentable repair and condition (fair wear and tear excepted; and

 

	(o)		that the LESSEE
                                         shall at any time during the three (3) months preceding the determination of the LEASE
                                         herein created, permit any intending tenants or purchaser of the Demised Premises with
                                         authority from the Landlord at all reasonable times to enter and view the Demised Premises
                                         provided that due notice shall have been given to the LESSEE by the Landlord or his agent's
                                         intention to enter and view the Demised Premises; and

 

	(p)		that the LESSEE
                                         shall not use the Demised Premises for any illegal or immoral purpose; and

 

	(q)		that the LESSEE
                                         shall repair forthwith and make good any damages done or caused to Demised Premises or
                                         any part thereof by the installation, use or removal of the LESSEE's fixtures and fittings;
                                         and

 

	(r)		that the LESSEE
                                         shall save harmless and indemnify and keep fully indemnified the Landlord against any
                                         and all actual loss, damages, expenses and costs suffered or incurred by the Landlord
                                         as a result of any claim, action, suit or demand against the Landlord for any breach
                                         arising as a result of the LESSEE's failure or default of his obligations and duties
                                         to be performed and discharged hereunder; and

 

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LEASE Agreement

 

 

 

	(s)		that the LESSEE
                                         shall subscribe to the telephone , internet and electricity services directly
                                         with the service providers.

 

	(t)		The Lessee acknowledges
                                         that the Landlord is an affiliate of a United States public listed company and that the
                                         US SEC requires the financial results of the operation of the Demised Premises be included
                                         in the Quarterly report of the listed entity. In view of the above, the Lessee shall
                                         prepare their monthly Management Accounts in relation to its operations of the Demised
                                         Premises and provide their latest available monthly financial and management report to
                                         the Landlord in a manner that will permit the Landlord to comply with the said US SEC
                                         requirement.

 

	6.		The Landlord hereby
                                         covenants with the LESSEE as follows:-

 

	(a)		that the Landlord
                                         shall, provided always that the LESSEE pays the rent hereby reserved and observes and
                                         performs the agreements, stipulations and covenants on his part to be performed and discharged
                                         herein contained, permit the LESSEE to occupy and enjoy the Demised Premises during the
                                         Term of the LEASE without any interruption or interference by the Landlord or any person
                                         or body lawfully claiming through the Landlord; and

 

	(b)		that the Landlord
                                         shall bear all quit rent and assessment charges during the continuance of the Term of
                                         the LEASE hereby granted; and

 

	(c)		that the Landlord
                                         shall insure the Demised Premises against loss or damage by fire; and

 

	(d)		that the Landlord
                                         shall return the Security and Utility Deposit referred to above free of interest upon
                                         the LESSEE's compliance of the terms and conditions set forth hereinabove for such refund.

 

	(e)		the
                                         Landlord agrees to grant a rent free period commencing from the date of this Agreement
                                         until the commencement of the operation of the Hotel or Six (6) months from the date
                                         hereof, whichever is lesser, for the Lessee to carry out the renovation works provided
                                         that further extension of the rent free period shall be granted at the mutual agreement
                                         of the parties hereto. Provided that the rent free period referred to above shall not
                                         apply to the car parking area and the premises let out to Popular Wizard Sdn. Bhd. aka
                                         De Asian Café under a rental agreement the right, benefit and interest of
                                         the landlord therein have been or will be assigned to the LESSEE and as such the LESSEE
                                         shall continue to pay the apportioned rental for the car parking area and the Premises
                                         already rented to Popular Wizard Sdn. Bhd. aka De Asian Café during the rent free
                                         period referred to herein.

   

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LEASE Agreement

 

 

 

	7.		PROVIDED ALWAYS and
                                         it is hereby agreed between the parties that:

 

	(a)		if the rent or
                                         any part thereof shall at any time during the Term hereby created remains unpaid for
                                         fourteen (14) days after the same becoming due and payable or if the LESSEE is in breach
                                         of any covenant irrespective of the fact that the same shall amount to a breach of a
                                         term, condition or covenant of it or if the LESSEE shall suffer a petition of winding
                                         up be presented against it or becomes insolvent, it shall be lawful in any of the said
                                         circumstances for the Landlord at any time thereafter to re-enter and take possession
                                         of the Demised Premises without further reference to the LESSEE and thereupon this LEASE
                                         shall absolutely determine without prejudice to the rights of action of the Landlord
                                         in respect of any antecedent breach of the LESSEE's covenants herein contained.

 

	(b)		Neither party shall
                                         have the right to terminate this Agreement before the expiry of the Twenty (20) years
                                         term herein created, unless the Demised Premises becomes uninhabitable to the LESSEE
                                         for reasons beyond the LESSEE's control which may reasonably require the LESSEE to seek
                                         early termination of the initial term, whereby the parties hereto agree to negotiate
                                         the conditions for early termination, which said conditions shall not be unreasonable
                                         to either party. In the event of breach of this condition, then the party seeking early
                                         termination shall pay to the other party a sum equivalent to the lease rental for the
                                         remaining initial LEASE period as liquidated damages.

 

	(c)		The Landlord shall
                                         at the written request of the LESSEE made not less than three (3) months before the expiration
                                         of Term hereby created and if there shall not at the time of such request and at the
                                         expiration of this LEASE be any existing breach or non-observance of any of the covenants
                                         on the part of the LESSEE herein contained and at the LESSEE's expenses grant to the
                                         LESSEE, an extension to the Term for a further period as specified in Item 11 of the
                                         Schedule hereto on similar terms as contained hereunder, save for this clause for the
                                         option to renew, at a revised rent and such other terms as to be mutually agreed by the
                                         parties. The Lease Rental Deposit and Utility Deposit shall be increase and adjusted
                                         accordingly upon the same terms and conditions contained herein save for this covenant
                                         for renewal.

 

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LEASE Agreement

 

 

 

 

	8.		Any notice to be
                                         served by either party hereto shall be served on the party intended to be served by registered
                                         post at the address stated herein and such notice shall be deemed to have been effectively
                                         served on the other party on the 3rd day from date
                                         of posting of same.

 

	9.		In this Agreement
                                         unless there be something in the subject matter or context inconsistent therewith, words
                                         importing singular number or the masculine gender only shall include the plural number
                                         of feminine and neuter gender and words importing the individual person shall also be
                                         deemed to include corporate or other bodies.

 

	10.		This Agreement shall
                                         be binding upon the successors in title heirs legal representatives administrators executors
                                         of the parties hereto.

 

	11.		This Agreement shall
                                         be governed and interpreted in accordance with the laws of Malaysia.

 

	12.		The LESSEE hereto shall bear the legal scale costs of and incidental to the preparation
of this Agreement and the LESSEE shall bear the stamp duty of this Agreement.

 

 

 

*******************************

 

 

 

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blank]

 

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LEASE Agreement

 

 

 

 

 

 

IN WITNESS whereof the parties have hereunto set their hands
the day and year above written.

