Document:

Exhibit 4.1

      

      

      GENCO SHIPPING & TRADING LIMITED

      

      

      ________________

      

      

      INDENTURE

      

      

      DATED AS OF [          ], 20___

      

      

      ________________

      

      

      [          ],

      

      

      as Trustee

      

      

      ________________

      

      

      
        
          

      

      CROSS-REFERENCE TABLE*

      

      

      	
              Trust Indenture

               Act Section

            	 	
              Indenture Section

            
	 	 	 
	
              310(a)(1)

            	 	
              7.10

            
	 	 	 
	
              (a)(2)

            	 	
              7.10

            
	 	 	 
	
              (a)(3)

            	 	
              N.A.

            
	 	 	 
	
              (a)(4)

            	 	
              N.A.

            
	 	 	 
	
              (a)(5)

            	 	
              7.10

            
	 	 	 
	
              (b)

            	 	
              7.10

            
	 	 	 
	
              (c)

            	 	
              N.A.

            
	 	 	 
	
              311(a)

            	 	
              7.11

            
	 	 	 
	
              (b)

            	 	
              7.11

            
	 	 	 
	
              (c)

            	 	
              N.A.

            
	 	 	 
	
              312(a)

            	 	
              2.06

            
	 	 	 
	
              (b)

            	 	
              11.03

            
	 	 	 
	
              (c)

            	 	
              11.03

            
	 	 	 
	
              313(a)

            	 	
              7.06

            
	 	 	 
	
              (b)(1)

            	 	
              N.A.

            
	 	 	 
	
              (b)(2)

            	 	
              7.06; 7.07

            
	 	 	 
	
              (c)

            	 	
              7.06; 11.02

            
	 	 	 
	
              (d)

            	 	
              7.06

            
	 	 	 
	
              314(a)

            	 	
              4.03; 11.02

            
	 	 	 
	
              (b)

            	 	
              N.A.

            
	 	 	 
	
              (c)(1)

            	 	
              11.04

            
	 	 	 
	
              (c)(2)

            	 	
              11.04

            
	 	 	 
	
              (c)(3)

            	 	
              N.A.

            
	 	 	 
	
              (d)

            	 	
              N.A.

            
	 	 	 
	
              (e)

            	 	
              11.05

            
	 	 	 

      

      

      
        
          

      

      

      

      	
              Trust Indenture

               Act Section

            	 	
              Indenture Section

            
	 	 	 
	
              (f)

            	 	
              N.A.

            
	 	 	 
	
              315(a)

            	 	
              7.01

            
	 	 	 
	
              (b)

            	 	
              7.05; 11.02

            
	 	 	 
	
              (c)

            	 	
              7.01

            
	 	 	 
	
              (d)

            	 	
              7.01

            
	 	 	 
	
              (e)

            	 	
              6.11

            
	 	 	 
	
              316(a) (last sentence)

            	 	
              2.10

            
	 	 	 
	
              (a)(1)(A)

            	 	
              6.05

            
	 	 	 
	
              (a)(1)(B)

            	 	
              6.04

            
	 	 	 
	
              (a)(2)

            	 	
              N.A.

            
	 	 	 
	
              (b)

            	 	
              6.07

            
	 	 	 
	
              (c)

            	 	
              2.13

            
	 	 	 
	
              317(a)(1)

            	 	
              6.08

            
	 	 	 
	
              (a)(2)

            	 	
              6.09

            
	 	 	 
	
              (b)

            	 	
              2.05

            
	 	 	 
	
              318(a)

            	 	
              11.01

            
	 	 	 
	
              (b)

            	 	
              N.A.

            
	 	 	 
	
              (c)

            	 	
              11.01

            

      

      

      N.A. means not applicable.

      

      

      	
              *

            	
              This Cross-Reference Table is not part of this Indenture.

            

      

      

      
        
          

      

      
      TABLE OF CONTENTS

      

      

      Page

      

      

      	
              ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE

            	
              1

            
	
              Section 1.01   

            	
              Definitions.

            	
              1

            
	
              Section 1.02

            	
              Other Definitions

            	
              5

            
	
              Section 1.03

            	
              Incorporation by Reference of Trust Indenture Act

            	
              5

            
	
              Section 1.04

            	
              Rules of Construction.

            	
              6

            
	 	 	 
	
              ARTICLE 2. THE NOTES

            	
              6

            
	
              Section 2.01

            	
              Issuable in Series.

            	
              6

            
	
              Section 2.02

            	
              Establishment of Terms of Series of Notes.

            	
              6

            
	
              Section 2.03

            	
              Execution and Authentication.

            	
              8

            
	
              Section 2.04

            	
              Registrar and Paying Agent.

            	
              9

            
	
              Section 2.05

            	
              Paying Agent to Hold Money in Trust.

            	
              9

            
	
              Section 2.06

            	
              Holder Lists.

            	
              10

            
	
              Section 2.07

            	
              Transfer and Exchange.

            	
              10

            
	
              Section 2.08

            	
              Replacement Notes.

            	
              10

            
	
              Section 2.09

            	
              Outstanding Notes.

            	
              10

            
	
              Section 2.10

            	
              Treasury Notes.

            	
              11

            
	
              Section 2.11

            	
              Temporary Notes.

            	
              11

            
	
              Section 2.12

            	
              Cancellation.

            	
              11

            
	
              Section 2.13

            	
              Defaulted Interest.

            	
              11

            
	
              Section 2.14

            	
              Global Notes.

            	
              11

            
	
              Section 2.15

            	
              CUSIP Number.

            	
              13

            
	 	 
	
              ARTICLE 3. REDEMPTION AND PREPAYMENT

            	
              13

            
	
              Section 3.01

            	
              Notice to Trustee.

            	
              13

            
	
              Section 3.02

            	
              Selection of Notes to Be Redeemed.

            	
              13

            
	
              Section 3.03

            	
              Notice of Redemption.

            	
              14

            
	
              Section 3.04

            	
              Effect of Notice of Redemption.

            	
              14

            
	
              Section 3.05

            	
              Deposit of Redemption Price.

            	
              14

            
	
              Section 3.06

            	
              Notes Redeemed in Part.

            	
              15

            
	 	 
	
              ARTICLE 4. COVENANTS

            	
              15

            
	
              Section 4.01

            	
              Payment of Principal and Interest.

            	
              15

            
	
              Section 4.02

            	
              Maintenance of Office or Agency.

            	
              15

            
	
              Section 4.03

            	
              Reports.

            	
              15

            
	
              Section 4.04

            	
              Compliance Certificate.

            	
              16

            
	
              Section 4.05

            	
              Taxes.

            	
              16

            
	
              Section 4.06

            	
              Stay, Extension and Usury Laws.

            	
              17

            
	
              Section 4.07

            	
              Corporate Existence.

            	
              17

            
	 	 
	
              ARTICLE 5. SUCCESSORS

            	
              17

            
	
              Section 5.01

            	
              Merger, Consolidation or Sale of Assets.

            	
              17

            
	
              Section 5.02

            	
              Successor Person Substituted.

            	
              18

            

      

      

      
        i

        
          

      

      

      

      	
              ARTICLE 6. DEFAULTS AND REMEDIES

            	
              18

            
	
              Section 6.01   

            	
              Events of Default.

            	
              18

            
	
              Section 6.02

            	
              Acceleration.

            	
              19

            
	
              Section 6.03

            	
              Other Remedies.

            	
              19

            
	
              Section 6.04

            	
              Waiver of Past Defaults.

            	
              20

            
	
              Section 6.05

            	
              Control by Majority.

            	
              20

            
	
              Section 6.06

            	
              Limitation on Suits.

            	
              20

            
	
              Section 6.07

            	
              Rights of Holders of Notes to Receive Payment.

            	
              20

            
	
              Section 6.08

            	
              Collection Suit by Trustee.

            	
              20

            
	
              Section 6.09

            	
              Trustee May File Proofs of Claim.

            	
              21

            
	
              Section 6.10

            	
              Priorities.

            	
              21

            
	
              Section 6.11

            	
              Undertaking for Costs.

            	
              21

            
	 	 
	
              ARTICLE 7. TRUSTEE

            	
              22

            
	
              Section 7.01

            	
              Duties of Trustee.

            	
              22

            
	
              Section 7.02

            	
              Rights of Trustee.

            	
              22

            
	
              Section 7.03

            	
              Individual Rights of Trustee.

            	
              24

            
	
              Section 7.04

            	
              Trustee’s Disclaimer.

            	
              24

            
	
              Section 7.05

            	
              Notice of Defaults.

            	
              24

            
	
              Section 7.06

            	
              Reports by Trustee to Holders of the Notes.

            	
              24

            
	
              Section 7.07

            	
              Compensation and Indemnity.

            	
              24

            
	
              Section 7.08

            	
              Replacement of Trustee.

            	
              25

            
	
              Section 7.09

            	
              Successor Trustee by Merger, Etc.

            	
              26

            
	
              Section 7.10

            	
              Eligibility; Disqualification.

            	
              26

            
	
              Section 7.11

            	
              Preferential Collection of Claims Against Company.

            	
              26

            
	
              Section 7.12

            	
              Trustee’s Application for Instructions from the Company.

            	
              27

            
	 	 
	
              ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE

            	
              27

            
	
              Section 8.01

            	
              Option to Effect Legal Defeasance or Covenant Defeasance.

            	
              27

            
	
              Section 8.02

            	
              Legal Defeasance and Discharge.

            	
              27

            
	
              Section 8.03

            	
              Covenant Defeasance.

            	
              28

            
	
              Section 8.04

            	
              Conditions to Legal or Covenant Defeasance.

            	
              28

            
	
              Section 8.05

            	
              Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

            	
              29

            
	
              Section 8.06

            	
              Repayment to Company.

            	
              29

            
	
              Section 8.07

            	
              Reinstatement.

            	
              30

            
	 	 
	
              ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER

            	
              30

            
	
              Section 9.01

            	
              Without Consent of Holders of Notes.

            	
              30

            
	
              Section 9.02

            	
              With Consent of Holders of Notes.

            	
              31

            
	
              Section 9.03

            	
              Compliance with Trust Indenture Act.

            	
              31

            
	
              Section 9.04

            	
              Revocation and Effect of Consents.

            	
              32

            
	
              Section 9.05

            	
              Notation on or Exchange of Notes.

            	
              32

            
	
              Section 9.06

            	
              Trustee Protected.

            	
              32

            
	
              Section 9.07

            	
              Notice of Supplemental Indenture.

            	
              32

            

      

      

      
        ii

        
          

      

      

      

      	
              ARTICLE 10. SATISFACTION AND DISCHARGE

            	
              32

            
	
              Section 10.01   

            	
              Satisfaction and Discharge.

            	
              32

            
	
              Section 10.02

            	
              Application of Trust Money.

            	
              33

            
	 	 
	
              ARTICLE 11. MISCELLANEOUS

            	
              33

            
	
              Section 11.01

            	
              Trust Indenture Act Controls.

            	
              33

            
	
              Section 11.02

            	
              Notices.

            	
              33

            
	
              Section 11.03

            	
              Communication by Holders of Notes with Other Holders of Notes.

            	
              35

            
	
              Section 11.04

            	
              Certificate and Opinion as to Conditions Precedent.

            	
              35

            
	
              Section 11.05

            	
              Statements Required in Certificate.

            	
              35

            
	
              Section 11.06

            	
              Rules by Trustee and Agents.

            	
              35

            
	
              Section 11.07

            	
              Calculation of Foreign Currency Amounts.

            	
              35

            
	
              Section 11.08

            	
              Legal Holidays.

            	
              36

            
	
              Section 11.09

            	
              No Personal Liability of Directors, Officers, Employees and Stockholders.

            	
              36

            
	
              Section 11.10

            	
              Governing Law.

            	
              36

            
	
              Section 11.11

            	
              No Adverse Interpretation of Other Agreements.

            	
              36

            
	
              Section 11.12

            	
              Successors.

