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Exhibit 4.3  

 
 

NEW PLAN EXCEL REALTY TRUST, INC.    
    
    as Primary Obligor    
    
    and    
    
    [NAME OF TRUSTEE]    
    

   as Trustee    
    
    INDENTURE    
    
    Dated as
of                        , 200     
    
    Subordinated Securities    

  

 
 

TABLE OF CONTENTS    
    

	 
	 	Page

	ARTICLE ONE    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	1
	

SECTION 101. Definitions	
 	

1
	Acquired Indebtedness	 	1
	Act	 	1
	Additional Amounts	 	2
	Affiliate	 	2
	Authenticating Agent	 	2
	Authorized Newspaper	 	2
	Bankruptcy Law	 	2
	Bearer Security	 	2
	Board of Directors	 	2
	Board Resolution	 	2
	Business Day	 	2
	Capital Stock	 	2
	Cedelbank	 	2
	Commission	 	2
	Common Depository	 	2
	Common Shares	 	3
	Company	 	3
	Company Request	 	3
	Company Order	 	3
	Conversion Event	 	3
	Corporate Trust Office	 	3
	corporation	 	3
	coupon	 	3
	currency	 	3
	Custodian	 	3
	Debt	 	3
	Defaulted Interest	 	4
	Dollar	 	4
	$	 	4
	Euroclear	 	4
	Event of Default	 	4
	Foreign Currency	 	4
	GAAP	 	4
	Government Obligations	 	4
	Guarantee	 	4
	Guarantor	 	4
	Holder	 	4
	Indenture	 	4
	Indexed Security	 	5
	interest	 	5
	Interest Payment Date	 	5
	Make-Whole Amount	 	5
	Maturity	 	5
	Officers' Certificate	 	5
	 	 	 

i

 

	Opinion of Counsel	 	5
	Original Issue Discount Security	 	5
	Outstanding	 	5
	Paying Agent	 	6
	Person	 	6
	Place of Payment	 	6
	Predecessor Security	 	6
	Preferred Shares	 	7
	Recourse Indebtedness	 	7
	Redemption Date	 	7
	Redemption Price	 	7
	Registered Security	 	7
	Regular Record Date	 	7
	Reinvestment Rate	 	7
	Repayment Date	 	7
	Repayment Price	 	7
	Representative	 	8
	Responsible Officer	 	8
	Secured Debt	 	8
	Security	 	8
	Security Register	 	8
	Security Registrar	 	8
	Senior Debt	 	8
	Significant Subsidiary	 	9
	Special Record Date	 	9
	Stated Maturity	 	9
	Statistical Release	 	9
	Subsidiary	 	9
	Trust Indenture Act	 	9
	TIA	 	9
	Trustee	 	9
	United States	 	9
	United States person	 	9
	Yield to Maturity	 	9
	SECTION 102. Compliance Certificates and Opinions	 	9
	SECTION 103. Form of Documents Delivered to Trustee	 	10
	SECTION 104. Acts of Holders	 	10
	SECTION 105. Notices, etc., to Trustee and Company	 	12
	SECTION 106. Notice to Holders; Waiver	 	12
	SECTION 107. Effect of Headings and Table of Contents	 	13
	SECTION 108. Successors and Assigns	 	13
	SECTION 109. Separability Clause	 	13
	SECTION 110. Benefits of Indenture	 	13
	SECTION 111. Governing Law	 	13
	SECTION 112. Legal Holidays	 	13
	SECTION 113. Judgment Currency	 	13
	

ARTICLE TWO    SECURITIES FORMS	
 	

14
	

SECTION 201. Forms of Securities	
 	

14
	SECTION 202. Form of Trustee's Certificate of Authentication	 	14
	 	 	 

ii

 

	SECTION 203. Securities Issuable in Global Form	 	15
	

ARTICLE THREE    THE SECURITIES	
 	

15
	

SECTION 301. Amount Unlimited; Issuable in Series	
 	

15
	SECTION 302. Denominations	 	18
	SECTION 303. Execution, Authentication, Delivery and Dating	 	18
	SECTION 304. Temporary Securities	 	20
	SECTION 305. Registration, Registration of Transfer and Exchange	 	22
	SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities	 	25
	SECTION 307. Payment of Interest; Interest Rights Preserved	 	26
	SECTION 308. Persons Deemed Owners	 	27
	SECTION 309. Cancellation	 	28
	SECTION 310. Computation of Interest	 	28
	

ARTICLE FOUR    SATISFACTION AND DISCHARGE	
 	

28
	

SECTION 401. Satisfaction and Discharge of Indenture	
 	

28
	SECTION 402. Application of Trust Funds	 	29
	

ARTICLE FIVE    REMEDIES	
 	

29
	

SECTION 501. Events of Default	
 	

29
	SECTION 502. Acceleration of Maturity; Rescission and Annulment	 	31
	SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee	 	32
	SECTION 504. Trustee May File Proofs of Claim	 	33
	SECTION 505. Trustee May Enforce Claims Without Possession of Securities or Coupons	 	33
	SECTION 506. Application of Money Collected	 	33
	SECTION 507. Limitation on Suits	 	34
	SECTION 508. Unconditional Right of Holders to Receive Principal, Premium, if any, Interest and Additional Amounts	 	34
	SECTION 509. Restoration of Rights and Remedies	 	34
	SECTION 510. Rights and Remedies Cumulative	 	34
	SECTION 511. Delay or Omission Not Waiver	 	35
	SECTION 512. Control by Holders of Securities	 	35
	SECTION 513. Waiver of Past Defaults	 	35
	SECTION 514. Waiver of Usury, Stay or Extension Laws	 	35
	SECTION 515. Undertaking for Costs	 	35
	

ARTICLE SIX    THE TRUSTEE	
 	

36
	

SECTION 601. Notice of Defaults	
 	

36
	SECTION 602. Certain Rights of Trustee	 	36
	SECTION 603. Not Responsible for Recitals or Issuance of Securities	 	37
	SECTION 604. May Hold Securities	 	37
	SECTION 605. Money Held in Trust	 	38
	SECTION 606. Compensation and Reimbursement	 	38
	SECTION 607. Eligibility of Trustee; Conflicting Interests	 	38
	SECTION 608. Resignation and Removal; Appointment of Successor	 	38
	SECTION 609. Acceptance of Appointment by Successor	 	40
	SECTION 610. Merger, Conversion, Consolidation or Succession to Business	 	40
	SECTION 611. Appointment of Authenticating Agent	 	41
	

ARTICLE SEVEN    HOLDERS' LISTS AND REPORTS	
 	

42
	 	 	 

iii

 

	

SECTION 701. Disclosure of Names and Addresses of Holders	
 	

42
	SECTION 702. Reports by Trustee	 	42
	SECTION 703. Reports by Company and Guarantors	 	42
	SECTION 704. Company to Furnish Trustee Names and Addresses of Holders	 	43
	

ARTICLE EIGHT    CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE	
 	

43
	

SECTION 801. Consolidation or Merger of Company and Sale, Lease or Conveyance Permitted Subject to Certain Conditions	
 	

43
	SECTION 802. Rights and Duties of Successor Corporation	 	43
	SECTION 803. Officers' Certificate and Opinion of Counsel	 	44
	

ARTICLE NINE    SUPPLEMENTAL INDENTURES	
 	

44
	

SECTION 901. Supplemental Indentures Without Consent of Holders	
 	

44
	SECTION 902. Supplemental Indentures with Consent of Holders	 	45
	SECTION 903. Execution of Supplemental Indentures	 	46
	SECTION 904. Effect of Supplemental Indentures	 	46
	SECTION 905. Conformity with Trust Indenture Act	 	46
	SECTION 906. Reference in Securities to Supplemental Indentures	 	46
	

ARTICLE TEN    COVENANTS	
 	

46
	

SECTION 1001. Payment of Principal, Premium, if any, Interest and Additional Amounts	
 	

46
	SECTION 1002. Maintenance of Office or Agency	 	46
	SECTION 1003. Money for Securities Payments to Be Held in Trust	 	48
	SECTION 1004. Omitted	 	49
	SECTION 1005. Existence	 	49
	SECTION 1006. Maintenance of Properties	 	49
	SECTION 1007. Insurance	 	49
	SECTION 1008. Payment of Taxes and Other Claims	 	49
	SECTION 1009. Provision of Financial Information	 	50
	SECTION 1010. Statement as to Compliance	 	50
	SECTION 1011. Additional Amounts	 	50
	SECTION 1012. Waiver of Certain Covenants	 	51
	