 

 

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LEASE Agreement

 

 

 

 

 

FIRST SCHEDULE REFERRED
TO IN THE AGREEMENT

 

(to be taken and read as an essential term
of this Agreement)

 

 

 

	Item
    1:	Date
    Of the Agreement:	18
    DECEMBER 2013

 

 

 

	Item
    2:	NAME
    & PARTICULARS OF LANDLORD
	 	 
	 	PGCG ASSETS HOLDINGS
    SDN. BHD. [Company No. 983271-U]
	 	 
	 	11-2, Jalan 26/70A
	 	Desa Sri Hartamas
	 	50480 Kuala Lumpur

 

 

 

	Item
    3:	NAME
    & PARTICULARS OF LESSEE
	 	 
	 	ESQUIRE BAYVIEW
    SDN. BHD. [Company No. 963265-D]
	 	 
	 	11-3, Jalan 26/70A
	 	Desa Sri Hartamas
	 	50480 Kuala Lumpur

 

 

 

	Item
    4:	PARTICULARS
    OF DEMISED PREMISES:
	 	 
	 	No.160
	 	Jalan Ampang
	 	50450 Kuala Lumpur
	 	(Whole of Menara
    CMY including parking area and Assignment of Rental Agreement of Popular Wizard Sdn. Bhd. aka De Asian Café)

 

 

 

	Item
    5:	TERM
    OF LEASE
	 	 
	 	Twenty (20) years

 

 

 

	Item 6:	PURPOSE OF LEASE
	 	 
	 	To use the said
    Premises for Hotel Operation

 

 

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LEASE Agreement

 

 

 

	Item
    7:	LEASE
    RENTAL PER MONTH:
	 	 
	 	Ringgit Malaysia
    Five Hundred And Fifty Thousand
	 	(RM550,000.00)
    per month for first 3 years and thereafter at increment of 5 - 10% every 3 years or market price, whichever
    higher.

 

 

 

	Item
    8:	LEASE
    COMMENCES ON: 1st December 2013

 

 

 

	Item
    9:	LEASE
    EXPIRES ON: 30th November, 2033

 

 

 

	Item
    10:	a)          SECURITY
    DEPOSIT
	 	 
	 	Ringgit Malaysia
    One Million and One Hundred Thousand only (RM1,100,000.00)
	 	 
	 	Or Equivalent
    of 2 months Lease Rental
	 	 
	 	b)          UTILITY
    DEPOSIT
	 	 
	 	Ringgit Malaysia
    Five Hundred and Fifty Thousand only (RM550,000.00)
	 	 
	 	Or Equivalent
    of 1 months Lease Rental

  

The
Security Deposit and Utility Deposit shall be adjusted accordingly revision of the Lease Rental.

 

 

 

	Item 11:	OPTION
    TO RENEW:
	 	 
	 	For further Ten
    (10) Years

 

     

 

 

 

 

 

APPENDIX A

 

TO ATTACH THE COMPLETE SET OF THE RENTAL
AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

    	10

    	 

    

 

 

    	11

    	 

    

 

LEASE AGREEMENT

 

Tenancy Agreement          

 

 

THE SCHEDULE REFERRED TO IN THE AGREEMENT

 

(to be taken and read as an essential term
of this Agreement)

 

 

 

	Item
    1:	Date
    Of the Agreement: 	01st March 2013

 

 

 

	Item
    2:	NAME
    & PARTICULARS OF LANDLORD
	 	 
	 	PGCG ASSETS HOLDINGS
    SDN BHD [Company No. 983271-U]
	 	No. 160
	 	Menara CMY
	 	Jalan Ampang
	 	50450 Kuala Lumpur

 

 

 

	Item
    3:	NAME
    & PARTICULARS OF TENANT
	 	 
	 	POPULAR WIZARD
    SDN BHD [Company No. 907847-M]
	 	Unit G-1 (Level Ground Floor)
	 	No. 160
	 	Menara CMY
	 	Jalan Ampang
	 	50450 Kuala Lumpur

 

 

 

	Item
    4:	PARTICULARS
    OF DEMISED PREMISES:
	 	 
	 	No.160
		Menara CMY
	 	Jalan Ampang
	 	50450 Kuala Lumpur
	 	

 

 

 

	Item
    5:	TERM
    OF TENANCY
	 	 
	 	One (1) year

 

 

 

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LEASE AGREEMENT

 

Tenancy Agreement          

 

	Item
    6:	RENTAL
    PER MONTH:
	 	 
	 	Ringgit Malaysia
    Thirty Five Thousand only (RM35,000.00)

 

 

 

	Item
    7:	TENANCY
    COMMENCES ON: 01st March 2013

 

 

	Item 8:	TENANCY
    EXPIRES ON: 28th February 2014

 

	Item
    9:	a)          SECURITY
    DEPOSIT
	 	 
	 	Ringgit Malaysia
    Seventy Thousand Only

 (RM,70,000.00)
	 	 
	 	b)          UTILITY
    DEPOSIT
	 	 
	 	Ringgit Malaysia
    Thirty Five Thousand Only

 (RM35,000.00)
	 	 

 

 

 

	Item 10:	OPTION
    TO RENEW:
	 	 
	 	One (1) Year

 

 

 

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APPENDIX A

    	14

    	 

    

 

Tenancy
Agreement

 
 THIS
                                         TENANCY AGREEMENT is made
                                         on the day and year set out in Item 1 of the Schedule hereto between the party whose
                                         name and particulars are set out in Item 2 of the Schedule hereto (hereinafter called
                                         “the Landlord) of the one part, AND the party whose name and particulars
                                         are set out in Item 3 of the Schedule hereto (hereinafter called “the Tenant”)
                                         of the other part.

 

WHEREAS:-

 

	1)		The Landlord is the beneficial owner of all the parcel(s) of property described in
Item 4 of the Schedule hereto (hereinafter called the “Demised Premises").

 

	2)		Subject to the terms and conditions hereinafter contained the Landlord is desirous
to let to the Tenant and the Tenant is desirous to take on rent the Demised Premises from the Landlord for a period stated in
Item 5 of the Schedule hereto at the monthly rental stated in Item 6 of the Schedule hereto.

 

	3)		The Tenant has agreed to rent the Demised Premises from
the Landlord subject to the terms and conditions herein.

 

 

NOW THIS AGREEMENT WITNESSETH THAT:

 

	1.		Subject to the Tenant paying to the Landlord the rental hereby reserved and complying
with all the terms and conditions hereinafter contained the Landlord shall let to the Tenant and the Tenant shall take on rent
the Demised Premises from the Landlord for the fixed period of time stated in Item 5 of the Schedule hereto at the fixed monthly
rental stated in Item 6 of the Schedule hereto, the first of such rental to be made upon the execution hereof and the subsequent
payments to be made in advance by or on the seventh (7th) day of each month, by payment directly to the Landlord.

 

	2.		The term of the tenancy hereby created shall commence on the date set out in Item
7 of the Schedule hereto and shall, unless otherwise sooner determined or renewed in accordance with the terms herein contained,
expire on the date stated in Item 8 of the Schedule hereto.