            	
              36

            
	
              Section 11.13

            	
              Severability.

            	
              36

            
	
              Section 11.14

            	
              Counterpart Originals.

            	
              36

            
	
              Section 11.15

            	
              Table of Contents, Headings, Etc.

            	
              37

            
	
              Section 11.16

            	
              Foreign Account Tax Compliance Act (FATCA).

            	
              37

            
	
              Section 11.17

            	
              U.S.A. Patriot Act.

            	
              37

            
	 	 
	
              ARTICLE 12. SINKING FUNDS

            	
              37

            
	
              Section 12.01

            	
              Applicability of Article.

            	
              37

            
	
              Section 12.02

            	
              Satisfaction of Sinking Fund Payments with Notes.

            	
              38

            
	
              Section 12.03

            	
              Redemption of Notes for Sinking Fund.

            	
              38

            

      

      

      
        iii

        
          

      

      
      INDENTURE dated as of [          ], 20___ between GENCO SHIPPING & TRADING LIMITED, a Marshall Islands corporation (the “Company”), and [          ], as trustee (the “Trustee”).

      

      

      The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes issued under this Indenture.

      

      

      ARTICLE 1.

      DEFINITIONS AND INCORPORATION

      BY REFERENCE

      

      

      	Section 1.01	
              Definitions.

            

      

      

      “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified
        Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
        ownership of voting securities, by agreement or otherwise; provided, that beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be in control. For purposes of this
        definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.

      

      

      “Agent” means any Registrar, Paying Agent or co-registrar.

      

      

      “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments
        during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a
        discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP.

      

      

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

      

      

      “Board of Directors” means:

      

      

      	

            	(1)	
              with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board;

            

      

      

      	

            	(2)	
              with respect to a partnership, the Board of Directors of the general partner of the partnership;

            

      

      

      	

            	(3)	
              with respect to a limited liability company, the managing member or members or any controlling committee of managing members or managers thereof; and

            

      

      

      	

            	(4)	
              with respect to any other Person, the board or committee of such Person serving a similar function.

            

      

      

      “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 or
        pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.

      

      

      “Business Day” means any day other than a Legal Holiday.

      

      

      “Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be
        required to be capitalized on a balance sheet in accordance with GAAP.

      

      

      “Capital Stock” means:

      

      

      	

            	(1)	
              in the case of a corporation, corporate stock;

            

      
        
          

      

      
      	

            	(2)	
              in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents, however designated, of corporate stock;

            

      

      

      	

            	(3)	
              in the case of a partnership or limited liability company, partnership or membership interests, whether general or limited; and

            

      

      

      	

            	(4)	
              any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

            

      

      

      “Company” means Genco Shipping & Trading Limited, a Marshall Islands corporation and any and all successors thereto.

      

      

      “Company Order” means a written order signed in the name of the Company by the principal executive officer, the principal financial officer, the treasurer or the principal
        accounting officer of the Company.

      

      

      “Corporate Trust Office of the Trustee” means the office of the Trustee at which at any particular time its corporate trust business in [______________] shall be principally
        administered, which office as of the date of this instrument is located at [________________],or, in the case of any of such offices or agency, such other address as the Trustee may designate from time to time by notice to the Holders and the
        Company.

      

      

      “Custodian” means the Trustee, as custodian with respect to the Global Notes, or any successor entity thereto.

      

      

      “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

      

      

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

      

      

      “Discount Note” means any Note that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity
        thereof pursuant to Section 6.02.

      

      

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

      

      

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

      

      

      “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or
        exchangeable for, Capital Stock.

      

      

      “Euro” means the single currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

      

      

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

      

      

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

      
        2

        
          

      

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

      

      

      “Global Note” or “Global Notes” means a Note or Notes, as the case may be, in the form established pursuant to Section 2.02 evidencing
        all or part of a Series of Notes, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.

      

      

      “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States of America pledges
        its full faith and credit.

      

      

      “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under:

      

      

      	

            	(1)	
              interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and

            

      

      

      	

            	(2)	
              other agreements or arrangements in respect of such Person’s exposure to fluctuations in commodity prices, currency exchange rates or interest rates and, in each case, not entered into for speculative purposes.

            

      

      

      “Holder” means a Person in whose name a Note is registered.

      

      

      “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

      

      

      	

            	(1)	
              in respect of borrowed money;

            

      

      

      	

            	(2)	
              evidenced by bonds, notes, debentures or similar instruments or letters of credit, or reimbursement agreements in respect thereof;

            

      

      

      	

            	(3)	
              in respect of banker’s acceptances;

            

      

      

      	

            	(4)	
              representing Capital Lease Obligations;

            

      

      

      	

            	(5)	
              representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable; or

            

      

      

      	

            	(6)	
              representing any Hedging Obligations,

            

      

      

      if and to the extent any of the preceding items, other than letters of credit and Hedging Obligations, would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term
        “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person, whether or not such Indebtedness is assumed by the specified Person.

      

      

      The amount of any Indebtedness outstanding as of any date shall be:

      

      

      	

            	(1)	
              the accreted value of the Indebtedness, in the case of any Indebtedness that does not require the current payment of interest; and

            

      

      

      	

            	(2)	
              principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness.

            

      

      

      “Indenture” means this Indenture, as amended, supplemented or restated from time to time and shall include the form and terms of particular Series of Notes established as
        contemplated by Section 2.02.

      
        3

        
          

      

      “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York, the city in which the principal office of the Trustee is located or at
        a place of payment are required or authorized by law, regulation or executive order to remain closed.

      

      

      “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed,
        recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement or any lease in the nature thereof; provided that in no event shall an operating lease
        be deemed to constitute a Lien.

      

      

      “Notes” means notes or other debt instruments of the Company of any Series issued under this Indenture.

      

      

      “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the
        Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person.

      

      

      “Officer’s Certificate” means a certificate signed by an Officer of the Company that meets the requirements of Section 11.05 hereof and delivered to the Trustee.

      

      

      “Opinion of Counsel” means a written opinion from legal counsel, who may be an employee of or counsel to the Company, any Subsidiary of the Company and who is acceptable to the
        Trustee, that meets the requirements of Section 11.05 hereof.

      

      

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

      

      

      “Responsible Officer” means, when used with respect to the Trustee, any officer assigned to the corporate trust department of the Trustee located at the Corporate Trust Office
        of the Trustee, who shall have direct responsibility for the administration of this Indenture, and shall also include any officer of the Trustee to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity
        with the particular subject.

      

      

      “SEC” means the Securities and Exchange Commission.

      

      

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

      

      

      “Series” or “Series of Notes” means each series of debentures, notes or other debt instruments of the Company created pursuant to
        Sections 2.01 and 2.02 hereof.

      

      

      “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was
        scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment
        thereof.

      

      

      “Subsidiary” means, with respect to any specified Person:

      

      

      	

            	(1)	
              any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled, without regard to the occurrence of any contingency, to vote in the election of directors,
                managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person; and

            

      

      

      	

            	(2)	
              partnership (a) the sole general partner or the managing general partner of which is such Person or an entity described in clause (1) and related to such Person or (b) the only general partners of which are such Person or one or more
                entities described in clause (1) and related to such Person, or any combination thereof.

            

      
        4

        
          

      

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

      

      

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

      

      

      “U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as
        amended and signed into law October 26, 2001.

      

      

      “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person.

      

      

      	Section 1.02	
              Other Definitions

            

      

      

      	
              Term

            	 	
              Defined in

              Section

            
	
              “Authentication Order”

            	 	
              2.03

            
	
              “Covenant Defeasance”

            	 	
              8.03

            
	
              “Event of Default”

            	 	
              6.01

            
	
              “Legal Defeasance”

            	 	
              8.02

            
	
              “Mandatory Sinking Fund Payment”

            	 	
              12.01

            
	
              “Optional Sinking Fund Payment”

            	 	
              12.01

            
	
              “Paying Agent”

            	 	
              2.04

            
	
              “Registrar”

            	 	
              2.04

            

      

      

      	Section 1.03	
              Incorporation by Reference of Trust Indenture Act

            

      

      

      Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

      

      

      The following TIA terms used in this Indenture have the following meanings:

      

      

      “Commission” means the SEC;

      

      

      “indenture securities” means the Notes;

      

      

      “indenture security holder” means a Holder of a Note;

      

      

      “indenture to be qualified” means this Indenture;

      

      

      “indenture trustee” or “institutional trustee” means the Trustee; and

      

      

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

      

      

      All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them.

      
        5

        
          

      

      

        	Section 1.04	
                Rules of Construction..

              

        

      

      Unless the context otherwise requires:

      

      

      	

            	(1)	
              a term has the meaning assigned to it;

            

      

      

      	

            	(2)	
              an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP;

            

      

      

      	

            	(3)	
              “or” is not exclusive;

            

      

      

      	

            	(4)	
              words in the singular include the plural, and in the plural include the singular;

            

      

      

      	

            	(5)	
              the words “hereof,” “herein,” “hereunder” and similar words refer to this Indenture as a whole and not to any particular provisions of this Indenture; and any subsection, Section, Article and Exhibit references are to this Indenture
                unless otherwise specified;

            

      

      

      	

            	(6)	
              “including” means including without limitation;

            

      

      

      	

            	(7)	
              provisions apply to successive events and transactions; and

            

      

      

      	

            	(8)	
              references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time.

            

      

      

      ARTICLE 2.

      THE NOTES

      

      

      	Section 2.01	
              Issuable in Series.

            

      

      

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

      

      

      	Section 2.02	
              Establishment of Terms of Series of Notes.

            

      

      

      At or prior to the issuance of any Notes within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Notes within the Series or as to the
        Series generally in the case of Subsections 2.02(b) through 2.02(w)) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officer’s Certificate pursuant to
        authority granted under a Board Resolution:

      

      

      (a)          the title of the Series (which shall distinguish the Notes of that particular Series from the Notes of any other Series);

      

      

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

      
        6

        
          

      

      (c)          any limit upon the aggregate principal amount of the Notes of the Series which may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of
        transfer of, or in exchange for, or in lieu of, other Notes of the Series pursuant to Sections 2.07, 2.08, 2.11, 3.06 or 9.05);

      

      

      (d)          the date or dates on which the principal of the Notes of the Series is payable;

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      (j)          if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Notes of the Series shall be issuable;

      

      

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

      

      

      (l)          if other than the principal amount thereof, the portion of the principal amount of the Notes of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section
        6.02;

      

      

      (m)          the currency of denomination of the Notes of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, Euros, and if such currency of denomination is a composite currency
        other than Euros, the agency or organization, if any, responsible for overseeing such composite currency;

      

      

      (n)          the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Notes of the Series will be made;

      

      

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

      

      

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

      

      

      (q)          the provisions, if any, relating to any security or guarantee provided for the Notes of the Series, and any subordination in right of payment, if any, of the Notes of the Series;

      
        7

        
          

      

      

      

      (r)          the provisions, if any, relating to any conversion or exchange right of the Notes of the Series;

      

      

      (s)          any addition to or change in the Events of Default which applies to any Notes of the Series and any change in the right of the Trustee or the requisite Holders of such Notes to declare the principal amount
        thereof due and payable pursuant to Section 6.02;

      

      

      (t)          any addition to or change in the covenants set forth in Articles 4 or 5 which applies to Notes of the Series;

      

      

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

      

      

      (v)          any depositories, authenticating agents, paying agents, registrars, calculation agents, exchange rate agents, conversion agents or other agents with respect to Notes of such Series if other than those
        appointed herein; and

      

      

      (w)          the conditions, if any, under which a default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed
        by the Company or any of its Subsidiaries (or the payment of which is guaranteed by the Company or any of its Subsidiaries) will constitute an Event of Default with respect to Notes of the Series.

      

      

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

      

      

      	Section 2.03	
              Execution and Authentication.