ARTICLE ELEVEN    REDEMPTION OF SECURITIES	
 	

51
	

SECTION 1101. Applicability of Article	
 	

51
	SECTION 1102. Election to Redeem; Notice to Trustee	 	51
	SECTION 1103. Selection by Trustee of Securities to Be Redeemed	 	51
	SECTION 1104. Notice of Redemption	 	52
	SECTION 1105. Deposit of Redemption Price	 	53
	SECTION 1106. Securities Payable on Redemption Date	 	53
	SECTION 1107. Securities Redeemed in Part	 	54
	

ARTICLE TWELVE    SINKING FUNDS	
 	

54
	

SECTION 1201. Applicability of Article	
 	

54
	SECTION 1202. Satisfaction of Sinking Fund Payments with Securities	 	54
	SECTION 1203. Redemption of Securities for Sinking Fund	 	54
	

ARTICLE THIRTEEN    REPAYMENT AT THE OPTION OF HOLDERS	
 	

55
	

SECTION 1301. Applicability of Article	
 	

55
	SECTION 1302. Repayment of Securities	 	55
	 	 	 

iv

 

	SECTION 1303. Exercise of Option	 	55
	SECTION 1304. When Securities Presented for Repayment Become Due and Payable	 	56
	SECTION 1305. Securities Repaid in Part	 	56
	

ARTICLE FOURTEEN    DEFEASANCE AND COVENANT DEFEASANCE	
 	

57
	

SECTION 1401. Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	
 	

57
	SECTION 1402. Defeasance and Discharge	 	57
	SECTION 1403. Covenant Defeasance	 	57
	SECTION 1404. Conditions to Defeasance or Covenant Defeasance	 	58
	SECTION 1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	 	59
	

ARTICLE FIFTEEN    MEETINGS OF HOLDERS OF SECURITIES	
 	

60
	

SECTION 1501. Purposes for Which Meetings May Be Called	
 	

60
	SECTION 1502. Call, Notice and Place of Meetings	 	60
	SECTION 1503. Persons Entitled to Vote at Meetings	 	60
	SECTION 1504. Quorum; Action	 	60
	SECTION 1505. Determination of Voting Rights; Conduct and Adjournment of Meetings	 	61
	SECTION 1506. Counting Votes and Recording Action of Meetings	 	62
	

ARTICLE SIXTEEN    GUARANTEE OF SECURITIES	
 	

62
	

SECTION 1601. Guarantee	
 	

62
	SECTION 1602. Future Guarantors	 	65
	SECTION 1603. Delivery of Guarantee	 	65
	

ARTICLE SEVENTEEN    MEETINGS OF HOLDERS OF SECURITIES	
 	

65
	

SECTION 1701. Agreement to Subordinate	
 	

65
	SECTION 1702. Liquidation, Dissolution, Bankruptcy	 	65
	SECTION 1703. Default on Senior Debt	 	65
	SECTION 1704. Acceleration of Securities	 	66
	SECTION 1705. When Distribution Must be Paid Over	 	66
	SECTION 1706. Notice by Company	 	66
	SECTION 1707. Subrogation	 	66
	SECTION 1708. Relative Rights	 	66
	SECTION 1709. Subrogation May Not Be Impaired by Company	 	66
	SECTION 1710. Distribution or Notice to Representative	 	66
	SECTION 1711. Rights of Trustee and Paying Agent	 	66
	

TESTIMONIUM	
 	

 
	SIGNATURES AND SEALS	 	 
	ACKNOWLEDGMENTS	 	 
	EXHIBIT A—FORMS OF CERTIFICATION	 	 

v

 
RECONCILIATION AND TIE BETWEEN

TRUST INDENTURE ACT OF 1939 (THE "1939 ACT") AND INDENTURE  

	1939 Act Section
 
	 	Indenture Section

	Section 310(a)(1)	 	607
	             (a)(2)	 	607
	             (b)	 	607, 608
	Section 312(c)	 	701
	Section 313(a)	 	702
	             (c)	 	702
	Section 314(a)	 	703
	             (a)(4)	 	1010
	             (c)(1)	 	102
	             (c)(2)	 	102
	             (e)	 	102
	Section 315(b)	 	601
	Section 316(a) (last sentence)	 	101
	             ("Outstanding")	 	 
	             (a)(1)(A)	 	502, 512
	             (a)(1)(B)	 	513
	             (b)	 	508
	Section 317(a)(1)	 	503
	             (a)(2)	 	504
	Section 318(a)	 	111
	             (c)	 	111

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

        Attention
should also be directed to Section 318(c) of the 1939 Act, which provides that the provisions of Sections 310 to and including 317 of the 1939 Act are a part of and
govern every qualified indenture, whether or not physically contained therein. 

vi

  

        INDENTURE, dated as of                            ,
200            , among NEW PLAN EXCEL REALTY TRUST, INC., a Maryland corporation, as primary obligor (hereinafter called
the "Company"), having its principal office at 1120 Avenue of the Americas, New York, New York 10036, and [NAME OF TRUSTEE],
a                        
trust company, as trustee (hereinafter called the "Trustee"), having its Corporate Trust Office at                        ,
[New York, New York],
            , and any Person becoming a Guarantor hereunder. 

 
 

RECITALS    
    

        The Company deems it necessary to issue from time to time for its lawful purposes subordinated debt securities (hereinafter called the
"Securities") evidencing its unsecured and subordinated indebtedness, and has duly authorized the execution and delivery of this Indenture to provide for the issuance from
time to time of the Securities, unlimited as to principal amount, to bear interest at the rates or formulas, to mature at such times and to have such other provisions as shall be fixed as hereinafter
provided. 

        This
Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are deemed to be incorporated into this Indenture and shall, to the extent applicable, be
governed by such provisions. 

        All
things necessary to make this Indenture a valid agreement of the Company and each Guarantor, if any, 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, as follows: 

 
 

ARTICLE ONE    
    
    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION    
    

        SECTION
101.    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 TIA, either directly or by reference therein, have the meanings assigned to them therein, and the terms
"cash transaction" and "self-liquidating paper", as used in TIA Section 311, shall have the meanings assigned to them in
the rules of the Commission adopted under the TIA; 

        (3)   all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; and 

        (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. 

        "Acquired
Indebtedness" means Debt of a Person (i) existing at the time the Person becomes a Subsidiary or (ii) assumed in connection with the
acquisition of assets from the Person, in each case, other than Debt incurred in connection with, or in contemplation of, the Person becoming a Subsidiary or that acquisition. Acquired Indebtedness
shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 

        "Act,"
when used with respect to any Holder, has the meaning specified in Section 104. 

1

 

        "Additional
Amounts" means any additional amounts which are required by a Security or by or pursuant to a Board Resolution, under circumstances specified
therein, to be paid by the Company in respect of certain taxes imposed on certain Holders and which are owing to such Holders. 

        "Affiliate"
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control
with such specified Person. For the purposes of this definition, "control" 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. 

        "Authenticating
Agent" means any authenticating agent appointed by the Trustee pursuant to Section 611. 

        "Authorized
Newspaper" means a newspaper, printed in the English language or in an official language of the country of publication, customarily published on
each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial community of each
such place. Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in the same
city meeting the foregoing requirements and in each case on any Business Day. 

        "Bankruptcy
Law" has the meaning specified in Section 501. 

        "Bearer
Security" means any Security established pursuant to Section 201 which is payable to bearer. 

        "Board
of Directors" means the board of directors of the Company or a Guarantor, as applicable, or other body with analogous authority with respect to the
Company or a Guarantor, the executive committee of that board or body or any committee of that board or body 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 a Guarantor, as applicable, to have
been duly adopted by the Board of Directors thereof and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

        "Business
Day," when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means,
unless otherwise specified with respect to any Securities pursuant to Section 301, any day other than a Saturday, Sunday, legal holiday or other day on which banking institutions in that Place
of Payment or particular location are authorized or required by law, regulation or executive order to close. 

        "Capital
Stock" means, with respect to any Person, any and all shares (including preferred shares), interests, participations or other equity ownership
interests (however designated, whether voting or non-voting) in the Person and any rights (other than debt securities convertible into or exchangeable for corporate Capital Stock),
warrants or options to purchase any thereof. 