 

	3.		The Tenant shall pay to the Landlord upon the execution of this Agreement hereof,
the sum stated in Item 9 of the Schedule hereto as Security and Utility deposit (the receipt of which sum the Landlord hereby
acknowledges) as security for the due performance of the several terms and obligations contained herein to be performed by the
Tenant. The Security and Utility Deposit shall not be construed or be utilised as rental for any arrears or be set off against
any rental due by the Tenant to the Landlord in the months preceding the expiration of the term hereby created and any renewal
hereof, if any. The Security and Utility Deposit shall be refunded free of interest to the Tenant less such sum(s) as may be lawfully
due to the Landlord in respect of breach by the Tenant in due observance and performance of any of the terms and conditions herein
contained (fair wear and tear accepted) within fourteen (14) days from the date of determination of the Tenancy herein.

 

    	1

    	 

    

 

Tenancy
Agreement

 

 

 

	4.		The Tenant shall pay and discharge promptly all electricity, water, telephone, internet,
sewerage and any other services subscribed by the Tenant during the term hereby created or such extensions thereof. The Security
and Utilities Deposit shall be refunded free of interest to the Tenant upon the expiration of the Term hereby created or any renewal
of the Term hereby created, if any, provided always that all water, electricity, telephone charges, internet, sewerage and any
other services including any penalties or late payment charges thereof up to the date of redelivery of vacant possession of the
Demised Premises to the Landlord shall have been settled by the Tenant and subject further to the right of the Landlord to deduct
any monies for any antecedent breach(es) or default(s) of the obligations of the Tenant to pay and discharge all charges arising
hereunder.

 

	5.		The Tenant hereby covenants with Landlord as follows:-

 

	(a)		that the Tenant shall pay to the Landlord upon the execution of this Agreement hereof,
the Security and Utility Deposit as security for the due performance of the several terms and obligations contained herein to
be performed by the Tenant; and

 

	(b)		that the Tenant shall pay to the Landlord the monthly rental in advance on or before
the seventh (7th) day of each and every month by payment directly to the Landlord; and

 

	(c)		that the Tenant shall pay to the Landlord the Security and Utility Deposit as security
for the obligations of the Tenant to pay and discharge promptly all electricity, water, telephone, internet, sewerage and
other charges from time to time; and

 

	(d)		that the Tenant shall pay on its due date all charges in respect of electricity, water,
telephone, internet, sewerage and other services as and when such bills are rendered by the appropriate authority. Copies of payment
receipts shall be handed for the Landlord's inspection at the end of every month thereof upon request thereof; and

 

	(e)		that the Tenant shall permit the Landlord and/or his servant or agents at all reasonable
times and from time to time to enter and view the condition of the Demised Premises and to execute and do repairs or other works
as the Landlord deems it necessary; and

 

    	2

    	 

    

 

Tenancy
Agreement

 

 

	(f)		that the Tenant shall not make any structural or other
alteration to the Demised Premises or to any part thereof without first obtaining the written consent of the Landlord. If such
consent as aforesaid is granted, the Tenant shall pay the costs thereof and when the term hereby created expires or when it is
terminated for any reason whatsoever, the Tenant shall endevour to revert the Demised Premises to its original state and conditions
to the entire satisfaction of the Landlord and should the Tenant refuse to do so, the Landlord may deduct such expenses from the
security deposit and if the security deposit is insufficient, the Landlord shall be at liberty to sue the Tenant for the balance
as a liquidated debt for the costs incurred. In any event any structural or other alteration made to the Demised Premises shall
inure for the benefit of the Landlord; and

 

	(g)		that the Tenant shall keep and maintain the interior
of the Demised Premises in good and tenantable repair and condition (fair wear and tear excepted); and

 

	(h)		that the Tenant shall not to do or permit or suffer to be done on the Demised Premises
anything which in the opinion of the Landlord may be nuisance or annoyance to or in any way interfere with the quiet enjoyment
and comfort of other occupants of the Demised Premises or the neighbourhood; and

 

	(i)		that the Tenant shall observe and comply with all local,
municipal and city by-laws, regulations and notices affecting the Demised Premises on the part of the Tenant to be observed and
complied as occupier thereof which are now in force or may hereafter be enacted; and

 

	(j)		that the Tenant shall not to do anything whereby any insurance policy in respect
of the Demised Premises against fire may be rendered void or voidable or whereby the premium in respect of such policy may be
liable to be increased; and

 

	(k)		that the Tenant shall not bring or store or permit or
suffer to be brought in the Demised Premises any goods or matter which in the opinion of the Landlord are offensive or unpleasant
or noxious or dangerous to the safety of the state and condition of the Demise Premises and the neighbourhood; and

 

	(l)		that the Tenant shall not assign, sublet or part with
the possession of the Demised Premises without first obtaining the written consent of the Landlord which consent shall not be
unreasonably withheld; and

 

	(m)		that the Tenant shall, on the determination of the Term
hereby created peacefully yield up vacant possession of the Demised Premises and the fittings and fixtures contained therein to
the Landlord in good and tenantable repair and condition (fair wear and tear excepted); and

 

    	3

    	 

    

 

Tenancy
Agreement

 

 

 

	(n)		that the Tenant shall at any time during the three (3) months preceding the determination
of the Tenancy herein created, permit any intending tenant or purchaser of the Demised Premises with authority from the Landlord
at all reasonable times to enter and view the Demised Premises provided that due notice shall have been given to the Tenant by
the Landlord or his agent's intention to enter and view the Demised Premises; and

 

	(o)		that the Tenant shall not use the Demised Premises for any illegal or immoral purpose;
and

 

	(p)		that the Tenant shall repair forthwith and make good any damages done or caused to
Demised Premises or any part thereof by the installation, use or removal of the Tenant's fixtures and fittings; and

 

	(q)		that the Tenant shall, in addition to the rent hereby reserved, bear any increase in the
                                                                               present quit rent and/or assessment levied on the Demised Premises if such increase in the quit rent and/or assessment is
                                                                               determined by the Landlord to be the result from any act or omission of the Tenant in default of any of the obligations,
                                                                               covenants, and duties to be performed by the Tenant pursuant hereunder; and

 

	(r)		that the Tenant shall save harmless and indemnify and keep fully indemnified the Landlord
against any and all actual loss, damages, expenses and costs suffered or incurred by the Landlord as a result of any claim, action,
suit or demand against the Landlord for any breach arising as a result of the Tenant's failure or default of his obligations and
duties to be performed and discharged hereunder; and

 

	(s)		that the Tenant shall subscribe to the telephone and internet directly with the service
providers.

 

 

	6.		The Landlord hereby covenants with the Tenant as follows:-

 

	(a)		that the Landlord shall, provided always that the Tenant pays the rent hereby reserved
and observes and performs the agreements, stipulations and covenants on his part to be performed and discharged herein
contained, permit the Tenant to occupy and enjoy the Demised Premises during the Term of the Tenancy without any interruption
or interference by the Landlord or any person or body lawfully claiming through the Landlord; and

 

    	4

    	 

    

 

Tenancy
Agreement

 

 

 

 

	(b)		that the Landlord shall pay all service charges rates taxes assessment and other such
charges during the continuance of the Term of the tenancy hereby granted; and

 

	(c)		that the Landlord shall insure the Demised Premises against loss or damage by fire;
and

 

	(d)		that the Landlord shall return the Security and Utility Deposit referred to above
free of interest upon the Tenant's compliance of the terms and conditions set forth hereinabove for such refund.