            

      

      

      One Officer shall sign the Notes for the Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time such Note is authenticated, such Note shall
        nevertheless be valid.

      

      

      A Note shall not be valid until authenticated by the manual facsimile, or electronic signature of the Trustee. The signature shall be conclusive evidence that the Note, as applicable, has been authenticated under this
        Indenture.  All Notes shall be dated the date of their authentication.

      

      

      The Trustee shall, upon a written order of the Company signed by one Officer (an “Authentication Order”), authenticate Notes for original issue in accordance with this
        Indenture.  When issuing Notes, the Company shall provide the Trustee with an Officer’s Certificate and an Opinion of Counsel in compliance with Sections 11.04 and 11.05.

      

      

      In authenticating additional Notes, and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall receive and shall be fully protected in relying upon:

      

      

      (a)          A copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the Notes were established, 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 as of the date of such certificate, and if the terms and form of such Notes are established by an Officer’s Certificate pursuant to general authorization
        of the Board of Directors, such Officer’s Certificate;

      

      

      (b)          an executed supplemental indenture, if any;

      

      

      (c)          an Officer’s Certificate delivered in accordance with Section 11.04; and

      
        8

        
          

      

      (d)          an Opinion of Counsel which shall state:

      

      

      (1)          that the form of such Notes has been established by a supplemental indenture or by or pursuant to a resolution of the Board of Directors in accordance with Sections 2.01 and 2.02 and in
        conformity with the provisions of this Indenture;

      

      

      (2)          that the terms of such Notes have been established in accordance with Section 2.01 and in conformity with the other provisions of this Indenture; and

      

      

      (3)          that such Notes, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will
        constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of
        creditors' rights and to general equity principles.

      

      

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

      

      

      	Section 2.04	
              Registrar and Paying Agent.

            

      

      

      The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be
        presented for payment (“Paying Agent”). The Registrar shall keep a register with respect to each Series of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and
        one or more additional paying agents; provided, however, that there shall be only one registrar for each Series of Notes. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company
        may change any Paying Agent or Registrar without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as
        Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

      

      

      The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

      

      

      	Section 2.05	
              Paying Agent to Hold Money in Trust.

            

      

      

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

      
        9

        
          

      

      

      
        	Section 2.06	
                Holder Lists.

              

        

        

      

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

      

      

      	Section 2.07	
              Transfer and Exchange.

            

      

      

      Where Notes of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of the same Series, the Registrar shall register
        the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Notes upon receipt of an Authentication Order, Officer’s Certificate, and
        Opinion of Counsel. Every Note presented or surrendered for registration of transfer or exchange will (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument or instruments of transfer, in form
        reasonably satisfactory to the Company and the Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing.  No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly
        permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon
        exchanges pursuant to Sections 2.11, 3.06 or 9.05).

      

      

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

      

      

      	Section 2.08	
              Replacement Notes.

            

      

      

      If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon
        receipt of an Authentication Order, shall authenticate a replacement Note of the same Series if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in
        the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note.

      

      

      Every replacement Note of any Series is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes of that Series duly issued
        hereunder.

      

      

      	Section 2.09	
              Outstanding Notes.

            

      

      

      The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by
        the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.10 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company
        holds the Note.

      

      

      If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.

      
        10

        
          

      

      If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

      

      

      If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date
        such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

      

      

      	Section 2.10	
              Treasury Notes.

            

      

      

      In determining whether the Holders of the required principal amount of Notes of a Series have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly
        controlling or controlled by or under direct or indirect common control with the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such
        direction, waiver or consent, only Notes of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.

      

      

      	Section 2.11	
              Temporary Notes.

            

      

      

      Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially
        in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall
        authenticate definitive Notes in exchange for temporary Notes.

      

      

      Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.

      

      

      	Section 2.12	
              Cancellation.

            

      

      

      The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment.
        The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Notes in accordance with the Trustee’s standard practices (subject to the
        record retention requirement of the Exchange Act). The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

      

      

      	Section 2.13	
              Defaulted Interest.

            

      

      

      If the Company defaults in a payment of interest on a Series of Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on
        the defaulted interest, to the Persons who are Holders of the Series on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing of the amount of
        defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date, provided that no such
        special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at
        the expense of the Company) shall deliver or cause to be delivered to Holders of the Series a notice that states the special record date, the related payment date and the amount of such interest to be paid.

      

      

      	Section 2.14	
              Global Notes.

            

      

      

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

      
        11

        
          

      

      (b)          Transfer and Exchange.  Notwithstanding any provisions to the contrary contained in Section 2.07 hereof and in addition thereto, any Global Note shall be exchangeable pursuant to Section 2.07 of the
        Indenture for Notes registered in the names of Holders other than the Depositary for such Note or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or if at
        any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event,
        (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Note shall be so exchangeable or (iii) an Event of Default with respect to the Notes represented by such Global Note shall have happened
        and be continuing. Any Global Note that is exchangeable pursuant to the preceding sentence shall be exchangeable for Notes registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal
        amount of the Global Note with like tenor and terms.

      

      

      Except as provided in this Section 2.14(b), a Global Note may not be transferred except as a whole by the Depositary with respect to such Global Note to a nominee of such Depositary, by a nominee of such Depositary to
        such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

      

      

      (c)          Legend.  Any Global Note issued hereunder shall bear a legend in substantially the following form:

      

      

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

      

      

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

      

      

      (e)          Payments.  Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any Global Note
        shall be made to the Holder thereof.

      

      

      (f)          Consents, Declaration and Directions.  Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Notes
        of such Series represented by a Global Note as shall be specified in a written statement of the Depositary with respect to such Global Note, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the
        Holders pursuant to this Indenture.

      
        12

        
          

      

      None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or obligation to any beneficial owner in a Global Note, an agent member or other Person with respect to the accuracy of the records
        of the Depositary or its nominee or of any agent member, with respect to any ownership interest in the Securities or with respect to the delivery to any agent member, beneficial owner or other Person (other than the Depositary) of any notice
        (including any notice of redemption) or the payment of any amount, under or with respect to such Securities.  All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities and this Indenture
        shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of the Global Note).  The rights of beneficial owners in the Global Note shall be exercised only through the
        Depositary subject to its applicable procedures.  The Trustee, the Paying Agent and the Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members,
        participants and any beneficial owners.  The Trustee, the Paying Agent and the Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered Holder of any Global Note for all purposes of this Indenture
        relating to such Global Note (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such
        Global Note) as the sole Holder of such Global Note and shall have no obligations to the beneficial owners thereof.  None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any acts or omissions of the
        Depositary with respect to such Global Note, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Note, for any transactions between the Depositary and any agent member
        or between or among the Depositary, any such agent member and/or any holder or owner of a beneficial interest in such Global Note, or for any transfers of beneficial interests in any such Global Note.

      

      

      	Section 2.15	
              CUSIP Number.

            

      

      

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

      

      

      ARTICLE 3.

      REDEMPTION AND PREPAYMENT

      

      

      	Section 3.01	
              Notice to Trustee.

            

      

      

      The Company may, with respect to any Series of Notes, reserve the right to redeem and pay the Series of Notes or may covenant to redeem and pay the Series of Notes or any part thereof prior to the Stated Maturity
        thereof at such time and on such terms as provided for in such Notes. If a Series of Notes is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Notes pursuant to the terms
        of such Notes, it shall notify the Trustee of the redemption date and the principal amount of Series of Notes to be redeemed. The Company shall give the notice at least 45 days but not more than 60 days before the redemption date (or such shorter
        notice as may be acceptable to the Trustee).

      

      

      	Section 3.02	
              Selection of Notes to Be Redeemed.

            

      

      

      If less than all of the Notes of a Series are to be redeemed or purchased in an offer to purchase at any time, the Notes of a Series to be redeemed or purchased shall be selected on a pro

          rata basis, by lot or in accordance with applicable Depositary procedures or, in the case of definitive Notes, any other method the Trustee considers fair and appropriate. In the event of partial redemption or purchase by lot, the
        particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date from the outstanding Notes of such Series not previously called for redemption or purchase. The
        Trustee or the Depositary, as applicable, may select for redemption or repurchase portions of the principal of Notes of such Series that are in integral multiples of authorized denominations in excess of the minimum authorized denomination.

      
        13

        
          

      

      Notes of a Series and portions of them selected shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Notes of any Series issuable in other denominations pursuant to Section 2.02(j) hereof, the
        minimum principal denomination for each Series and integral multiples thereof. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes of a Series called for redemption or repurchase also apply to portions of
        Notes of a Series called for redemption or repurchase.

      

      

      	Section 3.03	
              Notice of Redemption.

            

      

      

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

      

      

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

      

      

      	

            	(1)	
              the redemption date;

            

      

      

      	

            	(2)	
              the redemption price;

            

      

      

      	

            	(3)	
              the name and address of the Paying Agent;

            

      

      

      	

            	(4)	
              Notes of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

            

      

      

      	

            	(5)	
              that, if applicable, interest on Notes of the Series called for redemption ceases to accrue on and after the redemption date;

            

      

      

      	

            	(6)	
              the “CUSIP”, “ISIN” or other similar number, if any;

            

      

      

      	

            	(7)	
              that the redemption is for a sinking fund, if such is the case; and

            

      

      

      	

            	(8)	
              any other information as may be required by the terms of the particular Series of the Notes or the Notes of a Series being redeemed.

            

      

      

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

      

      

      	Section 3.04	
              Effect of Notice of Redemption.

            

      

      

      Once notice of redemption is delivered in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may
        not be conditional.

      

      

      	Section 3.05	
              Deposit of Redemption Price.

            

      

      

      On or before the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The
        Trustee or the Paying Agent shall promptly return to the Company, upon written request, any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest
        on, all Notes to be redeemed.

      
        14

        
          

      

      If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is
        redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date.
        If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such
        principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

      

      

      	Section 3.06	
              Notes Redeemed in Part.

            

      

      

      Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall authenticate for the Holder, at the expense of the Company, a new Note equal in
        principal amount to the unredeemed portion of the Note surrendered.

      

      

      No Notes of $1,000 or less can be redeemed in part.

      

      

      ARTICLE 4.

      COVENANTS

      

      

      	Section 4.01	
              Payment of Principal and Interest.

            

      

      

      The Company covenants and agrees for the benefit of the Holders of each Series of Notes that it will pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner
        provided in such Notes. Principal, premium, if any, and interest on any Series of Notes will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds on the due date money deposited by the
        Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.

      

      

      	Section 4.02	
              Maintenance of Office or Agency.

            

      

      

      The Company will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for
        exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or
        agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
        Office of the Trustee.

      

      

      The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency for such purposes. The Company will give prompt written notice
        to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

      

      

      With respect to each Series of Notes, the Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.04 hereof.

      

      

      	Section 4.03	
              Reports.

            

      

      

      (a)          Whether or not the Company is required by the SEC, so long as any Series of Notes are outstanding, the Company shall furnish to the Holders of such Notes, within the time periods (including any extensions
        thereof) specified in the SEC’s rules and regulations:

      

      

      	

            	(1)	
              all quarterly and annual reports that would be required to be filed with the Commission on Forms 10-Q and 10-K if the Company were required to file such reports; and

            

      
        15

        
          

      

      

      

      	

            	(2)	
              all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

            

      

      

      In addition, whether or not required by the rules and regulations of the SEC, the Company shall file a copy of all such information and reports referred to in clauses (1) and (2) above with the SEC for public availability within the time periods
        specified in the SEC’s rules and regulations, unless the SEC will not accept such a filing, and make such information available to securities analysts and prospective investors upon request.  It is understood that the Company’s compliance with the
        above filing requirement with the SEC will satisfy the Company’s obligation to “furnish” the Holders of Notes with the information described in clauses (1) and (2) of this Section 4.03(a). The Company shall at all times comply with TIA Section
        314(a).

