Document:

Exhibit 4.1

 

 

 

XLIT LTD.

 

as Issuer

 

XL GROUP PLC

 

as Guarantor

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

as Trustee

 

INDENTURE

 

Dated as of March 30, 2015

 

Subordinated Debt Securities

 

 

    	 

    	

    

Reconciliation and tie between Trust Indenture
Act of 1939 and Indenture.

 

	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION
	 	 	 
	ss.310(a)	 	6.09
	(b)	 	6.08, 6.10
	(c)	 	Not Applicable
	ss.311(a)	 	6.13
	(b)	 	6.13
	(c)	 	Not Applicable
	ss.312(a)	 	7.01, 7.02(a)
	(b)	 	7.02(b)
	(c)	 	7.02(c)
	ss.313(a)	 	7.03(a)
	(b)	 	7.03(b)
	(c)	 	7.03(b)
	(d)	 	7.03(c)
	ss.314(a)	 	7.04
	(b)	 	Not Applicable
	(c)	 	1.02
	(d)	 	Not Applicable
	(e)	 	1.02
	(f)	 	Not Applicable
	ss.315(a)	 	6.01
	(b)	 	6.02, 7.03(b)
	(c)	 	6.01(b)
	(d)	 	6.01(c)
	(e)	 	5.14
	ss.316(a)(1)	 	5.12, 5.13
	(b)	 	5.08
	(c)	 	1.04(d)
	ss.317(a)(1)	 	5.03
	(b)	 	5.04
	(c)	 	10.03
	ss.318(a)	 	1.07

 

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

    	 

    	

    

TABLE OF CONTENTS

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF

GENERAL APPLICATION

 

	Section 1.01	 	Definitions	1
	Section 1.02	 	Compliance Certificates and Opinions	6
	Section 1.03	 	Form of Documents Delivered to Trustee	6
	Section 1.04	 	Acts of Holders	7
	Section 1.05	 	Notices, Etc., to Trustee, the Company and the Guarantor	8
	Section 1.06	 	Notice to Holders; Waiver	8
	Section 1.07	 	Conflict with Trust Indenture Act	8
	Section 1.08	 	Effect of Headings and Table of Contents	8
	Section 1.09	 	Successors and Assigns	8
	Section 1.10	 	Separability Clause	8
	Section 1.11	 	Benefits of Indenture	8
	Section 1.12	 	Governing Law; Waiver of Jury Trial	9
	Section 1.13	 	Legal Holidays	9
	Section 1.14	 	References to Currency	9
	Section 1.15	 	Force Majeure	9
	Section 1.16	 	USA PATRIOT Act	9
	 	 	 	 
	ARTICLE II
	 	 
	SECURITY FORMS
	 	 
	Section 2.01	 	Forms Generally	9
	Section 2.02	 	Form of Trustee’s Certificate of Authentication	10
	Section 2.03	 	Securities Issuable in the Form of a Global Security	10
	 	 	 	 
	ARTICLE III
	 	 	 	 
	THE SECURITIES
	 
	Section 3.01	 	Amount Unlimited; Issuable in Series	11
	Section 3.02	 	Denominations	13
	Section 3.03	 	Execution, Authentication, Delivery and Dating	13
	Section 3.04	 	Temporary Securities	14
	Section 3.05	 	Registration, Registration of Transfer and Exchange	14
	Section 3.06	 	Mutilated, Destroyed, Lost and Stolen Securities	15
	Section 3.07	 	Payment of Interest; Interest Rights Preserved	16
	Section 3.08	 	Persons Deemed Owners	16
	Section 3.09	 	Cancellation	17
	Section 3.10	 	Computation of Interest	17
	Section 3.11	 	CUSIP Numbers	17
	 	 	 	 
	ARTICLE IV
	 
	SATISFACTION AND DISCHARGE
	 
	Section 4.01	 	Satisfaction and Discharge of Indenture	17
	Section 4.02	 	Application of Trust Funds; Indemnification	18

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	Section 4.03	 	Defeasance and Discharge of Indenture	18
	Section 4.04	 	Defeasance of Certain Obligations	20
	 	 	 	 
	ARTICLE V
	 	 	 	 
	REMEDIES
	 	 	 	 
	Section 5.01	 	Events of Default	20
	Section 5.02	 	Acceleration of Maturity; Rescission and Annulment	22
	Section 5.03	 	Collection of Indebtedness and Suits For Enforcement
    By Trustee	22
	Section 5.04	 	Trustee May File Proofs of Claim	23
	Section 5.05	 	Trustee May Enforce Claims Without Possession of Securities	23
	Section 5.06	 	Application of Money Collected	24
	Section 5.07	 	Limitation on Suits	24
	Section 5.08	 	Unconditional Right of Holders to Receive Principal,
    Premium and Interest	24
	Section 5.09	 	Restoration of Rights and Remedies	24
	Section 5.10	 	Rights and Remedies Cumulative	25
	Section 5.11	 	Delay or Omission Not Waiver	25
	Section 5.12	 	Control by Holders	25
	Section 5.13	 	Waiver of Past Defaults	25
	Section 5.14	 	Undertaking for Costs	25
	Section 5.15	 	Waiver of Stay or Extension Laws	26
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	THE TRUSTEE
	 	 	 	 
	Section 6.01	 	Certain Duties and Responsibilities	26
	Section 6.02	 	Notice of Defaults	27
	Section 6.03	 	Certain Rights of Trustee	27
	Section 6.04	 	Not Responsible for Recitals or Issuance of Securities	28
	Section 6.05	 	May Hold Securities	28
	Section 6.06	 	Money Held in Trust	28
	Section 6.07	 	Compensation, Reimbursement and Indemnification	28
	Section 6.08	 	Disqualification; Conflicting Interests	29
	Section 6.09	 	Corporate Trustee Required; Eligibility	29
	Section 6.10	 	Resignation and Removal; Appointment of Successor	29
	Section 6.11	 	Acceptance of Appointment by Successor	31
	Section 6.12	 	Merger, Conversion, Consolidation or Succession to
    Business	31
	Section 6.13	 	Preferential Collection of Claims Against Company or
    Guarantor	31
	 	 	 	 
	ARTICLE VII
	 
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 
	Section 7.02	 	Preservation of Information; Communications to Holders	32
	Section 7.03	 	Reports by Trustee	33
	Section 7.04	 	Reports	33
	 	 	 	 
	ARTICLE VIII
	 
	SUCCESSOR CORPORATION
	 
	Section 8.01	 	When Company or Guarantor May Merge or Transfer Assets	34

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	ARTICLE IX
	 	 	 	 
	AMENDMENTS & SUPPLEMENTAL INDENTURES
	 
	Section 9.01	 	Amendments or Supplemental Indentures Without Consent
    of Holders	35
	Section 9.02	 	Amendments or Supplemental Indentures with Consent
    of Holders	36
	Section 9.03	 	Execution of Supplemental Indentures	37
	Section 9.04	 	Effect of Supplemental Indentures	37

	Section 9.05	 	Conformity with Trust Indenture Act	37
	Section 9.06	 	Reference in Securities to Supplemental Indentures	37
	 	 	 	 
	ARTICLE X
	 	 	 	 
	COVENANTS
	 	 	 	 
	Section 10.01	 	Payment of Principal, Premium and Interest	38
	Section 10.02	 	Maintenance of Office or Agency	38
	Section 10.03	 	Money for Securities; Payments to Be Held in Trust	38
	Section 10.04	 	Corporate Existence	39
	Section 10.05	 	Maintenance of Properties	39
	Section 10.06	 	Statement by Officers as to Default	39
	Section 10.07	 	Waiver of Certain Covenants	39
	Section 10.08	 	Calculation of Original Issue Discount	40
	 	 	 	 
	ARTICLE XI
	 	 	 	 
	THE GUARANTEE
	 	 	 	 
	Section 11.01	 	Unconditional Guarantee	40
	Section 11.02	 	Guarantee for the Benefit of the Holders	41
	Section 11.03	 	Waiver of Subrogation	41
	Section 11.04	 	No Suspension of Remedies	41
	Section 11.05	 	Termination	41
	 	 	 	 
	ARTICLE XII
	 	 	 	 
	REDEMPTION OF SECURITIES
	 	 	 	 
	Section 12.01	 	Applicability of Article	42
	Section 12.02	 	Election to Redeem; Notice to Trustee	42
	Section 12.03	 	Selection by Trustee of Securities to Be Redeemed	42
	Section 12.04	 	Notice of Redemption	42
	Section 12.05	 	Deposit of Redemption Price	43
	Section 12.06	 	Securities Payable on Redemption Date	43
	Section 12.07	 	Securities Redeemed in Part	43
	 	 	 	 
	ARTICLE XIII
	 	 	 	 
	SINKING FUNDS
	 
	Section 13.01	 	Applicability of Article	44
	Section 13.02	 	Satisfaction of Sinking Fund Payments with Securities	44
	Section 13.03	 	Redemption of Securities for Sinking Fund	44

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	ARTICLE XIV
	 	 	 	 
	SUBORDINATION
	 
	Section 14.01	 	Agreement to Subordinate	45
	Section 14.02	 	Default on Senior Indebtedness	45
	Section 14.03	 	Liquidation; Dissolution; Bankruptcy	46
	Section 14.04	 	Subrogation	47
	Section 14.05	 	Trustee to Effectuate Subordination	47
	Section 14.06	 	Notice by the Company	47
	Section 14.07	 	Rights of The Trustee; Holders of Senior Indebtedness	48
	Section 14.08	 	Subordination May Not be Impaired	48
	Section 14.09	 	Article Applicable to Paying Agents	49
	Section 14.10	 	Defeasance of This Article	49
	Section 14.11	 	Subordination Language to be Included in Securities	49
	Section 14.12	 	Trustee Not Fiduciary for Holders of Senior Indebtedness	49

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INDENTURE, dated as of March 30, 2015, among
XLIT Ltd., a Cayman Islands exempted company (herein called the “Company” or the “Issuer”),
having its principal office at XL House, 8 St. Stephen’s Green, Dublin 2, Ireland, XL Group plc, an Irish public limited
company (herein called the “Guarantor”), having its principal office at XL House, 8 St. Stephen’s Green,
Dublin 2, Ireland and Wells Fargo Bank, National Association, a national banking association, as trustee hereunder (herein called
the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences
of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided.

 

The Guarantor has duly authorized the execution
and delivery of this Indenture to provide for its Guarantee of the Securities as in this Indenture provided.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of series thereof, as follows:

 

article
i

 

DEFINITIONS
AND OTHER PROVISIONS OF

GENERAL
APPLICATION

 

Section 1.01 Definitions. For all
purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(1) the terms defined in this
article have the meanings assigned to them in this article and include the plural as well as the singular;

 

(2) all other terms used herein
which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(3) all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the
United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted
at the date of such computation;

 

(4) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to
any particular article, section or other subdivision; and

 

(5) all references used herein
to the male gender shall include the female gender.

 

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

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person
means the power to direct the management and policies of

    	 

    	

    

such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Board of Directors” when
used with reference to the Company or the Guarantor means either the board of directors of the Company or the Guarantor, as the
case may be, or any duly authorized committee of such board duly authorized to act hereunder.

 

“Board Resolution” means
a copy of a resolution, certified by the secretary or an assistant secretary of the Company or the Guarantor, as the case may be,
to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, delivered
to the Trustee.

 

“Business Day” means,
with respect to any Securities, a day that in the City of New York or in any Place of Payment is not a day on which banking institutions
are authorized by law or regulation to close.

 

“Capital Stock” for any
entity means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) shares issued by that entity.

 

“Certificated Securities”
means Securities that are in registered definitive form.

 

“Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended,
or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at such time.

 

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

 

“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by its chairman of the board, a vice chairman,
its president or a vice president, and by its treasurer, an assistant treasurer, its secretary or an assistant secretary, and delivered
to the Trustee.

 

“Corporate Trust Office”
means the principal office of the Trustee at which at any particular time the trust created by this Indenture shall be administered,
which office, at the time of the execution of this Indenture, is located at 45 Broadway, 14th Floor, New York, New York
10006, or any office of Trustee or any successor Trustee as may be designated in writing.

 

“Covenant Defeasance”
has the meaning specified in Section 4.04.

 

“Defaulted Interest” has
the meaning specified in Section 3.07.

 

“Depositary” means, unless
otherwise specified by the Company pursuant to either Section 2.03 or 3.01, with respect to Securities of any series issuable or
issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered under the Securities
Exchange Act of 1934, as amended, or other applicable statute or regulation.

 

“Guarantee” means the
guarantee of the Company’s obligations under a given series of Securities by the Guarantor as provided in Article XI of this
Indenture.

 

“Guarantor” means the
Person named as the “Guarantor” in the first paragraph of this instrument until a successor entity shall have become
such pursuant to the applicable provisions hereof, and thereafter “Guarantor” shall mean such successor entity.

 

“Event of Default” has
the meaning specified in Section 5.01.

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

 

“Holder” means a Person
in whose name a Security is registered in the Security Register.

 

“Holder Action” has the
meaning specified in Section 7.02(d).

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more amendments or indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series
of Securities established as contemplated by Section 3.01.

 

“Interest,” when used
with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity.

 

“Interest Payment Date,”
when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

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

 

“Mandatory Sinking Fund Payment”
has the meaning specified in Section 13.01.

 

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

 

“Officers’ Certificate”
means a certificate signed by the chairman of the board, the president or a vice president, and by the treasurer, an assistant
treasurer, the secretary or an assistant secretary of the Company, and delivered to the Trustee.

 

“Opinion of Counsel” means
a written opinion of counsel in a form reasonably acceptable to the Trustee, who may be counsel for the Company or the Guarantor
and who shall be acceptable to the Trustee.

 

“Optional Sinking Fund Payment”
has the meaning specified in Section 13.01.

 

“Original Issue Discount Security”
means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02.

 

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

 

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

 

(ii) Securities for whose payment
or redemption money or evidences of indebtedness in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

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(iii) Securities which have been
paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant
to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether
the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor. In case of a dispute as to such right, any decision
by the Trustee shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly
an Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for
the account of any of the above-described persons; and, subject to Section 6.01, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding
for the purposes of any such determination.

 

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

 

“Payment Blockage Notice”
has the meaning specified in Section 14.02(b).

 

“Payment Blockage Period”
has the meaning specified in Section 14.02(b).

 

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

 

“Place of Payment,” when
used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest
on the Securities of that series are payable as specified as contemplated by Section 3.01.

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Redemption Date,” when
used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price,” when
used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date”
for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 3.01.

 

“Responsible Officer”
shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including
any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of
the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter

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is referred because of such Person’s
knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture.

 

“Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this
Indenture.

 

“Security Register” and
“Security Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Indebtedness,”
unless otherwise specified in one or more indentures supplemental hereto or approved pursuant to a Board Resolution in accordance
with Section 3.01, means, with respect to the Company, (i) the principal (including redemption payments), premium, if any, interest
and other payment obligations in respect of (A) indebtedness of the Company for money borrowed and (B) indebtedness evidenced by
securities, debentures, bonds, notes or other similar instruments issued by the Company, including any such securities issued under
any deed, indenture or other instrument to which the Company is a party (including, for the avoidance of doubt, indentures pursuant
to which subordinated debentures have been or may be issued); (ii) all capital lease obligations of the Company; (iii) all obligations
of the Company issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Company, all
hedging agreements and agreements of a similar nature thereto and all agreements relating to any such agreements, and all obligations
of the Company under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business);
(iv) all obligations of the Company for reimbursement on any letter of credit, banker’s acceptance, security purchase facility
or similar credit transaction; (v) all obligations of the type referred to in clauses (i) through (iv) above of other Persons for
the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; (vi) all obligations of the type
referred to in clauses (i) through (v) above of other Persons secured by any lien on any property or asset of the Company (whether
or not such obligation is assumed by the Company) and (vii) any deferrals, amendments, renewals, extensions, modifications and
refundings of all obligations of the type referred to in clauses (i) through (vi) above, in each case whether or not contingent
and whether outstanding at the date hereof or thereafter incurred, except, in each case, for the Securities and any such other
indebtedness or deferral, amendment, renewal, extension, modification or refunding that contains express terms, or is issued under
a deed, indenture or other instrument, which contains express terms, providing that it is subordinate to or ranks pari passu with
the Securities. Such Senior Indebtedness shall continue to be Senior Indebtedness and be entitled to the benefits of the subordination
provisions of this Indenture irrespective of any amendment, modification or waiver of any term of such Senior Indebtedness and
notwithstanding that no express written subordination agreement may have been entered into between the holders of such Senior Indebtedness
and the Trustee or any of the Holders.

 

“Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

 

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

 

“Subsidiary” means, with
respect to any Person:

 

(1) any corporation or company
a majority of whose Capital Stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination,
directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such
Person and one or more subsidiaries of such Person;

 

(2) a partnership in which such
Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or

 

(3) any partnership, limited
liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries
of such Person, directly or indirectly, at the date of determination, has (x) at least a majority ownership interest or (y) the
power to

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elect or appoint or direct the election
or appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing
body of such Person.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, and in force at the date as of which this instrument was executed, except as
provided in Section 9.05.

 

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

 

“U.S. Government Obligations”
means securities which are (i) direct obligations of the United States of America for the payment of which its full faith and credit
is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the payment of which is unconditionally guaranteed as to the timely payment of principal and interest as a full
faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option
of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company which is a member of the Federal
Reserve System and having a combined capital and surplus of at least $50,000,000 as custodian with respect to any such obligation
evidenced by such depository receipt or a specific payment of interest on or principal of any such obligation held by such custodian
for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the obligation set forth in (i) or (ii) above or the specific payment of interest on or principal of such obligation
evidenced by such depository receipt.

 

Section 1.02 Compliance
Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with and, where appropriate as to matters
of law, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied
with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need
be furnished.

 

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

 

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

 

(2) 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;

 

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

 

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

 

Section 1.03 Form of Documents Delivered
to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified
Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some
matters and one or more other

    	6

    	

    

such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several documents.

 

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

 

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

 

Section 1.04 Acts of Holders.

 

(a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed
in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are received by the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee, the Company and
the Guarantor, if made in the manner provided in this Section 1.04.

 

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

 

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

 

(d) If the Company shall solicit from
the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option,
by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding
Trust Indenture Act Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution,
which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith
and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities shall be computed as of such record date; provided, however, that
no such authorization, agreement or consent by such Holders on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than eleven months after the record date.

 

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

    	7

    	

    

Section 1.05 Notices,
Etc., to Trustee, the Company and the Guarantor. Any request, demand, authorization, direction, notice, consent, waiver or
Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

(1) the Trustee by any Holder,
the Company or the Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (including
a facsimile transmission) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Services – Administrator
– XL Group PLC,

 

(2) the Company by the Trustee
or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing (including
a facsimile transmission) and mailed, first-class postage prepaid, to the Company, addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee
by the Company, to the attention of the secretary of the Company, or

 

(3) the Guarantor by the Trustee
or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing (including
a facsimile transmission) and mailed, first-class postage prepaid, to the Guarantor, addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee
by the Guarantor, to the attention of the general counsel of the Guarantor.

 

Section 1.06 Notice
to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by
such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice hereunder. In any case where notice to Holders is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by
the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

 

In case by reason of the suspension of regular
mail service or by reason of any other case it shall be impracticable to give such notice by mail, then such notification as shall
be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section 1.07 Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision which is required or
deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision
shall control.

 

Section 1.08 Effect
of Headings and Table of Contents. The article and section headings herein and the table of contents are for convenience only
and shall not affect the construction hereof.

 

Section 1.09 Successors
and Assigns. All covenants and agreements in this Indenture by the Company and the Guarantor shall bind their successors and
assigns, whether so expressed or not.

 

Section 1.10 Separability
Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.11 Benefits of Indenture.
Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

    	8

    	

    

Section 1.12 Governing
Law; Waiver of Jury Trial. This Indenture and the Securities shall be governed by and construed in accordance with the laws
of the State of New York, and for all purposes will be construed in accordance with the laws of said State without giving effect
to principles of conflicts of laws of such State.

 

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

 

Section 1.13 Legal
Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business
Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest
or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date,
or at the Stated Maturity, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption
Date or Stated Maturity, as the case may be.

 

Section 1.14 References
to Currency. All references in this Indenture to “dollars” or “$” are to the currency of the United
States of America.

 

Section 1.15 Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

Section 1.16 USA
PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all
financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order
for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

ARTICLE
ii

 

SECURITY
FORMS

 

Section 2.01 Forms
Generally. The Securities of each series shall be in substantially the forms established in one or more indentures supplemental
hereto or approved from time to time by or pursuant to a Board Resolution of the Company in accordance with Section 3.01, in each
case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture
and any indenture supplemental hereto, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any securities exchange or securities regulatory authority
or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the
Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to
the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of
such Securities.

 

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

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Section 2.02 Form
of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication required by this article
shall be in substantially the form set forth below:

 

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

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Section 2.03 Securities Issuable in the
Form of a Global Security.

 

(a) If the Issuer shall establish pursuant
to Sections 2.01 and 3.01 that the Securities of a particular series are to be issued in whole or in part in the form of one or
more Global Securities, then the Issuer shall execute and the Trustee shall, in accordance with Section 3.03 and the Company Order
delivered to the Trustee thereunder, authenticate and deliver, such Global Security or Securities, which (i) shall represent, and
shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series to be represented
by such Global Security or Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities
or its nominee, (iii) shall be delivered by the Trustee to the Depositary or its custodian or pursuant to the Depositary’s
instruction and (iv) shall bear a legend substantially to the following effect: “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I)
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(b) Notwithstanding any other provision
of this Section 2.03 or of Section 3.05, unless the terms of a Global Security expressly permit such Global Security to be exchanged
in whole or in part for individual Securities, a Global Security may be transferred, in whole but not in part and in the manner
provided in Section 3.05, only to another nominee of the Depositary for such Global Security, or to a successor Depositary for
such Global Security selected or approved by the Issuer or to a nominee of such successor Depositary.

 

(c) (i) If at any time the
Depositary for a Global Security notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Security
or if at any time the Depositary for the Securities for such series shall no longer be eligible or in good standing under the Securities
Exchange Act of 1934, as amended, or other applicable statute or regulation, the Issuer shall appoint a successor Depositary with
respect to such Global Security. If a successor Depositary for such Global Security is not appointed by the Issuer within 90 days
after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer will execute a Company Order for the authentication
and delivery of individual Securities of such series in exchange for such Global Security, and the Trustee, upon receipt of such
Company Order, will authenticate and deliver individual Securities of such series of like tenor and terms in definitive form in
an aggregate principal amount equal to the principal amount of the Global Security in exchange for such Global Security.

 

(ii) If an Event of Default shall
have occurred and be continuing or an event shall have occurred which with the giving of notice or lapse of time or both would
constitute an Event of Default

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with respect to the Securities represented
by such Global Security, the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities
of such series in exchange for such Global Security, will authenticate and deliver individual Securities of such series of like
tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security in exchange
for such Global Security.

 

(iii) If specified by the Issuer
pursuant to Section 3.01 with respect to Securities issued or issuable in the form of a Global Security, the Depositary for such
Global Security may surrender such Global Security in exchange in whole or in part for individual Securities of such series of
like tenor and terms in definitive form on such terms as are acceptable to the Issuer and such Depositary. Thereupon the Issuer
shall execute, and the Trustee shall authenticate and deliver, without service charge, (1) to each Person specified by such Depositary
a new Security or Securities of the same series of like tenor and terms in definitive form and of any authorized denomination of
$2,000 and any integral multiple of $1,000 in excess thereof as requested by such Person in aggregate principal amount equal to
and in exchange for such Person’s beneficial interest in the Global Security; and (2) to such Depositary a new Global Security
of like tenor and terms and in a denomination equal to the difference, if any, between the principal amount of the surrendered
Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof.

 

(iv) In any exchange provided
for in any of the preceding three paragraphs, the Issuer will execute and the Trustee will authenticate and deliver individual
Securities in definitive registered form in authorized denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
Upon the exchange of a Global Security for individual Securities, such Global Security shall be cancelled by the Trustee. Securities
issued in exchange for a Global Security pursuant to this Section 2.03 shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the persons in whose names such Securities
are so registered.