        "Cedelbank"
means Cedelbank or its successor. 

        "Commission"
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, or, if at any
time after 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 on such date. 

        "Common
Depositary" has the meaning specified in Section 304(b). 

2

 

        "Common
Shares" means, with respect to any Person, capital stock or shares of beneficial interest issued by such Person other than Preferred Shares. 

        "Company"
means the Person named as the "Company" in the first paragraph of this Indenture until a successor shall have become the primary
obligor of the Securities pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor corporation. 

        "Company
Request" and "Company Order" mean, respectively, a written request or order signed in the name of the Company by its
Chairman of the Board, the Chief Executive Officer, the President or an Executive Vice President, and by its Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company,
and delivered to the Trustee. 

        "Conversion
Event" means the cessation of use of (i) a Foreign Currency other than the Euro both by the government of the country that issued such
currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the Euro both within the member states of
the European Union that have adopted the single currency in accordance with the treaty establishing the European Community as amended by the treaty of the European Union and for the settlement of
transactions by public institutions of or within the European Union or (iii) any currency for the purposes for which it was established. 

        "Corporate
Trust Office" means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof (and for the purposes of the Place of Payment provisions of Section 1002) is located
at                        , [New York, New York]
            . 

        "corporation"
includes corporations, limited partnerships, limited liability companies, companies, real estate investment trusts and business trusts. 

        "coupon"
means any interest coupon appertaining to a Bearer Security. 

        "currency"
means any currency, currency unit or composite currency, including, without limitation, the Euro, issued by the government of one or more
countries or by any recognized confederation or association of such governments. 

        "Custodian"
has the meaning specified in Section 501. 

        "Debt"
of the Company or any Subsidiary means any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of (i) borrowed
money evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security interest existing on property
owned by the Company or any Subsidiary, (iii) reimbursement obligations, contingent or otherwise, in connection with any letters of credit or amounts representing the balance deferred and
unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable or (iv) any lease of property by the Company or any Subsidiary as
lessee which is reflected on the Company's consolidated balance sheet as a capitalized lease in accordance with GAAP, in the case of items of indebtedness under (i) through (iii) above
to the extent that any such items (other than reimbursement obligations in connection with letters of credit) would appear as a liability on the Company's consolidated balance sheet in accordance with
GAAP, and also includes, to the extent not otherwise included, any obligation by the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes
of collection in the ordinary course of business), indebtedness of another Person that would appear as a liability on such Person's consolidated balance sheet in accordance with GAAP (other than the
Company or any Subsidiary) (it being understood that "Debt" shall be deemed to be incurred by the Company and its Subsidiaries on a consolidated basis whenever the Company and its Subsidiaries on a
consolidated basis create, assume, guarantee or otherwise become liable in respect thereof; Debt of a Subsidiary of the Company existing prior to the time it becomes a Subsidiary of the 

3

 

Company
shall be deemed to be incurred upon such Subsidiary's becoming a Subsidiary of the Company; and Debt of a Person existing prior to a merger or consolidation of such Person with the Company or
any Subsidiary of the Company in which such Person is the successor of the Company or such Subsidiary shall be deemed to be incurred upon the consummation of such merger or consolidation). 

        "Defaulted
Interest" has the meaning specified in Section 307. 

        "Dollar"
or "$" means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be
legal tender for the payment of public and private debts. 

        "Euroclear"
means Morgan Guaranty Trust Company of New York, Brussels Office, or its successor as operator of the Euroclear System. 

        "Event
of Default" has the meaning specified in Article Five. 

        "Foreign
Currency" means any currency issued by the government of one or more countries other than the United States or by any recognized confederation or
association of such governments. 

        "GAAP"
means generally accepted accounting principles, as in effect from time to time, as used in the United States applied on a consistent basis, provided
that, solely for purposes of any calculation required by the financial covenants contained herein, "GAAP" means generally accepted accounting principles, as in effect on
the date hereof, as used in the United States applied on a consistent basis. 

        "Government
Obligations" means securities which are (i) direct obligations of the United States or the government or governments that issued the
Foreign Currency or Currencies in which the Securities of a particular series are payable, 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 or such government or governments that issued the Foreign Currency or Currencies in which the Securities of
such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States or such other government or governments, 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 as custodian with respect to any such Government
Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt. 

        "Guarantee"
has the meaning set forth in Article Sixteen hereof. 

        "Guarantor"
means any Person that is liable under a Guarantee under Article Sixteen hereof. 

        "Holder"
means, in the case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer
Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof. 

        "Indenture"
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section 301; provided, however,
that, if at any time more than one Person is acting as Trustee under this instrument, "Indenture" shall mean, with respect to any one or more series of Securities for
which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to
the applicable provisions hereof and shall include the terms of the or those 

4

 

particular
series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate solely to other series
of Securities for which such Person is Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party. 

        "Indexed
Security" means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance. 

        "interest,"
when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable
after Maturity, and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 1011, includes such Additional Amounts. 

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

        "Make-Whole
Amount" means, in connection with any optional redemption or accelerated payment of any Securities, the excess, if any, of:
(i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest
accrued to the date of redemption or accelerated payment) that would have been payable in respect of each such dollar if such redemption or accelerated payment had not been made, determined by
discounting such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date notice of such redemption is given) from the respective dates on which such
principal and interest would have been payable if such redemption or accelerated payment had not been made to the date of redemption or accelerated payment; over (ii) the aggregate principal
amount of the Securities being redeemed or paid. 

        "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, notice of redemption, notice of option to elect repayment or otherwise. 

        "Officers'
Certificate" means a certificate signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President or an Executive Vice
President and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company or a Guarantor, as applicable, and delivered to the Trustee. 

        "Opinion
of Counsel" means a written opinion of counsel, who may be counsel for the Company or a Guarantor or who may be an employee of or other counsel for
the Company or a Guarantor and who shall be reasonably satisfactory to the Trustee. 

        "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 502. 

        "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 canceled by the Trustee or delivered to the Trustee for cancellation; 

        (ii)   Securities,
or portions thereof, for whose payment or redemption or repayment at the option of the Holder money 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 

5

 

(if
the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining thereto, 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; 

        (iii)  Securities,
except to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected defeasance and/or covenant defeasance as provided
in Article Fourteen; 

        (iv)  Securities
which have been paid pursuant to Section 306 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; and 

        (v)   Securities
converted into Common Shares or Preferred Shares pursuant to or in accordance with this Indenture if the terms of such Securities provide for convertibility
pursuant to Section 301; 

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 or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal
thereof that would be (or shall have been declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the Maturity thereof pursuant to Section 502,
(ii) the principal amount of any Security denominated in a Foreign Currency or Currencies that may be counted in making such determination or calculation and that shall be deemed Outstanding
for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section 301 as of the date such Security is originally issued by the Company, of the principal amount (or, in
the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i) above) of such Security,
(iii) the principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the
principal face amount of such Indexed Security at original issuance, unless otherwise provided with respect to such Security pursuant to Section 301, and (iv) 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 making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee 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. 

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

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

        "Place
of Payment," when used with respect to the Securities of or within any series, means the place or places where the principal of (and premium, if any)
and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002. 

        "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 

6

 

definition,
any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated,
destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or
stolen coupon appertains. 

        "Preferred
Shares" means, with respect to any Person, shares of capital stock or of beneficial interest issued by such Person that are entitled to a
preference or priority over any other shares of capital stock or beneficial interest issued by such Person upon any distribution of such Person's assets, whether by dividend or upon liquidation,
dissolution or winding up. 

        "Recourse
Indebtedness" means Debt, other than Secured Debt as to which Secured Debt the liability of the obligor thereon is limited to its interest in the
collateral securing such Secured Debt, provided that no such Secured Debt shall constitute Recourse Indebtedness by reason of provisions therein for imposition of full recourse liability on the
obligor for certain wrongful acts, environmental liabilities, or other customary exclusions from the so-called "non-recourse" provisions. 

        "Redemption
Date," when used with respect to any Security to be redeemed, in whole or in part, 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. 

        "Registered
Security" shall mean any Security which is registered in the Security Register. 

        "Regular
Record Date" for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified for
that purpose as contemplated by Section 301, whether or not a Business Day. 