      

      

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

      

      

      (b)          For so long as any Series of Notes remain outstanding, if at any time they are not required to file with the Commission the reports required by paragraphs (1) and (2) of this Section 4.03, the Company will
        furnish to the Holders of such Notes and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

      

      

      	Section 4.04	
              Compliance Certificate.

            

      

      

      The Company shall deliver to the Trustee with respect to such Series, within 120 days after the end of each fiscal year, commencing ___, 20__, an Officer’s Certificate stating that a review of the activities of the
        Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this
        Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default
        in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and
        what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any,
        on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto.

      

      

      In addition, the Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any events which constitute an Event of Default, or which, with the passage of time or the giving of
        notice or both would constitute an Event of Default, under clause (5), (6), (7), (8) or (9) of Section 6.01 hereof, the status of such Default or Event of Default and what actions the Company is taking or proposes to take in respect thereof.

      

      

      	Section 4.05	
              Taxes.

            

      

      

      The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate
        proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

      
        16

        
          

      

      

       

      

      	Section 4.06	
              Stay, Extension and Usury Laws.

            

       

      

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

      

      

      	Section 4.07	
              Corporate Existence.

            

      

      

      Subject to Articles 5 and 10 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence, and the corporate, partnership or other
        existence of each of its material Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company and any such Subsidiary and (ii) the rights (charter and statutory), licenses
        and franchises of the Company and its material Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or
        other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss
        thereof is not adverse in any material respect to the Holders of the Notes.

      

      

      ARTICLE 5.

      SUCCESSORS

      

      

      	Section 5.01	
              Merger, Consolidation or Sale of Assets.

            

      

      

      The Company shall not: (1) consolidate with, enter into a binding share exchange with, or merge with or into, another Person, or (2) sell, assign, convey, transfer, lease or otherwise dispose of the properties and
        assets of the Company substantially as an entirety to another Person, unless:

      

      

      (a)          either: (i) the Company is the surviving Person; or (ii) the Person surviving any such consolidation, share exchange or merger, if other than the Company, or to which such sale, assignment, transfer,
        conveyance, lease or other disposition shall have been made (the “Successor Person”) is a corporation organized or existing under the laws of the Republic of the Marshall Islands, the United States of
        America, any state of the United States or the District of Columbia, any member state of the European Union, Liberia, Malta, Bermuda, the Bahamas, Panama, the British Virgin Islands, the Cayman Islands, the Isle of Man, Norway, Hong Kong, Taiwan,
        Antigua and Barbuda, Barbados, Belize, Cyprus, Gibraltar (UK), Jamaica, Netherlands Antilles, St. Vincent, Singapore or any other country recognized by the United States of America with an investment grade sovereign debt rating from either Standard
        & Poor's Ratings Services or Moody's Investors Service, Inc.;

      

      

      (b)          the Successor Person assumes all the obligations of the Company under the Securities and this Indenture pursuant to a supplemental indenture, executed and delivered to the Trustee;

      

      

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

      

      

      (d)          the Company has delivered to the Trustee an Officer's Certificate stating, and an Opinion of Counsel stating, in the opinion of such counsel, that such transaction and, if applicable, the supplemental
        indenture required in connection with such transaction pursuant to Section 5.01(ii) complies with this Section 5.01 and that all conditions precedent herein provided for relating to such transaction have been complied with.

      
        17

        
          

      

      

      

      
        	Section 5.02	
                Successor Person Substituted.

              

        

        

      

      Upon any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of the properties and assets of the Company substantially as an entirety in accordance with Section 5.01, the
        Successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, conveyance, lease or other disposition is made shall succeed to, and be substituted for (so that from and after
        the date of such consolidation, merger, sale, assignment, conveyance, lease or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the Successor Person and not to the Company), and may exercise
        every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein and upon satisfaction of the requirements of Section 5.01, except in the case of a lease or other
        conditional or temporally limited assignment, conveyance or disposition, the predecessor Company shall be released from its liabilities as obligor and maker of the Securities and from its obligations under this Indenture.

      

      

      ARTICLE 6.

      DEFAULTS AND REMEDIES

      

      

      	Section 6.01	
              Events of Default.

            

      

      

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

      

      

      	

            	(1)	
              default in the payment of any interest on any Note of that Series when it becomes due and payable, and continuance of such default for a period of 30 days; or

            

      

      

      	

            	(2)	
              default in payment when due of the principal of, or premium, if any, on any Note of that Series; or

            

      

      

      	

            	(3)	
              default in the deposit of any sinking fund payment, when and as due in respect of any Note of that Series; or

            

      

      

      	

            	(4)	
              default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Notes other than that
                Series), which default continues uncured for a period of 60 days after written notice given by the Trustees for Notes of that Series or Holders of not less than 25% in principal amount of the outstanding Notes of that Series; or

            

      

      

      	

            	(5)	
              default under a mortgage, indenture or instrument under such conditions as may be provided pursuant to Section 2.02(w) in respect of Notes of that Series; or

            

      

      

      	

            	(6)	
              one or more judgments for the payment of money in an aggregate amount in excess of $50.0 million (excluding therefrom any amount reasonably expected to be covered by insurance) shall be rendered against the Company, any Subsidiary or any
                combination thereof and the same shall not have been paid, discharged or stayed for a period of 60 days after such judgment became final and nonappealable; or

            

      

      

      	

            	(7)	
              the Company pursuant to or within the meaning of any Bankruptcy Law:

            

      

      

      (a)          commences a voluntary case,

      

      

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

      

      

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

      

      

      (d)          makes a general assignment for the benefit of its creditors, or

      
        18

        
          

      

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

      

      

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

      

      

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

      

      

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

      

      

      	

            	(9)	
              any other Event of Default provided with respect to Notes of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.02.

            

      

      

      	Section 6.02	
              Acceleration.

            

      

      

      If an Event of Default with respect to Notes of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Sections 6.01(7) or (8) hereof) then in every such case the
        Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes of that Series may declare the principal amount (or, if any Notes of that Series are Discount Notes, such portion of the principal amount as may be specified
        in the terms of such Notes) of and accrued and unpaid interest, if any, on all of the Notes of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such
        declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Sections 6.01(7) or (8) hereof shall occur, the principal amount (or
        specified amount) of and accrued and unpaid interest, if any, on all outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the
        Trustee or any Holder.

      

      

      At any time after such a declaration of acceleration with respect to any Series has been made, the Holders of a majority in principal amount of the outstanding Notes of that Series, by written notice to the Company and
        the Trustee, may rescind and annul such declaration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due
        solely because of the acceleration) have been cured or waived.

      

      

      No such rescission shall affect any subsequent Default or impair any right consequent thereon.

      

      

      	Section 6.03	
              Other Remedies.

            

      

      

      If an Event of Default with respect to Notes of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and
        interest on such Notes or to enforce the performance of any provision of such Notes or this Indenture.

       

      

      The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right
        or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

      

      

      
        19

        
          

      

      

      

      
        	Section 6.04	
                Waiver of Past Defaults.

              

      

       

      

      The Holders of a majority in aggregate principal amount of the Notes of any Series then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes of such Series waive any existing Default or
        Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, such Notes (including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes of any Series may rescind an acceleration of such Notes and its consequences,
        including any related payment default that resulted from such acceleration. Upon any such waiver, such Default or Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose
        of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

      

      

      	Section 6.05	
              Control by Majority.

            

      

      

      Holders of a majority in principal amount of the then outstanding Notes of any Series may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising
        any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve
        the Trustee in personal liability.

      

      

      	Section 6.06	
              Limitation on Suits.

            

      

      

      A Holder of any Series of Notes may pursue a remedy with respect to this Indenture or the Notes only if:

      

      

      (a)          such Holder has given to the Trustee written notice of a continuing Event of Default;

      

      

      (b)          the Holders of at least 25% in principal amount of the then outstanding Notes of such Series make a written request to the Trustee to pursue the remedy;

      

      

      (c)          such Holder of a Note of such Series or Holders of Notes of such Series offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;

      

      

      (d)          the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and

      

      

      (e)          during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes of such Series do not give the Trustee a direction inconsistent with the request.

      

      

      A Holder of any Series of Notes may not use this Indenture to prejudice the rights of another Holder of such Series of Notes or to obtain a preference or priority over another Holder of Notes of such Series.

      

      

      	Section 6.07	
              Rights of Holders of Notes to Receive Payment.

            

      

      

      Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the
        Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

      

      

      	Section 6.08	
              Collection Suit by Trustee.

            

      

      

      If an Event of Default specified in Sections 6.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as Trustee of an express trust against the Company for the
        whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of
        collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

      
        20

        
          

      

      

      

      	Section 6.09	
              Trustee May File Proofs of Claim.

            

      

      

      The Trustee for each Series of Notes is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
        reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or
        its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make
        such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
        of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
        other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
        money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the
        Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the
        claim of any Holder in any such proceeding.

      

      

      	Section 6.10	
              Priorities.

            

      

      

      Any money collected and any money or other property distributable in respect of the Company’s obligations under this Indenture after the occurrence of an Event of Default shall be applied in the following order:

      

      

      First:  to the Trustee (including any predecessor trustee), its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all
        compensation, indemnities, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

      

      

      Second:  to Holders of the Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority
        of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and

      

      

      Third:  to the Company or as a court of competent jurisdiction may direct in a final, non-appealable judgment.

      

      

      The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.

      

      

      	Section 6.11	
              Undertaking for Costs.

            

      

      

      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 a Trustee, a court in its discretion may require the filing by any
        party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to
        the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal
        amount of the then outstanding Notes of any Series.

      
        21

        
          

      

      

      

       ARTICLE 7.

      TRUSTEE

      

      

      	Section 7.01	
              Duties of Trustee.

            

      

      

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

      

      

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

      

      

      (i)          The Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture
        against the Trustee; and

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      (iii)          the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof, or exercising any trust
        or power conferred upon the Trustee, under this Indenture with respect to any Series of Notes.

      

      

      (d)          Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c), (e) and (f) of this Section and Section 7.02.

      

      

      (e)          No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers
        under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

      

      

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

      

      

      	Section 7.02	
              Rights of Trustee.

            

      

      

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

      
        22

        
          

      

      (b)          Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good
        faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from
        liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

      

      

      (c)          The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care.

      

      

      (d)          The Trustee shall not be liable for any action it takes, suffers, or omits to take in good faith that it believes to be authorized or within the discretion or rights or powers conferred upon it by this
        Indenture.

      

      

      (e)          Any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company issuing such demand, request or notice.

      

      

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

      

      

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

      

      

      (h)          The Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice of any event which is in fact such a Default or Event of Default is
        received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

      

      

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

      

      

      (j)          The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
        Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.

      

      

      (k)          The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
        bond, debenture, note, other evidence of indebtedness or other paper or document.

      

      

      (l)          Anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss
        of profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless of the form of action.

      

      

      (m)          The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond
        its control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics or pandemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or
        software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.

      
        23

        
          

      

            

        

      
        	Section 7.03	Individual Rights of Trustee.

      

       

      

      The Trustee, Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the
        same rights it would have if it were not Trustee, Agent or such other agent. However, in the event the Trustee acquires any conflicting interest within the meaning of TIA Section 310(b),  it must eliminate such conflict within 90 days, apply to the
        SEC for permission to continue as Trustee, or resign. Any Agent may exercise the same rights, with the same duties, as the Trustee under this Section 7.03. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

      

      

      	Section 7.04	
              Trustee’s Disclaimer.

            

      

      

      The Trustee (i) shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, (ii) shall not be accountable for the Company’s use of the proceeds from the Notes
        or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, (iii) shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and (iv) shall not
        be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.  The Trustee shall not be
        responsible to make any calculation with respect to any matter under this Indenture and shall have no duty to monitor or investigate the Issuers’ compliance with or the breach of, or cause to be performed or observed, any representation, warranty
        or covenant made in this Indenture.

      

      

      	Section 7.05	
              Notice of Defaults.