 

ARTICLE
III

 

THE
SECURITIES

 

Section 3.01 Amount
Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

 

The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution of the Company and set forth in an Officers’ Certificate
of the Company, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,

 

(1) any limit upon the aggregate
principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 2.03, 3.04, 3.05, 3.06, 9.06 or 12.07);

 

(2) the issue price, expressed
as a percentage of the aggregate principal amount;

 

(3) the date or dates on which
the principal of the Securities of the series is payable;

 

(4) the rate or rates at which
the Securities of the series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest
Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on the Interest Payment
Date;

 

(5) the obligation, if any, of
the Company to redeem, repay or repurchase Securities of the series pursuant to any sinking fund or analogous provisions or at
the option of a Holder thereof and

    	11

    	

    

the period or periods within which,
the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed, repaid or repurchased,
in whole or in part, pursuant to such obligation;

 

(6) the period of periods within
which, the price or prices or ratios at which and the terms and conditions upon which Securities of the series may be redeemed,
converted or exchanged, in whole or in part;

 

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

 

(8) if other than the full principal
amount, the portion of the principal amount of Securities of the series which will be payable upon declaration of acceleration
or provable in bankruptcy;

 

(9) any events of default not
set forth in this Indenture;

 

(10) the currency or currencies,
including composite currencies, in which payment of the principal of (and premium, if any) and interest, if any, on such Securities
shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall be the currency
of the United States of America as at the time of payment is legal tender for payment of public or private debts;

 

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

 

(12) whether interest will be
payable in cash or additional Securities at the Company’s or the Holders’ option and the terms and conditions upon
which the election may be made;

 

(13) if such Securities are to
be denominated in a currency or currencies, including composite currencies, other than the currency of the United States of America,
the equivalent price in the currency of the United States of America for purposes of determining the voting rights of Holders of
such Securities as Outstanding Securities under this Indenture;

 

(14) if the amount of payments
of principal of (and premium, if any), or portions thereof, or interest, if any, on such Securities may be determined with reference
to an index, formula or other method based on a coin or currency other than that in which such Securities are stated to be payable,
the manner in which such amounts shall be determined;

 

(15) any restrictive covenants
or other material terms relating to the offered debt securities, which covenants and terms shall not be inconsistent with the provisions
of this Indenture;

 

(16) whether the Securities of
the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any,
upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary
for such Global Security or Securities;

 

(17) if other than as set forth
in this Indenture, any terms with respect to subordination of such Securities, including, without limitation, the definition of
“Senior Indebtedness”;

 

(18) any listing of such Securities
on any securities exchange;

 

(19) additional or alternative
provisions, if any, related to defeasance and discharge of the offered debt securities;

    	12

    	

    
(20) the applicability of any
additional guarantees;

 

(21) if convertible or exchangeable
for other securities, the terms on which such Securities are convertible or exchangeable, including the initial conversion or exchange
price, the conversion or exchange period, any events requiring an adjustment of the applicable conversion or exchange price and
any requirements relating to the reservation of securities for purposes of conversion in the case of convertible securities;

 

(22) provisions, if any, granting
special rights to the Holders of Securities of the series upon the occurrence of such events as may be specified;

 

(23) each initial Place of Payment;
and

 

(24) any other terms of the series,
which terms shall not be inconsistent with the provisions of this Indenture.

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution
and set forth in such Officers’ Certificate or in any such indenture supplemental hereto.

 

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

 

Section 3.02 Denominations. The Securities
of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated
by Section 3.01. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series
shall be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 

Section 3.03 Execution, Authentication,
Delivery and Dating. The Securities shall be executed on behalf of the Company by any two of the following individuals: any
member of its Board of Directors, its president, treasurer, any of its corporate secretaries, assistant secretary or any of its
vice presidents. The signature of any of these individuals on the Securities may be manual, facsimile or electronic (including
“.pdf” format).

 

Securities bearing the manual, facsimile
or electronic (including “.pdf” format) signatures of individuals who were at any time the proper officers of the Company
shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Securities or did not hold such offices at the date of such Securities.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee, in accordance
with the Company Order, shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have
been established in or pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, or by one or more indentures
supplemental hereto as provided by Section 9.01, in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall
be fully protected in relying upon, an Opinion of Counsel stating,

 

(a) that such form has been established in
conformity with the provisions of this Indenture;

 

(b) that such terms have been established
in conformity with the provisions of this Indenture;

 

(c) that such Securities, 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 

    	13

    	

    

legally binding obligations of the Company,
enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization and other
laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles;

 

(d) that all laws and requirements in respect
of the execution and delivery by the Company of the Securities have been complied with; and

 

(e) the items set forth in Section 1.02 hereof
and such other matters as the Trustee may reasonably request.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee.

 

Each Security shall be dated the date of
its authentication unless otherwise provided by the terms established and contemplated by Section 3.01.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and
is entitled to the benefits of this Indenture.

 

Section 3.04 Temporary Securities.
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
as evidenced by their execution of such Securities.

 

If temporary Securities of any series are
issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of the same series of authorized denominations. Until so exchanged the temporary Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

 

Section 3.05 Registration, Registration
of Transfer and Exchange. The Company shall cause to be kept at one of its offices or agencies maintained pursuant to Section
10.02 or at the office of the Security Registrar a register (the register maintained in such office and in any other office or
agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”)
in which, subject to Section 2.03 and to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Securities and of transfers of Securities. The Trustee initially is hereby appointed “Security Registrar” for the
purpose of registering Securities and transfers of Securities as herein provided. The Company may act as Security Registrar and
may change or appoint a Security Registrar without prior notice to Holders or to the Trustee.

 

Subject to Section 2.03, upon surrender
for registration of transfer of any Security of any series at the office or agency in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. 

    	14

    	

    

Subject to Section 2.03, at the option of
the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations
and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency.
Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Securities which the Holder making the exchange is entitled to receive.

 

Subject to Section 2.03, all Securities issued
upon any registration of transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant
to Section 2.03, 3.04, 9.06 or 12.07 not involving any transfer.

 

The Company shall not be required (i) to
issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of Securities of that series selected for redemption (under Section 12.03)
and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

Each Holder of a Security agrees to indemnify
the Company, the Guarantor and the Trustee against any liability that may result from the transfer, exchange or assignment of such
Holder’s Security in violation of any provision of this Indenture and/or applicable United States federal or state securities
law.

 

The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants
or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

 

Neither the Trustee nor any agent shall have
any responsibility for any actions taken or not taken by the Depositary.

 

Section 3.06 Mutilated, Destroyed, Lost
and Stolen Securities. If there shall be delivered to the Company and the Trustee (i)(A) any mutilated Security or (B) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required
by them to hold each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee
that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for such mutilated Security,
a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

Upon the issuance of any new Security under
this Section 3.06, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other 

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expenses (including the fees and expenses
of the Trustee, which shall include any attorney’s fees and expenses) connected therewith.

 

Every new Security of any series issued pursuant
to this Section 3.06 in lieu of any destroyed, lost or stolen Security or in exchange for such mutilated Security, shall constitute
an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security
shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series duly issued hereunder.

 

The provisions of this Section 3.06 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

Section 3.07 Payment of Interest; Interest
Rights Preserved. Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest.

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1)
or (2) below:

 

(1) The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which
shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in
the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

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

 

Subject to the foregoing provisions of this
Section 3.07, each Security lawfully delivered under this Indenture upon registration of transfer of or in exchange for or in lieu
of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

Section 3.08 Persons Deemed Owners.
Subject to Section 2.03, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment
of principal of (and 

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premium, if any) and (subject to Section 3.07)
interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and none of the Company,
the Guarantor, the Trustee or any agent of the Company, the Guarantor or the Trustee shall be affected by notice to the contrary.

 

Section 3.09 Cancellation. All Securities
surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company
may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the
Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee.
No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section 3.09, except
as expressly permitted by this Indenture. The Trustee shall dispose of cancelled Securities in accordance with its customary procedures
and deliver evidence of such destruction, at the request of, and at the expense of, the Company.

 

Section 3.10 Computation of Interest.
Except as otherwise specified as contemplated by Section 3.01 for the Securities of any series, interest on the Securities of each
series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 3.11 CUSIP Numbers. The Company
in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change
in the “CUSIP” numbers.

 

ARTICLE
IV

SATISFACTION AND DISCHARGE

 

Section 4.01 Satisfaction and Discharge
of Indenture. This Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities
(except as to (i) any surviving rights of registration of transfer or exchange of Securities herein expressly provided for, (ii)
rights hereunder of Holders to receive payments of principal of, and premium, if any, and interest on, Securities, and other rights,
duties and obligations of the Holders as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee,
(iii) remaining obligations of the Company to make Mandatory Sinking Fund Payments and (iv) the rights, obligations and immunities
of the Trustee hereunder), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture with respect to any series of Securities, when:

 

(1) either

 

		(a)	all Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have
been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (ii) Securities
of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee
for cancellation; or
	 	 	 
		(b)	all such Securities not theretofore delivered to the Trustee for cancellation
	 	 	 
		(i) have become due and payable,

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	 	(ii) will become due and payable at their Stated Maturity within one year, or
	 	 	 
	 	(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii) or (iii)
above, has deposited or caused to be deposited with the Trustee as trust funds in trust (i) money in dollars in an amount (or if
the Securities are denominated in any currency other than dollars, an amount of the applicable currency), (ii) U.S. Government
Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide,
not later than one day before the due date of any payment referred to in this subparagraph, money in an amount, or (iii) a combination
thereof, sufficient, in the opinion of a nationally recognized investment banking firm or firm of independent certified public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest
to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;

 

(2) if all series of Securities
are being discharged, the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.07, and, if money shall have been deposited with
the Trustee pursuant to Subclause (1)(b) of this Section 4.01, the obligations of the Trustee under Section 4.02 and the next to
last paragraph of Section 10.03, shall survive.

 

Section 4.02 Application of Trust Funds;
Indemnification. (a) Subject to the provisions of the next to last paragraph of Section 10.03, all money and U.S. Government
Obligations deposited with the Trustee pursuant to Section 4.01, 4.03 or 4.04 and all money received by the Trustee in respect
of U.S. Government Obligations deposited with the Trustee pursuant to Section 4.01, 4.03 or 4.04 shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent), to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with or received by the Trustee or to make Mandatory Sinking
Fund Payments or analogous payments as contemplated by Section 4.03 or 4.04, but such money need not be segregated from other funds
except to the extent required by law.

 

(b) The Company shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations deposited pursuant
to Section 4.01, 4.03 or 4.04, or the interest and principal received in respect of such obligations other than any payable by
or on behalf of Holders.

 

(c) The Trustee shall deliver or pay to the
Company from time to time upon Company Request, any U.S. Government Obligations or money held by it as provided in Section 4.01,
4.03 or 4.04 which, in the opinion of a nationally recognized investment banking firm or firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would
have been required to be deposited for the purpose for which such obligations or money were deposited or received.

 

Section 4.03 Defeasance and Discharge
of Indenture. The Company shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Securities
on the 91st day after the date of the deposit 

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referred to in subparagraph (d) of this Section
4.03, and the provisions of this Indenture, as it relates to such Outstanding Securities, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall at Company Request, execute proper instruments acknowledging the same), except as
to:

 

(a) the rights of Holders of Securities to
receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of (and premium, if any) and each
installment of principal of (and premium, if any) or interest on the Outstanding Securities on the Stated Maturity of such principal
or installment of principal or interest and (ii) the benefit of any Mandatory Sinking Fund Payments applicable to the Securities
on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities;

 

(b) the Company’s obligations with
respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03; and

 

(c) the obligations of the Company to the
Trustee under Section 6.07;

 

provided that the following conditions shall have been
satisfied:

 

(d) the Company has or caused to be irrevocably
deposited (except as provided in Section 4.02) with the Trustee as trust funds in trust, specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of the Securities, (i) money in dollars in an amount (or if the Securities
are denominated in any currency other than dollars, an amount of the applicable currency), (ii) U.S. Government Obligations which
through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one
day before the due date of any payment referred to in clause (A) or (B) of this subparagraph, money in an amount, or (iii) a combination
thereof, sufficient, in the opinion of a nationally recognized investment banking firm or firm of independent certified public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge (A) the principal of (and
premium, if any) and each installment of principal of (and premium, if any) and interest on the Outstanding Securities on the Stated
Maturity of such principal or installment of principal or interest or on the applicable Redemption Date and (B) any Mandatory Sinking
Fund Payments applicable to the Securities on the day on which such payments are due and payable in accordance with the terms of
this Indenture and of the Securities;

 

(e) such deposit shall not cause the Trustee
with respect to the Securities to have a conflicting interest for purposes of the Trust Indenture Act with respect to the Securities;

 

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

 

(g) no Event of Default or event which with
notice or lapse of time would become an Event of Default with respect to the Securities shall have occurred and be continuing on
the date of such deposit or during the period ending on the 91st day after such date;

 

(h) the Company has delivered to the Trustee
an Officers’ Certificate as to solvency and the absence of any intent of preferring the Holders over any other creditors
of the Company; and

 

(i) if the deposit referred to in subparagraph
(d) of this Section 4.03 is to be made on or prior to one year from the Stated Maturity for payment of principal of the Outstanding
Securities, the Company has delivered to the Trustee an Opinion of Counsel with no material qualifications, or a favorable ruling
of the Internal Revenue Service, in either case to the effect that Holders of the Securities will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income
tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and
discharge had not occurred. 

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Section 4.04 Defeasance of Certain Obligations.
If this Section 4.04 is specified to be applicable to Securities of any series, the Company and the Guarantor may omit to comply
with any term, provision or condition set forth in the sections of this Indenture or such Security with respect to the Securities
of that series (“Covenant Defeasance”) if:

 

(1) with reference to this Section
4.04, the Company has deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust, specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of the Securities of that series, (i) money in dollars in
an amount (or if the Securities are denominated in any currency other than dollars, an amount of the applicable currency), or (ii)
U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms
will provide not later than one day before the due date of any payment referred to in clause (A) or (B) of this subparagraph money
in an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally recognized investment banking firm or
firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay
and discharge (A) the principal of (and premium, if any) and each installment of principal (and premium, if any) and interest on
the Outstanding Securities of that series on the Stated Maturity of such principal or installment of principal or interest and
(B) any Mandatory Sinking Fund Payments or analogous payments applicable to Securities of such series on the day on which such
payments are due and payable in accordance with the terms of this Indenture and of such Securities;

 

(2) such deposit shall not cause
the Trustee with respect to the Securities of that series to have a conflicting interest for purposes of the Trust Indenture Act
with respect to the Securities of any series;

 

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

 

(4) the Company has delivered to
the Trustee an Officers’ Certificate as to solvency and the absence of any intent of preferring the Holders over any other
creditors of the Company;

 

(5) if the deposit referred to in
subparagraph (1) of this Section 4.04 is to be made on or prior to one year from the Stated Maturity for payment of principal of
the Outstanding Securities, the Company has delivered to the Trustee an Opinion of Counsel with no material qualifications, or
a favorable ruling of the Internal Revenue Service, in either case to the effect that Holders of the Securities will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit and defeasance of certain obligations and will
be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if
such deposit and defeasance had not occurred; and

 

(6) the Company has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated by this Section 4.04 have been complied with.

 

In the event the Company effects Covenant
Defeasance with respect to any Securities and such Securities are declared due and payable because of the occurrence of any Event
of Default, other than an Event of Default with respect to any covenant as to which there has been Covenant Defeasance, the U.S.
Government Obligations on deposit with the Trustee will be sufficient to pay amounts due on such Securities at the time of the
Stated Maturity but may not be sufficient to pay amounts due on such Securities at the time of the acceleration resulting from
such Event of Default.

 

ARTICLE
V

REMEDIES

 

Section 5.01 Events of
Default. 

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“Event of Default” (except
as otherwise specified or contemplated by Section 3.01 for Securities of any series) wherever used herein with respect to Securities
of any series, means any one of the following events:

 

(1) default in the payment of
any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of
60 days;

 

(2) default in the payment of
the principal of (or premium, if any, on) any Security of that series at its Maturity;

 

(3) default in the deposit of
any sinking fund payment, when and as due by the terms of a Security of that series;

 

(4) default in the performance,
or breach, of any material covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in
whose performance or whose breach is elsewhere in this Section 5.01 specifically dealt with or which has expressly been included
in this Indenture solely for the benefit of series of Securities other than that series) and continuance of such for a period of
60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the Outstanding Securities, a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;

 

(5) the entry by a court having
jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or the Guarantor in an involuntary case
or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging
the Company or the Guarantor as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company or the Guarantor under any applicable law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or the Guarantor or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days;

 

(6) the commencement by the Company
or the Guarantor of a voluntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar
law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree
or order for relief in respect of the Company or the Guarantor, as the case may be, in an involuntary case or proceeding under
any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any
applicable law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or the Guarantor of any substantial part
of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due and its willingness to have a case commenced against it or to seek an order for relief
under any applicable bankruptcy, insolvency or other similar law or the taking of corporate action by the Company or the Guarantor
in furtherance of any such action;

 

(7) the Guarantee being declared
null and void in a judicial proceeding or ceasing to be in full force and effect, or the Guarantor denying or disaffirming its
obligations under this Indenture or the Guarantee other than by reason of the termination of this Indenture of the release of such
Guarantee in accordance with this Indenture; or

 

(8) any other Event of Default
expressly provided with respect to Securities of that series. 

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Section 5.02 Acceleration of Maturity;
Rescission and Annulment. If an Event of Default (other than an Event of Default resulting from bankruptcy, insolvency or reorganization)
with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal
amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may
be specified in the terms of that series) of all of the Securities of that series to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable.

 

In the case of an Event of Default resulting
from bankruptcy, insolvency or reorganization, which occurs and is continuing with respect to Securities of any series at the time
Outstanding, then all unpaid principal of and accrued interest on all such Outstanding Securities of that series shall become immediately
due and payable without any notice or other action on the part of the Trustee or the Holders of any Securities of such series.

 

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

 

(1) the Company or the Guarantor
has paid or deposited with the Trustee a sum sufficient to pay

 

		(a)	all overdue interest (including Defaulted Interest) on all Securities of that series,

 

		(b)	the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration
of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities,

 

		(c)	to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Securities, and

 

		(d)	all sums paid or advanced by the Trustee and any predecessor Trustee hereunder and all sums due the Trustee and any predecessor
Trustee under Section 6.07; and

 

(2) all Events of Default with
respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

Section 5.03 Collection of Indebtedness
and Suits For Enforcement By Trustee. The Company covenants that if

 

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

 

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

 

the Company will, upon demand of the Trustee, pay to it, for
the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium,
if any) and interest and, to the extent 

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that payment of such interest shall be legally enforceable,
interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in
such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including all amounts due the Trustee and any predecessor Trustee under Section 6.07.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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Section
5.06 Application of Money Collected. Any money collected by the Trustee pursuant
to this article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal (or premium, if any) or interest, upon presentation of the Securities and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts
due the Trustee (including its agents and counsel) and each predecessor Trustee hereunder;

 

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

 

THIRD: To the Company or the Guarantor,
as applicable.

 

Section
5.07 Limitation on Suits. No Holder of any Security of any series shall have any
right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless:

 

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

 

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

 

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

 

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

 

(5) no direction inconsistent with
such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of
the Outstanding Securities of that series; it being understood and intended that no one or more of such Holders shall have any
right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the
rights of any other of such Holders (it being further understood that the Trustee does not have an affirmative duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority
or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all such Holders.

 

Section
5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest.
Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.07) interest on such Security
on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

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

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Section
5.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy.

 

Section
5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this article
or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.

 

Section
5.12 Control by Holders. The Holders of a majority in principal amount of the Outstanding
Securities of any series (or if more than one series is affected thereby, of all series so affected, voting as a single class)
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that:

 

(1) such direction shall not be
in conflict with any rule of law or with this Indenture, expose the Trustee to personal liability or be unduly prejudicial to Holders
not joining therein, and

 

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

 

Nothing in this Indenture shall impair the
right of the Trustee to take any other action which is not inconsistent with such direction.

 

Section
5.13 Waiver of Past Defaults. The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any
past default hereunder with respect to such series and its consequences, except a default

 

(1) in the payment of the principal
of (or premium, if any) or interest on any Security of such series, or

 

(2) in respect of a covenant or
provision hereof which under this Indenture cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected.

 

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

 

Section
5.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder
of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by the Company or the Guarantor,
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Securities on or after the Stated Maturity or Maturities
expressed in such 

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Security (or, in the case of redemption, on or after the Redemption
Date). This Section 5.14 shall be in lieu of Section 315(e) of the Trust Indenture Act and such Section 315(e) is hereby expressly
excluded from this Indenture, as permitted by the Trust Indenture Act.

 

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

 

ARTICLE VI

 

THE TRUSTEE

 

Section
6.01 Certain Duties and Responsibilities.

 

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

 

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

 

(2) 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.

 

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

 

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

 

(1) this subsection shall not be
construed to limit the effect of Subsection (a) of this Section 6.01;

 

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

 

(3) the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of
a majority in principal amount of the Outstanding Securities of any series, determined as provided in Section 5.12 relating to
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

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

 

(d) Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 6.01.

 

Section
6.02 Notice of Defaults. Within 90 days after the occurrence of any default hereunder
with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series,
as their names and addresses appear in the Security Register, notice of such default hereunder actually known to a Responsible
Officer of the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a
default in the payment of the principal of (or premium, if any) or interest on any Security of such series or in the payment of
any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice
if the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of
such series; and provided, further, that in the case of any default of the character specified in Section 5.01(4) with respect
to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For
the purpose of this Section 6.02, the term “default” means any event which is, or after notice or lapse of time or
both would become, an Event of Default with respect to Securities of such series.

 

Section
6.03 Certain Rights of Trustee. Subject to the provisions of Section 6.01:

 

(a) the Trustee may conclusively rely and
shall be protected in acting or refraining from acting upon any Board Resolution, resolution, Officers’ Certificate, certificate,
statement, instrument, Opinion of Counsel, opinion, report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties;

 

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

 

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

 

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

 

(e) 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 pursuant
to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against any costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

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

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

 

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

 

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

 

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

 

(k) the Trustee may request that the Company
deliver an Officers’ 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 Officers’ Certificate may be signed by any person authorized
to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered
and not superseded;

 

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

 

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

 

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

 

Section 6.04 Not Responsible for Recitals
or Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall
not be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

Section 6.05 May Hold Securities.
The Trustee, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity,
may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.12, may otherwise deal with, and collect obligations
owed to it by, the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar or such
other agent.

 

Section 6.06 Money Held in Trust.
Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The
Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.07 Compensation, Reimbursement
and Indemnification. The Company agrees:

 

(1) to pay to the Trustee from
time to time such compensation as the Company and the Trustee shall from time to time agree in writing for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust);

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(2) except as otherwise expressly
provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by it in accordance with any provision of this Indenture (including the reasonable compensation and
the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its own negligence or bad faith; and

 

(3) to indemnify each of the Trustee
and any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense, arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the
costs and expenses of defending itself against any claim (whether asserted by the Company, the Guarantor, a 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 is due to its own negligence or bad faith.

 

To ensure the performance of the obligations
of the Company hereunder, the Trustee shall have a senior claim to which the Securities are hereby made subordinate upon all property
and funds held or collected by the Trustee as such, except property and funds held in trust for the payment of principal of, premium,
if any, or interest on particular Securities.

 

When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 5.01, the expenses (including the reasonable charges and expenses
of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable
federal or state bankruptcy, insolvency or other similar law.

 

The provisions of this Section 6.07 shall
survive the termination of this Indenture.

 

Section 6.08 Disqualification; Conflicting
Interests. The Trustee shall comply with the terms of Section 3.10(b) of the Trust Indenture Act.

 

Section 6.09 Corporate Trustee Required;
Eligibility. There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under
the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise
corporate trust powers having (or, in the case of the subsidiary of a bank holding company that guarantees the obligations of the
Trustee under this Indenture, such holding company’s parent shall have) a combined capital and surplus of at least $50,000,000
subject to supervision or examination by federal or state authority. If such corporation or holding company parent publishes reports
of condition at least annually, pursuant to law or the requirements of said supervising or examining authority, then for the purposes
of this Section 6.09, the combined capital and surplus of such corporation or holding company parent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall
cease to be eligible in accordance with the provisions of this Section 6.09, it shall resign immediately in the manner and with
the effect hereinafter specified in this article.

 

Section 6.10 Resignation and
Removal; Appointment of Successor. (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this article shall become effective until the acceptance of appointment by the successor Trustee in accordance
with the applicable requirements of Section 6.11.

 

(b) The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series. If the acceptance of appointment is
substantially contemporaneous with the resignation, then the notice called for by the first sentence of this subsection may be
combined with the instrument called for by Section 6.11.

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(c) The Trustee, upon 30 days’ notice,
may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the Trustee and to the Company.

 

(d) If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being
removed may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

 

(e) If at any time:

 

(1) the Trustee shall fail to comply
with Section 6.08 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security
for at least six months,

 

(2) the Trustee shall cease to be
eligible under Section 6.09 and shall fail to resign after written request therefor by the Company or by any such Holder, or

 

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

 

then, in any such case, upon 30 days’ notice, (i) the
Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder
who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment
of a successor Trustee or Trustees.

 

(f) The Company also may remove the Trustee
with or without cause if the Company so notifies the Trustee 30 days in advance and if no Default occurs or is continuing during
the 30-day period.

 

(g) If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to
the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities
of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to
the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section
6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

 

(h) The Company shall give notice of each
resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee
with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to
all Holders of Securities of such series as their names and addresses appear in the Security Register. Each notice shall include
the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.
The Trustee shall have no liability or responsibility for the actions or inaction of any successor Trustee.

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Section 6.11 Acceptance of Appointment
by Successor. (a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

(b) In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the Guarantor, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as
shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall, at the
expense of the Company, duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

(c) Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 6.11, as the case may be.

 

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

 

Section 6.12 Merger, Conversion, Consolidation
or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the Trustee (including the administration of this Indenture),
shall be the successor of the Trustee hereunder, provided such corporation 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
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 6.13 Preferential Collection
of Claims Against Company or Guarantor. If and when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Securities) or the Guarantor, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding
the collection of claims against the Company (or any such other obligor) or the Guarantor. A trustee who has resigned or been
removed shall be subject to the Trust Indenture Act Section 311(a) to the extent provided therein.

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ARTICLE VII

 

HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.01. Company to Furnish Trustee Names and Addresses
of Holders. The Company will furnish or cause to be furnished to the Trustee and Security Registrar (if not the Trustee) with
respect to the Securities of each series

 

(a) semi-annually, not more than 15 days
after each Regular Record Date, or, in the case of any series of Securities on which semi-annual interest is not payable, not more
than fifteen days after such semi-annual dates as may be specified by the Trustee, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Regular Record Date or such semi-annual date, as the case may be,
and

 

(b) at such other times as the Trustee may
request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as
of a date not more than 15 days prior to the time such list is furnished;

 

provided, however, that so long as the Trustee
is the Security Registrar, no such list need be furnished.