 

	(e)		The Landlord shall keep and maintain the exterior and the exterior fittings of the
Demised Premises in good repair and condition (fair wear and tear excepted). For avoidance of doubt, exterior fittings shall mean
and include any piping not located within the interior of the Demised Premises.

 

	(f)		That the Landlord shall ensure that in the event the Demised Premises is sold by the
Landlord subsequent hereto, the Landlord shall ensure that the sale of the Demise Premises is made subject to the tenancy created
herein.

 

 

	7.		PROVIDED ALWAYS and it is hereby agreed between the parties that:

 

	(a)		if the rent or any part thereof shall at any time during the Term hereby created remains
unpaid for fourteen (14) days after the same becoming due and payable or if the Tenant is in breach of any covenant irrespective
of the fact that the same shall amount to a breach of a term, condition or covenant of if the Tenant shall commit an act of bankruptcy,
it shall be lawful in any of the said circumstances for the Landlord at any time thereafter to re-enter and take possession of
the Demised Premises without further reference to the Tenant and thereupon this tenancy shall absolutely determine without prejudice
to the rights of action of the Landlord in respect of any antecedent breach of the Tenant's covenants herein contained.

 

	(b)		Neither party shall have the right to terminate this Agreement before the expiry of
the two (2) years term herein created, unless the Demised Premises becomes uninhabitable to the Tenant for reasons beyond the
Tenant's control which may reasonably require the Tenant to seek early termination of the initial term, whereby the parties hereto
agree to negotiate the conditions for early termination, which said conditions shall not be unreasonable to either party. In the
event of breach of this condition, then the party seeking early termination shall pay to the other party a sum equivalent to the
rental for the remaining initial tenancy period as liquidated damages.

 

    	5

    	 

    

 

	(c)		The Landlord shall at the written request of the Tenant made not less than three (3)
months before the expiration of Term hereby created and if there shall not at the time of such request and at the expiration of
this Tenancy be any existing breach or non-observance of any of the covenants on the part of the Tenant herein contained and at
the Tenant's expenses grant to the Tenant, an extension to the Term for a further period as specified in Item 10 of the Schedule
hereto on similar terms as contained hereunder, save for this clause for the option to renew, at a revised rent to be determined
by the Landlord and such other terms as to be mutually agreed by the parties.

 

	8.		Any notice to be served by either party hereto shall be served on the party intended
to be served by registered post at the address stated herein and such notice shall be deemed to have been effectively served on
the other party on the 3rd day from date of posting of same.

 

	9.		In this Agreement unless there be something in the subject matter or context inconsistent
therewith, words importing singular number or the masculine gender only shall include the plural number of feminine and neuter
gender and words importing the individual person shall also be deemed to include corporate or other bodies.

 

	10.		Time wherever mentioned shall be the essence of this Agreement.

 

	11.		This Agreement shall be binding upon the successors in title heirs legal representatives
administrators executors of the parties hereto.

 

	12.		This Agreement shall be governed and interpreted in accordance with the laws of Malaysia.

 

	13.		Each party shall bear its own solicitors costs in respect of this Agreement.

The  stamp duty for this Agreement shall be borne and paid by the Tenant.

 

 

*********************************************

 

(the remainder of this page has been left blank intentionally)

 

 

    	6

    	 

    

 

 

    	7

    	 

    

 

Tenancy Agreement 

 

 

THE SCHEDULE REFERRED TO IN THE
AGREEMENT

 

(to be taken and read as an essential term
of this Agreement)

 

 

 

	Item
    1:	Date
    Of the Agreement: 	01st March 2013

 

 

 

	Item
    2:	NAME
    & PARTICULARS OF LANDLORD
	 	 
	 	PGCG ASSETS HOLDINGS
    SDN BHD [Company No. 983271-U]
	 	No. 160
	 	Menara CMY
	 	Jalan Ampang
	 	50450 Kuala Lumpur

 

 

 

	Item
    3:	NAME
    & PARTICULARS OF TENANT
	 	 
	 	POPULAR WIZARD
    SDN BHD [Company No. 907847-M]
	 	Unit G-1 (Level Ground Floor)
	 	No. 160
	 	Menara CMY
	 	Jalan Ampang
	 	50450 Kuala Lumpur

 

 

 

	Item
    4:	PARTICULARS
    OF DEMISED PREMISES:
	 	 
	 	No.160
	 	Menara CMY
	 	Jalan Ampang
	 	50450 Kuala Lumpur
	 	

 

 

 

	Item
    5:	TERM
    OF TENANCY
	 	 
	 	One (1) year

 

 

 

    	8

    	 

    

  

Tenancy Agreement

 

 

 

	Item
    6:	RENTAL
    PER MONTH:
	 	 
	 	Ringgit Malaysia
    Thirty Five Thousand only (RM35,000.00)

 

 

 

	Item
    7:	TENANCY
    COMMENCES ON: 01st March 2013

 

 

	Item 8:	TENANCY
    EXPIRES ON: 28th February 2014

 

	Item
    9:	a)          SECURITY
    DEPOSIT
	 	 
	 	             Ringgit Malaysia
    Seventy Thousand Only

              (RM 70,000.00)
	 	 
	 	b)          UTILITY
    DEPOSIT
	 	 
	 	             Ringgit Malaysia
    Thirty Five Thousand Only

              (RM35,000.00)
	 	 

 

 

 

	Item 10:	OPTION
    TO RENEW:
	 	 
	 	One (1) Year

 

 

 

 

    	9

    	 

    

 

 

 

 

POPULAR WIZARD SDN BHD

(company no. 907847-M)

Unit G-1 (level
ground floor)

No.160 Menara CMY

Jalan Ampang

50450 Kuala Lumpur

 

 

RE: DECREASE OF RENTAL

 

 

With
reference to the above matter, we would like to officially inform you of a decrease of rental. Please refer to the agreement ref:
005/13/03. There will be a decrease of RM5,000 from the current rental of RM35,000. The new rental amount of RM30,000 will
be immediately effective from 1st of June 2013.

 

 

 

 

 

 

 

Regards
& thanks,Exhibit 4.6

 

INDENTURE

(Senior Debt Securities)

 

INDENTURE, dated as
of [—], 20[—], among NTN
Buzztime, Inc., a Delaware corporation (the “Company”), and [TRUSTEE], as trustee (the “Trustee”):

 

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of
debt securities, in an unlimited aggregate principal amount to be issued from time to time in one or more series as provided in
this Indenture, as registered securities without coupons, to be authenticated by the certificate of the Trustee;

 

WHEREAS, to provide
the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

 

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

 

NOW, THEREFORE, in
consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE 1

DEFINITIONS

 

Section 1.1 Definitions of Terms.
The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided
or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have
the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in
this Indenture that are defined in the Trust Indenture Act, or that are by reference in the Trust Indenture Act defined in the
Securities Act (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the
date of the execution of this Indenture.