            

      

      

      If a Default or Event of Default occurs and is continuing and if it is known to the Trustee as provided in Section 7.02(h), the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within
        90 days after it occurs. Except in the case of a Default or Event of Default relating to the payment of principal of or interest on any Note or in the payment of any sinking fund installment with respect to any Note, the Trustee may withhold the
        notice from Holders of the Notes if and so long as a Responsible Officer(s) in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

      

      

      	Section 7.06	
              Reports by Trustee to Holders of the Notes.

            

      

      

      Within 60 days after each May 15 beginning with the May 15 following the first issuance of Notes under this Indenture, and for so long as Notes remain outstanding, the Trustee shall deliver to the Holders of the Notes
        a brief report dated as of such reporting date that complies with TIA Section 313(a) (but if no event described in TIA Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee
        also shall comply with TIA Section 313(b)(2). The Trustee shall also transmit all reports as required by TIA Section 313(c).

      

      

      A copy of each report at the time of its delivery to the Holders of Notes shall be delivered to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA Section
        313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange or delisted therefrom.

      

      

      	Section 7.07	
              Compensation and Indemnity.

            

      

      

      The Company shall pay to the Trustee from time to time such compensation as agreed upon in writing for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law
        on compensation of a Trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by the Trustee in addition to the compensation for its
        services, except to the extent any such expense, advance or disbursement may be attributable to the Trustee’s negligence or willful misconduct. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s
        agents and counsel and of all Persons not regularly in its employ.

      
        24

        
          

      

      The Company shall indemnify the Trustee or any predecessor Trustee and their officers, agents, directors and employees for, and to hold them harmless against, any and all losses, liabilities, claims, damages or
        expenses (including taxes other than taxes based upon the income of the Trustee) incurred by it arising out of or in connection with the acceptance or administration of the trust or trusts under this Indenture, including the costs and expenses of
        enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in connection with the exercise or performance of any
        of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct.  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.
        Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company
        shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.

      

      

      The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of the Notes, the termination for any reason of this Indenture and the resignation or removal of the Trustee.

      

      

      To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and
        interest on particular Notes. Such Lien shall survive the satisfaction and discharge of the Notes, the termination for any reason of this Indenture and the resignation or removal of the Trustee.

      

      

      In addition to and without prejudice to its other rights hereunder, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses
        (including the fees and expenses of its agents and counsel) and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

      

      

      “Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other
        Trustee hereunder.

      

      

      The Trustee shall comply with the provisions of TIA Section 313(b)(2) to the extent applicable.

      

      

      	Section 7.08	
              Replacement of Trustee.

            

      

      

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

      

      

      The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company at least thirty (30) days prior to the effective date of such resignation. The Holders of Notes
        of a majority in principal amount of the then outstanding Notes of a given Series may remove the Trustee with respect to the Notes of such Series by so notifying the Trustee and the Company in writing at least thirty (30) days prior to the
        effective date of such removal. The Company may remove the Trustee if:

      

      

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

      

      

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

      

      

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

      

      

      (d)          the Trustee becomes incapable of acting.

      
        25

        
          

      

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

      

      

      If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10% in principal amount of the then
        outstanding Notes of a given Series may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes of such Series.

      

      

      If the Trustee, after written request by any Holder of a Note of a given Series who has been a Holder of such Note for at least six months, fails to comply with Section 7.10, such Holder of such Note may petition any
        court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Notes of such Series.

      

      

      A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the
        successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the Trustee under this Indenture. The successor Trustee shall deliver a notice of its succession to Holders of the
        Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee (including its agents and/or counsel) hereunder have
        been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring
        Trustee.

      

      

      	Section 7.09	
              Successor Trustee by Merger, Etc.

            

      

      

      Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any
        Person succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or
        filing of any paper or any further act on the part of any of the parties hereto.  In case any Notes 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 Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes.

      

      

      	Section 7.10	
              Eligibility; Disqualification.

            

      

      

      There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state or territory thereof that is authorized under such laws
        to exercise corporate Trustee power, that is subject to supervision or examination by federal, state, or territorial authorities and that has a combined capital and surplus of at least $50 million as set forth in its most recent published annual
        report of condition.

      

      

      This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b).

      

      

      	Section 7.11	
              Preferential Collection of Claims Against Company.

            

      

      

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

      
        26

        
          

      

      

      
        	Section 7.12	
                Trustee’s Application for Instructions from the Company.

              

      

      

      

      Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the
        date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after
        the date specified in such application (which date shall not be less than three Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing to any earlier date)
        unless prior to the taking of such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.

      

      

      ARTICLE 8.

      LEGAL DEFEASANCE AND COVENANT DEFEASANCE

      

      

      	Section 8.01	
              Option to Effect Legal Defeasance or Covenant Defeasance.

            

      

      

      The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to any Series of
        outstanding Notes upon compliance with the conditions set forth below in this Article 8.

      

      

      	Section 8.02	
              Legal Defeasance and Discharge.

            

      

      

      Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have
        been discharged from its obligations with respect to all outstanding Notes of such Series (including the related guarantees, if any) on the date the conditions set forth below are satisfied (hereinafter, “Legal
          Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes of such Series (including the related guarantees, if any),
        which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all of their other obligations under such Notes, such
        guarantees, if any, and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or
        discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.05 hereof, and as more fully set forth in such Section, payments in respect of the principal of, interest and premium,
        if any, on such Notes when such payments are due, (b) the Company’s obligations with respect to the Notes under Article 2 and Section 4.01 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s
        obligations in connection therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.

      
        27

        
          

      

      .

      
        	Section 8.03	
                Covenant Defeasance.

              

      

      

      

      Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from
        its obligations under the covenants contained in Section 4.03, 4.04 and 4.05 with respect to the outstanding Notes of the applicable Series on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
        connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance
        means that, with respect to the outstanding Notes of such Series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
        reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of
        Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
        Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(4) through 6.01(6) hereof shall not constitute Events of Default.

      

      

      	Section 8.04	
              Conditions to Legal or Covenant Defeasance.

            

      

      

      The following shall be the conditions to the application of either Sections 8.02 or 8.03 hereof to any outstanding Series of Notes:

      

      

      In order to exercise either Legal Defeasance or Covenant Defeasance:

      

      

      (a)          the Company must irrevocably deposit with the Trustee in trust, for the benefit of the Holders, cash in Dollars, non-callable Government Securities, or a combination of cash in Dollars and non-callable
        Government Securities in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the principal
        of, interest and premium, if any, on the outstanding Notes of such Series on the stated maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a
        particular redemption date;

      

      

      (b)          in the case of an election under Section 8.02 hereof with respect to any Series of Notes, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
        confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case
        to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes of such Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance
        and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

      

      

      (c)          in the case of an election under Section 8.03 hereof with respect to any Series of Notes, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
        confirming that the Holders of the outstanding Notes of such Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same
        amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

      

      

      (d)          no Default or Event of Default shall have occurred and be continuing on the date of such deposit, other than a Default or Event of Default resulting from the incurrence of Indebtedness all or a portion of
        the proceeds of which will be used to defease the Notes of any Series pursuant to this Article 8 concurrently with such incurrence, or insofar as Sections 6.01(7) or 6.01(8) hereof is concerned, at any time in the period ending on the 91st day
        after the date of deposit;

      
        28

        
          

      

      (e)          such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument, other than this Indenture, to which the
        Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

      

      

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

      

      

      (g)          the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance
        have been complied with.

      

      

      	Section 8.05	
              Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

            

      

      

      Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05,
        the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes of any Series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this
        Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
        premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

      

      

      The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the
        principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes of the applicable Series.

      

      

      Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it
        as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section
        8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

      

      

      	Section 8.06	
              Repayment to Company.

            

      

      

      Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Series of Notes and remaining unclaimed for two
        years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter
        look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,

          however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the reasonable expense of the Company cause to be published once, in The New York Times and the Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
        than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company.

      
        29

        
          

      

      

      
        	Section 8.07	
                Reinstatement.

              

      

       

      

      If the Trustee or Paying Agent is unable to apply any Dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or
        governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the applicable Notes shall be revived and reinstated as though no deposit had occurred pursuant to
        Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that,
        if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
        money held by the Trustee or Paying Agent.

      

      

      ARTICLE 9.

      AMENDMENT, SUPPLEMENT AND WAIVER

      

      

      	Section 9.01	
              Without Consent of Holders of Notes.

            

      

      

      Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes of one or more Series without the consent of any Holder of a Note:

      

      

      	

            	(1)	
              to cure any ambiguity, defect or inconsistency;

            

      

      

      	

            	(2)	
              to provide for uncertificated Notes in addition to or in place of certificated Notes;

            

      

      

      	

            	(3)	
              to provide for the assumption of the Company’s obligations to the Holders of the Notes of a given Series by a successor to the Company pursuant to Article 5 hereof;

            

      

      

      	

            	(4)	
              to make any change that would provide any additional rights or benefits to the Holders of Notes of a given Series or, as determined by the Company, that does not adversely affect the legal rights hereunder of any Holder of a Note of such
                Series in any material respect;

            

      

      

      	

            	(5)	
              to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

            

      

      

      	

            	(6)	
              to provide for the issuance of and establish the form and terms and conditions of Notes of any Series as permitted by this Indenture;

            

      

      

      	

            	(7)	
              to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide
                for or facilitate the administration of the trusts hereunder by more than one Trustee; or

            

      

      

      	

            	(8)	
              to comply with the rules of any securities exchange or automated quotation system on which the Notes of such Series may be listed or traded.

            

      

      

      Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.02 and
        9.06 hereof, the Trustee will join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein
        contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

      
        30

        
          

      

      

      

      
        	Section 9.02	
                With Consent of Holders of Notes.

              

      

       

      

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

      

      

      However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not:

      

      

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

      

      

      (b)          reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes;

      

      

      (c)          reduce the rate of or change the time for payment of interest, including default interest, on any Note;

      

      

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

      

      

      (e)          make any Note payable in money other than that stated in the Notes;

      

      

      (f)          make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of the Notes to receive payments of principal of or premium, interest, if any, on the
        Notes; or

      

      

      (g)          make any change in the foregoing amendment and waiver provisions.

      

      

      It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent
        approves the substance thereof. Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee
        of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Sections 7.02 and 9.06 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture
        unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended
        or supplemental Indenture.

      

      

      	Section 9.03	
              Compliance with Trust Indenture Act.

            

      

      

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

      
        31

        
          

      

      

      

      
        	Section 9.04	
                Revocation and Effect of Consents.

              

      

       

      

      Until an amendment or waiver becomes effective, consent to it by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the
        consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to his Note or portion of a Note if the Trustee receives the notice of revocation before the
        date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

      

      

      	Section 9.05	
              Notation on or Exchange of Notes.

            

      

      

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

      

      

      	Section 9.06	
              Trustee Protected.

            

      

      

      In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article 9 or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to
        receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel each stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
        Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

      

      

      	Section 9.07	
              Notice of Supplemental Indenture.

            

      

      

      After any supplemental indenture or waiver under this Article becomes effective, the Company shall deliver to the Holders of Notes a notice briefly describing such supplemental indenture or waiver. Any failure by the
        Company to deliver such notice to all Holders of Notes, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

      

      

      ARTICLE 10.

      SATISFACTION AND DISCHARGE

      

      

      	Section 10.01	
              Satisfaction and Discharge.

            

      

      

      This Indenture will be discharged and will cease to be of further effect as to a Series of Notes issued hereunder, when:

      

      

      	

            	(1)	
              either:

            

      

      

      (a)          all such Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter
        repaid to the Company) have been delivered to the Trustee for cancellation; or

      

      

      (b)          all such Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the giving of a notice of redemption or otherwise or will become due and payable within
        one year and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Notes, cash in Dollars, non-callable Government Securities, or a combination of cash
        in Dollars and non-callable Government Securities, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation
        for principal, premium, if any, and accrued interest to the date of maturity or redemption;

      
        32

        
          

      

      

      
        	

              	(2)	
                no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other
                  instrument to which the Company is a party or by which the Company is bound;

              

      

      

      

      	

            	(3)	
              the Company has paid or caused to be paid all sums payable by it under this Indenture; and

            

      

      

      	

            	(4)	
              the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be.