 

Section 7.02 Preservation of
Information; Communications to Holders.

 

(a) The Security Registrar shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished
by the Company as provided in Section 7.01. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt
of a new list so furnished.

 

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

 

(i) afford such applicants access
to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or

 

(ii) inform such applicants as to
the approximate number of Holders whose names and addresses appear in the information preserved at the time by the Trustee in accordance
with Section 7.02(a), and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any,
specified in such application.

 

If the Trustee shall elect not to afford
such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each Holder
whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a) a copy
of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the
Trustee of the material to be mailed and of payment by such requesting Holders, or provision for the payment, of the reasonable
expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission,
together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order
sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections
so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders
with reasonable promptness

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after the entry of such order and the renewal
of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.

 

(c) Every Holder of Securities, by receiving
and holding the same, agrees with the Company, the Guarantor and the Trustee that none of the Company, the Guarantor, the Trustee
or any agent thereof shall be held accountable by reason of the disclosure of any such information as to the names and addresses
of the Holders in accordance with Section 7.02(b), regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b).

 

(d) Subject to Sections 7.02(a), 7.02(b),
7.02(c) and 6.01, if the Company or any other person (other than the Trustee) shall desire to communicate with Holders of Securities
to solicit or obtain from them any proxy, consent, authorization, waiver, approval of a plan of reorganization, arrangement or
readjustment or other action (“Holder Action”), the Trustee shall have no duty to participate in such communication
or solicitation or the processing of responses in any manner except (i) to furnish the rules and regulations and to perform the
functions referred to in Section 1.04 and (ii) to receive (A) the instruments evidencing the Holder Action together with (B) the
Officers’ Certificate and Opinion of Counsel referred to below. The Company hereby covenants that any and all communications
and solicitations distributed by it in connection with any Holder Action will comply in all material respects with applicable law,
including, without limitation, applicable law concerning adequacy of disclosure. The Trustee shall have no responsibility for the
accuracy or completeness of any materials circulated to solicit any Holder Action or for any related communications or for the
compliance thereof with applicable law. No Holder Action shall become effective until the Trustee shall have received from the
Company or other person who solicited the Holder Action the instruments evidencing such Holder Action (x) (in the case of Holder
Action solicited by the Company or the representative of the Company’s estate if the Company is the debtor in any bankruptcy
or other insolvency proceeding) an Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each specifying the
Holder Action taken and stating that such Holder Action has been duly and validly taken in compliance with this Indenture in all
material respects. Such Officers’ Certificate, if any, shall also certify that (after giving effect to such Holder Action)
no Event of Default or event or condition which, with notice or lapse of time or both, would become an Event of Default has occurred
and is continuing or has not been waived.

 

(e) The Depositary may grant proxies and
otherwise authorize its participants which own the Global Securities to give or take any Act which a Holder is entitled to take
under this Indenture; provided, however, that the Depositary has delivered a list of such participants to the Trustee.

 

Section 7.03 Reports by Trustee.

 

(a) Within 60 days after September 30 of
each year commencing with the first September 30 following the date of this Indenture, the Trustee shall transmit by mail to all
Holders, as their names and addresses appear in the Security Register, a brief report dated as of such September 30, to the extent
required by Section 3.13(a) of the Trust Indenture Act.

 

(b) The Trustee shall comply with Sections
3.13(b) and 3.13(c) of the Trust Indenture Act.

 

(c) A copy of each such report shall, at
the time of such transmission to Holders, be filed by the Trustee with the Commission and with the Company. The Company will promptly
notify the Trustee in writing when any Securities are listed on any stock exchange, or of any delisting thereof.

 

Section 7.04 Reports.

 

The Company shall:

 

(1) file with the Trustee, within
15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant

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to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934, as amended (provided that availability of such reports on a website maintained by the Commission
shall be deemed to fulfill this requirement); or, if the Company is not required to file information, documents or reports pursuant
to either of said sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations; and

 

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

 

For so long as the Guarantor remains a guarantor
under this Indenture, or if at any time any other direct or indirect parent company of the Company is a guarantor of the Securities,
the reports, information and other documents required to be filed and furnished pursuant to this Section 7.04 may, at the option
of the Company, be filed by and be those of the Guarantor or such other parent, as applicable, rather than the Company.

 

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 or
the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officers’ Certificates).

 

ARTICLE
VIII

 

SUCCESSOR
CORPORATION

 

Section 8.01 When Company or
Guarantor May Merge or Transfer Assets. (a) The Company shall not (1) consolidate with or merge with or into any other
Person (other than the Guarantor) or convey, transfer, sell or lease its properties and assets substantially as an entirety
to any Person (other than the Guarantor), (2) permit any Person (other than the Guarantor) to consolidate with or merge into
the Company, or (3) permit any Person (other than the Guarantor) to convey, transfer, sell or lease that Person’s
properties and assets substantially as an entirety to the Company, unless:

 

(i) in the case of (1) and (2) above,
either (x) the Company shall be the surviving person or (y) the Person (if other than the Company) formed by such consolidation
or into which the Company is merged or the Person which acquires by conveyance, transfer or lease the properties and assets of
the Company substantially as an entirety is an entity organized and existing under the laws of the United States of America (including
any State thereof or the District of Columbia), the United Kingdom, Ireland, the Cayman Islands, Bermuda or any country which is
a member of the Organisation for Economic Co-operation and Development or the European Union and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee in form reasonably satisfactory to the Trustee, all of the
obligations of the Company under the Securities and this Indenture;

 

(ii) immediately after giving effect
to such transaction, no Event of Default, and no event that, after notice or lapse of time or both, would become an Event of Default,
shall have occurred and be continuing; and

 

(iii) the Company shall have delivered
to the Trustee an Officers’ Certificate stating that such consolidation, merger, conveyance, transfer, sale or lease and,
if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Section
8.01 and that all conditions precedent herein provided for relating to such transaction have been satisfied.

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(b) The Guarantor shall not (1) consolidate
with or merge with or into any other Person (other than the Company) or convey, transfer, sell or lease its properties and assets
substantially as an entirety to any Person (other than the Company), (2) permit any Person (other than the Company) to consolidate
with or merge into the Guarantor, or (3) permit any Person to convey, transfer, sell or lease that Person’s properties and
assets substantially as an entirety to the Guarantor, unless:

 

(i) in the case of (1) and (2) above,
either (x) the Guarantor shall be the surviving person or (y) the Person (if other than the Guarantor) formed by such consolidation
or into which the Guarantor is merged or the Person which acquires by conveyance, transfer or lease the properties and assets of
the Guarantor substantially as an entirety is an entity organized and existing under the laws of the United States of America (including
any State thereof or the District of Columbia), the United Kingdom, Ireland, the Cayman Islands, Bermuda or any country which is
a member of the Organisation for Economic Co-operation and Development or the European Union and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee in form reasonably satisfactory to the Trustee, all of the
obligations of the Guarantor under the Securities and this Indenture;

 

(ii) immediately after giving effect
to such transaction, no Event of Default, and no event that, after notice or lapse of time or both, would become an Event of Default,
shall have occurred and be continuing; and

 

(iii) the Guarantor shall have delivered
to the Trustee an Officers’ Certificate stating that such consolidation, merger, conveyance, transfer, sale or lease and,
if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Section
8.01 and that all conditions precedent herein provided for relating to such transaction have been satisfied.

 

(c) The successor Person formed by such
consolidation or into which the Company or the Guarantor is merged or the successor Person to which such conveyance, transfer,
sale or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company or the
Guarantor, as the case may be, under this Indenture with the same effect as if such successor had been named as the Company or
Guarantor, respectively, herein; and thereafter, the Company or the Guarantor, as the case may be, shall be discharged from all
obligations and covenants under this Indenture and the Securities. Subject to Section 9.03, the Company, the Guarantor, the Trustee
and the successor Person shall enter into a supplemental indenture to evidence the succession and substitution of such successor
Person and such discharge and release of the Company or the Guarantor. 

 

ARTICLE
IX

 

AMENDMENTS & SUPPLEMENTAL INDENTURES

 

Section 9.01 Amendments or Supplemental
Indentures Without Consent of Holders. The Company and the Guarantor, when authorized by Board Resolutions, and the Trustee,
at any time and from time to time, may amend or supplement this Indenture or the Securities or waive any provision of this Indenture
or the Securities without the consent of any Holder, so long as such changes or waivers, other than those in clause (2), do not
materially and adversely affect the interests of the Holder:

 

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

 

(2) to make any modifications or
amendments that do not, in the good faith opinion of the Company’s or the Guarantor’s Board of Directors and the Trustee,
adversely affect the interests of the Holders in any material respect, provided that any amendment or supplement conforming this
Indenture, as applied to a series of Securities, to the terms described in the prospectus (including any prospectus supplement)
pursuant to which the Securities were initially sold shall be deemed not to adversely affect the interest of Holders; 

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(3) to provide for the assumption
of the Company’s or the Guarantor’s obligations under this Indenture by a successor upon any merger, consolidation
or asset transfer as permitted by and in compliance with Article VIII of this Indenture;

 

(4) to provide any security for
or additional guarantees of the Securities;

 

(5) to add Events of Default with
respect to the Securities;

 

(6) to add covenants for the benefit
of the Holders or to surrender any right or power conferred upon the Company or the Guarantor by this Indenture;

 

(7) to make any change necessary
to comply with the Trust Indenture Act, or any amendment thereto, or to comply with any requirement of the Commission in connection
with the qualification of this Indenture under the Trust Indenture Act;

 

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

 

(9) to add to or change any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer
form, registrable or not registrable as to principal, and with or without interest coupons;

 

(10) to change or eliminate any
of the provisions of this Indenture, provided, however, that any such change or elimination shall become effective only when there
is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the
benefit of such provision;

 

(11) to establish the form or terms
of Securities of any series as permitted by Sections 2.01 and 3.01; or

 

(12) to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b).

 

Section 9.02 Amendments
or Supplemental Indentures with Consent of Holders. With the written consent of the Holders of not less than a majority in
aggregate principal amount of the Securities at the time Outstanding of all series affected by such amendment or supplement (taken
together as one class), the Company and the Guarantor, when authorized by a Board Resolution, and the Trustee, at any time and
from time to time, may amend or supplement this Indenture or the Securities. However, without the consent of each Holder affected,
an amendment of or a supplement to this Indenture or the Securities may not:

 

(1) change the Stated Maturity of
the principal of, or premium, if any, or any installment of interest with respect to the Securities;

 

(2) reduce the principal amount
of, or the rate of interest on, or any premium payable upon the redemption of, the Securities;

 

(3) change the currency of payment
of principal of or interest on the Securities;

 

(4) change the redemption provisions,
if any, of any Securities in any manner adverse to the Holders of such Securities;

 

(5) impair the right to institute
suit for the enforcement of any payment on or with respect to the Securities; 

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(6) reduce the above-stated percentage
of Holders of the Securities of any series necessary to modify or amend this Indenture;

 

(7) if the Securities are convertible
or exchangeable, adversely affect the right to convert or exchange the Securities in accordance with the provisions of this Indenture;

 

(8) release the Guarantor from any
of its obligations under the Guarantee, except in accordance with the terms of this Indenture;

 

(9) modify or change the subordination
provisions hereof in any manner which adversely affects the Holders; or

 

(10) modify the foregoing requirements
or reduce the percentage of Outstanding Securities necessary to waive any covenant or past default.

 

It shall not be necessary for any Act of
the Holders under this Section 9.02 to approve the particular form of any proposed amendment or supplemental indenture, but it
shall be sufficient if such Act approves the substance thereof.

 

After an amendment or supplemental indenture
under this Section 9.02 becomes effective, the Company shall mail to each Holder a notice briefly describing the amendment or supplemental
indenture.

 

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

 

Section 9.03 Execution
of Supplemental Indentures. The Trustee shall sign any supplemental indenture authorized pursuant to this article if the amendment
contained therein does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee
may, but need not, sign such supplemental indenture. In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive,
and (subject to Section 6.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that this Indenture
as amended by such supplemental indenture is the valid, binding and enforceable obligation of the Company and Guarantor in accordance
with its terms.

 

Section 9.04 Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this article, this Indenture shall be modified
in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder
of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 

Section 9.05 Conformity
with Trust Indenture Act. Every supplemental indenture executed pursuant to this article shall conform to the requirements
of the Trust Indenture Act as then in effect.

 

Section 9.06 Reference
in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this article may, and shall if required by the Trustee, bear a notation in form approved by
the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of
any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be
prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of
such series.

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ARTICLE
X

COVENANTS

 

Section 10.01 Payment of Principal, Premium
and Interest. The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually
pay the principal of (and premium, if any) and interest on the Securities of that series in accordance with the terms of the Securities
and this Indenture. At the option of the Company, payment of principal (and premium, if any) and interest may be made by wire
transfer or (subject to collection) by check mailed to the address of the Person entitled thereto at such address as shall appear
in the Security Register.

 

Section 10.02 Maintenance of Office or
Agency. The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities
of that series may be presented or surrendered for registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may be served. The Company hereby initially appoints
the Trustee its office or agency for each of said purposes. 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 shall fail to maintain any such
required office or agency or shall fail 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, and the Company hereby appoints the Trustee as
its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series 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 shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.

 

Section 10.03 Money for Securities; Payments
to Be Held in Trust. If the Company shall at any time act as its own Paying Agent with respect to any series of Securities,
it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium,
if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided
and will promptly notify the Trustee of its action or failure so to act.

 

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

 

The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section 10.03, that such Paying Agent will:

 

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

 

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

 

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

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

 

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 (and premium, if any) or interest on any
Security of any series 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 Company Request, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, 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, shall at the expense of the Company cause to be mailed or published once, in a newspaper published
in the English language, customarily published on each Business Day and of general circulation in the City, County and State of
New York, 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 mailing or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

The Company shall have no obligation to make
payment of principal of (or premium, if any) or interest on any Security in immediately available funds, except that if the Company
shall have received original payment for Securities in immediately available funds it shall make available immediately available
funds for payment of the principal of such Securities.

 

Section 10.04 Corporate
Existence. Subject to Article VIII, the Company will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Company shall
not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material
respect to the Holders.

 

Section 10.05 Maintenance
of Properties. The Company will use its reasonable efforts to cause all material properties used or useful in the conduct
of its business to be maintained and kept in good condition, repair and working order (subject to wear and tear) and supplied
with all necessary material equipment and will use its reasonable efforts to cause to be made all necessary material repairs,
renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the
business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that
nothing in this Section 10.05 shall prevent the Company from discontinuing the operation or maintenance of any of such properties
if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business and not disadvantageous in
any material respect to the Holders.

 

Section 10.06 Statement
by Officers as to Default. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the
Company ending after the date hereof, a certificate of the principal executive officer, principal financial officer or principal
accounting officer of the Company stating whether or not to the best knowledge of the signers thereof the Company or the Guarantor
are in default in the performance and observance of any of the terms, provisions and conditions of this Indenture, and if the
Company or the Guarantor shall be in default, specifying all such defaults and the nature and status thereof of which they may
have knowledge.

 

Section 10.07 Waiver
of Certain Covenants. The Company and the Guarantor may omit in any particular instance to comply with any term, provision
or condition set forth in this Article X if, before or after the time for such compliance, the Holders of at least a majority
in principal amount of the Outstanding Securities (taken together as one class) shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term, provision or condition; except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the Guarantor and the duties of the
Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

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Section 10.08 Calculation
of Original Issue Discount. The Company shall file with the Trustee promptly at the end of each calendar year (i) a written
notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities
as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant
under the Internal Revenue Code of 1986, as amended from time to time.

 

ARTICLE
XI

THE GUARANTEE

 

Section 11.01 Unconditional
Guarantee.

 

(a) The Guarantor does hereby fully and
unconditionally guarantee to the Holders of the Securities of each series all payments of principal, premium, if any, and interest
on such Securities when due, in accordance with the provisions of such series of Securities and this Indenture. This Guarantee
shall be made on a subordinated basis, with the terms of such subordination in respect of each series of Securities issued hereunder
to be set forth in a supplemental indenture hereto.

 

(b) The Guarantor hereby waives notice
of acceptance of the Guarantee and of default of performance by the Company, and hereby agrees that payment under the Guarantee
shall be subject to no condition other than the giving of a written request for payment stating the fact of default of performance,
in the manner provided in Section 1.05 of this Indenture. The Guarantee is a guarantee of payment and not of collection.

 

(c) The obligations of the Guarantor under
the Guarantee shall in no way be impaired by: (i) any extension, amendment, modification or renewal of the Securities of the relevant
series; (ii) any waiver of any Event of Default, extension of time or failure to enforce any of the provisions of the Securities
of the relevant series or the Indenture; or (iii) any extension, moratorium or other relief granted to the Company pursuant to
any applicable law or statute.

 

(d) The Guarantor shall be obligated to
make payment under the Guarantee, for the benefit of the Holders of each series of Securities, in the same manner in which the
Company is obligated to make payments on such series of Securities.

 

(e) Subject to clause (f) below, the Guarantor
hereby agrees that:

 

(i) each series of Securities
will be paid strictly in accordance with the terms of such series of Securities and the Indenture, regardless of the value, genuineness,
validity, regularity or enforceability of such series of Securities and the Indenture, and of any law, regulation or order now
or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Trustee with respect thereto, to the
fullest extent permitted by law; and

 

(ii) the liability of the Guarantor
to the extent herein set forth shall be absolute and unconditional, not subject to any reduction, limitation, impairment, termination,
defense, offset, counterclaim, or recoupment whatsoever (all of which are hereby expressly waived by the Guarantor), whether by
reason of any claim of any character whatsoever, including, without limitation, any claim of waiver, release, surrender, alteration
or compromise, or by reason of any liability at any time to the Guarantor or otherwise, whether based upon any obligations or any
other agreement or otherwise, and howsoever arising, whether out of action or inaction or otherwise and whether resulting from
default, willful misconduct, negligence or otherwise, and without limiting the foregoing, irrespective of:

 

(1) any lack of validity or
enforceability of any agreement or instrument relating to the Securities of the relevant series; 

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(2) any change in the time, manner
or place of payment under, or in any other term in respect of, all or any Securities of the relevant series, or any other amendment
or waiver of or consent to any departure from any other agreement relating to such series of Securities;

 

(3) any increase in, addition
to, exchange or release of, or nonperfection of any lien on or security interest in, any collateral, or any release or amendment
or waiver of or consent to any departure from or failure to enforce any other guarantee, for all or any Securities of the relevant
series;

 

(4) any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Company in respect the Securities of the relevant series;

 

(5) the absence of any action
on the part of the Trustee to obtain payment under the Securities of the relevant series or the Indenture from the Company;

 

(6) any insolvency, bankruptcy,
reorganization or dissolution, or any similar proceeding of or in respect of the Company, including, without limitation, rejection
of the Securities of the relevant series in such bankruptcy; or

 

(7) the absence of notice or
any delay in any action to enforce any provision of the Securities of the relevant series or the Indenture or to exercise any right
or remedy against the Guarantor or the Company, whether under the Indenture, the Securities of the relevant series or any agreement
or any indulgence, compromise or extension granted.

 

(f) Notwithstanding anything to the contrary
in the Guarantee, the Guarantor does not waive any defense that would be available to the Company based on a breach, default or
misrepresentation by the Trustee, or failure of any condition to the Company’s obligations under the Indenture or the illegality
of any provision of the Indenture.

 

(g) The Guarantor further agrees that,
to the extent that the Company or the Guarantor makes a payment or payments to the Trustee, which payment or payments or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or repaid to the Company or the
Guarantor or their respective estate, trustee, receiver or any other party under any bankruptcy laws, state or federal law, common
law or equitable cause, then to the extent of such payment or repayment, the Guarantee and the advances or part thereof which have
been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the date such initial
payment, reduction or satisfaction occurred.

 

Section 11.02 Guarantee
for the Benefit of the Holders. The Guarantee contained in this Indenture is entered into by the Guarantor for the benefit
of the Holders from time to time of the Securities. Such provisions shall not be deemed to create any right, or to be in whole
or in part for the benefit, of any Person other than the Trustee, the Guarantor, the Holders from time to time of the Securities
and their permitted successors and assigns.

 

Section 11.03 Waiver
of Subrogation. The Guarantor shall be subrogated to all rights of the Holders of the Securities and the Trustee against the
Company pursuant to the provisions of the Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or
to receive any payments arising out of or based upon, such right of subrogation until the principal of (and premium, if any) or
interest on the Securities of the relevant series issued under the Indenture shall have been paid in full.

 

Section 11.04 No
Suspension of Remedies. Nothing contained in this Article XI shall limit the right of the Trustee or the Holders of the Securities
to take any action pursuant to Article V of this Indenture or to pursue any other rights or remedies under the Indenture or under
applicable law.

 

Section 11.05 Termination.
The Guarantee shall remain in full force and effect and shall be binding on the Guarantor, its successors and assigns until the
entire principal of and interest and any premium on the Securities shall have been paid in full or otherwise discharged in accordance
with the provisions of this Indenture. 

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ARTICLE
XII

REDEMPTION OF SECURITIES

 

Section 12.01 Applicability
of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with
this article.

 

Section 12.02 Election
to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, at
least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed,
such notice to be accompanied by a written statement signed by an authorized officer of the Company stating that no defaults in
the payment of interest or Events of Default with respect to the Securities of that series have occurred (which have not been
waived or cured). In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided
in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee an Officers’ Certificate
evidencing compliance with such restriction.

 

Section 12.03 Selection
by Trustee of Securities to Be Redeemed. If less than all the Securities of any series are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate,
subject to the customary procedures of the Depositary, and which may provide for the selection or redemption of portions (equal
to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount
of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series.

 

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

 

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

 

Section 12.04 Notice
of Redemption. The Company shall give a notice of redemption by first-class mail, postage prepaid, mailed not less than 45
nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the
Security Register. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given,
whether or not such Holder receives the notice. Failure to give notice by mail, or any defect in the notice to any such Holder
in respect of any Security, shall not affect the validity of the proceedings for the redemption of any other Security.

 

All notices of redemption shall state:

 

(1) the Redemption Date,

 

(2) the Redemption Price and
any accrued interest,

 

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

 

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

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(5) the place or places where
such Securities are to be surrendered for payment of the Redemption Price and any accrued interest,

 

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

 

(7) the CUSIP number and, if
applicable, the ISIN number, of the Securities being redeemed.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s written request, by the Trustee
in the name and at the expense of the Company.

 

Section 12.05 Deposit
of Redemption Price. On or prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with
the Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03)
an amount of money, in funds immediately available on the due date, sufficient to pay the Redemption Price of, and (except if
the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that
date.

 

Section 12.06 Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified together with accrued interest thereon,
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that installments of interest whose Stated Maturity is on the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according
to their terms and the provisions of Section 3.07.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from
the Redemption Date at the rate prescribed therefor in the Security.

 

The Trustee shall not redeem any Securities
of any series pursuant to this article (unless all Outstanding Securities of such series are to be redeemed) or mail or give any
notice of redemption of Securities during the continuance of an Event of Default hereunder known to the Trustee with respect to
such series, except that, where the mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee
shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Company a sum sufficient
for such redemption. Except as aforesaid, any moneys theretofore or thereafter received by the Trustee shall, during the continuance
of such Event of Default, be deemed to have been collected under Article V and held for the payment of all such Securities of such
series. In case such Event of Default shall have been waived as provided in Section 5.13 or the default cured on or before the
sixtieth day preceding the Redemption Date, such moneys shall thereafter be applied in accordance with the provisions of this article.

 

Section 12.07 Securities
Redeemed in Part. Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security
or Securities of the same series, of any authorized denomination as requested by such Holder, in aggregate principal amount equal
to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

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ARTICLE
XIII

 

SINKING FUNDS

 

Section 13.01 Applicability
of Article. The provisions of this article shall be applicable to any sinking fund for the retirement
of Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “Mandatory Sinking Fund Payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “Optional Sinking Fund Payment.” If provided for by the terms of Securities of any series, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 13.02. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 13.02 Satisfaction
of Sinking Fund Payments with Securities. The Company (1) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (2) may apply as credit Securities of a series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of permitted
Optional Sinking Fund Payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities
as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section 13.03 Redemption
of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any series of Securities,
the Company (1) will deliver to the Trustee an Officers’ Certificate (A) stating that no defaults in the payment of interest
or Events of Default with respect to Securities of that series have occurred (which have not been waived or cured), (B) specifying
the amount of the next ensuing sinking fund payment for that series pursuant to the terms of Securities of that series, (C) stating
whether or not the Company intends to exercise its right, if any, to make an Optional Sinking Fund Payment with respect to such
series on the next ensuing sinking fund payment date and, if so, specifying the amount of such Optional Sinking Fund Payment and
(D) specifying the portion of such sinking fund payment, if any, which is to be satisfied by payment of cash and the portion thereof,
if any, which is to be satisfied by delivering and crediting Securities of that series pursuant
to Section 13.02 and (2) will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date, the Trustee shall select the Securities of such series to be redeemed upon such sinking fund payment
date in the manner specified in Section 12.03 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 12.04. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 12.05, 12.06 and 12.07. Failure of the Company, on or before
any such 60th day, to deliver such Officers’ Certificate and Securities specified in this Section 13.03, if any, shall not
constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (a) that the Mandatory
Sinking Fund Payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without
the option to deliver or credit Securities of such series in respect thereof and (b) that the Company will make no Optional Sinking
Fund Payment with respect to Securities of such series as provided in this article.