 

“Authenticating
Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant
to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

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

 

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

 

“Business Day”
means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the
Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office, are authorized or obligated by law, executive
order or regulation to close.

 

“Certificate”
means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.7.

 

“Company”
means NTN Buzztime, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the
provisions of Article Ten, shall also include its successors and assigns.

 

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

 

    	1

    	 

    

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default”
means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Depositary” means,
with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global
Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange
Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.1
or 2.11.

 

“Event of Default”
means, with respect to Securities of a particular series, any event specified in Section 6.1, continued for the period of
time, if any, therein designated.

 

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

 

“Global Security”
means, with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary
or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name
of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (b) 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 that, in either case, are not callable or redeemable at the option of the issuer thereof
at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however,
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment
of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“herein”,
“hereof” and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof.

 

“Interest Payment
Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified
in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date
on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer
or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for in
Section 13.7, if and to the extent required by the provisions thereof.

 

“Opinion of
Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel
for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements
provided for in Section 13.7, if and to the extent required by the provisions thereof.

 

    	2

    	 

    

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular
time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been
made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.7.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7
in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means the chairman of its board of directors, the chief executive officer,
the president, any vice president, the secretary, the treasurer, any trust officer, any corporate trust officer or any other officer
or assistant officer of the Trustee customarily performing functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and
familiarity with the particular subject.

 

“Securities”
means the debt Securities authenticated and delivered under this Indenture.

 

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

 

“Securityholder”,
“holder of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose
name or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the
terms of this Indenture.

 

“Subsidiary”
means, with respect to any Person, (a) any corporation at least a majority of whose outstanding Voting Stock shall at the
time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of
its Subsidiaries, (b) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership
or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one
or more of its Subsidiaries and (c) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

“Trustee”
means                     ,
and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more
than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee”
as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended.

 

“Voting Stock”,
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

 

    	3

    	 

    

 

ARTICLE 2

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION

AND EXCHANGE OF SECURITIES

 

Section 2.1 Designation and Terms of Securities.

 

(a) 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 up to the aggregate principal amount of Securities of that series from time to time authorized by
or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities
of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental hereto:

 

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

 

(ii) any limit upon
the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture (except
for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of that series);

 

(iii) the date or dates
on which the principal of the Securities of the series is payable, any original issue discount that may apply to the Securities
of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;

 

(iv) the rate or rates
at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(v) the date or dates
from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination
of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest
is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

(vi) the right, if any,
to extend the interest payment periods and the duration of such extension;

 

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

 

(viii) the obligation,
if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous
provisions (including payments made in cash in satisfaction of future sinking fund obligations) 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;

 

(ix) the form of the
Securities of the series including the form of the Certificate of Authentication for such series;

 

(x) if other than denominations
of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series
shall be issuable;

 

(xi) any and all other
terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series and any
security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not
be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required
by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

(xii) whether the Securities
are issuable as a Global Security and, in such case, the terms and the identity of the Depositary for such series;

 

(xiii) whether the Securities
will be convertible into or exchangeable for shares of common stock, preferred stock or other securities of the Company or any
other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including
the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at
the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange
period;

 

    	4

    	 

    

 

(xiv) if other than
the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.1;

 

(xv) any additional
or different Events of Default or restrictive covenants (which may include, among other restrictions, restrictions on the Company’s
ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create
liens; pay dividends or make distributions in respect of the capital stock of the Company or the Company’s Subsidiaries;
redeem capital stock; place restrictions on the Company’s Subsidiaries’ ability to pay dividends, make distributions
or transfer assets; make investments or other restricted payments; sell or otherwise dispose of assets; enter into sale- leaseback
transactions; engage in transactions with stockholders or affiliates; issue or sell stock of the Company’s Subsidiaries;
or effect a consolidation or merger) or financial covenants (which may include, among other financial covenants, financial covenants
that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based
or other financial ratios) provided for with respect to the Securities of the series;

 

(xvi) if other than
dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited to, foreign currency);

 

(xvii) the terms and
conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal
amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax
purposes; and

 

(xviii) any restrictions
on transfer, sale or assignment of the Securities of the series.

 

All Securities of
any one series shall be substantially identical except as may otherwise be provided in or pursuant to any Board Resolution or in
any indentures supplemental hereto.

 

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

 

Securities of any
particular series may be issued at various times, with different dates on which the principal or any installment of principal is
payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different
dates on which such interest may be payable and with different redemption dates.

 

Section 2.2 Form of Securities
and Trustee’s Certificate. The Securities of any series and the Trustee’s certificate of authentication to be borne
by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or
as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or
other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply
with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on
which Securities of that series may be listed, or to conform to usage.

 

Section 2.3 Denominations: Provisions
for Payment. 

 

The Securities shall
be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
subject to Section 2.1(a)(x).

 

The Securities of
a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to
Section 2.1(a)(xvi), the principal of and the interest on the Securities of any series, as well as any premium thereon in
case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at
the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each
Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day
year composed of twelve 30-day months.

 

    	5

    	 

    

 

The interest installment
on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that
series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close
of business on the regular record date for such interest installment. In the event that any Security of a particular series or
portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest
Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of
such Security as provided in Section 3.3.

 

Any interest on any
Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same
series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant
regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election,
as provided in clause (1) or clause (2) below:

 

		(1)	The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names
such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for
the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in
this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall
not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date
and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the
special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears
in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed
payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such
special record date.

 

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

 

Unless otherwise set
forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series of Securities
and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month
in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest
Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such
series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether
or not such date is a Business Day.

 

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

 

Section 2.4 Execution and Authentications.

 

The Securities shall
be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature. The
Company may use the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the time
the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company.
The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security
shall be dated the date of its authentication by the Trustee.

 

    	6

    	 

    

 

A Security shall not
be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature
shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the
holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee
in accordance with such written order shall authenticate and deliver such Securities.

 

In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee
shall be entitled to receive, if requested, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion
of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

The Trustee shall
not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable
to the Trustee.

 

Section 2.5 Registration of Transfer
and Exchange.

 

(a) Securities of
any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities
so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver
in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled
to receive, bearing numbers not contemporaneously outstanding.

 

(b) The Company shall
keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers
of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar
for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board
Resolution (the “Security Registrar”).

 

Upon surrender for
transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities
of the same series as the Security presented for a like aggregate principal amount.

 

All Securities presented
or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the
Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c) Except as provided
pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in
one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.6,
Section 3.3(b) and Section 9.4 not involving any transfer.

 

(d) The Company shall
not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the
same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities
being redeemed in part. The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11
hereof.

 

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Section 2.6 Temporary Securities.
Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate
and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities
shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions
and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security
of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially
the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will
execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may
be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the
purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an
equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect
that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary
Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated
and delivered hereunder.