            

      

      

      In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

      

      

      	Section 10.02	
              Application of Trust Money.

            

      

      

      Subject to the provisions of Section 8.06 hereof, all money deposited with a Trustee pursuant to Section 10.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes with respect
        to which such deposit was made and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as such Trustee may determine, to the persons entitled thereto, of the principal
        (and premium, if any) and interest for whose payment such money has been deposited with such Trustee; but such money need not be segregated from other funds except to the extent required by law.

      

      

      If such Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or
        governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the applicable Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section
        10.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated
        to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

      

      

      ARTICLE 11.

      MISCELLANEOUS

      

      

      	Section 11.01	
              Trust Indenture Act Controls.

            

      

      

      If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA Section 318(c), the imposed duties shall control.

      

      

      	Section 11.02	
              Notices.

            

      

      

      Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telecopier
        or overnight air courier guaranteeing next day delivery, to the others’ address.

      

      

      If to the Company:

      Genco Shipping & Trading Limited

      299 Park Avenue, 12th Floor

      New York, New York  10171

      Facsimile: (646) 443-8551

      Attention:  John C. Wobensmith

      

      

      
        33

        
          

      

      If to the Trustee:

      

      

      [         ]

      Attention:  [         ]

      Facsimile:  [         ]

      

      

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

      

      

      All notices and communications (other than those sent to Holders or the Trustee) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited
        in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

      

      

      Any notice or communication given to the Trustee shall be effective only upon actual receipt by the Trustee at the Corporate Trust Office of the Trustee.

      

      

      The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (for the purposes of this Section, “Instructions”) given pursuant to the Indenture and delivered using
        Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing authorized officers and containing specimen signatures of such authorized officers, which incumbency certificate shall be amended
        by the Company whenever a person is to be added or deleted from the listing.  If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s
        understanding of such Instructions shall be deemed controlling.  The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that
        directions that purport to have been sent by an authorized officer listed on the incumbency certificate provided to the Trustee have been sent by such authorized officer.  The Company shall be responsible for ensuring that only authorized officers
        transmit such Instructions to the Trustee and that the Company and all authorized officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt
        by the Company.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent
        with a subsequent written instruction.  The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
        Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure
        methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of
        protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of such security procedures.

      

      

      Any notice or communication to a Holder shall be mailed by first class mail postage prepaid, certified or registered mail, return receipt requested, or by overnight air courier guaranteeing next day delivery to its
        address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any
        defect in it shall not affect its sufficiency with respect to other Holders.

      

      

      If a notice or communication is mailed to the Holders or the Company in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

      

      

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

      
        34

        
          

      

      Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a
        holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in
        accordance with accepted practices at the Depositary.

      

      

      	Section 11.03	
              Communication by Holders of Notes with Other Holders of Notes.

            

      

      

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

      

      

      	Section 11.04	
              Certificate and Opinion as to Conditions Precedent.

            

      

      

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

      

      

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

      

      

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

      

      

      	Section 11.05	
              Statements Required in Certificate.

            

      

      

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

      

      

      (a)          a statement that the Person signing such certificate or opinion has read such covenant or condition;

      

      

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

      

      

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

      

      

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

      

      

      	Section 11.06	
              Rules by Trustee and Agents.

            

      

      

      The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

      

      

      	Section 11.07	
              Calculation of Foreign Currency Amounts.

            

      

      

      The calculation of the Dollar equivalent amount for any amount denominated in a foreign currency shall be the noon buying rate in The City of New York as certified by the Federal Reserve Bank of New York on the date on
        which such determination is required to be made or, if such day is not a day on which such rate is published, the rate most recently published prior to such day.

      
        35

        
          

      

           .

      
        	Section 11.08	
                Legal Holidays.

              

      

       

      

      If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.  If a regular record date is
        a Legal Holiday, the record date shall not be affected.

      

      

      	Section 11.09	
              No Personal Liability of Directors, Officers, Employees and Stockholders.

            

      

      

      No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes, this Indenture or for any claim
        based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not
        be effective to waive liabilities under the federal securities laws.

      

      

      	Section 11.10	
              Governing Law.

            

      

      

      THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND ANY RELATED GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
        THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

      

      

      EACH PARTY HERETO, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
        OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE, THE NOTES, ANY RELATED GUARANTEES AND ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

      

      

      The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or
        relating to this Indenture.  To the fullest extent permitted by applicable law, the parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such
        court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
        an inconvenient forum.

      

      

      	Section 11.11	
              No Adverse Interpretation of Other Agreements.

            

      

      

      This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret
        this Indenture.

      

      

      	Section 11.12	
              Successors.

            

      

      

      All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors.

      

      

      	Section 11.13	
              Severability.

            

      

      

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

      

      

      	Section 11.14	
              Counterpart Originals.

            

      

      

      The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

      
        36

        
          

      

      

      

      
        	Section 11.15	
                Table of Contents, Headings, Etc.

              

      

       

      

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

      

      

      	Section 11.16	
              Foreign Account Tax Compliance Act (FATCA).

            

      

      

      The Company agrees to provide the Trustee with such reasonable information as it may have in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the
        withholding requirements described in Section 1471(b) of the US Internal Revenue Code of 1986 (the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official
        interpretations thereof (“Applicable Law”).  The Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, for which the Trustee shall not have any
        liability.

      

      

      	Section 11.17	
              U.S.A. Patriot Act.

            

      

      

      The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee (in all of its capacities), like all financial institutions and in order to help fight the
        funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The Company agrees that it will
        provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

      

      

      	Section 11.18	
              Sanctions Representations.

            

      

      

      (a)          The Company covenants and represents that neither it nor any of its affiliates, subsidiaries nor, to the knowledge of the Company, any directors or officers are the target or subject of any sanctions
        enforced by the US Government, (including, without limitation, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”) or the US Department of State), the United Nations Security Council, the European Union, Her Majesty’s
        Treasury, or other relevant sanctions authority (collectively “Sanctions”);

      

      

      (b)          The Company covenants and represents that neither it nor any of its affiliates, subsidiaries, nor, to the knowledge of the Company, any directors or officers will in violation of any Sanctions use any
        funds received pursuant to the Indenture or any Notes, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any
        activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.

      

      

      ARTICLE 12.

      SINKING FUNDS

      

      

      	Section 12.01	
              Applicability of Article.

            

      

      

      The provisions of this Article 12 shall be applicable to any sinking fund for the retirement of the Notes of a Series, except as otherwise permitted or required by any form of Notes of such Series issued pursuant to
        this Indenture.

      

      

      The minimum amount of any sinking fund payment provided for by the terms of the Notes of any Series is herein referred to as a “mandatory sinking fund payment” and any other
        amount provided for by the terms of Notes of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Notes of any Series, the cash amount of any sinking fund
        payment may be subject to reduction as provided in Section 12.02 hereof. Each sinking fund payment shall be applied to the redemption of Notes of any Series as provided for by the terms of the Notes of such Series.

      
        37

        
          

      

              .

      
        	Section 12.02	
                Satisfaction of Sinking Fund Payments with Notes.

              

      

       

      

      The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Notes of any Series to be made pursuant to the terms of such Notes (1) deliver outstanding Notes of such Series to
        which such sinking fund payment is applicable (other than any of such Notes previously called for mandatory sinking fund redemption) and (2) apply as credit Notes of such Series to which such sinking fund payment is applicable and which have been
        repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Notes (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or
        other optional redemptions pursuant to the terms of such Notes, provided that such Notes have not been previously so credited. Such Notes shall be received by the Trustee, together with an Officer’s
        Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Notes for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Notes for
        redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Notes in lieu of cash payments pursuant to this Section 12.02, the principal
        amount of Notes of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Notes of such Series for redemption, except upon receipt of a Company Order that such action be
        taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time
        to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Notes of that Series purchased by the Company having an
        unpaid principal amount equal to the cash payment required to be released to the Company.

      

      

      	Section 12.03	
              Redemption of Notes for Sinking Fund.

            

      

      

      Not less than 45 days (unless a shorter period is satisfactory to the Trustee) prior to each sinking fund payment date for any Series of Notes, the Company will deliver to the Trustee an Officer’s Certificate
        specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be
        satisfied by delivering and crediting of Notes of that Series pursuant to Section 12.02 hereof, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to
        pay the amount therein specified. Not less than 15 days nor more than 45 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Notes) before each such sinking
        fund payment date the Notes to be redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 hereof and notice of the redemption thereof shall be given in the name of and at the expense of the Company in
        the manner provided in Section 3.03 hereof. Such notice having been duly given, the redemption of such Notes shall be made upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06 hereof.

      

      

      [Signatures on following page]

      
        38

        
          

      

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

      

      

      	
               

            	
              GENCO SHIPPING & TRADING LIMITED

            
	
               

            	
               

            
	
               

            	
              By: 

            	 
	
               

            	
              Name: 

            	 
	
               

            	
              Title: 

            	 

      

      

      	
               

            	
              [                                 ], as Trustee

            
	
               

            	
               

            
	
               

            	
              By: 

            	 
	
               

            	
              Name: 

            	 
	
               

            	
              Title:EX-10.33

 Exhibit 10.33 

Certain identified information marked with [***] has been excluded from the exhibit because it is both not material and is the type that the registrant
treats as private or confidential. 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED, OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT COVERING SUCH TRANSACTION, OR (B) SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. 
 Issue Date: 11-27-19 
 IonQ, Inc. 

WARRANT TO PURCHASE SHARES 

This Warrant is issued to Amazon.com NV Investment Holdings LLC (the “Holder”) by IonQ, Inc. (the
“Company”). The Holder is entitled to exercise this Warrant to purchase equity of the Company (the “Warrant Shares”) as more particularly described in
Exhibit A hereto (the “Schedule of Terms”), on the terms provided herein and in the Schedule of Terms. The Warrant Shares will vest and become exercisable in accordance with the
vesting terms provided in the Schedule of Terms, and this Warrant is non-forfeitable with respect to vested Warrant Shares. 
  

	 	1.	 Exercise of Warrant 

1.1 Exercise Period. This Warrant may be exercised by the Holder, in whole or in part, at any time during the Exercise Period (as
defined in the Schedule of Terms). The Exercise Period will be stayed during any waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or any other applicable law. 

1.2 Method of Exercise. The Holder may exercise this Warrant by delivering to the Company (a) this Warrant and (b) the
Notice of Exercise attached as Exhibit B hereto, duly executed by the Holder, indicating whether the Holder elects to purchase Warrant Shares for cash or if the Holder elects to exercise on a net
issuance basis. 
 1.3 Cash Exercise. If the Holder elects to exercise this Warrant to purchase Warrant Shares for cash, the
Holder will make a payment by check or wire transfer in the amount of the Exercise Price (as defined in the Schedule of Terms, subject to adjustment as provided herein) multiplied by the number of Warrant Shares for which this Warrant is being
exercised. For the avoidance of doubt, unless the Holder is permitted to exercise this Warrant on a net issuance basis pursuant to Section 1.4, this Warrant may only be exercised to purchase Warrant Shares for cash. The Exercise Price is the
product of an arms’-length negotiation and is intended to reflect the present fair market value of the Warrant Shares. 
 1.4
Net Issuance. In lieu of an exercise for cash pursuant to Section 1.3, the Holder may elect to exercise this Warrant on a net issuance basis if such exercise is in accordance with Sections 4.1 and 4.3 or following a Listing Event, in
which case the Holder will not be required to make a cash payment, and the Company will issue to the Holder a number of Warrant Shares computed using the following formula: 
  

	 	X	 = (A - B) x C where: 

A 
  

	 	X	 = the number of Warrant Shares to be issued to the Holder; 

 

	 	A	 = the Fair Market Value (as defined below) of one Warrant Share on the date of net issuance exercise;

  

	 	B	 = the Exercise Price (as adjusted to the date of such calculation); and 

 

	 	C	 = the number of Warrant Shares issuable under this Warrant or, if only a portion of this Warrant is being
exercised, the number of Warrant Shares as to which the Holder elects to exercise. 