 

The Trustee shall not redeem or cause to
be redeemed any Security of a series with sinking fund moneys or mail any notice of redemption of Securities of such series by
operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of
Default with respect to such series except that, where the mailing of notice of redemption of any Securities shall theretofore
have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received
from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at
the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during
the continuance of such default or Event of Default, be deemed to have been collected under Article V and held for the payment
of all such Securities of such series. In case such Event of Default shall have been waived as provided in Section 5.13 or the
default cured on or before the 60th day preceding the sinking fund payment date, such moneys

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shall thereafter be applied on the next succeeding
sinking fund payment date in accordance with this Section 13.03 to the redemption of such Securities.

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

ARTICLE
XIV

 

SUBORDINATION

 

Section
14.01 Agreement to Subordinate.

 

(a) The Company covenants and agrees, and
each Holder of Securities issued hereunder by such Holder’s acceptance thereof likewise covenants and agrees, that (except
as otherwise specified as contemplated by Section 3.01 for Securities of any series) all Securities shall be issued subject to
the provisions of this article; and each Holder of a Security, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions.

 

(b) The payment by the Company of the principal
of, and interest on, the Securities issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated
and junior in right of payment to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the
date of this Indenture or thereafter incurred.

 

(c) No provision of this article shall prevent
the occurrence of any default or Event of Default hereunder.

 

Section 14.02 Default
on Senior Indebtedness.

 

(a) No direct or indirect payment by or on
behalf of the Company of principal of, premium, if any, or interest on the Securities, whether pursuant to the terms of the Securities
or upon acceleration, by way of repurchase, redemption, defeasance or otherwise, will be made if, at the time of such payment,
there exists a default in the payment when due of all or any portion of the obligations under or in respect of any Senior Indebtedness,
whether at maturity, on account of mandatory redemption or prepayment, acceleration or otherwise, and such default shall not have
been cured or waived or the benefits of this sentence waived by or on of the holders of Senior Indebtedness.

 

(b) In addition, during the continuance of
any non-payment default or non-payment event of default with respect to any Senior Indebtedness pursuant to which the maturity
thereof may be accelerated, and upon receipt by the Trustee of written notice (a “Payment Blockage Notice”)
from a holder or holders of such Senior Indebtedness or the trustee or agent acting on behalf of such Senior Indebtedness, then,
unless and until such default or event of default has been cured or waived or has ceased to exist or such Senior Indebtedness has
been discharged or repaid in full in cash, or the requisite holders of such Senior Indebtedness have otherwise agreed in writing,
no payment of any kind or character with respect to any principal of or interest on or distribution will be made by or on behalf
of the Company on account of or with respect to the Securities, during a period (a “Payment Blockage Period”) commencing
on the date of receipt of such Payment Blockage Notice by the Trustee and ending 179 days thereafter.

 

(c) Notwithstanding anything herein to the
contrary, (x) in no event will a Payment Blockage Period extend beyond 179 days from the date the Payment Blockage Notice in respect
thereof was given and (y) there must be 180 days in any 360-day period during which no Payment Blockage Period is in effect. Not
more than one Payment Blockage Period may be commenced with respect to the Securities during any period of 360 consecutive days.
No default or event of default that existed or was continuing on the date of commencement of any Payment Blockage Period with
respect to the Senior Indebtedness initiating such Payment Blockage Period may be, or be made, the basis for the commencement
of any other Payment Blockage Period by the holder or holders of such Senior Indebtedness or the trustee or agent acting on behalf
of such Senior Indebtedness, whether or not within a

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period of 360 consecutive days, unless such
default or event of default has been cured or waived for a period of not less than 90 consecutive days.

 

(d) In the event that, notwithstanding the
foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section
13.02, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness
or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing
such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, to the extent
necessary to pay such Senior Indebtedness in full, in cash, after giving effect to any concurrent payment or distribution to or
for the benefit of the holders of such Senior Indebtedness, before any payment or distribution is made to the Holders or to the
Trustee.

 

Section
14.03 Liquidation; Dissolution; Bankruptcy.

 

(a) Upon any distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to creditors upon any total or partial dissolution,
winding-up, liquidation or reorganization of the Company, whether voluntary or involuntary, assignment for the benefit of creditors
or marshalling of the Company’s assets, or in bankruptcy, insolvency, receivership or other similar proceedings, whether
voluntary or involuntary, all principal, premium, if any, and interest due or to become due to all Senior Indebtedness of the Company
shall first be paid in full in cash, or such payment duly provided for to the satisfaction of the holders of the Senior Indebtedness,
before the Holders are entitled to receive or retain any payment; and upon any such dissolution or winding-up or liquidation or
reorganization, any payment by the Company, or distribution of assets of the Company of any kind or character whether in cash,
property or securities, which the Holders or the Trustee would be entitled to receive from the Company, except for the provisions
of this article, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person
making such payment or distribution, or by the Holders or by the Trustee under this Indenture if received by them or it, directly
to the holders of Senior Indebtedness of the Company or their respective representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests
may appear, as calculated by the Company, to the extent necessary to pay such Senior Indebtedness in full in cash, or such payment
duly provided for to the satisfaction of the holders of the Senior Indebtedness, after giving effect to any concurrent payment
or distribution to or for the benefit of the holders of such Senior Indebtedness, before any payment or distribution is made to
the Holders or to the Trustee.

 

(b) In the event that, notwithstanding the
foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
prohibited by the foregoing, shall be received by the Trustee before all Senior Indebtedness of the Company is paid in full, or
provision is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for
the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have
been issued, as their respective interests may appear, as calculated by the Company, to the extent necessary to pay such Senior
Indebtedness in full, in cash, after giving effect to any concurrent payment or distribution to or for the benefit of the holders
of such Senior Indebtedness, before any payment or distribution is made to the Holders or to the Trustee.

 

(c) For purposes of this article, the words
“cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of
which is subordinated at least to the extent provided in this article with respect to the Securities to the payment of all Senior
Indebtedness of the Company that may at the time be outstanding; provided, however, that (i) such Senior Indebtedness is assumed
by the new corporation, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of
such Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The amalgamation
or consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution
of the Company following the conveyance or transfer of its properties or assets substantially as an entirety, to another corporation
upon the terms and conditions provided for in Article Eight of this Indenture shall not be deemed a dissolution, winding-up, liquidation
or reorganization for the purposes of this Section 14.03 if such other corporation shall, as part of such amalgamation, consolidation,
merger, conveyance or

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transfer, comply with the conditions stated
in Article Eight of this Indenture. Nothing in Section 14.02 or in this Section 14.03 shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 6.07 of this Indenture.

 

(d) If the Trustee or any Holder of Securities
does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior to 30 days before
the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby authorized,
and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Securities.

 

Section
14.04 Subrogation.

 

(a) Subject to the payment in full of all
Senior Indebtedness of the Company then outstanding, the rights of the Holders shall be subrogated to the rights of the holders
of such Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to such
Senior Indebtedness until the principal of and interest on the Securities shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which
the Holders or the Trustee would be entitled except for the provisions of this article, and no payment over pursuant to the provisions
of this article to or for the benefit of the holders of such Senior Indebtedness by Holders or the Trustee, shall, as between the
Company, its creditors other than holders of Senior Indebtedness of the Company, and the Holders, be deemed to be a payment by
the Company to or on account of such Senior Indebtedness. It is understood that the provisions of this article are and are intended
solely for the purposes of defining the relative rights of the Holders, on the one hand, and the holders of such Senior Indebtedness,
on the other hand.

 

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

 

(c) Upon any payment or distribution of assets
of the Company referred to in this article, the Trustee, subject to the provisions of Section 6.01 of this Indenture, and the Holders
shall be entitled to rely conclusively upon any order or decree made by any court of competent jurisdiction in which such dissolution,
winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation
trustee, agent or other Person making such payment or distribution, delivered to the Trustee or the Holders, for the purposes of
ascertaining the Persons entitled to participate in such distribution, the holders of Senior Indebtedness and other indebtedness
of the Company the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this article.

 

Section 14.05 Trustee to Effectuate Subordination. Each Holder of Securities by such Holder’s acceptance thereof authorizes
and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this article and appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes.

 

Section 14.06 Notice
by the Company.

 

(a) The Company shall give prompt written
notice to a Responsible Officer of the Trustee of any fact known to the Company that would prohibit the making of any payment
of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this article. Notwithstanding the provisions
of this article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to
the provisions of this article, unless and until a Responsible Officer of the Trustee shall have received written notice

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thereof from the Company or a Holder or holders
of Senior Indebtedness or from any representative or trustee therefor; and before the receipt of any such written notice, the Trustee,
subject to the provisions of Section 6.01 of this Indenture, shall be entitled in all respects to assume that no such facts exist;
provided, however, that if the Trustee shall not have received the notice provided for in this Section 14.06 at least two Business
Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation,
the payment of the principal of or interest on any Security), then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such money and to apply the same to the purposes for which such money
was received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior
to such date.

 

(b) The Trustee, subject to the provisions
of Section 6.01 of this Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness of the Company (or a trustee or representative on behalf of such holder),
to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee or representative on behalf of
any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect
to the right of any Person as a holder of such Senior Indebtedness to participate in any payment or distribution pursuant to this
article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under this article and, if such evidence is not furnished,
the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment.

 

Section
14.07 Rights of The Trustee; Holders of Senior Indebtedness.

 

(a) The Trustee in its individual capacity
shall be entitled to all the rights set forth in this article in respect of any Senior Indebtedness at any time held by it, to
the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its
rights as such holder.

 

(b) With respect to the holders of Senior
Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are
specifically set forth in this article and no implied covenants or obligations with respect to the holders of such Senior Indebtedness
shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders
of such Senior Indebtedness and, subject to the provisions of Section 6.01 of this Indenture, the Trustee shall not be liable to
any holder of such Senior Indebtedness if it shall pay over or deliver to Holders, the Company or any other Person money or assets
to which any holder of such Senior Indebtedness shall be entitled by virtue of this article or otherwise.

 

Section 14.08 Subordination
May Not be Impaired.

 

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

 

(b) Without in any way limiting the generality
of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to time, without
the consent of or notice to the Trustee or the Holders, without incurring responsibility to the Holders and without impairing
or releasing the subordination provided in this article or the obligations hereunder of the Holders to the holders of such Senior
Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment
of, or renew or alter, such Senior Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness or any
instrument evidencing the same or any agreement under which such Senior Indebtedness is outstanding; (ii) sell, exchange, release
or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior Indebtedness; (iii) release any Person
liable in any manner for the collection of such Senior Indebtedness; and (iv) exercise or refrain from exercising or waive any
rights against the Company and any other Person.

    	48

    	

    

(c) Each present and future holder of Senior
Indebtedness shall be entitled to the benefit of the provisions of this article notwithstanding that such holder is not a party
to this Indenture.

 

Section
14.09 Article Applicable to Paying Agents. In case at any time any Paying Agent other than
the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this
article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent
within its meaning as fully for all intents and purposes as if such Paying Agent were named in this article in addition to or in
place of the Trustee; provided, however, that this Section 14.09 shall not apply to the Company or any Affiliate of the Company
if it or such Affiliate acts as Paying Agent.

 

Section
14.10 Defeasance of This Article. Notwithstanding anything contained herein to the contrary,
payments from cash or the proceeds of United States Government Obligations held in trust under Article Four hereof by the Trustee
(or other qualifying trustee) and which were deposited in accordance with the terms of Article Four hereof and not in violation
of Section 14.02 hereof for the payment of principal of and interest on the Securities shall not be subordinated to the prior payment
of any Senior Indebtedness or subject to the restrictions set forth in this article, and none of the Holders shall be obligated
to pay over any such amount to the Company or any holder of Senior Indebtedness or any other creditor of the Company.

 

Section
14.11 Subordination Language to be Included in Securities. Each Security shall contain a
subordination provision which will be substantially in the following form:

 

“The Securities are subordinated in
right of payment, in the manner and to the extent set forth in the Indenture, to the prior payment in full of all Senior Indebtedness
(as defined in the Indenture, or as set forth in one or more indentures supplemental hereto, a Board Resolution in accordance with
Section 3.01 of the Indenture or in this Security). Each Holder by accepting a Security agrees to such subordination and authorizes
the Trustee to give it affect.”

 

Section 14.12 Trustee
Not Fiduciary for Holders of Senior Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the holders
of Senior Indebtedness and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute
to Holders of Securities or to the Company or to any other person cash, property or securities to which any holders of Senior Indebtedness
shall be entitled by virtue of this Article or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes
to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and no implied
covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee.

 

[Remainder of page intentionally blank]

    	49

    	

    
IN WITNESS WHEREOF, each party hereto has
executed this Indenture as of the day and year first before written.

 

	 	XLIT LTD.
	 	 	 
	 	By: 	/s/ Peter Porrino 
	 	 	Name: Peter Porrino
	 	 	Title:Director

    	 

    	

    

	 	 	SIGNED AND DELIVERED AS A DEED FOR AND ON BEHALF OF
	 	 	 
	 	 	XL GROUP PLC
	 	 	as Guarantor
	 	 	 
	 	 	BY ITS LAWFULLY APPOINTED ATTORNEY
	 	 	 
	 	 	/s/ Peter Porrino
	 	 	Name: Peter Porrino
	 	 	Title: Executive Vice President and Chief Financial
Officer
	 	 	 
	 	 	IN THE PRESENCE OF
	 	 	 
	 	 	Witness
	 	 	 
	 	 	/s/ Kirstin Gould
	 	 	Name: Kirstin Gould
	 	 	Address: XL House, 8 St. Stephen’s Green, Dublin
2, Ireland

    	 

    	

    

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By: 	/s/ Patrick Giordano
	 	 	Name: Patrick Giordano
	 	 	Title:   Vice PresidentExhibit 4.2

 

XLIT
LTD. 

as Issuer

 

XL GROUP
PUBLIC LIMITED COMPANY

as Guarantor

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION
as Trustee

FIRST SUPPLEMENTAL INDENTURE

DATED AS OF MARCH 30, 2015 TO THE

SUBORDINATED NOTES INDENTURE DATED AS OF MARCH 30, 2015

4.450% SUBORDINATED NOTES DUE 2025

5.500% SUBORDINATED NOTES DUE 2045

 

FIRST SUPPLEMENTAL INDENTURE, dated as of
March 30, 2015 (the “First Supplemental Indenture”), by and among XLIT Ltd., a Cayman Islands exempted company
(the “Company”), having its principal office at XL House, 8 St. Stephen’s Green, Dublin 2, Ireland; XL
Group plc, an Irish public limited company (the “Guarantor”), having its principal office at XL House, 8 St.
Stephen’s Green, Dublin 2, Ireland; and Wells Fargo Bank, National Association, a national banking association, as trustee
hereunder (the “Trustee”).

 

WHEREAS, the Company, the Guarantor and
the Trustee are parties to an Indenture dated as of March 30, 2015 (the “Base Indenture”) providing for the
issuance from time to time by the Company of Securities (as defined in Section 1.01 of the Base Indenture) and the Guarantee (as
defined in Section 1.01 of the Base Indenture) by the Guarantor;

 

WHEREAS, pursuant to Section 9.01(11) of
the Base Indenture, the Company, the Guarantor and the Trustee may enter into supplemental indentures to establish the form or
terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture;

 

WHEREAS, the Company desires to issue two
new series of Securities under the Base Indenture and has duly authorized the creation and issuance of each such series of Securities
and the execution and delivery of this First Supplemental Indenture to modify the Base Indenture and provide certain additional
provisions as hereinafter set forth (the Base Indenture, as amended and supplemented by the First Supplemental Indenture, is hereinafter
referred to as the “Indenture”);

    	 

    	

    

WHEREAS, the Company and the Guarantor deem
it advisable to enter into this First Supplemental Indenture for the purposes of establishing the terms of each such series of
Securities and providing for the rights, obligations and duties of the Trustee with respect to each such series of Securities;

 

WHEREAS, the execution and delivery of this
First Supplemental Indenture has been authorized by a resolution of the Board of Directors of each of the Company and the Guarantor,
or a duly authorized committee thereof;

 

WHEREAS, concurrently with the execution
hereof, the Company has delivered an Officers’ Certificate and has caused its counsel to deliver to the Trustee an Opinion
of Counsel;

 

WHEREAS, the Company has issued the Fixed/Floating
Series E Perpetual Non-Cumulative Preference Ordinary Shares (the “Series E Preferred”) and entered into the Replacement
Capital Covenant, dated March 15, 2007, in connection with the Series E Preferred (the “Replacement Capital Covenant”);

 

WHEREAS, the Company desires to terminate
the Replacement Capital Covenant pursuant to Section 4(a) thereof and establish a record date for such purposes pursuant to Section
4(c) thereof;

 

WHEREAS, pursuant to the Replacement Capital
Covenant, effective the date hereof, the 2045 Subordinated Notes issued hereunder shall automatically become the Covered Debt
(as defined in the Replacement Capital Covenant); and

 

WHEREAS, all conditions and requirements
of the Base Indenture necessary to make this First Supplemental Indenture a valid, binding and legal instrument in accordance
with its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all
respects duly authorized by the parties hereto.

 

NOW, THEREFORE, THIS FIRST SUPPLEMENTAL
INDENTURE WITNESSETH:

 

For and in consideration of the mutual premises
and agreements herein contained, the Company, the Guarantor and the Trustee covenant and agree, for the equal and proportionate
benefit of all Holders of the 4.450% Subordinated Notes due 2025 (the “2025 Subordinated Notes”) and the 5.500%
Subordinated Notes due 2045 (the “2045 Subordinated Notes” and, together with the 2025 Subordinated Notes,
the “Subordinated Notes”), as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1.Definition of
Terms.

 

Unless otherwise provided herein or unless
the context otherwise requires:

 

(a)a term defined in the Base
Indenture has the same meaning when used in this First Supplemental Indenture;

    	2

    	

    

(b)a term defined anywhere in
this First Supplemental Indenture has the same meaning throughout;

 

(c)the singular includes the
plural and vice versa;

 

(d)headings are for convenience
of reference only and do not affect interpretation;

 

(e)if, at any time, the Regulated
Group is subject to equivalent supervision as provided for at Title III Chapter IV of the Solvency II Directive (or, if the Solvency
II Directive is amended in that respect, equivalent supervision or the nearest corresponding concept (if any) as provided for
in the Solvency II Directive as amended), references to the Solvency II Directive shall be construed as references to the Equivalent
Supervisory Regulations and references to particular provisions of, concepts contained in, or matters provided for in the Solvency
II Directive shall be construed as references to the nearest (if any) corresponding provisions of, concepts contained in, or matters
provided for in the Equivalent Supervisory Regulations other than such references in the definition of “Equivalent Supervisory
Regulations” and in the proviso to clause (ii) of the definition of “Regulatory Event;”

 

(f)if any provision of the Solvency
II Directive or other Applicable Supervisory Regulations referred to in this First Supplemental Indenture or in the 2025 Subordinated
Notes or the 2045 Subordinated Notes, as applicable, in connection with any requirements applying to the Company, the Guarantor
and/or the Regulated Group is amended or replaced so that there is no corresponding provision in the amended or replacement measures,
(i) if the requirement concerned is entirely dependent on the existence of such a corresponding provision, the requirement shall
cease to apply and (ii) if the requirement concerned is partially dependent on the existence of such a corresponding provision,
the requirement shall be deemed modified so that all parts of that requirement solely dependent on that provision shall cease
to apply; provided, in each case, that Holders of the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable,
are not adversely affected thereby; and

 

(g)the following terms have
the meanings given to them in this Section 1.1(g):

 

“2025 Scheduled Maturity Date”
means March 31, 2025.

 

“2045 Scheduled Maturity Date”
means March 31, 2045.

 

“Acquisition” means the
acquisition by the Guarantor of the entire issued and to be issued share capital of Catlin Group Limited, a Bermuda exempted company,
pursuant to the Acquisition Agreements.

 

“Acquisition Agreements”
means the Implementation Agreement and the Merger Agreement.

 

“Additional Amounts”
has the meaning set forth in Section 2.13(a).

 

“Additional Amounts Event”
means, with respect to the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, if an opinion of a recognized
independent tax counsel has

    	3

    	

    

been delivered to the Trustee stating that
the Company or the Guarantor has or will become obligated to pay Additional Amounts on the 2025 Subordinated Notes or the 2045
Subordinated Notes, as applicable, as a result of any change in or amendment to the laws (or any rules or regulations thereunder)
of any Taxing Jurisdiction, or as a result of any change in or amendment to an official interpretation or application of any such
laws, rules or regulations by any legislative body, court, governmental agency or regulatory authority (including the enactment
of any legislation and the publication of any judicial decisions or regulatory determination), which change or amendment becomes
effective on or after the issue date of the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, and that obligation
cannot be avoided by the Company or the Guarantor, as applicable, taking such reasonable measures it (acting in good faith) deems
appropriate.

 

“Applicable Supervisory Regulations”
means, at any time, the provisions of insurance supervisory laws and any rules and regulations thereunder (including the Solvency
II Directive from the time that the provisions of Title III, Chapter II, Section 1 thereof become effective with regard to the
Regulated Group, the guidelines and recommendations of EIOPA, the requirements of the Competent Supervisory Authority and any
applicable decisions of any court of competent jurisdiction) to the extent applicable, in relation to supervision of the group
solvency of the Regulated Group or the single solvency of the Company or the Guarantor, as applicable, at such time.

 

“Arrears of Interest”
has the meaning set forth in Section 2.5(a).

 

“Basic Own Funds” means
basic own funds within the meaning of the Solvency II Directive or, if the Solvency II Directive is amended to no longer refer
to basic own funds or the Solvency II Directive is not part of the Applicable Supervisory Regulations, the nearest corresponding
items (if any) under the Solvency II Directive as amended or other Applicable Supervisory Regulations.

 

“Comparable Treasury Issue”
means the United States Treasury security selected as having a maturity comparable to the remaining term of the 2025 Subordinated
Notes or the 2045 Subordinated Notes, as applicable, to be redeemed that would be used, at the time of selection and under customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such 2025
Subordinated Notes or such 2045 Subordinated Notes, as applicable, to be redeemed.

 

“Comparable Treasury Price”
means, with respect to any Redemption Date for the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, the
average of the Reference Treasury Dealer Quotations for such Redemption Date for the 2025 Subordinated Notes or the 2045 Subordinated
Notes, as applicable, to be redeemed, after excluding the highest and lowest Reference Treasury Dealer Quotations, or if the Trustee
obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations.

 

“Competent Supervisory Authority”
means (i) at any time at which the Solvency II Directive is not part of the Applicable Supervisory Regulations, a regulator, if
any, of competent jurisdiction regarding compliance of the Regulated Group (or, if applicable, the Company or the Guarantor) with
any applicable solvency margin or capital adequacy levels (and, if there is more than one such regulator, one of such regulators
designated by the Company), and (ii) at any time at which the

    	4

    	

    

Solvency II Directive is part of the Applicable
Supervisory Regulations, the Central Bank of Ireland or the authority that otherwise is the group supervisor (within the meaning
of Article 247 of the Solvency II Directive, except where Article 261 of the Solvency II Directive applies, in which case it shall
be the third country supervisor referred to in that Article, and, if there is more than one such supervisor, one of such supervisors
designated by the Company). Should the Solvency II Directive be amended in either of those respects, the Competent Supervisory
Authority shall be the competent supervisory authority (if any) exercising a corresponding role to the group supervisor with respect
to the Regulated Group.

 

“Conditions to Redemption”
has the meaning forth in Section 3.4(a).

 

“Depositary” has the
meaning set forth in Section 2.9(a).

 

“Delegated Regulation”
means Article 73.2 of Title II of European Commission Delegated Regulation (EU) 2015/35.

 

“EIOPA” means the European
Insurance and Occupational Pensions Authority or any replacement or successor body.

 

“Eligible Own Funds”
means (i) own funds (including “Basic Own Funds” and “ancillary own funds”) within the meaning of the
Solvency II Directive which (A) are eligible to form part of the items required to meet the Solvency Capital Requirement and (B)
meet the requirements of the Delegated Regulation in order to be available to meet the Solvency Capital Requirement or (ii) if
the Solvency II Directive is amended to no longer refer to all or part of the foregoing or the Solvency II Directive is no longer
part of the Applicable Supervisory Regulations, the nearest corresponding items (if any) to the foregoing under the Solvency II
Directive as amended or other Applicable Supervisory Regulations; provided, that if the Delegated Regulation or other Applicable
Supervisory Regulations (as applicable) are amended or replaced, then reference to provisions of the Delegated Regulation or other
Applicable Supervisory Regulations (as applicable) shall be construed as references to the nearest corresponding provision (if
any) of the Delegated Regulation or other Applicable Supervisory Regulations (as applicable) as amended or of the replacement
measures.

 

“Equivalent Supervisory Regulations”
means the provisions of insurance supervisory laws and any rules and regulations thereunder of a jurisdiction that exercises equivalent
supervision as provided for at Title III Chapter IV of the Solvency II Directive (or, if the Solvency II Directive is amended
in that respect, the equivalent supervision or the nearest corresponding concept (if any) as provided for in the Solvency II Directive
as amended) in relation to supervision of the group solvency of the Regulated Group or the single solvency of the Company or the
Guarantor, as applicable, at such time.