        "Reinvestment
Rate" means a rate per annum equal to the sum of (i) .25% plus (ii) the arithmetic mean of the yields under the heading "Week
Ending" published in the most recent Statistical Release under the caption "Treasury Constant Maturities" for the maturity (rounded to the nearest month) corresponding to the remaining life to
maturity, as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis,
rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination
of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury yield in the above manner, then
the Treasury yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by the Company. If the format or content of the Statistical Release
changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner,
as reasonably determined by the Company. 

        "Repayment
Date" means, when used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to
this Indenture. 

        "Repayment
Price" means, when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or
pursuant to this Indenture. 

7

  

        "Representative" means the indenture trustee or other trustee, agent or representative for an issue of Senior Debt. 

        "Responsible
Officer," when used with respect to the Trustee, means any senior vice president, vice president (whether or not designated by a number or a
word or words added before or after the title "vice president"), or assistant vice president, the secretary, any assistant secretary, or any other officer working in its Corporate Trust Department and
customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of such officer's knowledge and familiarity with the particular subject. 

        "Secured
Debt" means, without duplication, Debt that is secured by a mortgage, trust deed, deed of trust, deed to secure Debt, security agreement, pledge,
conditional sale or other title retention agreement, capitalized lease, or other like agreement granting or conveying security title to or a security interest in real property or other tangible
asset(s). Secured Debt shall be deemed to be incurred (i) on the date the obligor thereon creates, assumes, guarantees or otherwise becomes liable in respect thereof if it is secured in the
manner described in the preceding sentence on such date or (ii) on the date the obligor thereon first secures such Debt in the manner described in the preceding sentence if such Debt was not so
secured on the date it was incurred. 

        "Security"
has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated and delivered
under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, "Securities" with respect to the Indenture as to which such Person
is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee. 

        "Security
Register" and "Security Registrar" have the respective meanings specified in Section 305. 

        "Senior
Debt" means the principal of and interest on, or substantially similar payments to be made by the Company in respect of, the following, whether
outstanding at the date of execution of this Indenture or thereafter incurred, created or assumed: (a) indebtedness of the Company for money borrowed or represented by purchase-money
obligations, (b) indebtedness of the Company evidenced by notes, debentures or bonds, or other securities issued under the provisions of an indenture, fiscal agency agreement or other
instrument, (c) obligations of the Company as lessee under leases of property either made as part of any sale and lease-back transaction to which the Company is a party or
otherwise, (d) indebtedness of partnerships and joint ventures which is included in the Company's consolidated financial statements, (e) indebtedness, obligations and liabilities of
others in respect of which the Company is liable contingently or otherwise to pay or advance money or property or as guarantor, endorser or otherwise or which the Company has agreed to purchase or
otherwise acquire, and (f) any binding commitment of the Company to fund any real estate investment or to fund any investment in any entity making such real estate investment; but excluding,
however, (1) any such indebtedness, obligation or liability referred to in clauses (a) through (f) above as to which, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding, it is provided that such indebtedness, obligation or liability is not superior in right of payment to the Securities, or ranks pari
passu with the Securities, (2) any such indebtedness, obligation or liability which is subordinated to indebtedness of the Company to substantially the same extent as or
to a greater extent than the Securities are subordinated, (3) any trade accounts payable and (4) the Securities. As used in the preceding sentence, the term "purchase-money obligations"
shall mean indebtedness or obligations evidenced by a note, debenture, bond or other instrument (whether or not secured by any lien or other security interest but excluding indebtedness or obligations
for which recourse is limited to the property purchased) issued or assumed as all or a part of the consideration for the acquisition of property, 

8

 

whether
by purchase, merger, consolidation or otherwise. A payment may consist of cash, securities or other property. 

        "Significant
Subsidiary" means any Subsidiary which is a "significant subsidiary" (as defined in Article I, Rule 1-02 of
Regulation S-X, promulgated under the Securities Act of 1933) of the Company. 

        "Special
Record Date" for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee
pursuant to Section 307. 

        "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 or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

        "Statistical
Release" means the statistical release designated "H.15(519)" or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which reports
yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination under the Indenture,
then such other reasonably comparable index which shall be designated by the Company. 

        "Subsidiary"
means, with respect to the Company or a Guarantor, a corporation or general partnership a majority of the outstanding voting stock of which is
owned or controlled, directly or indirectly, by the Company or the Guarantor, as applicable, or by one or more other Subsidiaries of the Company or the Guarantor. For the purposes of this definition,
"voting stock" means having voting power for the election of directors, general partners, trustees, managing members or Persons performing similar functions, whether at all times or only so long as no
senior class of securities has such voting power by reason of any contingency. 

        "Trust
Indenture Act" or "TIA" means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this
Indenture was executed, except as provided in Section 905. 

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

        "United
States" means, unless otherwise specified with respect to any Securities pursuant to Section 301, the United States of America (including the
states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 

        "United
States person" means, unless otherwise specified with respect to any Securities pursuant to Section 301, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States or an estate or trust the income of which is subject to United
States federal income taxation regardless of its source. 

        "Yield
to Maturity" means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles. 

        SECTION
102.    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 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 

9

 

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 (including certificates delivered pursuant to Section 1010)
shall include: 

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

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

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

        Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations by counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or
representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such Opinion of Counsel or certificate or representations 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 as to such factual matters is in the possession
of the Company, unless such counsel knows that the certificate or opinion or representations as 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
104.    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 of the Outstanding Securities of all series or one or more series, as the case may be, may
be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. If Securities of a series are issuable
as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series
may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting
of Holders of Securities of such series duly called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company.
Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Holders signing such instrument or
instruments or so voting at any such meeting. 

10

 

Proof
of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and conclusive
in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved
in the manner provided in Section 1506. 

        [Without
limiting the generality of this Section 104, unless otherwise provided in or pursuant to this Indenture, a Holder, including a U.S. depository that is a
Holder of a global Security, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in
or pursuant to this Indenture to be made, given or taken by Holders, and a U.S. depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests
in any such global Security through such U.S. depository's standing instructions and customary practices. 

        The
Trustee shall fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any permanent global Security held by a U.S. depository entitled
under the procedures of such U.S. depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other
action provided in or pursuant to this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Persons who are beneficial owners of interests on such record date or their
duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other Act, whether or not
such Persons remain beneficial owners after such record date.] 

        (b)   The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient. 

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

        (d)   The
ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank,
banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such
depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate
or affidavit is deemed by the Trustee to be reasonably satisfactory. The Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or
affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer
Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The ownership of Bearer Securities may also be proved in any other
reasonable manner which the Trustee deems sufficient. 

        (e)   If
the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, in 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 TIA 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 

11

 

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 have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization,
agreement or consent by the 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. 

        (f)    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, any
Security Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

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

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

        (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 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 Indenture, Attention: General Counsel, or at any other address
previously furnished in writing to the Trustee by the Company. 

        SECTION
106.    Notice to Holders; Waiver.    Where this Indenture provides for notice of
any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each such 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. In any case where notice to Holders of Registered Securities 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 of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided
herein. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice. 

        If
by reason of the suspension of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder. 

        Except
as otherwise expressly provided herein or otherwise specified with respect to any Securities pursuant to Section 301, where this Indenture provides for notice to Holders of
Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City of New York and in such other city or cities as may be specified in such
Securities on a Business Day, such publication to be not later than the latest date, and not earlier than the earliest date, prescribed 

12

 

for
the giving of such notice. Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication. 

        If
by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice to
Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither the failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the
sufficiency of any notice to Holders of Registered Securities given as provided herein. 

        Any
request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may
be in an official language of the country of publication. 

        Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 

        SECTION
107.    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
108.    Successors and Assigns.    All covenants and agreements in this Indenture
by the Company or a Guarantor shall bind their respective successors and assigns, whether so expressed or not. 

        SECTION
109.    Separability Clause.    In case any provision in this Indenture or in any
Security or coupon 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
110.    Benefits of Indenture.    Nothing in this Indenture or in the Securities
or coupons, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the
Holders any benefit or any legal or equitable right, remedy or claim under this Indenture. 

        SECTION
111.    Governing Law.    This Indenture and the Securities and coupons shall be
governed by and construed in accordance with the law of the State of New York applicable to agreements made or instruments entered into and performed in said state. This Indenture is subject to the
provisions of the TIA that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 

        SECTION
112.    Legal Holidays.    In any case where any Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision
of this Indenture or any Security or coupon other than a provision in the Securities of any series which specifically states that such provision shall apply in lieu hereof), payment of interest or any
Additional Amounts 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, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity, provided that no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be. 