  

	 	2.	 Delivery of Certificates; No Fractional Shares 

As soon as reasonably practicable after the exercise of this Warrant, the Company will at its expense issue and deliver to the Holder
(a) an electronic certificate or certificates for the number of Warrant Shares to which the Holder is entitled upon such exercise, and (b) if applicable, a new warrant with terms identical to this Warrant to purchase that number of Warrant
Shares as to which this Warrant has not been exercised. The Holder will for all purposes be deemed to have become the holder of record of such Warrant Shares on the date this Warrant is exercised, irrespective of the date of delivery of
certificate(s) representing the Warrant Shares. No fractional shares or scrip will be issued upon the exercise of this Warrant. In lieu of a fractional share or scrip, the Company will pay the Holder an amount in cash equal to the Fair Market Value
of the fractional share on the date of exercise. 

	 	3.	 Representations, Warranties, and Covenants 

3.1 The Company represents and warrants that it is duly organized, validly existing, and in good standing under the laws of its
jurisdiction of formation. The Company represents and warrants that all corporate actions, approvals, and consents on the part of the Company, its officers, directors, and equityholders, and any third party necessary for the sale and issuance of
this Warrant and the Warrant Shares have been taken, including the reservation of sufficient Warrant Shares. 
 3.2 The Company
represents and warrants that the capitalization table attached as Exhibit C hereto accurately and completely reflects the Company’s authorized and issued equity capital as of the Issue Date.
All of the outstanding shares of equity of the Company have been duly authorized, are fully paid and nonassessable, and were issued in compliance with applicable law. 

3.3 The Company covenants that it shall take all action necessary to reserve for issuance such number of shares as is necessary for
exercise in full of this Warrant within 10 business days following the issue date of this Warrant, and thereafter during the Exercise Period there will be reserved for issuance such number of shares as is necessary for exercise in full of this
Warrant. All Warrant Shares issued pursuant to the exercise of this Warrant will, upon their issuance, be validly issued and outstanding, fully paid and nonassessable, free and clear of all liens and other encumbrances or restrictions on sale, and
free and clear of all preemptive rights, and such Warrant Shares will be issued free from all taxes, liens, and charges with respect to the issuance thereof. 

3.4 The Company will not, directly or indirectly, by charter amendment or by reorganization, sale or transfer of assets, consolidation,
merger, dissolution, issuance or sale of securities, or any other voluntary action, (a) avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times and in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights and interests of the Holder against impairment, or (b) take any action which is inconsistent with the rights and interests
granted to the Holder in this Warrant or otherwise conflicts with the provisions hereof. 
  

	 	4.	 Certain Events 

4.1 Change of Control. If there is a Change of Control (as defined below) during the Exercise Period in which the consideration
to be received by the stockholders of the Company consists solely of cash and the Holder has not exercised this Warrant in full prior to consummation of such Change of Control, and if the Fair Market Value of one Warrant Share (as of the closing
date of such Change of Control) is greater than the Exercise Price, this Warrant will be deemed automatically exercised pursuant to a net issuance exercise under Section 1.4 (even if not surrendered) immediately before the consummation of such
Change of Control, and the Holder will be entitled to receive a portion of the proceeds payable in the Change of Control equal to the amount payable to holders of the same number and class of shares as the Holder is entitled to receive pursuant to
such exercise. This Warrant will automatically terminate (without relieving the Company or its successor of any obligations arising from a prior breach or non-compliance) following the payment of the amounts
due to the Holder in connection with such Change of Control. If there is a Change of Control during the Exercise Period in which the consideration to be received by the stockholders of the Company consists of securities or other non-cash property, then the Company will cause the acquiring, surviving, or successor person to assume the obligations of this Warrant, and this Warrant will thereafter be exercisable for the same securities or
other non-cash property that a holder of the same class of shares as the Warrant Shares would have been entitled to receive in connection with such transaction if such holder held the same number of shares as
were purchasable under this Warrant if this Warrant had been exercised in full immediately before the consummation of such Change of Control, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

4.2 Listing Event. 
 (a) In the
event that the Company intends to undertake a Listing Event (as defined in Section 10.1(f)), the Company will provide the Holder with notice prior to filing or submitting a registration statement (including a draft registration statement) that
includes disclosure of beneficial owners of the Company’s equity in connection with a Listing Event (a “Listing Event Notice”). The Listing Event Notice must be provided at least 10 business days prior to the earlier of
(i) the “as of” date used by the Company for disclosure of beneficial owners and (ii) the date on which a Listing Event occurs. 

(b) In the event that the Company determines that this Warrant or the terms hereof are required to be disclosed pursuant to applicable
securities laws and regulations or stock exchange requirements in connection with the Listing Event, the Company will provide the Holder with prompt written notice and an opportunity to comment on the proposed disclosure before such disclosure is
made and, if requested by the Holder, will use commercially reasonable efforts (in cooperation with the Holder) to redact, seek a protective order or confidential treatment, or take other appropriate action to avoid such disclosure. 

(c) Notwithstanding anything in this Warrant to the contrary: (i) from and after Holder’s receipt of a Listing Event Notice properly
provided pursuant to Section 4.2(a), the Company will not honor any exercise of this Warrant, and the Holder will not have the right to exercise any portion of this Warrant, to the extent that, after giving effect to an attempted exercise set
forth on the applicable Notice of Exercise, the Holder (or any of its affiliates and other persons whose beneficial ownership of the relevant securities would be aggregated with Holder’s for purposes of Section 13(d) or Section 16 of
the Exchange Act, would beneficially own in excess of 4.999% of any class of voting equity securities subject to the Exchange Act, calculated in accordance with Section 13(d) of the Exchange Act

  
 -2- 

 
and the related rules and regulations and after giving effect to the exercise of this Warrant; (ii) none of the limitations of clause (i) will be taken into account when determining the
amount of securities or other non-cash property subject to the assumed Warrant or the amount of cash the Holder is entitled to receive in the event of a Change of Control; (iii) if a Listing Event Notice
is not properly provided, the limitations of clause (i) will go into effect immediately prior to the “as of” date used by the Company for disclosure of beneficial owners in any registration statement; (iv) the provisions of this
sentence should be construed and implemented in a manner otherwise than in strict conformity with the terms of this sentence to correct this sentence (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation of clause (i) or to make changes or supplements necessary or desirable to properly give effect to such limitation; and (v) the limitations in clause (i) may be waived or amended by the Holder, in its sole
discretion, upon written notice to the Company, which waiver or amendment will not be effective until the 61st day after such notice is delivered by the Holder to the Company. 

4.3 Automatic Exercise before Expiration. To the extent this Warrant is not previously exercised as to all of the Warrant Shares
issuable hereunder, and if the Fair Market Value of one Warrant Share (at such measurement date) is greater than the Exercise Price, this Warrant will be deemed automatically exercised pursuant to a net issuance exercise under Section 1.4 (even
if not surrendered) immediately before its expiration. To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section, the Company agrees promptly to notify the Holder in writing of the number of Warrant
Shares, if any, the Holder is to receive by reason of such automatic exercise. 
  

	 	5.	 Adjustments 

5.1 Reorganization. Upon any reclassification, capital reorganization, or change in the capital stock of the Company (other than
a Change of Control transaction covered by Section 4.1) affecting the same class of shares as the Warrant Shares, the Company will make appropriate provision so that the Holder will thereafter be entitled to receive, upon exercise of this
Warrant, the number and type of securities or other property that a holder of the same class of shares as the Warrant Shares would have been entitled to receive in connection with such transaction if such holder held the same number of shares as
were purchasable under this Warrant if this Warrant had been exercised immediately before such reclassification, reorganization, or change. 

5.2 Adjustments for Stock Splits, Dividends. If the Company, directly or indirectly, issues any shares of the same class as the
Warrant Shares as a stock dividend, or subdivides or combines such class of shares in a stock split, then the Exercise Price in effect before such dividend, subdivision, or combination will be proportionately decreased or increased, as applicable,
and the number of Warrant Shares at that time issuable pursuant to the exercise of this Warrant will be proportionately increased or decreased, as applicable. Each adjustment in the number of Warrant Shares issuable will be to the nearest whole
share and each adjustment of the Exercise Price will be calculated to the nearest cent. Any adjustment under this Section will become effective at the close of business on the date the subdivision or combination becomes effective, or as of the
record date of such dividend. 
 5.3 Anti-Dilution Protection. If any shares of the same class as the Warrant Shares are
entitled, under the Company’s certificate of incorporation or pursuant to the Company’s Amended and Restated Voting Agreement, dated as of August 28, 2019, Amended and Restated Investors’ Rights Agreement, dated as of
August 28, 2019 and Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of August 28, 2019 (each as may be amended or amended and restated from time to time), to an adjustment
in the event of dilutive issuances of equity, then the Warrant Shares will be entitled to the same adjustment. 
 5.4 Certificate
as to Adjustments. If any adjustment is required to be made in the Exercise Price or number and type of securities issuable upon exercise of this Warrant, the Company will promptly give written notice to the Holder in the form of a certificate
signed by an officer of the Company, setting forth the adjustment in reasonable detail. 
  

	 	6.	 Registration Rights; Information Rights 

6.1 Registration Rights. The Warrant Shares issuable upon exercise of this Warrant will be subject to customary registration
rights promptly following the initial exercise of this Warrant (and, in any event, prior to consummation of any Listing Event), consistent with the rights that the Company has provided to its other equityholders holding shares of the same class as
the Warrant Shares pursuant to the Company’s Amended and Restated Investors’ Rights Agreement dated as of August 28, 2019. 

6.2 Information Rights. The Company will deliver to the Holder (to the notice address set out in Section 10.3), for so long
as Holder holds this Warrant or any Warrant Shares: 
 (a) as soon as practicable, and in any event within 30 days, after the
consummation of any third-party equity financing or any other material change in the equity capitalization of the Company, (A) an updated capitalization table for the Company (similar in format to the capitalization table attached as
Exhibit C hereto) as of the closing of such financing event or as of the date of such other material change, and (B) a copy of any amendments to the Company’s constituent documents, if applicable; 

(b) as soon as practicable, and in any event within 30 days, after any 409A reports or other similar opinions or reports
setting forth a valuation of the Company’s equity interests, a copy of such opinion or report or a summary of the valuation set forth therein; and 

  
 -3- 

 (c) the information required to be delivered to (a) a “Major
Investor” pursuant to the Company’s Amended and Restated Investors’ Rights Agreement dated August 28, 2019 (a) Holder pursuant to those certain Investment Letter dated as of October 27, 2017 and Confirmation Regarding
Investment Letter dated September 20, 2019, by and among the Company and Holder. 
  

	 	7.	 Lost or Damaged Warrant Certificate 

Upon receipt by the Company of a letter from the Holder stating loss, theft, destruction, or damage of this Warrant (including by electronic
means), the Company will execute and deliver to the Holder, without charge, a new warrant with identical terms as this Warrant. 
  

	 	8.	 Notices of Record Date, etc. 

In the event of any corporate action requiring the Company to establish a record date for its stockholders, the Company will send to the
Holder, at least 15 business days prior to the earlier of the record date or such corporate action, a written notice specifying (a) the date on which any such event is to occur or such record is to be taken, (b) the amount and character of
any stock or other securities, or rights or warrants, proposed to be issued or granted, the date of such proposed issuance or grant, and the persons or class of persons to whom such proposed issuance or grant is to be offered or made, and
(c) in reasonable detail, the facts, including the proposed date, concerning any other such event. 
  