 

“Event of Default” has
the meaning forth in Section 4.1(b).

 

“Final Maturity Date”
means, (i) with respect to the 2025 Subordinated Notes:

 

(A)if, on the 2025 Scheduled
Maturity Date, the applicable Conditions to Redemption are satisfied and would continue to be satisfied if such final redemption

    	5

    	

    

payment were made or no such Conditions
of Redemption apply, the 2025 Scheduled Maturity Date; or

 

(B) otherwise, following the
2025 Scheduled Maturity Date, on the earlier of (1) the date falling 10 Business Days after the applicable Conditions to Redemption
are satisfied and would continue to be satisfied if the final redemption payment were made (so long as such conditions continue
to be so satisfied on such 10th Business Day) and (2) a Winding-Up; and

 

(ii)with respect to the 2045 Subordinated
Notes:

 

(A)if, on the 2045 Scheduled
Maturity Date, the applicable Conditions to Redemption are satisfied and would continue to be satisfied if such final redemption
payment were made or no such Conditions of Redemption apply, the 2045 Scheduled Maturity Date; or

 

(B) otherwise, following the
2045 Scheduled Maturity Date, on the earlier of (1) the date falling 10 Business Days after the applicable Conditions to Redemption
are satisfied and would continue to be satisfied if the final redemption payment were made (so long as such conditions continue
to be so satisfied on such 10th Business Day) and (2) a Winding-Up.

 

“Global Note” means a
Global Security representing the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable.

 

“Group Solvency” means
group solvency as provided for in Title III Chapter II of the Solvency II Directive.

 

“Guarantor Senior Indebtedness”
means, with respect to the Guarantor, (i) the principal (including redemption payments), premium, if any, interest and other payment
obligations in respect of (A) indebtedness of the Guarantor for money borrowed and (B) indebtedness evidenced by securities, debentures,
bonds, notes or other similar instruments issued by the Guarantor, including any such securities issued under any deed, indenture
or other instrument to which the Guarantor is a party (including, for the avoidance of doubt, indentures pursuant to which subordinated
debentures have been or may be issued); (ii) all capital lease obligations of the Guarantor; (iii) all obligations of the Guarantor
issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Guarantor, all hedging agreements
and agreements of a similar nature thereto and all agreements relating to any such agreements, and all obligations of the Guarantor
under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (iv) all
obligations of the Guarantor for reimbursement on any letter of credit, banker’s acceptance, security purchase facility
or similar credit transaction; (v) all obligations of the type referred to in clauses (i) through (iv) above of other Persons
for the payment of which the Guarantor is responsible or liable as obligor, guarantor or otherwise; (vi) all obligations of the
type referred to in clauses (i) through (v) above of other Persons secured by any lien on any property or asset of the Guarantor
(whether or not such obligation is assumed by the Guarantor) and (vii) any deferrals, amendments, renewals, extensions, modifications
and refundings of all obligations of the type referred to in clauses (i) through (vi) above, in each case whether or not contingent
and whether

    	6

    	

    

outstanding at the date of this First Supplemental
Indenture or thereafter incurred, except, in each case, for the Guarantee and any such other indebtedness or deferral, amendment,
renewal, extension, modification or refunding that contains express terms, or is issued under a deed, indenture or other instrument,
which contains express terms, providing that it is subordinate to or ranks pari passu with the Guarantee. Such Guarantor
Senior Indebtedness shall continue to be Senior Indebtedness and be entitled to the benefits of the subordination provisions of
this First Supplemental Indenture irrespective of any amendment, modification or waiver of any term of such Guarantor Senior Indebtedness
and notwithstanding that no express written subordination agreement may have been entered into between the holders of such Guarantor
Senior Indebtedness and the Trustee or any of the Holders.

 

“Implementation Agreement”
means the Implementation Agreement, dated January 9, 2015, among the Guarantor, Green Holdings Limited and Catlin Group Limited
relating to the Acquisition.

 

“Insolvency Event” has
the meaning forth in Section 2.4(e)(iii).

 

“Interest Payment Date”
has the meaning set forth in Section 2.3(a)(i).

 

“Issue Date” means March
30, 2015.

 

“Mandatory Deferral Event”
has the meaning set forth in Section 2.4(e)(i).

 

“Merger Agreement” means
the Merger Agreement, dated January 9, 2015, among the Guarantor, Green Holdings Limited and Catlin Group Limited relating to
the Acquisition.

 

“Minimum Capital Requirement”
means the minimum capital requirement applicable to the Company, the Guarantor or with regard to the Regulated Group, as applicable,
pursuant to the Applicable Supervisory Regulations.

 

“Record Date” has the
meaning set forth in Section 2.3(a)(i).

 

“Reference Treasury Dealer”
means (i) each of Morgan Stanley & Co. LLC and Goldman, Sachs & Co.; and (ii) two other primary U.S. government securities
dealers in New York City (a “Primary Treasury Dealer”) the Company selects. If any of the foregoing ceases
to be a Primary Treasury Dealer, the Company must substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date for the 2025 Subordinated Notes or the 2045 Subordinated
Notes, as applicable, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) for the 2025 Subordinated Notes or the 2045 Subordinated Notes,
as applicable, to be redeemed, quoted in writing to the Company by the Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day before the Redemption Date.

 

“Regulated Group” means
the Guarantor and all of its subsidiaries and holding companies, if any, from time to time required to be included in the calculation
of “group solvency” as provided for at Title III Chapter II, Section 1 of the Solvency II Directive (or if the Solvency
II Directive is

    	7

    	

    

amended, the corresponding (if any) provisions
thereto) or, if the Solvency II Directive is not part of the Applicable Supervisory Regulations, any other similar or corresponding
calculation under the Applicable Supervisory Regulations.

 

“Regulatory Event” means,
with respect to the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, if:

 

(i)at any time at which the
Solvency II Directive is part of the Applicable Supervisory Regulations, it is permitted under the Solvency II Directive and the
Applicable Supervisory Regulations related thereto to include Basic Own Funds qualifying as Tier 2 Capital in Eligible Own Funds
to meet the Solvency Capital Requirement of the Company, the Guarantor or the Regulated Group, as applicable, and the Competent
Supervisory Authority states in writing to the Company or the Guarantor that (A) under the Solvency II Directive and the Applicable
Supervisory Regulations related thereto the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable (in whole or
in part) are not or are no longer eligible to qualify for the inclusion in the determination of the Tier 2 Capital for single
solvency purposes of the Company or the Guarantor or for group solvency purposes of the Regulated Group; or (B) under the Solvency
II Directive and the Applicable Supervisory Regulations related thereto the 2025 Subordinated Notes or the 2045 Subordinated Notes,
as applicable, (in whole or in part) no longer fulfill the requirements for such inclusion in the determination of the Tier 2
Capital for single solvency purposes of the Company or the Guarantor or for group solvency purposes of the Regulated Group; provided
that upon implementation of the Solvency II Directive the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable,
did fulfill the requirement for inclusion in the determination of the Tier 2 Capital of the Company, the Guarantor or the Regulated
Group, except where in each of (A) and (B) this is the result of exceeding any applicable limits on the inclusion of such securities
in the Tier 2 Capital of the Company, the Guarantor or the Regulated Group pursuant to the Applicable Supervisory Regulations;
or

 

(ii)at any time at which the
Solvency II Directive is no longer part of the Applicable Supervisory Regulations, the Competent Supervisory Authority states
in writing to the Company, the Guarantor or a member of the Regulated Group under its jurisdiction that, under Applicable Supervisory
Regulations, the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, (in whole or in part) no longer fulfill
the requirements for the inclusion in the determination of the Basic Own Funds for single solvency or group solvency purposes
of the Company, the Guarantor or the Regulated Group, as applicable, except where this is the result of exceeding any applicable
limits on the inclusion of such 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, in the Basic Own Funds
pursuant to the Applicable Supervisory Regulations; provided that prior to such statement, the 2025 Subordinated Notes
or the 2045 Subordinated Notes, as applicable, did fulfill such requirements.

 

“Relevant Date” means,
in respect of any payment of any Additional Amounts, the date on which such payment first becomes due and payable, but if the
full amount of the moneys payable has not been received by the Trustee on or prior to such due date, it means the first date on
which the full amount of such moneys having been so received and being available for payment to

    	8

    	

    

Holders, notice to that effect shall have
been duly given to the Holders of the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable.

 

“Replacement Capital Covenant”
has the meaning set forth in the recitals.

 

“Scheduled Maturity Date”
means the 2025 Scheduled Maturity Date or the 2045 Scheduled Maturity Date, as applicable.

 

“Series E Preferred”
has the meaning set forth in the recitals.

 

“Solvency II Directive”
means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009, the further legislative acts of
the European Union enacted in relation thereto, and the national legislation implementing the same which is binding on or enforceable
by or against the Competent Supervisory Authority in each case as amended from time to time.

 

“Solvency Capital Event”
has the meaning forth in Section 2.4(e)(ii).

 

“Solvency Capital Requirement”
means the solvency capital requirement or other requirement to maintain assets applicable to the Company or the Guarantor or in
respect of the Regulated Group, as applicable, pursuant to the Applicable Supervisory Regulations and, while the Solvency II Directive
is part of the Applicable Supervisory Regulations, means the solvency capital requirement applicable to the Company or the Guarantor
or in respect of the Regulated Group, as provided for at, and determined in accordance with, Title III Chapter II of the Solvency
II Directive and approved, as applicable, by the Competent Supervisory Authority (or, if the Solvency II Directive is amended,
the nearest corresponding provisions (if any)). References to Solvency Capital Requirement shall be read as references to the
Minimum Capital Requirement where non-compliance with the Minimum Capital Requirement occurs before non-compliance with the Solvency
Capital Requirement.

 

“Special Mandatory Redemption Date”
means the earlier to occur of (i) December 31, 2015 if the Acquisition has not been consummated on or prior to 5:00 p.m., New
York City time, on December 15, 2015; or (ii) the 15th day (or if such day is not a Business Day, the first Business Day thereafter)
following the termination of the Implementation Agreement for any reason.

 

“Special Mandatory Redemption Event”
has the meaning set forth in Section 3.5(a).

 

“Special Mandatory Redemption Price”
means, with respect to each series of Subordinated Notes, 101% of the aggregate principal amount of the Subordinated Notes of
such series then Outstanding, plus accrued and unpaid interest (including Arrears of Interest) to, but excluding, the Special
Mandatory Redemption Date, and any Additional Amounts thereon.

 

“Specified Event” means,
with respect to a series of Subordinated Notes, the occurrence of any of an Additional Amounts Event, a Tax Event or a Regulatory
Event relating to such Series of Subordinated Notes.

 

“Specified Event Redemption”
has the meaning forth in Section 3.3(a).

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“Tax Event” means, with
respect to the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, if an opinion of a recognized independent
tax counsel has been delivered to the Trustee stating that, as a result of any change in or amendment to the laws (or any rules
or regulations thereunder) of any Taxing Jurisdiction, or as a result of any change in or amendment to an official interpretation
or application of any such laws, rules or regulations by any legislative body, court, governmental agency or regulatory authority
(including the enactment of any legislation and the publication of any judicial decisions or regulatory determination), which
change or amendment becomes effective on or after the issue date of the 2025 Subordinated Notes or the 2045 Subordinated Notes,
as applicable, interest payable by the Company or the Guarantor, as applicable, in respect of the 2025 Subordinated Notes or the
2045 Subordinated Notes, as applicable, is no longer, or within 90 days of the date of the opinion will no longer be, fully deductible
by the Company or the Guarantor, as applicable, for income tax purposes in the applicable jurisdiction, and that non-deductibility
cannot be avoided by the Company or the Guarantor, as applicable, taking such reasonable measures it (acting in good faith) deems
appropriate.

 

“Taxing Jurisdiction”
means the Cayman Islands, Ireland or Bermuda, or any political subdivision thereof, or any authority or agency therein having
the power to tax, or any other jurisdiction from or through which the Company or the Guarantor makes a payment on the 2025 Subordinated
Notes or the 2045 Subordinated Notes, as applicable, or the applicable Guarantees or in which the Company or the Guarantor generally
becomes subject to taxation.

 

“Tier 2 Capital” means,
at any time at which the Solvency II Directive is part of the Applicable Supervisory Regulations, capital meeting the requirements
for classification of Basic Own Funds in Tier 2 (or, if the Solvency II Directive is amended so as to no longer refer to Tier
2 in this respect, the nearest corresponding concept (if any) under the Solvency II Directive as amended).

 

“Treasury Rate” means,
with respect to any Redemption Date for the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, the rate per
year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue for the 2025 Subordinated Notes or
the 2045 Subordinated Notes, as applicable, to be redeemed, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date with respect to the 2025 Subordinated
Notes or the 2045 Subordinated Notes, as applicable, to be redeemed. The Treasury Rate shall be calculated on the third Business
Day preceding the applicable Redemption Date.

 

“Winding-Up” means the
occurrence of either of the following events:

 

(i)at any time an order is
made, or an effective resolution is passed, for the winding-up of the Company or the Guarantor (except, in any such case, a solvent
winding-up solely for the purpose of a reconstruction or amalgamation or the substitution in place of the Company or the Guarantor,
as applicable, of a successor in business of the Company or the Guarantor, as applicable, the terms of which reconstruction, amalgamation
or substitution (A) have previously been approved in writing by the Trustee or by Holders of a majority in aggregate principal
amount of the Outstanding Subordinated Notes of the

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affected series and (B) do not provide
that the Subordinated Notes of such series or any amount in respect thereof shall thereby become payable);

 

(ii)an administrator of the
Company or the Guarantor is appointed and such administrator gives notice that it intends to declare and distribute a dividend.

 

ARTICLE
II

CREATION OF THE 2025 SUBORDINATED NOTES AND THE

2045 SUBORDINATED NOTES

 

Section 2.1.Designation of
Series.

 

Pursuant to the terms hereof and Sections
2.01 and 3.01 of the Base Indenture, the Company hereby creates two new series of its Securities designated as the 2025 Subordinated
Notes and the 2045 Subordinated Notes, as applicable, which Subordinated Notes shall be deemed “Securities”
for all purposes under the Indenture.

 

Section 2.2.Form of 2025
Subordinated Notes and 2045 Subordinated Notes.

 

The 2025 Subordinated Notes shall be substantially
in the form set forth in Exhibit A hereto, and the 2045 Subordinated Notes shall be substantially in the form set forth in Exhibit
B hereto. Exhibits A and B are incorporated herein and made part hereof.

 

Section 2.3.Payment of Interest.

 

(a)(i)The 2025 Subordinated
Notes will bear interest from the Issue Date or from the most recent date to which interest has been paid or duly provided for,
as the case may be, to the applicable Final Maturity Date or earlier redemption of the 2025 Subordinated Notes as provided in
this First Supplemental Indenture, as the case may be, at the rate of 4.450% per annum payable semi-annually in arrears on March
30 and September 30 of each year (each, an “Interest Payment Date”), commencing on September 30, 2015, to the
Persons in whose names the 2025 Subordinated Notes were registered at the close of business on the preceding March 15 and September
15, respectively (each a “Record Date”); provided that no Mandatory Deferral Event has occurred and
is continuing on the applicable Interest Payment Date. On the Final Maturity Date or earlier date of redemption, the Company will
pay accrued and unpaid interest from the most recent date to which interest has been paid or provided for.

 

(ii)The 2045 Subordinated Notes
will bear interest from the Issue Date or from the most recent date to which interest has been paid or duly provided for, as the
case may be, to the applicable Final Maturity Date or earlier redemption of the 2045 Subordinated Notes as provided in this First
Supplemental Indenture, as the case may be, at the rate of 5.500% per annum payable semi-annually in arrears on each Interest
Payment Date, commencing on September 30, 2015, to the Persons in whose names the 2045 Subordinated Notes were registered at the
close of business on the preceding Record Date; provided that no Mandatory Deferral Event has occurred and is continuing
on the applicable Interest Payment Date. On the Final Maturity Date or

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earlier date of redemption, the
Company will pay accrued and unpaid interest from the most recent date to which interest has been paid or provided for.

 

(b)Interest on the Subordinated
Notes will be calculated on the basis of a 360-day year comprised of twelve 30-day months.

 

Section 2.4.Mandatory Deferral
of Interest Payments.

 

(a)If, as of any Interest Payment
Date, a Mandatory Deferral Event has occurred and is continuing or would occur if payment of interest accrued on the 2025 Subordinated
Notes or the 2045 Subordinated Notes, as applicable, were made on such Interest Payment Date, the Company or the Guarantor, as
applicable, shall be required to defer payment of all (and not less than all) of the interest accrued on such series of the 2025
Subordinated Notes or the 2045 Subordinated Notes, as applicable, as of such Interest Payment Date.

 

(b)The Company shall notify
the Trustee and the Holders of the affected series of Subordinated Notes in writing not less than 5 Business Days prior to an
Interest Payment Date (or as soon as reasonably practicable if a Mandatory Deferral Event occurs less than 5 Business Days prior
to an Interest Payment Date) if a Mandatory Deferral Event has occurred and is continuing or would occur on the Interest Payment
Date if such payment of interest were made, which written notice shall state the cause of the Mandatory Deferral Event.

 

(c)An Officers’ Certificate
relating to the affected series of Subordinated Notes certifying that (i) a Mandatory Deferral Event has occurred and is continuing,
(ii) a Mandatory Deferral Event would occur if payment of interest were made, or (iii) a Mandatory Deferral Event has ceased to
occur and payment of interest would not result in the occurrence of a Mandatory Deferral Event, in each case shall, in the absence
of manifest error, be treated and accepted by the Company, the Guarantor, the Trustee, the Holders of such series of Subordinated
Notes, as applicable, and all other interested parties as correct and sufficient evidence thereof, shall be final and binding
on such parties, and the Trustee shall be entitled to rely on such Officers’ Certificate with respect to such series of
Subordinated Notes without liability to any Person.

 

(d)Notwithstanding any other
provision of the 2025 Subordinated Notes, the 2045 Subordinated Notes or the Indenture, the deferral of any payment of interest
on the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, on any Interest Payment Date in accordance with
this Section 2.4 will not constitute an Event of Default under the Indenture with respect to the 2025 Subordinated Notes or the
2045 Subordinated Notes, as applicable, and will not give Holders of the Subordinated Notes of such series or the Trustee any
right to accelerate repayment of the Subordinated Notes of such series. Any such accrued interest, the payment of which is so
deferred, so long as such interest remains unpaid, will constitute Arrears of Interest on such series of Subordinated Notes and
will be subject to Section 2.5.

 

(e)As used this in this First
Supplemental Indenture:

 

(i)A “Mandatory Deferral
Event” with respect to a series of Subordinated Notes shall be deemed to have occurred if, at any time at which the
Solvency II Directive is part of the Applicable Supervisory Regulations, as of the relevant date, (A) a corresponding payment
would result in, or accelerate the

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occurrence of, an Insolvency Event;
(B) the Company or the Guarantor, as applicable, has received prior written notice, in accordance with regulations applicable
at such time, of an order, direction or other instruction of the Competent Supervisory Authority (1) prohibiting the Company from
making payments under that series of Subordinated Notes, (2) prohibiting the Guarantor from making any payments under its Guarantee
of that series of Subordinated Notes or (3) requiring the Guarantor or any other member of the Regulated Group under its jurisdiction
to procure or otherwise ensure compliance with any of the foregoing and, in the case of each of (1), (2) and (3), such order,
direction or other instruction remains in effect; or (C) a Solvency Capital Event either has occurred on or prior to such date
and is continuing on such date or would be caused by the payment of interest and/or Arrears of Interest on the Subordinated Notes
of such series on the relevant date, unless, in the case of this clause (C), on or prior to such date, (1) the Competent Supervisory
Authority has given, and not withdrawn by such date, its prior consent to the payment of the relevant interest and/or Arrears
of Interest and (2) the Minimum Capital Requirement is complied with after such payment is made.

 

(ii)A “Solvency Capital
Event” will have occurred if (A) the Solvency II Directive is part of the Applicable Supervisory Regulations and (B)
the Company, the Guarantor or the Regulated Group, as applicable, does not have sufficient Eligible Own Funds in order to meet
the applicable Solvency Capital Requirement.

 

(iii)An “Insolvency
Event” will have occurred if, as of the relevant date, the Company or the Guarantor, as applicable, is not, or after
making an applicable payment on either the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, or the applicable
Guarantee would not be, solvent. An Officers’ Certificate relating to the 2025 Subordinated Notes or the 2045 Subordinated
Notes, as applicable, as to the solvency of the Company or the Guarantor, as applicable, shall, in the absence of manifest error,
be treated and accepted by the Company, the Guarantor, the Trustee, the Holders of the 2025 Subordinated Notes or the 2045 Subordinated
Notes, as applicable, and all other interested parties as correct and sufficient evidence thereof, shall be final and binding
on such parties, and the Trustee shall be entitled to rely on such Officers’ Certificate with respect to the 2025 Subordinated
Notes or the 2045 Subordinated Notes, as applicable, without any liability to any Person.

 

Section 2.5.Arrears of Interest.

 

(a)Any interest in respect of
the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, not paid on an Interest Payment Date, together with
any interest in respect of the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, not paid on an earlier Interest
Payment Date will, so long as the same remains unpaid, constitute “Arrears of Interest” in respect of such
series of Subordinated Notes. Arrears of Interest on the Subordinated Notes of a series shall remain payable for so long as it
remains unpaid, and, for the avoidance of doubt, any claims thereon shall rank in right of payment pari passu with the
Subordinated Notes of such series. Any reference in the Indenture or a Subordinated Note to principal, premium or interest in
respect of a series of Subordinated Notes, any redemption

    	13

    	

    

amount and any other amounts in the
nature of principal shall be deemed also to refer to any Arrears of Interest applicable to such series of Subordinated Notes that
may be payable under the Indenture, and the express mention of the payment of Arrears of Interest applicable to such series of
Subordinated Notes (if applicable) in any provision hereof shall not be construed as excluding Arrears of Interest applicable
to such series of Subordinated Notes in those provisions hereof where such express mention is not made.

 

(b)Arrears of mandatorily deferred
interest shall bear no interest.

 

(c)At the Company’s option,
Arrears of Interest on the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, may be paid in whole or in part
to the Persons in whose names the Subordinated Notes of such series are registered as of the close of business on the 15th calendar
day (whether or not such date is a Business Day) immediately preceding the date on which payment of such Arrears of Interest is
to be made, at any time upon the expiration of not more than 15 nor less than 5 Business Days’ written notice to the Trustee,
the Paying Agent and the Holders of the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, to such effect
(which written notice shall specify the amount of such Arrears of Interest); provided that the Company shall not make any
payment of Arrears of Interest if a Mandatory Deferral Event has occurred and is continuing to occur as of the time of such payment.

 

(d)If not previously paid, Arrears
of Interest with respect to the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, shall become due and payable,
and shall be paid in whole (and not in part), on the earliest of:

 

(i)the next Interest Payment
Date for such series of Subordinated Notes on which no Mandatory Deferral Event is continuing or would occur as a result of such
payment; or

 

(ii)the date on which a Winding-Up
occurs; or

 

(iii) the Final Maturity Date
for such series of Subordinated Notes;

 

provided, that in the event of there
being Arrears of Interest on the Final Maturity Date, such Arrears of Interest shall be paid before any repayment of principal.

 

Section 2.6.Limit on Amount
of Subordinated Notes.

 

(a)(i)The 2025 Subordinated
Notes initially will be limited in aggregate principal amount to $500.0 million and may, upon execution of this First Supplemental
Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate
and deliver said 2025 Subordinated Notes in accordance with a Company Order.

 

(ii)The 2045 Subordinated Notes
initially will be limited in aggregate principal amount to $500.0 million and may, upon execution of this First Supplemental Indenture,
be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver
said 2045 Subordinated Notes in accordance with a Company Order.

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(b)(i)The Company may issue
from time to time, without giving notice to or seeking the consent of the Holders of the 2025 Subordinated Notes, additional notes
having the same terms as the 2025 Subordinated Notes (except for the initial public offering price, first Interest Payment Date
(if applicable) and the Issue Date). Any such additional notes, together with the 2025 Subordinated Notes, will constitute a single
series of Securities under the Indenture; provided that if such additional notes are not fungible with the 2025 Subordinated
Notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number or other identifier.

 

(ii)The Company may issue from
time to time, without giving notice to or seeking the consent of the Holders of the 2045 Subordinated Notes, additional notes
having the same terms as the 2045 Subordinated Notes (except for the initial public offering price, first Interest Payment Date
(if applicable) and the Issue Date). Any such additional notes, together with the 2045 Subordinated Notes, will constitute a single
series of Securities under the Indenture; provided that if such additional notes are not fungible with the 2045 Subordinated
Notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number or other identifier.

 

Section 2.7.Nature of Subordinated
Notes/Minimum Denomination.

 

(a)The subordination provisions
of Article XIV of the Base Indenture apply to the 2025 Subordinated Notes and the 2045 Subordinated Notes.

 

(b)Each series of Subordinated
Notes shall be issuable only in registered form and without coupons in denominations of $2,000 and any integral multiples of $1,000
in excess thereof.

 

Section 2.8.No Sinking Fund.

 

Except as described under Section 3.5, the
Subordinated Notes do not have the benefit of any mandatory redemption or sinking fund obligation and are not redeemable at the
option of the Holders.

 

Section 2.9.Issuance of Subordinated
Notes and Payment.