        [ADD THIS SECTION?] [SECTION 113.    Judgment
Currency.    To the fullest extent permitted by applicable law, (a) if for the purpose of obtaining judgment in any court it is necessary to convert 

13

 

the
amount due in respect of the principal of, or premium or interest, if any, on, or Additional Amounts with respect to, the Securities of any series from the currency in which it is due (the
"Required Currency") into a currency in which the 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 Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which such judgment is given, and (b) the
Company's obligations under this Indenture to make payments in the Required Currency shall, despite any judgment in the Judgment Currency, be discharged by a payment on account thereof in the Judgment
Currency only to the extent that, on the New York Banking Day following receipt of such payment in the Judgment Currency, the Trustee may, in accordance with normal banking procedures, purchase in The
City of New York the Required Currency with the amount of the Judgment Currency so paid; and if the amount of the Required Currency that may be so purchased is less than the amount originally due in
the Required Currency, the Company shall have a separate and independent obligation, despite any such payment or judgment, to indemnify the payee against such deficiency. For purposes of the
foregoing, "New York Banking Day" means any day other than a Saturday, Sunday, legal holiday or other day on which banking institutions in The City of New York are authorized or required by law,
regulation or executive order to close.] 

 
 

ARTICLE TWO    
    
    SECURITIES FORMS    
    

        SECTION
201.    Forms of Securities.    The Registered Securities, if any, of each series
and the Bearer Securities, if any, of each series and related coupons shall be in substantially the forms as shall be established in one or more indentures supplemental hereto or approved from time to
time by or pursuant to a Board Resolution in accordance with Section 301, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company
may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any stock exchange on which the Securities may be listed, or to conform to usage. 

        Unless
otherwise specified as contemplated by Section 301, Bearer Securities shall have interest coupons attached. 

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

        SECTION
202.    Form of Trustee's Certificate of Authentication.    Subject to
Section 611, the Trustee's certificate of authentication shall be in substantially the following form: 

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

	 	 	[NAME OF TRUSTEE]

as Trustee
	

 	
 	

By	

 Authorized Signatory

14

  

        SECTION 203.    Securities Issuable in Global Form.    If Securities of or within a
series are issuable in global form, as specified as contemplated by Section 301, then, notwithstanding clause (8) of Section 301 and the provisions of Section 302, any such
Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities of such
series from time to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may from time to time be increased or decreased to reflect
exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee (or
pursuant to its direction) in such manner and upon instructions given by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to
Section 303 or 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in the
manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously
is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel. 

        The
provisions of the last sentence of Section 303 shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company
and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 102 and need not be accompanied by an Opinion of
Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303. 

        Notwithstanding
the provisions of Section 307, unless otherwise specified as contemplated by Section 301, payment of principal of and any premium and interest on any
Security in permanent global form shall be made to the Person or Persons specified therein. 

        Notwithstanding
the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat
as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security (i) in the case of a permanent global Security in registered form, the Holder of such
permanent global Security in registered form or (ii) in the case of a permanent global Security in bearer form held by Euroclear (or a depository on its behalf), Euroclear, or, in the case of a
permanent global Security in bearer form held by Cedelbank (or a depository on its behalf), Cedelbank. 

 
 

ARTICLE THREE    
    
    THE SECURITIES    
    

        SECTION
301.    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 one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and,
subject to Section 303, set forth, or determined in the manner provided, in an Officers' Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, any or all of the following, as applicable (each of which (except for the matters set forth in clauses (1), (2) and (15) below), if so provided, may be
determined from time to time by the Company with respect to unissued Securities of the series when issued from time to time): 

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

15

 

        (2)   any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305); 

        (3)   the
date or dates, or the method by which such date or dates will be determined, on which the principal of the Securities of the series shall be payable; 

        (4)   the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date or dates
from which such interest shall accrue or the method by which such date or dates shall be determined, the Interest Payment Dates on which such interest will be payable and the Regular Record Date, if
any, for the interest payable on any Registered Security on any Interest Payment Date, or the method by which such date shall be determined, and the basis upon which interest shall be calculated if
other than that of a 360-day year of twelve 30-day months; 

        (5)   the
place or places, if any, other than or in addition to the Borough of Manhattan, The City of New York, where the principal of and premium, if any, and interest on,
and any Additional Amounts payable in respect of, Securities of the series shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities of the
series may be surrendered for exchange or conversion and notices or demands to or upon the Company in respect of Securities of the series and this Indenture may be served; 

        (6)   the
period or periods within which, or the date or dates on which, the price or prices at which, the currency in which, and other terms and conditions upon which
Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have the option; 

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

        (8)   if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Registered Securities of the series shall be issuable and, if
other than the denomination of $5,000, the denomination or denominations in which any Bearer Securities of the series shall be issuable; 

        (9)   if
other than the Trustee, the identity of each Security Registrar and/or Paying Agent; 

        (10) if
other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration of acceleration of
the Maturity thereof pursuant to Section 502 or, if applicable, the portion of the principal amount of Securities of the series that is convertible in accordance with the provisions of this
Indenture, or the method by which such portion shall be determined; 

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

        (12) whether
the amount of payments of principal of (and premium, if any) or interest, if any, on the Securities of the series may be determined with reference to an index,
formula or other method (which index, formula or method may be based, without limitation, on one or more currencies, commodities, equity indices or other indices), and the manner in which such amounts
shall be determined; 

16

 

        (13) whether
the principal of (and premium, if any) or interest or Additional Amounts, if any, on the Securities of the series are to be payable, at the election of the
Company or a Holder thereof, in a currency or currencies other than that in which such Securities are payable in the absence of the making of such an election, the period or periods within which or
the date or dates on which, and the terms and conditions upon which, such election may be made, and the time and manner of, and identity of the exchange rate agent with responsibility for, determining
the exchange rate between the currency or currencies in which such Securities are payable in the absence of the making of such an election and the currency or currencies in which such Securities are
to be payable upon the making of such an election; 

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

        (15) any
deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

        (16) whether
Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable to the
offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be exchanged for Registered Securities of the series and vice versa (if permitted by
applicable laws and regulations), whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent
global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for Securities of such series and of like tenor
of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 305, and, if Registered Securities of the
series are to be issuable as a global Security, the identity of the depositary for such series; 

        (17) the
date as of which any Bearer Securities of the series and any temporary global Security representing Outstanding Securities of the series shall be dated if other
than the date of original issuance of the first Security of the series to be issued; 

        (18) the
Person to whom any interest on any Registered Security of the series shall be payable, if other than 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, the manner in which, or the Person to whom, any interest on any Bearer Security of the
series shall be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest
payable on a temporary global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 304; 

        (19) the
applicability, if any, of Sections 1402 and/or 1403 to the Securities of the series and any provisions in modification of, in addition to or in lieu of any of the
provisions of Article Fourteen; 

        (20) if
the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions; 

        (21) if
the Securities of the series are to be issued upon the exercise of warrants, the time, manner and place for such Securities to be authenticated and delivered; 

        (22) whether
and under what circumstances the Company will pay Additional Amounts as contemplated by Section 1011 on the Securities of the series to any Holder who is
not a United States person (including any modification to the definition of such term) in respect of any tax, assessment or 

17

 

governmental
charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such Additional Amounts (and the terms of any such option); 

        (23) the
obligation, if any, of the Company to permit the conversion of the Securities of such series into the Company's Common Shares or Preferred Shares, as the case may
be, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period, any adjustment of the
applicable conversion price and any requirements relative to the reservation of such shares for purposes of conversion); 

        (24) if
convertible, in connection with the preservation of the Company's status as a real estate investment trust under the applicable provisions of the Internal Revenue
Code of 1986, as amended, any applicable limitations on the ownership or transferability of the Common Shares or Preferred Shares into which such series of Securities is convertible; 

        (25) whether
and to what extent the Securities of such series will be guaranteed by a Guarantor and the identity of such Guarantor; and 

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

        All
Securities of any one series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities, as to
denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section 303) and set forth in such Officers' Certificate or in any such indenture
supplemental hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances of
additional Securities of such series. 

        If
any of the terms of the Securities of any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) 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
such series. 