 

Section 2.7 Mutilated, Destroyed,
Lost or Stolen Securities.

 

In case any temporary
or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security,
or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted
Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee
may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of
the Company. Upon the issuance of any substituted Security, 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.

 

In case any Security
that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing
a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security)
if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to
save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of
the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement
Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company
whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall
be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series
duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent
lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

 

Section 2.8 Cancellation. All
Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the
Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled
by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of
this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities
held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard
procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities,
however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities
unless and until the same are delivered to the Trustee for cancellation.

 

    	8

    	 

    

 

Section 2.9 Benefits of Indenture.
Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other
than the parties hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of
this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being
for the sole benefit of the parties hereto and of the holders of the Securities.

 

Section 2.10 Authenticating Agent.
So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such
series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee
shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable
to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it,
sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal
or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it
shall resign immediately. Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee
and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or
cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable
to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all
the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

Section 2.11 Global Securities.

 

(a) If the Company
shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially
to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred,
in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor
Depositary.”

 

(b) Notwithstanding
the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such
series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c) If at any time
the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for
such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default
has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11
shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.4, the
Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer
be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of
such series. In such event the Company will execute and, subject to Section 2.4, the Trustee, upon receipt of an Officer’s
Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount
of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities
in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee.
Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c)
shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct
or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary
for delivery to the Persons in whose names such Securities are so registered.

 

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ARTICLE 3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.1 Redemption. The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.1 hereof.

 

Section 3.2 Notice of Redemption.

 

(a) In case the Company
shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance
with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall cause
the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption
of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period
is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice
to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not
affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case
of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance
with any such restriction.

 

Each such notice of
redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of
the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be
paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a
sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of
Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.

 

In case any Security
is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof
to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities
of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b) If less than all
the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter
notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of
Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem
appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S.
dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000,
the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be
redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf
by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption
and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own
name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee
or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such
paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this
Section.

 

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Section 3.3 Payment Upon Redemption.

 

(a) If the giving
of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to
be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of
Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of
such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender
of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall
be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed
for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date
shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.3).

 

(b) Upon presentation
of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate
and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a
new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security
so presented.

 

Section 3.4 Sinking Fund. The
provisions of Sections 3.4, 3.5 and 3.6 shall be applicable to any sinking fund for the retirement of Securities of a series, except
as otherwise specified as contemplated by Section 2.1 for Securities of such series. The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment”. 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 3.5. Each sinking fund payment shall be applied to
the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 3.5 Satisfaction of Sinking
Fund Payments with Securities. The Company (i) may deliver Outstanding Securities of a series and (ii) may apply
as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required
to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities
have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption
price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly.

 

Section 3.6 Redemption of Securities
for Sinking Fund. Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter
period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying
the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if
any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for
such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered.
Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 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 3.2. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.3.

 

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ARTICLE 4

COVENANTS

 

Section 4.1 Payment of Principal,
Premium and Interest. The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and
interest on the Securities of that series at the time and place and in the manner provided herein and established with respect
to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect
to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address
shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such wire transfer to be made only
to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only
if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment
date). Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities
by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an
aggregate principal amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder
shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the
relevant payment date).

 

Section 4.2 Maintenance of Office
or Agency. So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with
respect to each such series and at such other location or locations as may be designated as provided in this Section 4.2,
where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as
herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to
such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s Certificate
and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
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, notices and demands. The Company initially appoints the Corporate Trust Office
as its paying agent with respect to the Securities.

 

Section 4.3 Paying Agents.

 

(a) If the Company
shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause
each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section:

 

(i) that it will hold
all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that
series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit
of the Persons entitled thereto;

 

(ii) that it will give
the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal
of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(iii) that it will,
at any time during the continuance of any failure referred to in the preceding paragraph (a)(ii) above, upon the written request
of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(iv) that it will perform
all other duties of paying agent as set forth in this Indenture.

 

(b) If the Company
shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal
of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities
of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify
the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company
shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium,
if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action
or failure so to act.

 

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(c) Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to
the provisions of Section 11.5, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust
by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which
such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee,
the Company or such paying agent shall be released from all further liability with respect to such money.

 

Section 4.4 Appointment to Fill
Vacancy in Office of Trustee. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint,
in the manner provided in Section 7.10, a trustee, so that there shall at all times be a trustee hereunder.

 

Section 4.5 Compliance with Consolidation
Provisions. The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other
Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of
its property to any other Person unless the provisions of Article Ten hereof are complied with.

 

ARTICLE 5

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.1 Company to Furnish
Trustee Names and Addresses of Securityholders. The Company will furnish or cause to be furnished to the Trustee (a) within
15 days after each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably require,
of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company
shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from
the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing
within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than
15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any
series for which the Trustee shall be the Security Registrar.

 

Section 5.2 Preservation Of Information;
Communications With Securityholders.

 

(a) The Trustee shall
preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities
contained in the most recent list furnished to it as provided in Section 5.1 and as to the names and addresses of holders
of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b) The Trustee may
destroy any list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished.

 

(c) Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their
rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy
its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of
the Trust Indenture Act.

 

Section 5.3 Reports by the Company.
The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee, after the Company files
the same with the Securities and Exchange Commission, 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 Securities and Exchange Commission may from time to time by
rules and regulations prescribe) that the Company files with the Securities and Exchange Commission pursuant to Section 13
or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any materials
for which the Company has sought and received confidential treatment by the Securities and Exchange Commission; and provided further,
so long as such filings by the Company are available on the Securities and Exchange Commission’s Electronic Data Gathering,
Analysis and Retrieval System (EDGAR), such filings shall be deemed to have been filed with the Trustee for purposes of this Section 5.3
without any further action required by the Company.

 

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Section 5.4 Reports by the Trustee.

 

(a) If required by
Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall transmit
by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a
brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b) The Trustee shall
comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c) A copy of each
such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities
exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission. The Company
agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE 6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section 6.1 Events of Default.

 

(a) Whenever used
herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following
events that has occurred and is continuing:

 

(i) the Company defaults
in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due
and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment
period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment
of interest for this purpose;

 

(ii) the Company defaults
in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become
due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or
analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities
in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or
premium, if any;

 

(iii) the Company fails
to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise
established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement that
has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that
such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered
or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that
series at the time Outstanding;

 

(iv) the Company pursuant
to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order
for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(v) a court of competent
jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints
a Custodian of the Company 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 90 days.

 

(b) In each and every
such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the
Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in
aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and
to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid
interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become
and shall be immediately due and payable. If an Event of Default specified in clause (a)(iv) or clause (a)(v) above occurs,
the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and
payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

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(c) At any time after
the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so
declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding
hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities
of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due
otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that
series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.6, and (ii) any
and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium,
if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have
been remedied or waived as provided in Section 6.6.

 

No such rescission
and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d) In case the Trustee
shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall
have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee
shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company
and the Trustee shall continue as though no such proceedings had been taken.