 

(a)Each of the 2025 Subordinated
Notes and the 2045 Subordinated Notes, on original issuance, shall be issued in the form of one or more fully registered Global
Notes registered in the name of The Depository Trust Company, as Depositary (the “Depositary”), or its nominee,
and deposited with the Trustee, as custodian for the Depositary, for credit by the Depositary to the respective accounts of beneficial
owners of the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, represented thereby (or such other accounts
as they may direct).

 

(b)The payment of principal
of and the interest on the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable, will be payable at the Corporate
Trust Office or, at the option of the Company, by check mailed to each Holder at its address set forth in the Security Register;
provided, however, that if a Holder has given wire transfer instructions to the Company

    	15

    	

    

and the Paying Agent and Security
Registrar at least ten Business Days prior to the applicable payment date, payment of principal of and the interest on the 2025
Subordinated Notes or the 2045 Subordinated Notes, as applicable, will be payable by wire transfer of immediately available funds
to the account specified in such instructions.

 

Section 2.10.Subordinated
Notes Not Convertible or Exchangeable.

 

The Subordinated Notes will not be convertible
or exchangeable for other securities or property.

 

Section 2.11.Guarantee.

 

The Subordinated Notes of each series are
entitled to the benefit of the Guarantees set forth in Article XI of the Base Indenture.

 

Section 2.12.Place of Payment.

 

The Paying Agent for the Subordinated Notes
of each series shall initially be the Trustee, and the Place of Payment for the Subordinated Notes of each series shall initially
be the Corporate Trust Office, which as of the date hereof for such purpose is located at 150 East 42nd Street, 40th Floor, New
York, New York 10017. The Company may from time to time designate one or more additional offices or agencies where Subordinated
Notes of a series may be presented or surrendered for payment.

 

Section 2.13.Covenants Applicable
to the Subordinated Notes.

 

Article X of the Base Indenture shall apply
to the Subordinated Notes of each series. Each series of Subordinated Notes shall be entitled to the benefit of each of the covenants
set forth in Article X of the Base Indenture and the following additional covenant:

 

(a)Additional Amounts Applicable
to the Subordinated Notes. All amounts payable (whether in respect of principal, interest or otherwise) in respect of a series
of Subordinated Notes (including, for the avoidance of doubt, payments under the related Guarantees) will be made free and clear
of and without withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of any Taxing Jurisdiction, unless the withholding or deduction of
such taxes, duties, levies, assessments or governmental charges is required by law. In that event, the Company or the Guarantor
will pay, or cause to be paid, such additional amounts on such series of Subordinated Notes as may be necessary in order that
the net amounts receivable by a Holder of such series of Subordinated Notes after such withholding or deduction (including any
withholding or deduction on such payment of additional amounts) shall equal the respective amounts that would have been receivable
by such Holder of such series of Subordinated Notes had no such withholding or deduction been required (“Additional Amounts”),
except that no such Additional Amounts shall be payable on the 2025 Subordinated Notes or the 2045 Subordinated Notes, as applicable,
in relation to any payment (including a payment made in connection with a redemption) in respect of any of the Subordinated Notes
of such series:

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(i)to, or to a third party
on behalf of, a Person who would be able to avoid such withholding or deduction by complying with such Person’s statutory
requirements or by making a declaration of non-residence or similar claim for exemption (including a claim under an applicable
double taxation treaty) but, in either case, fails to do so, or is liable for such taxes, duties, levies, assessments or governmental
charges in respect of such Subordinated Note by reason of such Person (or such third party) having some connection with (including,
without limitation, being a citizen of, being incorporated or engaged in a trade or business in, or having a residence or principal
place of business or other presence in) the Taxing Jurisdiction, other than (A) the mere holding of such Subordinated Note; (B)
the receipt of principal, interest or other amount in respect of such Subordinated Note; or (C) the mere enforcement of rights
with respect to such Subordinated Note;

 

(ii)presented for payment more
than 30 days after the Relevant Date, except to the extent that the relevant Holder would have been entitled to such Additional
Amounts on presenting the same for payment on or before the expiration of such period of 30 days;

 

(iii)to a fiduciary, a partnership
or person who is not the beneficial owner of such Subordinated Note, if and to the extent that, as a result of an applicable tax
treaty, no Additional Amounts would have been payable had the beneficiary, partner or beneficial owner owned such Subordinated
Note directly;

 

(iv)on account of any inheritance,
gift, estate, personal property, stamp, sales or transfer or similar taxes, duties, levies, assessments or similar governmental
charges;

 

(v)on account of any taxes,
duties, levies, assessments or governmental charges that are payable otherwise than by withholding from payments in respect of
such Subordinated Note;

 

(vi)any taxes imposed on, or
withheld or deducted from, a payment to an individual that are required to be made pursuant to European Council Directive 2003/48/EC,
European Council Directive 2014/48/EU or any other directive implementing the conclusions of the ECOFIN Council meeting of November
26 and 27, 2000 on the taxation of savings income, or any law implementing or complying with or introduced in order to conform
to such Directive or other directive;

 

(vii)any taxes that are withheld
or deducted pursuant to sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future
regulations thereunder, official interpretations thereof, or agreements (including any intergovernmental agreement or any laws,
rules or practices implementing such intergovernmental agreement) entered into in connection therewith; or

 

(viii)any combination of items
(i) through (vii) above.

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In the event that payments in respect of
a series of Subordinated Notes are subject to withholding or deduction for or on account of any taxes, the Company or the Guarantor
will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing
Jurisdiction in accordance with applicable law. The Company and the Guarantor will use commercially reasonable efforts to obtain
certified copies of tax receipts evidencing the payment of any taxes so deducted or withheld from each relevant Taxing Jurisdiction
imposing such taxes and will use commercially reasonable efforts to provide or make available such certified copies (or other
documentary evidence establishing the payment of such taxes) to each Holder.

 

Any reference in the Indenture or a Subordinated
Note to principal, premium or interest in respect of a series of Subordinated Notes, any redemption amount and any other amounts
in the nature of principal shall be deemed also to refer to any Additional Amounts applicable to such series of Subordinated Notes
that may be payable under the Indenture, and the express mention of the payment of Additional Amounts applicable to such series
of Subordinated Notes (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts applicable
to such series of Subordinated Notes in those provisions hereof where such express mention is not made.

 

Except as otherwise provided in or pursuant
to the Indenture, if a series of Subordinated Notes requires the payment of Additional Amounts, at least 30 days prior to each
date on which any payments under or with respect to such series of Subordinated Notes are due and payable (unless such obligation
to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter)
the Company or its designee shall furnish to the Trustee, the Registrar and the Paying Agent an Officers’ Certificate stating
the fact that such Additional Amounts will be payable, the amounts so payable, and any other information to enable the Trustee
or such Paying Agent to pay such Additional Amounts to Holders on the payment date.

 

The Company or the Guarantor will pay any
present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies that arise
in any jurisdiction from the execution, delivery or registration of any series of Subordinated Notes or any other document or
instrument referred to therein (other than a transfer of such series of Subordinated Notes) or the receipt of any payments with
respect to such series of Subordinated Notes, excluding any such taxes, charges or similar levies imposed by any jurisdiction
outside the Taxing Jurisdictions in which a Paying Agent is located, other than those resulting from, or required to be paid in
connection with, the enforcement of such series of Subordinated Notes, the Indenture or any other such document or instrument
following the occurrence of any Event of Default with respect to such series of Subordinated Notes, as applicable.

 

Section 2.14.Satisfaction
and Discharge.

 

(a)Article IV of the Base Indenture
shall apply to the Subordinated Notes of each series and the related Guarantees; provided that any applicable Conditions
to Redemption shall be satisfied (i) in the case of a discharge of such series of Subordinated Notes, at the time of such discharge,
and (ii) in the case of a defeasance of such series of Subordinated Notes, at the time of the deposit of cash or U.S. government
obligations as described in Section 4.03(d) of the Base Indenture.

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Section 2.15.Modification
and Waiver.

 

(a)Article IX of the Base Indenture
shall apply to the Subordinated Notes of each series and the related Guarantees; provided that any amendment or modification
to the Indenture or a series of Subordinated Notes shall require the prior consent of the Competent Supervisory Authority, if
such consent is then required under the Applicable Supervisory Regulations and any amendment or modification made or purported
to be made without such consent shall be void.

 

ARTICLE
III

REDEMPTION OF THE SUBORDINATED NOTES

 

Pursuant to Section 3.01(6) and Section
12.01 of the Base Indenture, the provisions of this Article III and Article XII of the Base Indenture shall apply to each of the
2025 Subordinated Notes and the 2045 Subordinated Note, as applicable; provided, that (a) the notice periods set forth
herein shall supersede those set forth in Section 12.02 and the first paragraph of Section 12.04 of the Base Indenture, and (b)
Section 12.06 of the Base Indenture shall be deemed modified to the extent necessary to give effect to the deferral of the applicable
redemption payment solely if the applicable Conditions to Redemption are not satisfied on the applicable Redemption Date, as expressly
set forth in this Article III.

 

Section 3.1.Final Redemption.

 

(a)Unless previously redeemed
or purchased and cancelled, each series of Subordinated Notes shall become finally due and payable, and shall be redeemed, on
the Final Maturity Date for such series of Subordinated Notes at a redemption price equal to the principal amount thereof, together
with accrued and unpaid interest (including Arrears of Interest) on such series of Subordinated Notes to, but excluding, the Final
Maturity Date, and any Additional Amounts thereon.

 

(b)The Company shall notify
the Trustee and the Holders of the applicable series of Subordinated Notes in writing not less than 10 Business Days prior to
the applicable Scheduled Maturity Date (or as soon as reasonably practicable if the applicable Conditions to Redemption are no
longer satisfied as of a date less than 10 Business Days prior to the applicable Scheduled Maturity Date) if the applicable Conditions
to Redemption will not be satisfied on the applicable Scheduled Maturity Date, which written notice shall state the cause of the
failure to satisfy such conditions, and the redemption of such series of Subordinated Notes shall be deferred until such time
as the applicable Conditions to Redemption are satisfied. In such event, the Company shall further notify the Trustee and the
Holders of such series of Subordinated Notes in writing not more than 5 Business Days following the satisfaction of the applicable
Conditions to Redemption that such conditions have been satisfied and stating the date that final payment on such series of Subordinated
Notes will occur, which shall be the 10th Business Day following the date such conditions were satisfied. If at any time following
the date of such written notice and prior to the stated Redemption Date the applicable Conditions to Redemption are no longer
satisfied, the above notice provisions shall again apply.

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Section 3.2.Optional Redemption
of Subordinated Notes.

 

(a)Beginning on March 31, 2020
and provided that the applicable Conditions to Redemption have been satisfied and will continue to be satisfied if the optional
redemption payment were made on such series of Subordinated Notes, each series of Subordinated Notes may be redeemed, in whole
at any time or in part from time to time, at the Company’s option, at a redemption price equal to accrued and unpaid interest
(including Arrears of Interest) on the principal amount of such series of Subordinated Notes being redeemed to, but excluding,
the Redemption Date, and any Additional Amounts thereon, plus the greater of:

 

(i)with respect to the 2025
Subordinated Notes, (A) 100% of the principal amount of the 2025 Subordinated Notes to be redeemed, and (B) the sum of the present
values of the remaining scheduled payments of principal and interest on the 2025 Subordinated Notes to be redeemed (not including
any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 40 basis points; and

 

(ii)with respect to the 2045
Subordinated Notes, (A) 100% of the principal amount of the 2045 Subordinated Notes to be redeemed, and (B) the sum of the present
values of the remaining scheduled payments of principal and interest on the 2045 Subordinated Notes to be redeemed (not including
any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 50 basis points.

 

(b)Notice of any optional redemption
will be mailed at least 30 days but not more than 60 days before the date of redemption to each Holder of the Subordinated Notes
of such series to be redeemed. The Company shall notify the Trustee and the Holders of such series of Subordinated Notes in writing
not less than 10 Business Days prior to the applicable Redemption Date (or as soon as reasonably practicable if the applicable
Conditions to Redemption are no longer satisfied as of a date less than 10 Business Days prior to the applicable Redemption Date)
if the applicable Conditions to Redemption will not be satisfied on the applicable Redemption Date, which written notice shall
state the cause of the failure to satisfy such conditions, and the redemption shall be deferred until such time as the applicable
Conditions to Redemption are satisfied. In such event, the Company shall further notify the Trustee and the Holders of such series
of Subordinated Notes in writing not more than 5 Business Days following the satisfaction of the applicable Conditions to Redemption
that such conditions have been satisfied and stating the new Redemption Date for such series of Subordinated Notes, which shall
be the 10th Business Day following the date such conditions were satisfied. If at any time following the date of such written
notice and prior to the new Redemption Date the applicable Conditions to Redemption are no longer satisfied, the above notice
provisions shall again apply.

 

(c)Unless the Company defaults
in payment of the Redemption Price (including, for this purpose, a non-payment in the event the applicable Conditions to Redemption
have not been satisfied), on and after the Redemption Date, interest will cease to accrue on the Subordinated Notes of such series
or portions thereof called for redemption.

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Section 3.3.Specified Event
Redemption of Subordinated Notes.

 

(a)Each series of Subordinated
Notes may be redeemed at the Company’s option and sole discretion, in whole but not in part, within 90 days following the
occurrence of a Specified Event (a “Specified Event Redemption”); provided that, at the time of such
Specified Event Redemption, the applicable Conditions to Redemption are satisfied and will continue to be satisfied after the
redemption payment is made and, if not so satisfied, such Specified Event Redemption will be deferred until such time as the Conditions
to Redemption are satisfied. A series of Subordinated Notes will be redeemed at a Redemption Price equal to the principal amount
thereof, together with accrued and unpaid interest (including Arrears of Interest) on such series of Subordinated Notes being
redeemed to, but excluding, the Redemption Date, and any Additional Amounts thereon.

 

(b)Notice of any Specified Event
Redemption will be mailed at least 30 days but not more than 60 days before the Redemption Date to the Trustee and each Holder
of Subordinated Notes of the series to be redeemed at its registered address (which notice will be irrevocable). The Company shall
notify the Trustee and the Holders of such series of Subordinated Notes in writing not less than 10 Business Days prior to the
applicable Redemption Date (or as soon as reasonably practicable if the applicable Conditions to Redemption are no longer satisfied
as of a date less than 10 Business Days prior to the applicable Redemption Date) if the applicable Conditions to Redemption will
not be satisfied on the applicable Redemption Date, which written notice shall state the cause of the failure to satisfy such
conditions, and the Specified Event Redemption shall be deferred until such time as the applicable Conditions to Redemption are
satisfied. In such event, the Company shall further notify the Trustee and the Holders of such series of Subordinated Notes in
writing not more than 5 Business Days following the satisfaction of the applicable Conditions to Redemption that such conditions
have been satisfied and stating the new Redemption Date for such series of Subordinated Notes, which shall be the 10th Business
Day following the date such conditions were satisfied. If at any time following the date of such written notice and prior to the
new Redemption Date the applicable Conditions to Redemption are no longer satisfied, the above notice provisions shall again apply.

 

(c)Such notice shall state the
specified Redemption Date, the facts establishing the right of the Company or the Guarantor to redeem the Subordinated Notes of
such series, and that all Outstanding Subordinated Notes of such series shall be redeemed at the applicable Redemption Price on
the Redemption Date automatically and without any further action by the Holders of such series of Subordinated Notes.

 

(d)Unless the Company defaults
in the payment of the redemption price (including, for this purpose, a non-payment in the event the applicable Conditions to Redemption
have not been satisfied), on and after the Redemption Date, interest will cease to accrue on the Subordinated Notes of such series
to be redeemed.

 

Section 3.4.Conditions to
Redemptions.

 

(a)The “Conditions
to Redemption” are satisfied on any day with respect to a scheduled redemption (including the applicable Scheduled Maturity
Date and the applicable Final Maturity Date) or a planned purchase of the Subordinated Notes of a series, if:

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(i)the redemption or purchase
of the Subordinated Notes of such series would not result in, or accelerate the occurrence of, an Insolvency Event; and

 

(ii)no Solvency Capital Event
has occurred and is continuing or would be caused by the redemption or the purchase of the Subordinated Notes of such series,
unless (A) the Competent Supervisory Authority has given, and not withdrawn by such date, its prior consent to the redemption
of the Subordinated Notes of such series and the payment of accrued and unpaid interest and Arrears of Interest (if any) and any
Additional Amounts thereon or to the purchase of the Subordinated Notes of such series (to the extent it may give such prior consent
in accordance with the Applicable Supervisory Regulations), (B) the repaid or purchased principal amounts of such series of Subordinated
Notes have been replaced by other at least equivalent regulatory capital of at least equal status, and (C) the Minimum Capital
Requirement is complied with after the repayment or purchase of such series of Subordinated Notes; provided, that if under
the Applicable Supervisory Regulations no such consent, replacement or ongoing compliance with the Minimum Capital Requirement
(as the case may be) is required at the time in order for the Subordinated Notes of such series to qualify or continue to qualify,
as applicable, as Tier 2 Capital of the Company, the Guarantor or the Regulated Group, such consent, replacement or ongoing compliance
with the Minimum Capital Requirement (as the case may be) shall be deemed to be satisfied for the purposes of this clause (ii);
and

 

(iii)the Competent Supervisory
Authority has given, and not withdrawn by such date, its prior consent to the redemption of the Subordinated Notes of such series
and the payment of accrued and unpaid interest and Arrears of Interest (if any) and any Additional Amounts thereon or to the purchase
of the Subordinated Notes of such series; provided, that if under the Applicable Supervisory Regulations no such consent
is required at the time in order for the Subordinated Notes of such series to qualify or continue to qualify, as applicable, as
Tier 2 Capital of the Company, the Guarantor or the Regulated Group, this clause (iii) shall not apply; and

 

(iv)in the event of a redemption
or the purchase of the subordinated notes of a series on or prior to March 31, 2020, including pursuant to a Specified Event Redemption,
the repaid or purchased principal amounts have been replaced by other at least equivalent regulatory capital of at least equal
status as contemplated by the Delegated Regulation or, if the Delegated Regulation is amended or replaced, the nearest corresponding
provision (if any) of the Delegated Regulation as amended or of the replacement measure (as applicable); provided, that
if under the Applicable Supervisory Regulations no such replacement by other at least equivalent regulatory capital of at least
equal status is required at the time in order for the Subordinated Notes of such series to qualify or continue to qualify, as
applicable, as Tier 2 Capital of the Company, the Guarantor or the Regulated Group, this clause (iv) shall not apply.

 

(b)In the event that a series
of Subordinated Notes are not redeemed as a result of a failure to satisfy the Conditions to Redemption, interest on such series
of Subordinated Notes will continue to accrue and be paid on each Interest Payment Date (subject to Section 2.4) until

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the first date on which final payment
on such series of Subordinated Notes may be made as described above under Section 3.1, at which time the Subordinated Notes of
such series will become due and payable, and will be finally redeemed at the principal amount of the Subordinated Notes of such
series, together with accrued and unpaid interest (including any Arrears of Interest) and any Additional Amounts thereon in the
manner and subject to the conditions stated above.

 

(c)Notwithstanding any other
provision in a series of Subordinated Notes or the Indenture, in the event of non-payment on a scheduled Redemption Date resulting
from a failure to satisfy the applicable Conditions to Redemption in accordance with this Section 3.4, the series of Subordinated
Notes to be redeemed will not become due and payable on such date, and such non-payment will not constitute an Event of Default
under the Indenture or the Subordinated Notes of such series and will not give Holders of the Subordinated Notes of such series
or the Trustee any right to accelerate repayment of the Subordinated Notes of such series.

 

(d)An Officers’ Certificate
relating to a series of Subordinated Notes in connection with any redemption under this Article III certifying that (i) the applicable
Conditions to Redemption have not been met or would not be met if the final redemption payment for such series of Subordinated
Notes were made, or (ii) the applicable Conditions to Redemption have been met and would continue to be met if the final redemption
payment for such series of Subordinated Notes were made or no such Conditions to Redemption apply shall, in the absence of manifest
error, be treated and accepted by the Company, the Guarantor, the Trustee, the Holders of the Subordinated Notes of the applicable
series and all other interested parties as correct and sufficient evidence thereof, shall be final and binding on such parties,
and the Trustee shall be entitled to rely on such Officers’ Certificate without liability to any Person.

 

Section 3.5.Special Mandatory
Redemption of Subordinated Notes.

 

(a)If the Acquisition is not
consummated, or the Implementation Agreement is terminated, in each case, on or prior to December 15, 2015 (each, a “Special
Mandatory Redemption Event”), the Company will be required to redeem all of the Subordinated Notes of each series then
Outstanding on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price.

 

(b)Notice of a special mandatory
redemption will be mailed (or otherwise delivered to Holders of the 2025 Subordinated Notes and the 2045 Subordinated Notes, as
applicable, in accordance with the procedures of DTC) promptly after the occurrence of the Special Mandatory Redemption Event
(and in any event no later than 2:00 p.m., New York City time, on the fifth Business Day immediately following such event) to
the Trustee and each Holder of the Subordinated Notes of each series at its registered address.

 

(c)The Conditions to Redemption
will not apply to a special mandatory redemption.

 

(d)Payment of the Special Mandatory
Redemption Price and performance of the Company’s obligations with respect to the special mandatory redemption may be performed
in any event by the Guarantor or any of its other subsidiaries on behalf of the Company.

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ARTICLE
IV

EVENT OF DEFAULT

 

Section 4.1.Event of Default.

 

(a)Sections 5.01, 5.02 and 5.03
of the Base Indenture shall not apply to the 2025 Subordinated Notes or the 2045 Subordinated Notes.

 

(b)An “Event of Default”
with respect to the 2025 Subordinated Notes and the 2045 Subordinated Notes, as applicable, will occur only upon the occurrence
of a Winding-Up.

 

(c)If an Event of Default under
the Indenture occurs, the entire principal amount of the Subordinated Notes of each affected series, together with accrued and
unpaid interest (including Arrears of Interest) and any Additional Amounts thereon, shall automatically become due and payable
without any declaration or other action on the part of the Trustee or any Holder of the 2025 Subordinated Notes or the 2045 Subordinated
Notes, as applicable. The right of acceleration only applies upon the occurrence of an Event of Default under Section 4.1(b).
For the avoidance of doubt, any failure to pay interest on a series of Subordinated Notes when due as a result of a Mandatory
Deferral Event or any failure to pay principal of a series of Subordinated Notes when due as a result of any of the applicable
Conditions to Redemption not being satisfied shall not constitute an Event of Default under the Indenture or such series of Subordinated
Notes.

 

(d)Within 90 days after the
occurrence of any Event of Default hereunder with respect to the Subordinated Notes of any series or the failure of the Company
or the Guarantor to comply with any term or condition under the Subordinated Notes of any series or the Indenture with respect
to such series of Subordinated Notes, the Trustee shall transmit by mail to all Holders of Subordinated Notes of such series,
as their names and addresses appear in the Security Register, notice of such Event of Default or such failure to comply that is
actually known to a Responsible Officer of the Trustee. The foregoing provisions of this Section 4.1(d) replace the provisions
of Section 6.02 of the Base Indenture.

 

(e)Notwithstanding anything
in this Article IV to the contrary, the Trustee may, at its discretion and without further notice, institute such proceedings
or take such steps or actions against the Company or the Guarantor as it may think fit to enforce any term or condition binding
on the Company or the Guarantor under each series of Subordinated Notes or the Indenture with respect to such series of Subordinated
Notes (other than any payment obligation of the Company or the Guarantor under or arising from such series of Subordinated Notes
or the Indenture with respect to such series of Subordinated Notes, including any payment of damages awarded for breach of any
obligations thereunder) but in no event shall the Company or the Guarantor, by virtue of the institution of any such proceedings
or the taking of such steps or actions, be obliged to pay any sum or sums, in cash or otherwise, sooner than the same would otherwise
have been payable by it under the terms of the applicable series of Subordinated Notes. Nothing in this Section 4.1(e) shall,
however, (i) prevent the Trustee from proving in any Winding-Up or administration of the Company or the Guarantor and/or claiming
in any liquidation of the Company or the Guarantor in respect of any payment obligation of the Company or the Guarantor, in each
case where such payment obligation arises from a series of Subordinated Notes or the

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Indenture (including, without limitation,
payment of any principal, interest (including Arrears of Interest) and any Additional Amounts in respect of such series of Subordinated
Notes or any payment of damages awarded for breach of any obligations under such series of Subordinated Notes or the Indenture
with respect to such series of Subordinated Notes), or (ii) impair the right of any Holder to receive payment of principal of,
or interest (including Arrears of Interest) and any Additional Amounts on such Holder’s Subordinated Notes of any series
on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Subordinated Notes of any series.

 

ARTICLE
V

SUBORDINATION OF THE GUARANTEES

 

Pursuant to Section 11.01(a) of the Base
Indenture, the provisions of this Article IV and Article XI of the Base Indenture shall apply to each of the 2025 Subordinated
Notes and the 2045 Subordinated Note, as applicable.

 

Section 5.1.Agreement to
Subordinate.

 

(a)The Guarantor covenants and
agrees, and each Holder of a series of Subordinated Notes, by such Holder’s acceptance thereof likewise covenants and agrees,
that the Guarantee of the 2025 Subordinated Notes and the 2045 Subordinates Notes, as applicable, shall be subject to the provisions
of this Article V; and each Holder of the 2025 Subordinated Notes and the 2045 Subordinates Notes, as applicable, whether upon
original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions.

 

(b)The payment by the Guarantor
of its obligations under the applicable Guarantee shall, to the extent and in the manner hereinafter set forth, be subordinated
and junior in right of payment to the prior payment in full of all Guarantor Senior Indebtedness, whether outstanding at the date
of this First Supplemental Indenture or thereafter incurred.