        SECTION
302.    Denominations.    The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 301. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the
Securities of any series, the Registered Securities of such series, other than Registered Securities issued in global form (which may be of any denomination), shall be issuable in denominations of
$1,000 and any integral multiple thereof and the Bearer Securities of such series, other than Bearer Securities issued in global form (which may be of any denomination), shall be issuable in
denominations of $5,000. 

        SECTION
303.    Execution, Authentication, Delivery and Dating.    The Securities and any
coupons appertaining thereto shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President or one of its Executive Vice Presidents, under its
corporate seal reproduced thereon, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities and coupons may be manual or facsimile
signatures of the present or any future such authorized officer and may be imprinted or otherwise reproduced on the Securities. 

        Securities
or coupons bearing the manual or facsimile 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 or coupons. 

        At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon appertaining thereto,
executed 

18

 

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; provided, however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the United
States; and provided further that, unless otherwise specified with respect to any series of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with its
original issuance only if the Person entitled to receive such Bearer Security shall have furnished a certificate to Euroclear or Cedelbank, as the case may be, in the form set forth in
Exhibit A-1 to this Indenture or such other certificate as may be specified with respect to any series of Securities pursuant to Section 301, dated no earlier than
15 days prior to the earlier of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such Bearer Security in
accordance with the terms of such temporary Security and this Indenture. If any Security shall be represented by a permanent global Bearer Security, then, for purposes of this Section and
Section 304, the notation of a beneficial owner's interest therein upon original issuance of such Security or upon exchange of a portion of a temporary global Security shall be deemed to be
delivery in connection with its original issuance of such beneficial owner's interest in such permanent global Security. Except as permitted by Section 306, the Trustee shall not authenticate
and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been detached and canceled. 

        If
all the Securities of any series are not to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order
may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such as interest rate or formula, maturity
date, redemption or repayment provisions, currency of denomination and payment, date of issuance and date from which interest shall accrue. In authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities and any coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to TIA
Section 315(a) through 315(d)) shall be fully protected in relying upon, 

        (i)    an
Opinion of Counsel stating that 

        (a)   the
form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; 

        (b)   the
terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; and 

        (c)   such
Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered by the Company to the Trustee for
authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting the enforcement of creditors' rights generally and to general equitable principles, and will entitle the Holders
thereof to the benefits of this Indenture and any related Guarantee issued pursuant hereto; and 

        (ii)   an
Officers' Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance of the Securities have been complied with and
that, to the best of the knowledge of the signers of such certificate, no Event of Default with respect to any of the Securities shall have occurred and be continuing. 

19

 

        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, obligations or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

        Notwithstanding
the provisions of Section 301 and of the second preceding paragraph, if all the Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Officers' Certificate otherwise required pursuant to Section 301 or a Company Order, or an Opinion of Counsel or an Officers' Certificate otherwise required pursuant to
the second preceding paragraph at the time of issuance of each Security of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall
be delivered at or before the time of issuance of the first Security of such series. After any such first delivery, any separate request by the Company that the Trustee authenticate Securities of such
series for original issue will be deemed to be a certification by the Company that all conditions precedent provided for in this Indenture relating to authentication and delivery of such Securities
continue to have been complied with. 

        Each
Registered Security shall be dated the date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 301. 

        No
Security or coupon shall be entitled to any benefit under this Indenture or any related Guarantee or be valid or obligatory for any purpose unless there appears on such Security or
Security to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee by manual signature of an authorized signatory, 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 and any related
Guarantee. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to
the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel)
stating that such Security has never been issued and sold by the Company, the Trustee shall be fully justified in relying thereon and in cancelling such Security and for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture and any related Guarantee. 

        SECTION
304.    Temporary Securities.    (a) 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, in registered form, or, if authorized, in
bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary Securities may be in global form. 

        Except
in the case of temporary Securities in global form (which shall be exchanged in accordance with Section 304(b) or as otherwise provided in or pursuant to a Board
Resolution), 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
(accompanied by any non-matured coupons appertaining thereto), 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; 

20

 

provided,
however, that no definitive Bearer Security shall be delivered in exchange for a temporary Registered Security; and provided further that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions set forth in Section 303. 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. 

        (b)   Unless
otherwise provided in or pursuant to a Board Resolution, this Section 304(b) shall govern the exchange of temporary Securities issued in global form other
than through the facilities of The Depository Trust Company ("DTC"). If any such temporary Security is issued in global form, then such temporary global Security shall,
unless otherwise provided therein, be delivered to the London office of a depositary or common depositary (the "Common Depositary"), for the benefit of Euroclear and
Cedelbank, for credit to the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct). 

        Without
unnecessary delay but in any event not later than the date specified in, or determined pursuant to the terms of, any such temporary global Security (the "Exchange Date"), the
Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such temporary global Security, executed by the Company. On or after the
Exchange Date, such temporary global Security shall be surrendered by the Common Depositary to the Trustee, as the Company's agent for such purpose, to be exchanged, in whole or from time to time in
part, for definitive Securities without charge, and the Trustee shall authenticate and deliver (subject to the Trustee's receipt of sufficient delivery instructions from, or provided by or on behalf
of, the Common Depositary), in exchange for each portion of such temporary global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such temporary global Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary global Security shall be in bearer
form, registered form, permanent global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section 301, and, if any combination thereof
is so specified, as requested by the beneficial owner thereof (as identified or provided to the Trustee by the Common Depositary, or by Euroclear or Cedelbank, as applicable); provided, however, that,
unless otherwise specified in such temporary global Security, upon such presentation by the Common Depositary, such temporary global Security shall be accompanied by a certificate dated the Exchange
Date or a subsequent date and signed by Euroclear as to the portion of such temporary global Security held for its account then to be exchanged and a certificate dated the Exchange Date or a
subsequent date and signed by Cedelbank as to the portion of such temporary global Security held for its account then to be exchanged, each in the form set forth in Exhibit A-2 to
this Indenture or in such other form as may be established pursuant to Section 301; and provided further that definitive Bearer Securities shall be delivered in exchange for a portion of a
temporary global Security only in compliance with the requirements of Section 303. 

        Unless
otherwise specified in such temporary global Security, the interest of a beneficial owner of Securities of a series in a temporary global Security shall be exchanged for
definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Cedelbank, as the case may be, to request such exchange on his
behalf and delivers to Euroclear or Cedelbank, as the case may be, a certificate in the form set forth in Exhibit A-1 to this Indenture (or in such other form as may be established
pursuant to Section 301), dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Cedelbank, the
Trustee, any Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless otherwise specified in such temporary global Security, any such exchange shall be made free of
charge to the beneficial owners of such temporary global Security, except that a Person receiving definitive Securities must bear the cost of insurance, postage, transportation and the like unless
such Person takes delivery of such definitive Securities in person at the offices of Euroclear or 

21

 

Cedelbank.
Definitive Securities in bearer form to be delivered in exchange for any portion of a temporary global Security shall be delivered only outside the United States. 

        Until
exchanged in full as hereinabove provided, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified as contemplated by Section 301, interest payable on a temporary
global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Cedelbank on such Interest Payment Date upon
delivery by Euroclear and Cedelbank to the Trustee of a certificate or certificates in the form set forth in Exhibit A-2 to this Indenture (or in such other forms as may be
established pursuant to Section 301), for credit without further interest on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such
temporary global Security on such Interest Payment Date and who have each delivered to Euroclear or Cedelbank, as the case may be, a certificate dated no earlier than 15 days prior to the
Interest Payment Date occurring prior to such Exchange Date in the form set forth as Exhibit A-1 to this Indenture (or in such other forms as may be established pursuant to
Section 301). Notwithstanding anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements of the preceding two
paragraphs of this Section 304(b) and of the third paragraph of Section 303 of this Indenture (in each case, without delivery of a certificate in the form of
Exhibit A-1) and the interests of the Persons who are the beneficial owners of the temporary global Security with respect to which such certification was made will be exchanged for
definitive Securities of the same series and of like tenor on the Exchange Date or the date of certification if such date occurs after the Exchange Date, without further act or deed by such beneficial
owners. Except as otherwise provided in this paragraph, no payments of principal or interest owing with respect to a beneficial interest in a temporary global Security will be made unless and until
such interest in such temporary global Security shall have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Cedelbank and not paid as herein provided
shall be returned to the Trustee prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company (subject, however, to any abandoned property laws that may
be applicable). 