 

Section 6.2 Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

(a) The Company covenants
that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or in
any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in the payment
of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable,
whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the
Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount
that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both,
as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest
is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of
that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
and the amount payable to the Trustee under Section 7.6.

 

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

 

(c) In case of any
receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and
of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at
the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after
such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute
the same after the deduction of the amount payable to the Trustee under Section 7.6; and any receiver, assignee or trustee
in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments
to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.6.

 

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(d) All rights of
action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series,
may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or 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 payment to the Trustee of any amounts due under Section 7.6,
be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event
of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture
by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either
at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained
in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

 

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

 

Section 6.3 Application of Moneys
Collected. Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall
be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on
account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon
of the payment, if only partially paid, and upon surrender thereof if fully paid: FIRST: To the payment of reasonable costs and
expenses of collection and of all amounts payable to the Trustee under Section 7.6; SECOND: To the payment of the amounts
then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for
the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal (and premium, if any) and interest, respectively; and THIRD: To the payment of
the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.4 Limitation on Suits.

 

No holder of any Security
of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an
Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series
then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name
as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require
against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt
of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during
such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction
inconsistent with the request.

 

Notwithstanding anything
contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective
due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement
of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent
of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder
of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities
of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect,
disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or
preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for
the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions
of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or
in equity.

 

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Section 6.5 Rights and Remedies
Cumulative; Delay or Omission Not Waiver.

 

(a) Except as otherwise
provided in Section 2.7, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to
the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or
the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants
and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b) No delay or omission
of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring
and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given by this Article or by law
to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Securityholders.

 

Section 6.6 Control by Securityholders.
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined
in accordance with Section 8.4, 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 such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture. Subject to the provisions of
Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall,
by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s
duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders
not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the
time Outstanding affected thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the Securities
of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.1
with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest
on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal
and any premium has been deposited with the Trustee (in accordance with Section 6.1(c)). Upon any such waiver, the default
covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of
the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 6.7 Undertaking to Pay
Costs. All parties to this Indenture agree, and each holder of any Securities 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 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 Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in
aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the
enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the
respective due dates expressed in such Security or established pursuant to this Indenture.

 

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ARTICLE 7

CONCERNING THE TRUSTEE

 

Section 7.1 Certain Duties and
Responsibilities of Trustee.

 

(a) The Trustee, prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default
with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall
be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred
(that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs.

 

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

 

(1) prior to the occurrence
of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default
with respect to that series that may have occurred: (A) the duties and obligations of the Trustee shall with respect to the
Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable
with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set
forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and (B) in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture;

 

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

 

(3) the Trustee shall
not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the
holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding 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 that series; and

 

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

 

Section 7.2 Certain Rights of Trustee.
Except as otherwise provided in Section 7.1:

 

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

 

(b) Any request, direction,
order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in
the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed
herein);

 

(c) The Trustee may
consult with counsel and the written advice of such counsel or, if requested, any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

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(d) The Trustee shall
be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing
contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect
to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of
the rights and powers vested in it by this Indenture, and to 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;

 

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

 

(f) The Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing
so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.4); provided, however, that if the payment within a reasonable time
to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable
expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon
demand; and

 

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

 

In addition, the Trustee
shall not be deemed to have knowledge of any Default or Event of Default except (1) any Event of Default occurring pursuant
to Sections 6.1(a)(i) and 6.1(a)(ii) or (2) any Default or Event of Default of which the Trustee shall have received written
notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.
Delivery of reports, information and documents to the Trustee under Section 5.3 is for informational purposes only and the
information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained
therein, or determinable from information contained therein including the Company’s compliance with any of their covenants
thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).

 

Section 7.3 Trustee Not Responsible
for Recitals or Issuance or Securities.

 

(a) The recitals contained
herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.

 

(b) The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) The Trustee shall
not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or
for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.1, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section 7.4 May Hold Securities.
The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee
of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

Section 7.5 Moneys Held in Trust.
Subject to the provisions of Section 11.5, all moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it
may agree with the Company to pay thereon.

 

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Section 7.6 Compensation and Reimbursement.

 

(a) The Company covenants
and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from
time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the
Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses
and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance
as may arise from its negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The
Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of
or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending
itself against any claim of liability in the premises.

 

(b) The obligations
of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses,
disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by
a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held
in trust for the benefit of the holders of particular Securities.

 

Section 7.7 Reliance on Officer’s
Certificate. Except as otherwise provided in Section 7.1, whenever in the administration of the provisions of this Indenture
the Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering
or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established
by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the
part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the
provisions of this Indenture upon the faith thereof.

 

Section 7.8 Disqualification; Conflicting
Interests. If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b)
of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b)
of the Trust Indenture Act.

 

Section 7.9 Corporate Trustee Required;
Eligibility. There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times
be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof
or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Securities and Exchange Commission,
authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million
U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.
If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of
the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control
with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

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Section 7.10
Resignation and Removal; Appointment of Successor.

 

(a) The Trustee or
any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written
notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders
of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the
Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after
the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment
of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide
holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition
any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
and prescribe, appoint a successor trustee.

 

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

 

(1) the Trustee shall
fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder who
has been a bona fide holder of a Security or Securities for at least six months; or

 

(2) the Trustee shall
cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written request therefor
by the Company or by any such Securityholder; or

 

(3) the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver
of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case, the
Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six
months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The holders of
a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee
with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with
the consent of the Company.

 

(d) Any resignation
or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of
the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e) Any successor
trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such
series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section 7.11 Acceptance of Appointment
By Successor.

 

(a) In case of the
appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request
of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer
and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.

 

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(b) In case of the
appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions
as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the
part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal
of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for
the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture,
and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer
and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
trustee relates.

 

(c) Upon request of
any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as
the case may be.

 

(d) No successor trustee
shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under
this Article.

 

(e) Upon acceptance
of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee,
the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section 7.12 Merger, Conversion,
Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to the corporate trust business of the Trustee, including the administration of the trust
created by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under
the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without the execution or filing of any
paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13 Preferential Collection
of Claims Against the Company. The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall
be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

Section 7.14 Notice of Default.
If any Default or any Event of Default occurs and is continuing and if such Default or Event of Default is known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c)
of the Trust Indenture Act notice of the Default or Event of Default within the earlier of 90 days after it occurs and 30 days
after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Default
or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of
(or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interest of the Securityholders.

 

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ARTICLE 8

CONCERNING THE SECURITYHOLDERS

 

Section 8.1 Evidence of Action
by Securityholders. Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate
principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the
giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action
the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any
number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing.

 

If the Company shall
solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other
action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series
for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver
or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of
record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities
of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by
such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of
this Indenture not later than six months after the record date.

 

Section 8.2 Proof of Execution
by Securityholders.