 

(c)No provision of this Article
V shall prevent the occurrence of any Event of Default under the Indenture or have any effect on the rights of the Holders of
a series of Subordinated Notes or the Trustee to make a demand for payment on the Guarantor pursuant to this article.

 

Section 5.2.Default on Guarantor
Senior Indebtedness.

 

(a)No direct or indirect payment
by or on behalf of the Guarantor in respect of the Guarantee of a series of Subordinated Notes, whether pursuant to the terms
of the applicable Guarantee or upon acceleration, by way of repurchase, redemption, defeasance or otherwise of such series of
Subordinated Notes, will be made if, at the time of such payment, there exists a default in the payment when due of all or any
portion of the obligations under or in respect of any Guarantor Senior Indebtedness, whether at maturity, on account of mandatory
redemption or prepayment, acceleration or otherwise, and such default shall not have been cured or waived or the benefits of this
sentence waived by or on of the holders of such Guarantor Senior Indebtedness.

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(b)In addition, during the continuance
of any non-payment default or non-payment event of default with respect to any Guarantor Senior Indebtedness pursuant to which
the maturity thereof may be accelerated, and upon receipt by the Trustee of written notice (a “Guarantor Payment Blockage
Notice”) from a holder or holders of such Guarantor Senior Indebtedness or the trustee or agent acting on behalf of such
Guarantor Senior Indebtedness, then, unless and until such default or event of default has been cured or waived or has ceased
to exist or such Guarantor Senior Indebtedness has been discharged or repaid in full in cash, or the requisite holders of such
Guarantor Senior Indebtedness have otherwise agreed in writing, no payment of any kind or character with respect to any principal
of or interest on or distribution with respect to the affected series of Subordinated Notes will be made by or on behalf of the
Guarantor on account of or with respect to the applicable Guarantee, during a period (a “Guarantor Payment Blockage Period”)
commencing on the date of receipt of such Guarantor Payment Blockage Notice by the Trustee and ending 179 days thereafter.

 

(c)Notwithstanding anything
herein to the contrary, (x) in no event will a Guarantor Payment Blockage Period extend beyond 179 days from the date the Guarantor
Payment Blockage Notice in respect thereof was given and (y) there must be 180 days in any 360-day period during which no Guarantor
Payment Blockage Period is in effect. Not more than one Guarantor Payment Blockage Period may be commenced with respect to the
Guarantee of a series of Subordinated Notes during any period of 360 consecutive days. No default or event of default that existed
or was continuing on the date of commencement of any Guarantor Payment Blockage Period with respect to the Guarantor Senior Indebtedness
initiating such Guarantor Payment Blockage Period may be, or be made, the basis for the commencement of any other Guarantor Payment
Blockage Period with respect to a series of Subordinated Notes by the holder or holders of such Guarantor Senior Indebtedness
or the trustee or agent acting on behalf of such Guarantor Senior Indebtedness, whether or not within a period of 360 consecutive
days, unless such default or event of default has been cured or waived for a period of not less than 90 consecutive days.

 

(d)In the event that, notwithstanding
the foregoing, any payment under the applicable Guarantee shall be received by the Trustee when such payment is prohibited by
Section 5.2(c), such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of
Guarantor Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing such Guarantor Senior Indebtedness may have been issued, as their respective interests may
appear, as calculated by the Guarantor, to the extent necessary to pay such Guarantor Senior Indebtedness in full, in cash, after
giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Guarantor Senior Indebtedness,
before any payment or distribution is made to the Holders of the applicable series of Subordinated Notes or to the Trustee under
the applicable Guarantee.

 

Section 5.3.Liquidation;
Dissolution; Bankruptcy.

 

(a)Upon any distribution of
assets of the Guarantor of any kind or character, whether in cash, property or securities, to creditors upon any total or partial
dissolution, winding-up, liquidation or reorganization of the Guarantor, whether voluntary or involuntary, assignment for the
benefit of creditors or marshalling of the Guarantor’s assets, or in bankruptcy, insolvency, receivership or other similar
proceedings, whether voluntary or involuntary, all principal,

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premium, if any, and interest due
or to become due to all Guarantor Senior Indebtedness shall first be paid in full in cash, or such payment duly provided for to
the satisfaction of the holders of the Guarantor Senior Indebtedness, before the Holders of either series of Subordinated Notes
are entitled to receive or retain any payment under the applicable Guarantee; and upon any such dissolution or winding-up or liquidation
or reorganization, any payment by the Guarantor, or distribution of assets of the Guarantor of any kind or character whether in
cash, property or securities, which the Holders of either series of Subordinated Notes or the Trustee would be entitled to receive
from the Guarantor, except for the provisions of this article, shall be paid by the Guarantor or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution, or by the applicable Holders or by the Trustee
under the Indenture if received by them or it, directly to the holders of Guarantor Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Guarantor Senior Indebtedness
may have been issued, as their respective interests may appear, as calculated by the Guarantor, to the extent necessary to pay
such Guarantor Senior Indebtedness in full in cash, or such payment duly provided for to the satisfaction of the holders of the
Guarantor Senior Indebtedness, after giving effect to any concurrent payment or distribution to or for the benefit of the holders
such Guarantor Senior Indebtedness, before any payment or distribution is made to the Holders of either series of Subordinated
Notes or to the Trustee under the applicable Guarantee.

 

(b)In the event that, notwithstanding
the foregoing, any payment or distribution of assets of the Guarantor of any kind or character, whether in cash, property or securities,
prohibited by the foregoing, shall be received by the Trustee before all Guarantor Senior Indebtedness is paid in full, or provision
is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for the benefit
of, and shall be paid over or delivered to, the holders of such Guarantor Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Guarantor Senior Indebtedness
may have been issued, as their respective interests may appear, as calculated by the Guarantor, to the extent necessary to pay
such Guarantor Senior Indebtedness in full, in cash, after giving effect to any concurrent payment or distribution to or for the
benefit of the holders of such Guarantor Senior Indebtedness, before any payment or distribution is made to the Holders of either
series of Subordinated Notes or to the Trustee under the applicable Guarantee.

 

(c)For purposes of this article,
the words “cash, property or securities” shall not be deemed to include shares of stock of the Guarantor as reorganized
or readjusted, or securities of the Guarantor or any other corporation provided for by a plan of reorganization or readjustment,
the payment of which is subordinated at least to the extent provided in this article with respect to the Guarantee to the payment
of all Guarantor Senior Indebtedness that may at the time be outstanding; provided, however, that (i) such Guarantor
Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment, and (ii)
the rights of the holders of such Guarantor Senior Indebtedness are not, without the consent of such holders, altered by such
reorganization or readjustment. The amalgamation or consolidation of the Guarantor with, or the merger of the Guarantor into,
another corporation or the liquidation or dissolution of the Guarantor following the conveyance or transfer of its properties
or assets substantially as an entirety, to another corporation upon the terms and conditions provided for in Article VIII of the
Base Indenture shall not be deemed a dissolution, winding-up, liquidation or

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reorganization for the purposes of
this Section 5.3 if such other corporation shall, as part of such amalgamation, consolidation, merger, conveyance or transfer,
comply with the conditions stated in Article VIII of the Base Indenture. Nothing in Section 5.2 or in this Section 5.3 shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 6.07 of the Base Indenture.

 

(d)If the Trustee or any Holder
of a series of Subordinated Notes does not file a proper claim or proof of debt in the form required in any proceeding referred
to above prior to 30 days before the expiration of the time to file such claim in such proceeding, then the holder of any Guarantor
Senior Indebtedness is hereby authorized, and has the right, to file an appropriate claim or claims for or on behalf of such Holder.

 

Section 5.4.Subrogation.

 

(a)Subject to the payment in
full of all Guarantor Senior Indebtedness then outstanding, the rights of the Holders of the applicable series of Subordinated
Notes shall be subrogated to the rights of the holders of such Guarantor Senior Indebtedness to receive payments or distributions
of cash, property or securities of the Guarantor applicable to such Guarantor Senior Indebtedness until the principal of and interest
on the applicable series of Subordinated Notes shall be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Guarantor Senior Indebtedness of any cash, property or securities to which the Holders of
such series of Subordinated Notes or the Trustee would be entitled except for the provisions of this article, and no payment over
pursuant to the provisions of this Article to or for the benefit of the holders of such Guarantor Senior Indebtedness by such
Holders or the Trustee, shall, as between the Guarantor, its creditors other than holders of such Guarantor Senior Indebtedness,
and such Holders, be deemed to be a payment by the Guarantor to or on account of such Guarantor Senior Indebtedness. It is understood
that the provisions of this article are and are intended solely for the purposes of defining the relative rights of the Holders
of each series of Subordinated Notes, on the one hand, and the holders of such Guarantor Senior Indebtedness, on the other hand.

 

(b)Nothing contained in this
Article V or elsewhere in the Indenture or in a series of Subordinated Notes is intended to or shall impair, as between the Guarantor,
its creditors other than the holders of Guarantor Senior Indebtedness, and the Holders of such series of Subordinated Notes, the
obligation of the Guarantor, which is absolute and unconditional, to make payments on the applicable Guarantee as and when the
same shall become due and payable in accordance with its terms, or is intended to or shall affect the relative rights of the Holders
of such series of Subordinated Notes and creditors of the Guarantor other than the holders of Guarantor Senior Indebtedness of
the Company nor shall anything herein or therein prevent the Trustee or any Holder of such series of Subordinated Notes from exercising
all remedies otherwise permitted by applicable law upon default under the Indenture with respect to such series of Subordinated
Notes, subject to the rights, if any, under this article of the holders of such Guarantor Senior Indebtedness in respect of cash,
property or securities of the Guarantor received upon the exercise of any such remedy.

 

(c)Upon any payment or distribution
of assets of the Guarantor referred to in this article, the Trustee, subject to the provisions of Section 6.01 of the Base Indenture,
and the Holders of each series of Subordinated Notes shall be entitled to rely conclusively upon any order

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or decree made by any court of competent
jurisdiction in which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of
the receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered
to the Trustee or the Holders of each series of Subordinated Notes, for the purposes of ascertaining the Persons entitled to participate
in such distribution, the holders of Guarantor Senior Indebtedness and other indebtedness of the Guarantor the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this article.

 

Section 5.5.Trustee to Effectuate
Subordination.

 

(a)Each Holder of each series
of Subordinated Notes by such Holder’s acceptance thereof authorizes and directs the Trustee on such Holder’s behalf
to take such action as may be necessary or appropriate to effectuate the subordination provided in this article and appoints the
Trustee such Holder’s attorney-in-fact for any and all such purposes.

 

Section 5.6.Notice by the
Company.

 

(a)The Guarantor shall give
prompt written notice to a Responsible Officer of the Trustee of any fact known to the Guarantor that would prohibit the making
of any payment of monies to or by the Trustee in respect of the Guarantee of any series of Subordinated Notes pursuant to the
provisions of this article. Notwithstanding the provisions of this article or any other provision of the Indenture, the Trustee
shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of monies to or
by the Trustee in respect of the applicable Guarantee pursuant to the provisions of this article, unless and until a Responsible
Officer of the Trustee shall have received written notice thereof from the Guarantor or a Holder of such series of Subordinated
Notes or holders of Guarantor Senior Indebtedness or from any representative or trustee therefor; and before the receipt of any
such written notice, the Trustee, subject to the provisions of Section 6.01 of the Base Indenture, shall be entitled in all respects
to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided
for in this Section 5.6 at least two Business Days prior to the date upon which by the terms hereof any money may become payable
for any purpose (including, without limitation, the payment of the principal of or interest on any Subordinated Note), then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to
apply the same to the purposes for which such money was received, and shall not be affected by any notice to the contrary that
may be received by it within two Business Days prior to such date.

 

(b)The Trustee, subject to the
provisions of Section 6.01 of the Base Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice
by a Person representing himself to be a holder of Guarantor Senior Indebtedness (or a trustee or representative on behalf of
such holder), to establish that such notice has been given by a holder of such Guarantor Senior Indebtedness or a trustee or representative
on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required
with respect to the right of any Person as a holder of such Guarantor Senior Indebtedness to participate in any payment or distribution
pursuant to this article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of such

    	29

    	

    

Guarantor Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this article and, if such evidence is not furnished, the Trustee may defer any payment
to such Person pending judicial determination as to the right of such Person to receive such payment.

 

Section 5.7.Rights of the
Trustee; Holders of Guarantor Senior Indebtedness.

 

(a)The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article V in respect of any Guarantor Senior Indebtedness at any
time held by it, to the same extent as any other holder of Guarantor Senior Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder.

 

(b)With respect to the holders
of Guarantor Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as
are specifically set forth in this Article V and no implied covenants or obligations with respect to the holders of such Guarantor
Senior Indebtedness shall be read into the Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary
duty to the holders of such Guarantor Senior Indebtedness and, subject to the provisions of Section 6.01 of the Base Indenture,
the Trustee shall not be liable to any holder of such Guarantor Senior Indebtedness if it shall pay over or deliver to Holders
of the applicable series of Subordinated Notes, the Guarantor or any other Person money or assets to which any holder of such
Guarantor Senior Indebtedness shall be entitled by virtue of this article or otherwise.

 

Section 5.8.Subordination
May Not be Impaired.

 

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

 

(b)Without in any way limiting
the generality of the foregoing paragraph, the holders of Guarantor Senior Indebtedness may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders of a series of Subordinated Notes, without incurring responsibility
to the Holders of such series of Subordinated Notes and without impairing or releasing the subordination provided in this article
or the obligations hereunder of the Holders of such series of Subordinated Notes to the holders of such Guarantor Senior Indebtedness,
do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew
or alter, such Guarantor Senior Indebtedness, or otherwise amend or supplement in any manner such Guarantor Senior Indebtedness
or any instrument evidencing the same or any agreement under which such Guarantor Senior Indebtedness is outstanding; (ii) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Guarantor Senior Indebtedness;
(iii) release any Person liable in any manner for the collection of such Guarantor Senior Indebtedness; and (iv) exercise or refrain
from exercising or waive any rights against the Guarantor and any other Person.

    	30

    	

    

(c)Each present and future holder
of Guarantor Senior Indebtedness shall be entitled to the benefit of the provisions of this article notwithstanding that such
holder is not a party to this Indenture.

 

Section 5.9.Article Applicable
to Paying Agents.

 

(a)In case at any time any Paying
Agent other than the Trustee shall have been appointed by the Company and be then acting under the Indenture, the term “Trustee”
as used in this article shall in such case (unless the context otherwise requires) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this article
in addition to or in place of the Trustee; provided, however, that this Section 5.9 shall not apply to the Guarantor
or any Affiliate of the Guarantor if it or such Affiliate acts as Paying Agent.

 

Section 5.10.Defeasance of
This Article.

 

(a)Notwithstanding anything
contained herein to the contrary, payments from cash or the proceeds of United States Government Obligations held in trust under
Article IV of the Base Indenture by the Trustee (or other qualifying trustee) and which were deposited in accordance with the
terms of Article IV of the Base Indenture and not in violation of Section 5.2 hereof for the payment of principal of and interest
on a series of Subordinated Notes shall not be subordinated to the prior payment of any Guarantor Senior Indebtedness or subject
to the restrictions set forth in this article, and none of the Holders of such series of Subordinated Notes shall be obligated
to pay over any such amount to the Guarantor or any holder of such Guarantor Senior Indebtedness or any other creditor of the
Guarantor.

 

Section 5.11.Subordination
Language to be Included in the Subordinated Notes. Each series of Subordinated Notes shall contain a subordination provision
which will be substantially in the following form:

 

“The Subordinated Notes and
related Guarantees are subordinated in right of payment, in the manner and to the extent set forth in the Indenture, to the prior
payment in full of all Senior Indebtedness and Guarantor Senior Indebtedness, as applicable. Each Holder by accepting a Subordinated
Note agrees to such subordination and authorizes the Trustee to give it affect.”

 

Section 5.12.Trustee Not
Fiduciary for Holders of Guarantor Senior Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the holders
of Guarantor Senior Indebtedness and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay
over or distribute to Holders of a series of Subordinated Notes or to the Guarantor or to any other Person cash, property or securities
to which any holders of Guarantor Senior Indebtedness shall be entitled by virtue of this Article V or otherwise. With respect
to the holders of Guarantor Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or
obligations as are specifically set forth in this Article V and no implied covenants or obligations with respect to holders of
Guarantor Senior Indebtedness shall be read into the Indenture against the Trustee.

    	31

    	

    

ARTICLE
VI

TERMINATION OF THE REPLACEMENT CAPITAL COVENANT

 

Section 6.1.Covered Debt;
Record Date.

 

Pursuant to Section 4(c) of the Replacement
Capital Covenant, the Company hereby establishes March 30, 2015 as the record date to determine the Holders (as defined in Replacement
Capital Covenant) of the then-effective series of Covered Debt (as defined in the Replacement Capital Covenant), which will be,
as of that date, the 2045 Subordinated Notes, for purposes of consenting to the termination of the Replacement Capital Covenant
as provided in this Article VI.

 

Section 6.2.Termination of
Replacement Capital Covenant.

 

Subject to Section 6.4, each and every Holder
(as defined in the Base Indenture) of the 2045 Subordinated Notes as of March 30, 2015, in such capacity as a Holder (as defined
in each Replacement Capital Covenant) of the Covered Debt, irrevocably consents to the termination of the Replacement Capital
Covenant and the obligations of the Company thereunder.

 

Section 6.3.Effectiveness
of Termination.

 

The termination of the Replacement Capital
Covenant and the obligations of the Company described in Section 6.2 above shall be effective immediately after the 2045 Subordinated
Notes become the “Covered Debt” for purposes of the Replacement Capital Covenant and no further action of the Holders
(as defined in the Replacement Capital Covenant) shall be required to effectuate such termination.

 

Section 6.4.Representations
and Agreements.

 

By purchasing the 2045 Subordinated Notes,
each Holder (as defined in the Base Indenture) shall be deemed to have represented, warranted and agreed to and with the Company,
in each case, as applicable, for itself and its successors, transferees and assigns, that upon the 2045 Subordinated Notes becoming
the Covered Debt as defined in and for purposes of the Replacement Capital Covenant, each such Holder (as defined in the Replacement
Capital Covenant) and purchaser (i) waives any reliance on any covenant, promise or agreement (whether express or implied) set
forth in the Replacement Capital Covenant prior to such termination, and (ii) shall not take or attempt to take any action to
enforce any such covenant, promise or agreement set forth the Replacement Capital Covenant prior to such termination.

 

ARTICLE
VII

APPOINTMENT OF THE TRUSTEE FOR THE SUBORDINATED NOTES

 

Section 7.1.Appointment of
Trustee.

 

Pursuant and subject to the Indenture, the
Company and the Guarantor hereby appoint the Trustee as trustee to act on behalf of the Holders of each series of Subordinated
Notes, and as the principal Paying Agent and Security Registrar for each series of Subordinated Notes, effective upon

    	32

    	

    

execution and delivery of this First Supplemental
Indenture. By execution, acknowledgment and delivery of this First Supplemental Indenture, the Trustee hereby accepts appointment
as Trustee, Paying Agent and Security Registrar with respect to each series of Subordinated Notes, and agrees to perform such
obligations upon the terms and conditions set forth in the Base Indenture and in this First Supplemental Indenture.

 

Section 7.2.Rights, Powers,
Duties and Obligations of the Trustee.

 

Any rights, powers, duties and obligations
by any provisions of the Indenture conferred or imposed upon the Trustee shall, insofar as permitted by law, be conferred or imposed
upon and exercised or performed by the Trustee with respect to each series of Subordinated Notes.

 

ARTICLE
VIII

MISCELLANEOUS

 

Section 8.1.Application of
First Supplemental Indenture.

 

Each and every term and condition contained
in this First Supplemental Indenture that modifies, amends or supplements the terms and conditions of the Base Indenture with
respect to either series of Subordinated Notes shall apply only to the Subordinated Notes of such series created hereby and not
to any past or future series of Securities issued under the Base Indenture.

 

Section 8.2.Benefits of First
Supplemental Indenture.

 

Nothing contained in this First Supplemental
Indenture shall or shall be construed to confer upon any Person other than a Holder of a series of Subordinated Notes, the Company,
the Guarantor and the Trustee any right or interest to avail itself or himself, as the case may be, of any benefit under any provision
of the Base Indenture or this First Supplemental Indenture related to such series of Subordinated Notes.

 

Section 8.3.Amendment of
First Supplemental Indenture. The Company, the Guarantor and the Trustee any time and from time to time, may amend, modify
or supplement this First Supplemental Indenture in accordance with the provisions of Article IX of the Base Indenture.

 

Section 8.4.Effective Date.

 

This First Supplemental Indenture shall
be effective as of the date first above written and upon the execution and delivery hereof by each of the parties hereto.

 

Section 8.5.Governing Law;
Waiver of Jury Trial; Submission to Jurisdiction; Judgment Currency.

 

THIS FIRST SUPPLEMENTAL INDENTURE AND EACH
SUBORDINATED NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO PRINCIPLES OF CONFLICTS OF LAWS OF SUCH STATE.

    	33

    	

    

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

 

Each of the Company, the Guarantor and the
Trustee hereby irrevocably and unconditionally submits to the nonexclusive jurisdiction of the United States District Court for
the Southern District of New York and of any New York state court sitting in the Borough of Manhattan in New York City for the
purposes of all legal proceedings arising out of or relating to any series of Subordinated Notes, the Indenture or the transactions
contemplated thereby. The Company, the Guarantor and the Trustee irrevocably waive, to the fullest extent permitted by applicable
law, any objection which they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Each of the Company
and the Guarantor hereby designates and appoints Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711,
as its authorized agent upon which process may be served in any legal suit, action or proceeding arising out of or relating to
the Indenture which may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, New York,
and agrees that service of process upon such agent, and written notice of said service to the Company or the Guarantor, as applicable,
by the Person serving the same, shall be deemed in every respect effective service of process upon the Company or the Guarantor,
as applicable, in any such suit, action or proceeding and further designate its domicile, the domicile of Puglisi & Associates
specified above and any domicile Puglisi & Associates may have in the future as its domicile to receive any notice hereunder
(including service of process). If for any reason Puglisi & Associates (or any successor agent for this purpose) shall cease
to act as agent for service of process as provided above, the Company and the Guarantor will promptly appoint a successor agent
for this purpose reasonably acceptable to the Trustee. The Company and the Guarantor agree to take any and all actions as may
be necessary to maintain such designation and appointment of such agent in full force and effect.

 

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

    	34

    	

    

judgment being obtained for any other sum
due under the Indenture. For purpose of the foregoing, “New York Banking Day” means any day except a Saturday,
Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized
or obligated by law, regulation or executive order to be closed.

 

Section 8.6.Counterparts.

 

This First Supplemental Indenture may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

Section 8.7.Ratification
of Base Indenture.

 

The Base Indenture, as supplemented by this
First Supplemental Indenture, is in all respects ratified and confirmed, and this First Supplemental Indenture shall be deemed
part of the Base Indenture in the manner and to the extent herein and therein provided.

 

Section 8.8.Validity and
Sufficiency.

 

The Trustee shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect
of the recitals contained herein, all of which are made solely by the Company and the Guarantor.

    	35

    	

    

IN WITNESS WHEREOF, each party hereto has
executed this First Supplemental Indenture as of the day and year first before written.

 

	 	XLIT LTD., as Issuer 
	 	 
	 	By:	/s/ Peter Porrino
	 	Name: 	Peter Porrino
	 	Title:	Director

 

SIGNED AND DELIVERED AS A DEED FOR AND ON BEHALF OF

 

XL GROUP PLC as Guarantor

 

BY ITS LAWFULLY APPOINTED ATTORNEY

 

 

/s/ Peter Porrino

	Name:	Peter Porrino	 
	Title:	Executive Vice President and Chief Financial Officer
	 	 
	IN THE PRESENCE OF	 
	 	 	 
	Witness	 	 
	 	 	 
	/s/ Kirstin Gould
	Name:	 
	Kirstin Gould	 
	Address: XL House	 
	8 St. Stephen’s Green	 
	Dublin 2, Ireland	 
	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 
	 

	By: 	/s/ Patrick Giordano	 
	 	Name: Patrick Giordano	 
	 	Title: Vice President	 

    	36

    	

    

EXHIBIT A

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE
TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES,
INCLUDING THE PAYMENT OF PRINCIPAL AND INTEREST.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

    	 

    	

    

No. 1

CUSIP No. 98420EAC9

ISIN No. US98420EAC93

$[●]

 

XLIT LTD.

 

4.450% SUBORDINATED NOTES DUE 2025

 

XLIT LTD., a Cayman Islands exempted company
duly organized and existing under the laws of the Cayman Islands (the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered
assigns the principal sum of [●] United States dollars (U.S. $[●]), as such amount may be increased or decreased as
set forth on the Schedule of Increases or Decreases in the Global Note annexed hereto, on March 31, 2025 (such date is hereinafter
referred to as the “2025 Scheduled Maturity Date”), and to pay interest thereon (including Arrears of Interest),
from March 30, 2015, or from the most recent date to which interest has been paid or duly provided for, at the rate of 4.450% per
annum to, but excluding the relevant Interest Payment Date (as defined below), until the Final Maturity Date or earlier redemption.