        SECTION
305.    Registration, Registration of Transfer and Exchange.    The Company shall
cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers maintained in such
office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the "Security Register") in which, subject
to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in
written form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate Trust Office, is hereby initially appointed "Security Registrar" for
the purpose of registering Registered Securities and transfers of Registered Securities on such Security Register as herein provided. In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine the Security Register at all reasonable times. 

        Subject
to the provisions of this Section 305, upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company 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 Registered
Securities of the same series, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and
provisions. 

        Subject
to the provisions of this Section 305, at the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same
series, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms 

22

 

and
provisions, upon surrender of the Registered Securities to be exchanged at any such office or agency. Whenever any such Registered Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. Unless otherwise specified with respect to any series of
Securities as contemplated by Section 301, Bearer Securities may not be issued in exchange for Registered Securities. 

        If
(but only if) permitted by the applicable Board Resolution and (subject to Section 303) set forth in the applicable Officers' Certificate, or in any indenture supplemental
hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series may be exchanged for Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured
coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted
exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal to the face amount of such missing coupon or coupons, or the
surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of which such a
payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest represented by
coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any
series is surrendered at any such office or agency in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such office or agency on
(i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or
proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may
be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this
Indenture. 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. 

        Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided in this
paragraph. If the depositary for any permanent global Security is DTC, then, unless the terms of such global Security expressly permit such global Security to be exchanged in whole or in part for
definitive Securities, a global Security may be transferred, in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such global Security
selected or approved by the Company or to a nominee of such successor to DTC. If at any time DTC notifies the Company that it is unwilling or unable to continue as depositary for the applicable global
Security or Securities or if at any time DTC ceases to be a clearing agency registered under the Securities Exchange Act of 1934 if so required by applicable law or regulation, the Company shall
appoint a successor depositary with respect to such global Security or Securities. If (x) a successor depositary for such global Security or Securities is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such unwillingness, inability or ineligibility, (y) an Event of Default has occurred and is continuing and the
beneficial owners representing a majority in principal amount of the applicable series of Securities represented by such global Security or Securities advise DTC to cease acting as 

23

 

depositary
for such global Security or Securities or (z) the Company, in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any series issued
or issuable in the form of one or more global Securities shall no longer be represented by such global Security or Securities, then the Company shall execute, and the Trustee shall authenticate and
deliver definitive Securities of like series, rank, tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such global Security or Securities. If any
beneficial owner of an interest in a permanent global Security is otherwise entitled to exchange such interest for Securities of such series and of like tenor and principal amount of another
authorized form and denomination, as specified as contemplated by Section 301 and provided that any applicable notice provided in the permanent global Security shall have been given, then
without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall execute, and the Trustee shall authenticate and deliver
(subject to receipt of adequate instructions as to such beneficial ownership from DTC or the Company) definitive Securities in aggregate principal amount equal to the principal amount of such
beneficial owner's interest in such permanent global Security. On or after the earliest date on which such interests may be so exchanged, such permanent global Security shall be surrendered for
exchange by DTC or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the Company's agent for such purpose; provided, however, that no such
exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for
which exchange is requested may be among those selected for redemption; and provided further that no Bearer Security delivered in exchange for a portion of a permanent global Security shall be mailed
or otherwise delivered to any location in the United States. If a Registered Security is issued in exchange for any portion of a permanent global Security after the close of business at the office or
agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special
Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for
payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security is payable in accordance with the provisions of this Indenture. 

        All
Securities issued upon any registration of transfer or exchange of Securities shall be the 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
Registered Security presented or surrendered for registration of transfer or for exchange or redemption shall (if so required by the Company or the Security Registrar) 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 304, 906, 1107 or 1305 not involving any transfer. 

        The
Company or the Trustee, as applicable, shall not be required (i) to issue, register the transfer of or exchange any Security if such Security may be among those selected for
redemption during a period beginning at the opening of business 15 days before selection of the Securities to be redeemed under Section 1103 and ending at the close of business on
(A) if such Securities are issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if such Securities are issuable as Bearer
Securities, the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities and there is no publication, 

24

 

the
mailing of the relevant notice of redemption, or (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of
any Registered Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security
may be exchanged for a Registered Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered for redemption, or (iv) to issue, register
the transfer of or exchange any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

        SECTION
306.    Mutilated, Destroyed, Lost and Stolen Securities.    If any mutilated
Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the
Company or the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the
same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to
the surrendered Security. 

        If
there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii) such
security or indemnity as may be reasonably required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such
Security or coupon has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and
principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains. 

        Notwithstanding
the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and payable,
the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to
which such destroyed, lost or stolen coupon appertains, pay such Security or coupon; provided, however, that payment of principal of (and premium, if any), any interest on and any Additional Amounts
with respect to, Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an office or agency located outside the United States and, unless otherwise specified
as contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto. 

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

        Every
new Security of any series with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a
destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security and its coupons, if
any, or the destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture and any related Guarantees equally and
proportionately with any and all other Securities of that series and their coupons, if any, duly issued hereunder. 

25

  

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

        SECTION
307.    Payment of Interest; Interest Rights Preserved.    Except as otherwise
specified with respect to a series of Securities in accordance with the provisions of Section 301, interest on any Registered Security that 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 at the office or agency of the Company maintained for such purpose pursuant to Section 1002; provided, however, that each installment of interest on any Registered Security may at
the Company's option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such
Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located inside the United States. 

        Unless
otherwise provided as contemplated by Section 301 with respect to the Securities of any series, payment of interest may be made, in the case of a Bearer Security and at the
Company's option, by transfer to an account maintained by the payee with a bank located outside the United States. 

        Unless
otherwise provided as contemplated by Section 301, every permanent global Security will provide that interest, if any, payable on any Interest Payment Date will be paid to
DTC, Euroclear and/or Cedelbank, as the case may be, with respect to that portion of such permanent global Security held for its account by Cede & Co. or the Common Depositary, as the case may
be, for the purpose of permitting such party to credit the interest received by it in respect of such permanent global Security to the accounts of the beneficial owners thereof. 

        In
case a Bearer Security of any series is surrendered in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment for
such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without
the coupon relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but
will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 

        Except
as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, any interest on any Registered Security of any series that
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 thereof 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 Registered 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 Registered Security of such series and the date of the proposed payment (which shall not be less than 20 days
after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the currency or currencies in which the Securities of such series
are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) 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 on or 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 

26

 

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 Registered 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. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be
published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a condition precedent to the establishment of such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered
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). In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such series after the
close of business at such office or agency on any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such
Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date of payment in respect of the
Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 

        (2)   The
Company may make payment of any Defaulted Interest on the Registered 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 and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

        SECTION
308.    Persons Deemed Owners.    Prior to due presentment of a Registered
Security for registration of transfer, the Company, any Guarantor, the Trustee and any agent of the Company, any Guarantor or the Trustee may treat the Person in whose name such Registered Security is
registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any), and (subject to Sections 305 and 307) interest on, such Registered Security and for
all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, any Guarantor, the Trustee nor any agent of the Company, any Guarantor or the Trustee shall
be affected by notice to the contrary. 

        Title
to any Bearer Security and any coupons appertaining thereto shall pass by delivery. The Company, any Guarantor, the Trustee and any agent of the Company, any Guarantor or the
Trustee may treat the Holder of any Bearer Security and the Holder of any coupon as the absolute owner of such Security or coupon for the purpose of receiving payment thereof or on account thereof and
for all other purposes whatsoever, whether or not such Security or coupon be overdue, and neither the Company, any Guarantor, the Trustee nor any agent of the Company, any Guarantor or the Trustee
shall be affected by notice to the contrary. 

        None
of the Company, any Guarantor, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or
payments made on 

27

 

account
of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

        Notwithstanding
the foregoing, with respect to any global Security, nothing herein shall prevent the Company, any Guarantor, the Trustee, or any agent of the Company, any Guarantor or
the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as a Holder, with respect to such global Security or impair, as between such
depositary and owners of beneficial interests in such global Security, the operation of customary practices governing the exercise of the rights of such depositary (or its nominee) as Holder of such
global Security. 

        SECTION
309.    Cancellation.    All Securities and coupons surrendered for payment,
redemption, repayment at the option of the Holder, 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 any such Securities and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly canceled 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 may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly canceled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section, except as expressly permitted by this Indenture. Canceled Securities and coupons held by the Trustee shall be destroyed by the Trustee and the Trustee shall
deliver a certificate of such destruction to the Company, unless by a Company Order the Company directs their return to it. 