 

Subject to the provisions
of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or
his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
manner:

 

(a) The fact and date
of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The ownership
of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

The Trustee may require
such additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section 8.3 Who May be Deemed Owners.
Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any
Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company
as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership
or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the
principal of, premium, if any, and (subject to Section 2.3) interest on such Security and for all other purposes; and neither
the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

Section 8.4 Certain Securities
Owned by Company Disregarded. In determining whether the holders of the requisite aggregate principal amount of Securities
of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of that series that
are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling
or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded
and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether
the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee
actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded
as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

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Section 8.5 Actions Binding on
Future Securityholders. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1,
of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the
evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with
the Trustee, and upon proof of holding as provided in Section 8.2, revoke such action so far as concerns such Security. Except
as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all
future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof
or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken
by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in
this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all
the Securities of that series.

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.1 Supplemental Indentures
Without the Consent of Securityholders. In addition to any supplemental indenture otherwise authorized by this Indenture, the
Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for
one or more of the following purposes:

 

(a) to cure any ambiguity,
defect, or inconsistency herein or in the Securities of any series;

 

(b) to comply with
Article Ten;

 

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

 

(d) to add to the
covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of
Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of
Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit
of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(e) to add to, delete
from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication,
and delivery of Securities, as herein set forth;

 

(f) to make any change
that does not adversely affect the rights of any Securityholder in any material respect;

 

(g) to provide for
the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.1,
to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;

 

(h) to evidence and
provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i) to comply with
any requirements of the Securities and Exchange Commission or any successor in connection with the qualification of this Indenture
under the Trust Indenture Act.

 

The Trustee
is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders
of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2.

 

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Section 9.2 Supplemental Indentures
With Consent of Securityholders. With the consent (evidenced as provided in Section 8.1) of the holders of not less than
a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures
at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
then in effect) 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 not covered by Section 9.1 the rights of the holders
of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the
consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities
of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or
reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of
which are required to consent to any such supplemental indenture. It shall not be necessary for the consent of the Securityholders
of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.3 Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.1,
this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and
the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall
be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 9.4 Securities Affected
by Supplemental Indentures. Securities of any series affected by a supplemental indenture, authenticated and delivered after
the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.1, may bear a notation
in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may
be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that
series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in
any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the
Securities of that series then Outstanding.

 

Section 9.5 Execution of Supplemental
Indentures. Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid,
the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion
but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.1,
may receive an Officer’s Certificate or, if requested, an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that
it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such
Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture
that establishes the terms of a series of Securities pursuant to Section 2.1 hereof. Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first
class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders
of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Trustee to mail
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

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ARTICLE 10

SUCCESSOR ENTITY

 

Section 10.1 Company May Consolidate,
Etc. Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any
consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive
consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any
sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or
substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors)
authorized to acquire and operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon any
such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer
or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities
of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance
of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant
to Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform
to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered
to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which
shall have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible
into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture,
make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion
or exchange of such Securities the number of securities or property to which a holder of the number of shares of common stock or
other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion
or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.

 

Section 10.2 Successor Entity Substituted.

 

(a) In case of any
such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth
under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted
for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall
be relieved of all obligations and covenants under this Indenture and the Securities.

 

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

 

(c) Nothing contained
in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company
where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any
part of the property of any other Person (whether or not affiliated with the Company).

 

Section 10.3 Evidence of Consolidation,
Etc. to Trustee. The Trustee, subject to the provisions of Section 7.1, may receive an Officer’s Certificate and,
if requested, an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other
disposition, and any such assumption, comply with the provisions of this Article.

 

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ARTICLE 11

SATISFACTION AND DISCHARGE

 

Section 11.1 Satisfaction and Discharge
of Indenture. If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a
series theretofore authenticated and not delivered to the Trustee for cancellation (other than any Securities that shall have been
destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.7 and Securities for whose payment
money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon
repaid to the Company or discharged from such trust, as provided in Section 11.5); or (b) all such Securities of a particular
series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become
due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds
the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity
or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal
(and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may
be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company
then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections
2.3, 2.5, 2.7, 4.1, 4.2, 4.3 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and
Sections 7.6 and 11.5, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost
and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect
to such series.

 

Section 11.2 Discharge of Obligations.
If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that
have not become due and payable as described in Section 11.1 shall have been paid by the Company by depositing irrevocably
with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption
all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium,
if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after
the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company
under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.3,
2.5, 2.7, 4.1, 4.2, 4.3, 7.6, 7.10 and 11.5 hereof that shall survive until such Securities shall mature and be paid. Thereafter,
Sections 7.6 and 11.5 shall survive.

 

Section 11.3 Deposited Moneys to
be Held in Trust. All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.1 or 11.2 shall
be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company
acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such
moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.4 Payment of Moneys
Held by Paying Agents. In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations
then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee
and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

 

Section 11.5 Repayment to Company.
Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust
for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain
unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if
any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable
escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s
request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall
be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities
entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

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ARTICLE 12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.1 No Recourse. No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future
as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor
or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate
obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of
such Securities.

 

ARTICLE 13

MISCELLANEOUS PROVISIONS

 

Section 13.1 Effect on Successors
and Assigns. All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company
shall bind its successors and assigns, whether so expressed or not.

 

Section 13.2 Actions by Successor.
Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee
or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee
or officer of any corporation that shall at the time be the lawful successor of the Company.

 

Section 13.3 Surrender of Company
Powers. The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may
surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company
and as to any successor corporation.

 

Section 13.4 Notices. Except
as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to
or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address
is filed in writing by the Company with the Trustee), as follows:

	 	 	 	 	 	 	 
	
 

	 	 	 	 	 	 
	 	 	 	 
	
 

	 	 	 	 	 	 
	 	 	 	 
	
 

	 	 	 	 	 	 

Any notice, election, request or demand
by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to
have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section 13.5 Governing Law. This
Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

Section 13.6 Treatment of Securities
as Debt. It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes.
The provisions of this Indenture shall be interpreted to further this intention.

 

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Section 13.7 Certificates and Opinions
as to Conditions Precedent. 

 

(a) Upon any application
or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than
the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if
requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with,
except that in the case of any such application or demand as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need
be furnished.

 

(b) Each certificate
or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant
or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he
has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether
or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with.

 

Section 13.8 Payments on Business
Days. Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or
principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal
(and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal
date of maturity or redemption, and no interest shall accrue for the period after such nominal date.

 

Section 13.9 Conflict with Trust
Indenture Act. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

Section 13.10 Counterparts. This
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

 

Section 13.11 Separability. In
case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other
provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid
or illegal or unenforceable provision had never been contained herein or therein.

 

Section 13.12 Compliance Certificates.
The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of
any series were outstanding, an officer’s certificate stating whether or not the signers know of any Default or Event of
Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer,
principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of
the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and
covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to
any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate
has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or Event of Default and its
status.

 

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

 

	 	 	 	 
	NTN BUZZTIME, INC.	 
	 	 	 
	By:	 	
 	 
	Name:	 	
 	 
	Title:	 	
 	 
	 	 
	[TRUSTEE], as Trustee	 
	 	 	 
	By:	 	
 	
	Name:	 	
 	 
	Title:	 	
 	 

 

 

 

 

 

    	29

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