 

Interest on this 2025 Subordinated Note initially
shall be payable semi-annually in arrears on March 30 and September 30 of each year (each, an “Interest Payment Date”),
commencing on September 30, 2015 through and including the Final Maturity Date or earlier redemption. On the Final Maturity Date
or earlier date of redemption, the Company will pay accrued and unpaid interest from the most recent date to which interest has
been paid or provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this 2025 Subordinated Note (or one or more Predecessor Securities)
is registered at the close of business on the Record Date for such interest, which shall be March 15 and September 15, respectively
(whether or not a Business Day) preceding the relevant Interest Payment Date.

 

If, as of any Interest Payment Date, a Mandatory
Deferral Event has occurred and is continuing or would occur if payment of interest accrued on this 2025 Subordinated Notes were
made on such Interest Payment Date, the Company or the Guarantor, as applicable, shall be required to defer payment of all (and
not less than all) of the interest accrued on this 2025 Subordinated Note as of such Interest Payment Date pursuant to the mandatory
deferral provisions set forth in the Indenture.

 

If, as of the 2025 Scheduled Maturity Date,
the Conditions to Redemption have not been satisfied, final redemption of this 2025 Subordinated Note shall be deferred until the
Final Maturity Date, pursuant to the redemption provisions.

 

Principal of and the interest on this 2025
Subordinated Note will be payable at the Corporate Trust Office, or, at the option of the Company, by check mailed to each Holder
at its address set forth in the Security Register; provided, however, that if a Holder has given wire transfer instructions
to the Company and the Paying Agent and Security Registrar at least ten Business Days prior to the applicable payment date, principal
of and the interest on this 2025 Subordinated Note

    	A-2

    	

    

will be payable by wire transfer of immediately
available funds to the account specified in such instructions.

 

Interest on this 2025 Subordinated Note will
be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any period shorter
than a full semi-annual period for which interest is computed will be computed on the basis of the actual number of days elapsed
in the 180-day period.

 

Reference is hereby made to the further provisions
of this 2025 Subordinated Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if fully set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by the manual signature of one of its authorized signatories,
this 2025 Subordinated Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

    	A-3

    	

    

IN WITNESS WHEREOF, the Company has caused
this 2025 Subordinated Note to be executed and delivered as a deed.

 

	 	Dated:
	 	 
	 	XLIT Ltd.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

    	A-4

    	

    

IN WITNESS WHEREOF, the Company has caused
this 2025 Subordinated Note to be executed and delivered as a deed.

 

	 	Dated:
	 	 
	 	XLIT Ltd.
	 	 

	 	By:	 
	 	 	 

	 	Name:
	 	Title:
	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	Dated:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee
	 	 

	 	By: 	 
	 	 	 

	 	Authorized Signatory
	 	 

    	A-5

    	

    

[REVERSE OF NOTE]

 

This 2025 Subordinated Note is one of a duly
authorized issue of securities of the Company designated as its “4.450% Subordinated Notes due 2025” (herein sometimes
referred to as the “2025 Subordinated Notes”), initially limited in aggregate principal amount to $500.0 million, issued
under and pursuant to an Indenture, dated as of March 30, 2015 (the “Base Indenture”), duly executed and delivered
by and among the Company, as issuer, XL Group Public Limited Company, a public company limited by shares, as guarantor (the “Guarantor”),
and Wells Fargo Bank, National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental
Indenture, dated as of March 30, 2015 (the “First Supplemental Indenture”), duly executed and delivered by and
among the Company, the Guarantor and the Trustee (such Base Indenture as amended and supplemented by the First Supplemental Indenture,
the “Indenture”), to which the Indenture and all subsequent indentures supplemental thereto relating to the
2025 Subordinated Notes reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Guarantor, the Trustee and the Holders of the 2025 Subordinated Notes and of the terms upon which
the 2025 Subordinated Notes are, and are to be, authenticated and delivered.

 

The 2025 Subordinated Notes are issuable
only in registered form without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, 2025 Subordinated Notes so issued are exchangeable for a
like aggregate principal amount of 2025 Subordinated Notes of a different authorized denomination, as requested by the Holder surrendering
the same.

 

Beginning on March 31, 2020, and provided
that the applicable Conditions to Redemption have been satisfied and will continue to be satisfied if the optional redemption payment
were made on the 2025 Subordinated Notes, the 2025 Subordinated Notes may be redeemed, in whole at any time or in part from time
to time, at the Company’s option, at a redemption price equal to the accrued and unpaid interest (including Arrears of Interest)
on the principal amount of the 2025 Subordinated Notes being redeemed to, but excluding, the Redemption Date plus the greater of:
(A) 100% of the principal amount of the 2025 Subordinated Notes to be redeemed, and (B) the sum of the present values of the remaining
scheduled payments of principal and interest on the 2025 Subordinated Notes to be redeemed (not including any portion of such payments
of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate, plus 40 basis points, as provided in, and subject to the terms of, the Indenture.

 

The 2025 Subordinated Notes may be redeemed
at the Company’s option and sole discretion, in whole but not in part, within 90 days following the occurrence of a Specified
Event; provided that, at the time of such Specified Event Redemption, the applicable Conditions to Redemption are satisfied
and will continue to be satisfied after the redemption payment is made and, if not so satisfied, such Specified Event Redemption
will be deferred until such time as the Conditions to Redemption are satisfied. The 2025 Subordinated Notes will be redeemed at
a Redemption Price equal to the principal amount thereof, together with accrued and unpaid interest (including Arrears of Interest)
on the 2025 Subordinated Notes being redeemed to, but excluding, the Redemption Date, and any Additional Amounts thereon.

    	A-6

    	

    

If the Acquisition is not consummated, or
the Implementation Agreement is terminated, in each case, on or prior to December 15, 2015, the Company will be required to redeem
all of the 2025 Subordinated Notes then Outstanding on the Special Mandatory Redemption Date at the Special Mandatory Redemption
Price.

 

No sinking fund is provided for the 2025
Subordinated Notes.

 

The 2025 Subordinated Notes and related Guarantees
are subordinated in right of payment, in the manner and to the extent set forth in the Indenture, to the prior payment in full
of all Senior Indebtedness or Guarantor Senior Indebtedness, as applicable. Each Holder by accepting a 2025 Subordinated Note agrees
to such subordination and authorizes the Trustee to give it affect.

 

In the case of an Event of Default described
in Section 4.1(b) of the First Supplemental Indenture, the entire principal amount of the 2025 Subordinated Notes, together with
accrued and unpaid interest (including Arrears of Interest) and any Additional Amounts thereon, will automatically become due and
payable without any declaration or other action on the part of the Trustee or any Holder. The right of acceleration only applies
upon the occurrence of an Event of Default as described in Section 4.1(b) of the First Supplemental Indenture. For the avoidance
of doubt, any failure to pay interest on the 2025 Subordinated Notes when due as a result of a Mandatory Deferral Event or any
failure to pay principal of the 2025 Subordinated Notes when due as a result of any of the applicable Conditions to Redemption
not being satisfied shall not constitute an Event of Default under the Indenture or the 2025 Subordinated Notes.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor
and the rights of the Holders of the 2025 Subordinated Notes at any time by the Company, the Guarantor and the Trustee with the
written consent of the Holders of not less than a majority in principal amount of the 2025 Subordinated Notes at the time Outstanding.
The Indenture also contains, with certain exceptions as therein provided, provisions permitting Holders of not less than a majority
in principal amount of the 2025 Subordinated Notes at the time Outstanding, on behalf of the Holders of all the 2025 Subordinated
Notes, to waive compliance by the Company and the Guarantor with certain provisions of the Indenture. Any such consent or waiver
by the Holder of this 2025 Subordinated Note shall be conclusive and binding upon such Holder and upon all future Holders of this
2025 Subordinated Note and of any 2025 Subordinated Note issued in exchange herefor or in lieu hereof whether or not notation of
such consent or waiver is made upon this 2025 Subordinated Note or such other 2025 Subordinated Note. Any amendment or modification
to the Indenture or the 2025 Subordinated Notes shall require the prior consent of the Competent Supervisory Authority, if such
consent is then required under the Applicable Supervisory Regulations and any amendment or modification made or purported to be
made without such consent shall be void.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this 2025 Subordinated Note shall not have the right to institute any proceeding with respect to
the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (i) such Holder shall
have previously given the Trustee written notice of a continuing Event of Default, (ii) the Holders of not less than 25% in principal
amount of the 2025 Subordinated Notes that are Outstanding shall have made a written request to the Trustee to institute proceedings
in respect of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to it, (iii) the

    	A-7

    	

    

Trustee shall have failed to institute any
such proceeding for 60 days after receipt of such notice, request and offer of indemnity, and (iv) the Trustee shall not have received
from the Holders of a majority in principal amount of the 2025 Subordinated Notes that are Outstanding a direction inconsistent
with such written request during such 60-day period. The foregoing shall not apply to any suit instituted by any Holder of this
2025 Subordinated Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein.

 

This 2025 Subordinated Note is entitled to
the benefit of the Guarantee set forth in Article XI of the Base Indenture.

 

No reference herein to the Indenture and
no provision of this 2025 Subordinated Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on this 2025 Subordinated Note at the times, places and
rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this 2025 Subordinated Note is registrable on the Security Register upon
surrender of this 2025 Subordinated Note for registration of transfer at the Corporate Trust Office of the Trustee or at such other
office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan, The City of New York (which
shall initially be an office or agency of the Trustee), or at such other offices or agencies as the Company may designate, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Security Registrar duly executed by,
the Holder thereof or his attorney duly authorized in writing, and thereupon one or more new 2025 Subordinated Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees by the Security
Registrar. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to recover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentation of this 2025 Subordinated
Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee
may treat the Person in whose name this 2025 Subordinated Note is registered as the owner thereof for all purposes, whether or
not such 2025 Subordinated Note be overdue, and none of the Company, the Guarantor, the Trustee or any such agent shall be affected
by notice to the contrary.

 

No recourse for the payment of the principal
of (and premium, if any on) or interest (including Arrears of Interest) on this 2025 Subordinated Note and no recourse under or
upon any obligation, covenant or agreement of the Company or the Guarantor in the Indenture or any indenture supplemental thereto
or in any 2025 Subordinated Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, agent, officer or director or subsidiary, as such, past, present or future, of the Company,
the Guarantor or any successor entity thereof, either directly or through the Company, the Guarantor or any successor entity, whether
by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of consideration for the issue hereof, expressly waived and released.

    	A-8

    	

    

This 2025 Subordinated Note is a Global Note
and is subject to the provisions of the Indenture relating to Global Notes, including the limitations in Section 2.03 of the Base
Indenture on transfers and exchanges of Global Notes.

 

THE INDENTURE, THE GUARANTEE AND THIS 2025
SUBORDINATED NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO PRINCIPLES OF CONFLICTS OF LAWS OF SUCH STATE.

 

All capitalized terms used in this 2025 Subordinated
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    	A-9

    	

    

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	 	- as tenants in common	 	UNIF GIFT MIN ACT 	 	 
	 	 	 	 	 	 	(Cust)
	 	 	 	 	 	 	 
	TEN ENT	 	- as tenants by the entireties	 	Custodian for:	 	 
	 	 	 	 	 	 	(Minor)
	 	 	 	 	 	 	 
	JT TEN	 	- as joint tenants with rights of survivorship and not as tenants in common	 	Under Uniform Gifts to Minors Act of: 	 	 
	 	 	 	 	 	 	(State)

 

Additional abbreviations may also be used though not on the
above list.

    	A-10

    	

    

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned assigns
and transfers this 2025 Subordinated Note to:

	 
	 
	 

 

(Insert assignee’s social security
or tax identification number)

	 
	 
	 

 

(Insert address and zip code of assignee)

 

and irrevocably appoint                   agent to transfer this 2025
Subordinated Note on the Security Register. The agent may substitute another to act for him or her.

 

Dated:

 

Signed:

 

Signature Guarantee:

 

(Sign exactly as your name appears on the other side of this
2025 Subordinated Note)

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

    	A-11

    	

    

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The following increases or decreases in this
Global Note have been made:

 

	Amount of

Decrease in Stated

Amount of the

Global Note	 	Amount of Increase

in Stated Amount

of the Global Note	 	Stated Amount of

the Global Note

Following Such

Decrease/Increase	 	Signature of

Authorized

Signatory of Trustee	 	Date
	 	 	 	 	 	 	 	 	 

    	A-12

    	

    

EXHIBIT B

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE
TREATED BY THE COMPANY, THE GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES,
INCLUDING THE PAYMENT OF PRINCIPAL AND INTEREST.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

    	 

    	

    

No. 1

CUSIP No. 98420EAD7

ISIN No. US98420EAD76

$[●]

 

XLIT LTD.

 

5.500% SUBORDINATED NOTES DUE 2045

 

XLIT LTD., a Cayman Islands exempted
company duly organized and existing under the laws of the Cayman Islands (the “Company,” which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
Cede & Co. or registered assigns the principal sum of [●] United States dollars (U.S. $[●]), as such amount
may be increased or decreased as set forth on the Schedule of Increases or Decreases in the Global Note annexed hereto, on
March 31, 2045 (such date is hereinafter referred to as the “2045 Scheduled Maturity Date”), and to pay
interest thereon (including Arrears of Interest), from March 30, 2015, or from the most recent date to which interest has
been paid or duly provided for, at the rate of 5.500% per annum to, but excluding the relevant Interest Payment Date (as
defined below), until the Final Maturity Date or earlier redemption.

 

Interest on this 2045 Subordinated Note initially
shall be payable semi-annually in arrears on March 30 and September 30 of each year (each, an “Interest Payment Date”),
commencing on September 30, 2015 through and including the Final Maturity Date or earlier redemption. On the Final Maturity Date
or earlier date of redemption, the Company will pay accrued and unpaid interest from the most recent date to which interest has
been paid or provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this 2045 Subordinated Note (or one or more Predecessor Securities)
is registered at the close of business on the Record Date for such interest, which shall be March 15 and September 15, respectively
(whether or not a Business Day) preceding the relevant Interest Payment Date.

 

If, as of any Interest Payment Date, a Mandatory
Deferral Event has occurred and is continuing or would occur if payment of interest accrued on this 2045 Subordinated Notes were
made on such Interest Payment Date, the Company or the Guarantor, as applicable, shall be required to defer payment of all (and
not less than all) of the interest accrued on this 2045 Subordinated Note as of such Interest Payment Date pursuant to the mandatory
deferral provisions set forth in the Indenture.

 

If, as of the 2045 Scheduled Maturity Date,
the Conditions to Redemption have not been satisfied, final redemption of this 2045 Subordinated Note shall be deferred until the
Final Maturity Date, pursuant to the redemption provisions.

 

Principal of and the interest on this 2045
Subordinated Note will be payable at the Corporate Trust Office, or, at the option of the Company, by check mailed to each Holder
at its address set forth in the Security Register; provided, however, that if a Holder has given wire transfer instructions
to the Company and the Paying Agent and Security Registrar at least ten Business Days prior to the applicable payment date, principal
of and the interest on this 2045 Subordinated Note

    	B-2

    	

    

will be payable by wire transfer of immediately
available funds to the account specified in such instructions.

 

Interest on this 2045 Subordinated Note will
be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any period shorter
than a full semi-annual period for which interest is computed will be computed on the basis of the actual number of days elapsed
in the 180-day period.

 

Reference is hereby made to the further provisions
of this 2045 Subordinated Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if fully set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by the manual signature of one of its authorized signatories,
this 2045 Subordinated Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

    	B-3

    	

    

IN WITNESS WHEREOF, the Company has caused
this 2045 Subordinated Note to be executed and delivered as a deed.

 

	 	Dated:
	 	 
	 	XLIT Ltd.
	 	 	 
	 	By:	 
	 	Name: 
	 	Title:

    	B-4

    	

    

IN WITNESS WHEREOF, the Company has caused
this 2045 Subordinated Note to be executed and delivered as a deed.

 

	 	Dated:
	 	 
	 	XLIT Ltd.
	 	 

	 	By: 	 
	 	 	 

	 	Name: 
	 	Title:
	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	Dated:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 

	 	By: 	 
	 	 	 

	 	Authorized Signatory
	 	 

    	B-5

    	

    

[REVERSE OF NOTE]

 

This 2045 Subordinated Note is one of a duly
authorized issue of securities of the Company designated as its “5.500% Subordinated Notes due 2045” (herein sometimes
referred to as the “2045 Subordinated Notes”), initially limited in aggregate principal amount to $500.0 million, issued
under and pursuant to an Indenture, dated as of March 30, 2015 (the “Base Indenture”), duly executed and delivered
by and among the Company, as issuer, XL Group Public Limited Company, a public company limited by shares, as guarantor (the “Guarantor”),
and Wells Fargo Bank, National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental
Indenture, dated as of March 30, 2015 (the “First Supplemental Indenture”), duly executed and delivered by and
among the Company, the Guarantor and the Trustee (such Base Indenture as amended and supplemented by the First Supplemental Indenture,
the “Indenture”), to which the Indenture and all subsequent indentures supplemental thereto relating to the
2045 Subordinated Notes reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Guarantor, the Trustee and the Holders of the 2045 Subordinated Notes and of the terms upon which
the 2045 Subordinated Notes are, and are to be, authenticated and delivered.

 

The 2045 Subordinated Notes are issuable
only in registered form without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, 2045 Subordinated Notes so issued are exchangeable for a
like aggregate principal amount of 2045 Subordinated Notes of a different authorized denomination, as requested by the Holder surrendering
the same.

 

Beginning on March 31, 2020, and provided
that the applicable Conditions to Redemption have been satisfied and will continue to be satisfied if the optional redemption payment
were made on the 2045 Subordinated Notes, the 2045 Subordinated Notes may be redeemed, in whole at any time or in part from time
to time, at the Company’s option, at a redemption price equal to the accrued and unpaid interest (including Arrears of Interest)
on the principal amount of the 2045 Subordinated Notes being redeemed to, but excluding, the Redemption Date plus the greater of:
(A) 100% of the principal amount of the 2045 Subordinated Notes to be redeemed, and (B) the sum of the present values of the remaining
scheduled payments of principal and interest on the 2045 Subordinated Notes to be redeemed (not including any portion of such payments
of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate, plus 50 basis points, as provided in, and subject to the terms of, the Indenture.

 

The 2045 Subordinated Notes may be redeemed
at the Company’s option and sole discretion, in whole but not in part, within 90 days following the occurrence of a Specified
Event; provided that, at the time of such Specified Event Redemption, the applicable Conditions to Redemption are satisfied
and will continue to be satisfied after the redemption payment is made and, if not so satisfied, such Specified Event Redemption
will be deferred until such time as the Conditions to Redemption are satisfied. The 2045 Subordinated Notes will be redeemed at
a Redemption Price equal to the principal amount thereof, together with accrued and unpaid interest (including Arrears of Interest)
on the 2045 Subordinated Notes being redeemed to, but excluding, the Redemption Date, and any Additional Amounts thereon.

    	B-6

    	

    

If the Acquisition is not consummated, or
the Implementation Agreement is terminated, in each case, on or prior to December 15, 2015, the Company will be required to redeem
all of the 2045 Subordinated Notes then Outstanding on the Special Mandatory Redemption Date at the Special Mandatory Redemption
Price.

 

No sinking fund is provided for the 2045
Subordinated Notes.

 

The 2045 Subordinated Notes and related Guarantees
are subordinated in right of payment, in the manner and to the extent set forth in the Indenture, to the prior payment in full
of all Senior Indebtedness or Guarantor Senior Indebtedness, as applicable. Each Holder by accepting a 2045 Subordinated Note agrees
to such subordination and authorizes the Trustee to give it affect.

 

In the case of an Event of Default described
in Section 4.1(b) of the First Supplemental Indenture, the entire principal amount of the 2045 Subordinated Notes, together with
accrued and unpaid interest (including Arrears of Interest) and any Additional Amounts thereon, will automatically become due and
payable without any declaration or other action on the part of the Trustee or any Holder. The right of acceleration only applies
upon the occurrence of an Event of Default as described in Section 4.1(b) of the First Supplemental Indenture. For the avoidance
of doubt, any failure to pay interest on the 2045 Subordinated Notes when due as a result of a Mandatory Deferral Event or any
failure to pay principal of the 2045 Subordinated Notes when due as a result of any of the applicable Conditions to Redemption
not being satisfied shall not constitute an Event of Default under the Indenture or the 2045 Subordinated Notes.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor
and the rights of the Holders of the 2045 Subordinated Notes at any time by the Company, the Guarantor and the Trustee with the
written consent of the Holders of not less than a majority in principal amount of the 2045 Subordinated Notes at the time Outstanding.
The Indenture also contains, with certain exceptions as therein provided, provisions permitting Holders of not less than a majority
in principal amount of the 2045 Subordinated Notes at the time Outstanding, on behalf of the Holders of all the 2045 Subordinated
Notes, to waive compliance by the Company and the Guarantor with certain provisions of the Indenture. Any such consent or waiver
by the Holder of this 2045 Subordinated Note shall be conclusive and binding upon such Holder and upon all future Holders of this
2045 Subordinated Note and of any 2045 Subordinated Note issued in exchange herefor or in lieu hereof whether or not notation of
such consent or waiver is made upon this 2045 Subordinated Note or such other 2045 Subordinated Note. Any amendment or modification
to the Indenture or the 2045 Subordinated Notes shall require the prior consent of the Competent Supervisory Authority, if such
consent is then required under the Applicable Supervisory Regulations and any amendment or modification made or purported to be
made without such consent shall be void.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this 2045 Subordinated Note shall not have the right to institute any proceeding with respect to
the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (i) such Holder shall
have previously given the Trustee written notice of a continuing Event of Default, (ii) the Holders of not less than 25% in principal
amount of the 2045 Subordinated Notes that are Outstanding shall have made a written request to the Trustee to institute proceedings
in respect of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to it, (iii) the

    	B-7

    	

    

Trustee shall have failed to institute any
such proceeding for 60 days after receipt of such notice, request and offer of indemnity, and (iv) the Trustee shall not have received
from the Holders of a majority in principal amount of the 2045 Subordinated Notes that are Outstanding a direction inconsistent
with such written request during such 60-day period. The foregoing shall not apply to any suit instituted by any Holder of this
2045 Subordinated Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein.

 

This 2045 Subordinated Note is entitled to
the benefit of the Guarantee set forth in Article XI of the Base Indenture.

 

No reference herein to the Indenture and
no provision of this 2045 Subordinated Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on this 2045 Subordinated Note at the times, places and
rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this 2045 Subordinated Note is registrable on the Security Register upon
surrender of this 2045 Subordinated Note for registration of transfer at the Corporate Trust Office of the Trustee or at such other
office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan, The City of New York (which
shall initially be an office or agency of the Trustee), or at such other offices or agencies as the Company may designate, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Security Registrar duly executed by,
the Holder thereof or his attorney duly authorized in writing, and thereupon one or more new 2045 Subordinated Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees by the Security
Registrar. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to recover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentation of this 2045 Subordinated
Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee
may treat the Person in whose name this 2045 Subordinated Note is registered as the owner thereof for all purposes, whether or
not such 2045 Subordinated Note be overdue, and none of the Company, the Guarantor, the Trustee or any such agent shall be affected
by notice to the contrary.

 

No recourse for the payment of the principal
of (and premium, if any on) or interest (including Arrears of Interest) on this 2045 Subordinated Note and no recourse under or
upon any obligation, covenant or agreement of the Company or the Guarantor in the Indenture or any indenture supplemental thereto
or in any 2045 Subordinated Note, or because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, agent, officer or director or subsidiary, as such, past, present or future, of the Company,
the Guarantor or any successor entity thereof, either directly or through the Company, the Guarantor or any successor entity, whether
by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of consideration for the issue hereof, expressly waived and released.

    	B-8

    	

    

This 2045 Subordinated Note is a Global Note
and is subject to the provisions of the Indenture relating to Global Notes, including the limitations in Section 2.03 of the Base
Indenture on transfers and exchanges of Global Notes.

 

THE INDENTURE, THE GUARANTEE AND THIS 2045
SUBORDINATED NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO PRINCIPLES OF CONFLICTS OF LAWS OF SUCH STATE.

 

All capitalized terms used in this 2045 Subordinated
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    	B-9

    	

    

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	 	- as tenants in common	 	UNIF GIFT MIN ACT 	 	 
	 	 	 	 	 	 	(Cust)
	 	 	 	 	 	 	 
	TEN ENT	 	- as tenants by the entireties	 	Custodian for:	 	 
	 	 	 	 	 	 	(Minor)
	 	 	 	 	 	 	 
	JT TEN	 	- as joint tenants with rights of survivorship and not as tenants in common	 	Under Uniform Gifts to Minors Act of: 	 	 
	 	 	 	 	 	 	(State)

 

Additional abbreviations may also be used though not on the
above list.

    	B-10

    	

    

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned assigns
and transfers this 2045 Subordinated Note to:

 

	 
	 
	 

 

(Insert assignee’s social security
or tax identification number)

 

	 
	 
	 

 

(Insert address and zip code of assignee)

 

and irrevocably appoint             agent
to transfer this 2045 Subordinated Note on the Security Register. The agent may substitute another to act for him or her.

 

Dated:

 

Signed:

 

Signature Guarantee:

 

(Sign exactly as your name appears on the
other side of this 2045 Subordinated Note)

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

    	B-11

    	

    

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The following increases or decreases in this
Global Note have been made:

 

	Amount of 

Decrease in Stated 

Amount of the 

Global Note	 	Amount of Increase 

in Stated Amount 

of the Global Note	 	Stated Amount of 

the Global Note 

Following Such 

Decrease/Increase	 	Signature of 

Authorized 

Signatory of Trustee	 	Date
	 	 	 	 	 	 	 	 	 

    	B-12

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