	 	9.	 Investment Intent 

By accepting this Warrant, the Holder represents that it (a) is acquiring this Warrant for investment and not with a view to, or for sale
in connection with, any distribution or public offering thereof within the meaning of the Securities Act, (b) understands that this Warrant and the Warrant Shares subject to this Warrant have not been registered under the Securities Act by
reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Section 4(a)(2) thereof, and (c) is an “accredited investor” as such term is defined in
Rule 501 of Regulation D under the Securities Act. 
  

	 	10.	 Miscellaneous 

10.1 Certain Definitions. For purposes of this Warrant: 

(a) “affiliate” means, as to any person, any person that directly or indirectly controls, is controlled by, or is under
common control with that person. 
 (b) “Change of Control” means (i) any consolidation, merger,
reorganization, or similar transaction involving the Company or its subsidiaries in which the Company or its subsidiary, as applicable, is not the surviving entity or pursuant to which the Company’s equityholders immediately prior to such
transaction own, immediately after such transaction, less than 50% of the voting securities of the surviving entity, (ii) any transaction or series of related transactions in which 50% or more of the Company’s voting power is transferred
to persons other than the Company’s equityholders immediately prior to such transaction or series of transactions, or (iii) the sale, lease, exclusive license, or other transfer, in any transaction or series of related transactions, of all
or substantially all of the assets of the Company and its subsidiaries. 
 (c) “Code” means the U.S. Internal Revenue
Code of 1986, as amended. 
 (d) “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor statute. 
 (e) “Fair Market Value” of a Warrant Share means: 

(i) if shares of the same class as the Warrant Shares are traded on an exchange or an over-the-counter market, the average of the closing price for the five business days immediately preceding the date of net issuance exercise; 

(ii) if the net issuance exercise is in connection with a Change of Control, the value of the consideration to be received
pursuant to such Change of Control by the holder of a share of the same class as the Warrant Shares; and 
 (iii) if neither
of the above clauses applies, the Fair Market Value will be the price for a share of the same class as the Warrant Shares that the Company could obtain from an arms’-length buyer who is not a current or former employee, officer, or director of
the Company or its affiliates (such price to be exclusive of any control or other similar premium), as determined in good faith by the Company’s board of directors (or equivalent governing body). The Company will promptly provide the Holder a
written summary of such determination. 
 (f) “Listing Event” means any of the following: (i) the closing of the
Company’s initial public offering of securities pursuant to an effective registration statement filed under the Securities Act; (ii) the registration of the Company’s securities under Section 12 of the Exchange Act in connection
with its initial public offering, or the occurrence of any other event that results in the Warrant Shares becoming a class of “equity security,” as such term is defined in Rule 13d-1(i) under
the Exchange Act; or (iii) the closing of the Company’s initial public offering, or the listing of the Company’s shares, on a stock exchange outside of the United States. 

(g) “GAAP Revenue” means revenue recognized in conformity with accounting principles generally accepted in the United
States and reported on the Company’s audited or reviewed consolidated income statement. 
 (h) “person” means
any individual, corporation, partnership, trust, joint venture, limited liability company, association, organization, other entity, or governmental or regulatory authority. 

  
 -4- 

 10.2 No Stockholder Rights or Liabilities. Prior to exercise, this Warrant
will not entitle the Holder to any voting rights or other rights as a stockholder of the Company other than as set forth in this Warrant. In no event will the Holder have any liability hereunder, other than the consideration payable upon exercise of
this Warrant pursuant to Section 1.3 hereof. 
 10.3 Notices. Any notice under this Warrant will be given in
writing and will be sent by email, nationally recognized overnight courier service, certified mail (return receipt requested), or receipted facsimile to the other party at the address below. A party may change its notice address by giving notice in
accordance with this Section. 
  

			
	 If to the Holder:

Amazon.com NV Investment Holdings LLC

c/o Amazon.com, Inc.
 P.O.
Box 81226
 Seattle, WA 98108-1226

Email: AmazonWarrants@amazon.com

Fax: (206) 266-7010

Attn: General Counsel
	  	If to the Company: to the address set forth below the Company’s signature at the end of this Warrant.

 10.4 Amendments and Waivers. Any term of this Warrant may be amended, and the observance of any
term may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holder. 

10.5 Governing Law; Severability; Jurisdiction; Venue. This Warrant will be governed by and construed under the
laws of the State of Delaware without regard to principles of conflict of laws. If any Section or provision of this Warrant is found or held to be illegal, invalid, or unenforceable, the remainder of this Warrant will be valid and enforceable and
the parties in good faith will negotiate a substitute, valid, and enforceable provision that most nearly effects the parties’ intent in entering into this Warrant. The parties irrevocably consent to the jurisdiction and venue of the state and
federal courts located in Delaware in connection with any action relating to this Warrant. 
 10.6 Transfer; Successors and
Assigns. This Warrant and all rights hereunder are transferable by the Holder, in whole or in part, (a) to any affiliate of the Holder, or (b) to any non-affiliate of the Holder with the prior
written consent of the Company, in each case upon surrender of this Warrant properly endorsed or accompanied by written instructions of transfer attached as Exhibit D hereto, and the Company will issue
a new warrant reflecting such transfer but otherwise identical to this Warrant. The Company may not assign this Warrant or its obligations under this Warrant without the prior written consent of the Holder. The terms and conditions of this Warrant
will inure to the benefit of, and be binding on, the respective successors and permitted assigns of the Company and the Holder, respectively. 

10.7 Income Tax Treatment. The parties acknowledge that this Warrant is not being issued in connection with the performance of
services within the meaning of Section 83 of the Code, the Holder will control the valuation of this Warrant for all relevant tax purposes, and the issuance of this Warrant represents a closed transaction for income tax purposes. The parties
will not take a position on any income tax return inconsistent with the foregoing sentence. 
 10.8 Headings; Construction. The
headings in this Warrant are for purposes of reference only and will not limit or otherwise affect the meaning of any provision of this Warrant. The words “include” and “including” will be deemed in each case to be followed by
the words “without limitation.” 
 IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first written above.

  

			
	ionQ, Inc.
		
	By:	 	 /s/ Peter Chapman

	Name: Peter Chapman
	Title: Chief Executive Officer

 Company address for notices: 4505 Campus Dr, College Park, MD 20740 

  
 -5- 

 Exhibit A 

SCHEDULE OF TERMS OF WARRANT SHARES 

Capitalized terms used in this Schedule of Terms have the meanings ascribed to those terms in the Warrant. 

 

			
	Name of Company:	  	IonQ, Inc.
		
	Jurisdiction of formation and type of entity (e.g., corporation, LLC, etc.):	  	Delaware corporation
		
	Class of equity subject to Warrant:	  	Series B-1 Preferred Stock
		
	Holder’s fully diluted ownership percentage of the Company (as of the Issue Date, calculated on a post-exercise basis assuming full vesting of the Warrant and pro forma for the closing of the Company’s Series B-1 round):	  	5.35%
		
	Number of Warrant Shares (as of the Issue Date, assuming full vesting of the Warrant):	  	2,050,463; provided, that [***]; provided, that[***].
		
	Assumed valuation (as of the Issue Date) on a fully diluted, post-exercise basis and pro forma for the closing of the Company’s Series B-1 round:	  	$[***]
		
	Exercise Price (as of the Issue Date):	  	$5.5757 per Warrant Share
		
	Exercise Period:	  	From the Issue Date until the 10th anniversary of the Issue Date
	Vesting Schedule:	  	 The Warrant Shares will vest and become exercisable on the following schedule:

 
 •   134,163 Warrant Shares
will vest and be immediately exercisable on the date of the public announcement of the availability of the Company’s hardware on the AWS QC Service (as defined in the Commercial Agreement) as contemplated by the Commercial Agreement;

 
 •   [***] Warrant Shares
will vest and become exercisable for each and every attainment of a Prepayment Milestone (provided, for the avoidance of doubt, that the Warrant shall never vest or become exercisable for more than 100% of the total Warrant Shares);

 
 provided, that in the event that the number of Warrant Shares issuable upon exercise of
this Warrant is increased in accordance with this Schedule of Terms, then the number of Warrant Shares vesting pursuant to each prong of the foregoing schedule will be ratably increased accordingly.

For purposes of this Warrant, the term “Prepayment Milestone” means [***].

 
 By the second (2nd) business day after the end of the third month of each quarter, the
Company will report to the Holder (a) [***] and (b) [***].

  
 -6- 

			
	Acceleration of Vesting:	  	Any unvested Warrant Shares will become fully vested and immediately exercisable immediately prior to the consummation of a Change of Control, provided that (a) such Change of Control occurs prior to the 5th anniversary of the issue date of this Warrant and (b) 25 Payment Milestones have been attained as of or prior to the date of such Change of Control.
	Commercial Agreement related to Warrant (the “Commercial Agreement”):	  	Cloud Services API License and Hardware Access Agreement, dated as of the issue date of this Warrant, by and between the Company and Amazon Web Services, Inc.

  
 -7- 

 Exhibit B 

NOTICE OF EXERCISE 
 To:
    Company Name: IonQ, Inc. (the “Company”) 
 Address: ______________ 

The undersigned hereby irrevocably elects to exercise the attached Warrant as follows: 

 

	 	☐	 purchase ___________ Warrant Shares pursuant to the terms of the attached Warrant, for an aggregate purchase
price of $ ___________. 

  

	 	☐	 net issuance exercise, as permitted purusant to Section 1.4 of the attached Warrant, with respect to
___________ Warrant Shares pursuant to the terms of the attached Warrant, for such number of shares of equity of the Company as is determined pursuant to Section 1.4 of the attached Warrant. 

The undersigned requests that certificates for such shares be issued in the name of and delivered to the address of the undersigned, at the
address stated below and, if such shares are not all the shares that may be issued pursuant to the attached Warrant, that a new Warrant evidencing the right to purchase the balance of such shares be registered in the name of, and delivered to, the
undersigned at the address stated below. 
 Balance shares for new Warrant to be issued:
                                         
                                         
   
 Dated:
                                         
                                         
                                         
                        

Name of Holder of Warrant:
                                         
                                         
                               

(please print) 

Address:
                                         
                                         
                                         
                      

Signature:
                                         
                                         
                                         
                  

  
 -8- 

 Exhibit C 

COMPANY CAPITALIZATION AS OF ISSUE DATE 

[***] 

  
 -9- 

 Exhibit D 

ASSIGNMENT OF WARRANT AND COUNTERPART SIGNATURE PAGE 

For value received the undersigned transferor (the “Transferor”) sells, assigns, and transfers to the undersigned
transferee (the “Transferee”), together with all right, title, and interest, and does irrevocably constitute and appoint the transfer agent of the Company as the Transferor’s attorney, to transfer said Warrant on the
books of IONQ, INC., a Delaware corporation (the “Company”), to the Transferee with full power of substitution in the premises. 

The Transferee hereby agrees to become a party to and be bound by the terms and conditions contained in the Amended and Restated Voting
Agreement, dated as of August 28, 2019, as may be amended and/or amended and restated from time to time, by and among the Company and each of the persons and entities listed on Schedule A and Schedule B thereto, the Amended and Restated
Investors’ Rights Agreement, dated as of August 28, 2019, as may be amended and/or amended and restated from time to time, by and among the Company and each of the persons and entities listed on Schedule A and Schedule B thereto and the
Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of August 28, 2019, as may be amended and/or amended and restated from time to time, by and among the Company and each of the
persons and entities listed on Schedule A and Schedule B thereto, as modified by those certain Investment Letter dated as of October 27, 2017 and Confirmation Regarding Investment Letter dated September 20, 2019, by and among the Company
and Amazon.com NV Investment Holdings LLC, in each case, solely to the extent binding on (and on the same terms as) Amazon.com NV Investment Holdings LLC (or its transferees, if applicable). 

Dated:                      

 

			
	 TRANSFEROR

	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 TRANSFEREE

	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Address:
                     
 E-mail:
                                        

  
 -10-

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