        SECTION
310.    Computation of Interest.    Except as otherwise specified as contemplated
by Section 301 with respect to Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve
30-day months. 

 
 

ARTICLE FOUR    
    
    SATISFACTION AND DISCHARGE    
    

        SECTION
401.    Satisfaction and Discharge of Indenture.    This Indenture shall upon
Company Request cease to be of further effect with respect to any series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of
Securities of such series herein expressly provided for, any right to receive Additional Amounts, as provided in Section 1011, and any right to convert Securities in accordance with their
terms), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series when 

        (1)   either

        (A)  all
Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons appertaining to Bearer
Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender is not required or has been waived as provided in Section 305,
(ii) Securities and coupons of such series which have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii) coupons
appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section 1106, and (iv) Securities and
coupons of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter 

28

 

repaid
to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

        (B)  all
Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation 

        (i)    have
become due and payable, or 

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

        (iii)  if
redeemable at the option of the Company, 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 irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the
currency or currencies in which the Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest, and any Additional Amounts with respect thereto, 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)   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 as to such series have been complied with. 

        Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under Section 606, the obligations of
the Company to any Authenticating Agent under Section 611 and, if money shall have been deposited with and held by the Trustee pursuant to subclause (B) of clause (1) of this
Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 

        SECTION
402.    Application of Trust Funds.    Subject to the provisions of the last
paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the
coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled
thereto, of the principal (and premium, if any), and any interest and Additional Amounts for whose payment such money has been deposited with or received by the Trustee, but such money need not be
segregated from other funds except to the extent required by law. 

 
 

ARTICLE FIVE    
    
    REMEDIES    
    

        SECTION
501.    Events of Default.    "Event of Default",
wherever used herein with respect to any particular series of Securities, means any one of the following events with respect to such series of Securities (whatever the reason for such Event of Default
and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), it being understood 

29

 

that
an Event of Default with respect to a particular series of Securities does not automatically constitute an Event of Default with respect to any other series of Securities: 

        (1)   default
in the payment of any interest upon or any Additional Amounts payable in respect of any Security of that series or of any coupon appertaining thereto, when such
interest, Additional Amounts or coupon becomes due and payable, and continuance of such default for a period of 30 days; or 

        (2)   default
in the payment of the principal of (or premium, if any, on) any Security of that series when it becomes due and payable at its Maturity; or 

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

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

        (5)   default
under any evidence of Recourse Indebtedness of the Company or a Guarantor (or of any Subsidiary, the repayment of which the Company or Guarantor has guaranteed
or for which the Company or Guarantor is directly responsible or liable as obligor or guarantor), or any mortgage, indenture or other instrument of the Company or a Guarantor (including a default with
respect to Securities of any series other than that series) under which there may be issued or by which there may be secured any Recourse Indebtedness of the Company or Guarantor (or of any
Subsidiary, the repayment of which the Company or Guarantor has guaranteed or for which the Company or Guarantor is directly responsible or liable as obligor or guarantor), whether such Recourse
Indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $5,000,000 of such Recourse Indebtedness when due and
payable after the expiration of any applicable notice and grace periods with respect thereto and shall have resulted in such Recourse Indebtedness in an aggregate principal amount exceeding $5,000,000
becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such Recourse Indebtedness having been discharged or such acceleration
having been rescinded or annulled, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company and Guarantor by the Trustee or to the Company,
the Guarantor and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default and requiring the Company
or Guarantor to cause such Recourse Indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a "Notice of Default" hereunder; or 

        (6)   the
Company, any Significant Subsidiary or a Guarantor pursuant to or within the meaning of any Bankruptcy Law: 

        (A)  commences
a voluntary case or files a petition, answer or consent seeking reorganization or relief, 

        (B)  consents
to the entry of a decree or an order for relief against it in an involuntary case or to the commencement of any such case against it, 

30

 

        (C)  consents
to the appointment of or taking possession by a Custodian of it or for all or substantially all of its property, or 

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

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

        (A)  is
for relief against the Company, any Significant Subsidiary or a Guarantor in an involuntary case, 

        (B)  adjudges
the Company, any Significant Subsidiary or a Guarantor to be insolvent or approves a petition seeking reorganization, arrangement, adjustment or composition of
any of the foregoing, 

        (C)  appoints
a Custodian of the Company, any Significant Subsidiary or a Guarantor, or for all or substantially all of its property, or 

        (D)  orders
the winding up or liquidation of the Company, any Significant Subsidiary or a Guarantor, 

and
the order or decree remains unstayed and in effect for 60 days, or 

        (8)   default
in the conversion of the Securities of that series, and continuance of such default for a period of 15 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 a Holder of Securities of that series a written notice specifying such default and requiring it to be remedied
and stating that such notice is a "Notice of Default" hereunder; or 

        (9)   a
Guarantee, if issued, ceases to be, or is asserted in writing by the Company or any Guarantor not to be, in full force or effect or enforceable in accordance with its
terms with respect to Securities of that series, or 

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

        As
used in this Section 501, the term "Bankruptcy Law" means title 11, U.S. Code or any similar Federal or State law for the relief of debtors and the term "Custodian" means any
receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law. 

        SECTION
502.    Acceleration of Maturity; Rescission and Annulment.    If an Event of
Default with respect to Securities of any series at the time Outstanding other than an Event of Default specified in clause (6) or (7) of Section 501 occurs and is continuing,
then and 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 (or, if any Securities are
Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all 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 the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due
and payable. 

        If
an Event of Default specified in clause (6) or (7) of Section 501 occurs, all unpaid principal of and accrued interest on the Outstanding Securities of that
series (or such lesser amount as may be provided for in the Securities of such series) shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder of any Security of that 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 

31

 

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 has paid or deposited with the Trustee a sum sufficient to pay in the currency or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series): 

        (A)  all
overdue installments of interest on and any Additional Amounts payable in respect of all Outstanding Securities of that series and any related coupons, 

        (B)  the
principal of (and premium, if any, on) any Outstanding Securities of that series which have become due otherwise than by such declaration of acceleration and
interest thereon at the rate or rates borne by or provided for in such Securities, 

        (C)  to
the extent that payment of such interest is lawful, interest upon overdue installments of interest and any Additional Amounts at the rate or rates borne by or
provided for in such Securities, and 

        (D)  all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 

        (2)   all
Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium, if any) or interest on Securities of that
series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 

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

        SECTION
503.    Collection of Indebtedness and Suits for Enforcement by Trustee.    The
Company covenants that if: 

        (1)   default
is made in the payment of any installment of interest or Additional Amounts, if any, on any Security of any series and any related coupon when such interest or
Additional Amount 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 of any series at its Maturity, 

then
the Company will, upon demand by the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable on such
Securities and coupons for principal (and premium, if any) and interest and Additional Amount, with interest upon any overdue principal (and premium, if any) and, to the extent that payment of such
interest shall be legally enforceable, upon any overdue installments of interest or Additional Amounts, if any, at the rate or rates borne by or provided for in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel. 

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

        If
an 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 and any related coupons by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

32

  

        SECTION 504.    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, a Guarantor or any other obligor upon the
Securities or the property of the Company, a Guarantor or such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities of any series 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, Guarantor or obligor for the payment of overdue
principal, premium, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

        (i)    to
file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of principal (and premium, if any) and
interest and Additional Amounts, if any, 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 

        (ii)   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 of Securities of such series
and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee
under Section 606. 

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

        SECTION
505.    Trustee May Enforce Claims Without Possession of Securities or
Coupons.    All rights of action and claims under this Indenture or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or coupons 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 and coupons in respect of which such judgment has been recovered. 

        SECTION
506.    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 and any Additional Amounts, upon presentation of the Securities or coupons, or both, as the case may be, 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 and any predecessor Trustee under Section 606; 

        SECOND:
To the payment of the amounts then due and unpaid upon the Securities and coupons for principal (and premium, if any) and interest and any Additional Amounts payable, in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority 

33

 

of
any kind, according to the aggregate amounts due and payable on such Securities and coupons for principal (and premium, if any), interest and Additional Amounts, respectively; and 

        THIRD:
To the payment of the remainder, if any, to the Company. 

        SECTION
507.    Limitation on Suits.    No Holder of any Security of any series or any
related coupon 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 reasonably satisfactory to the Trustee 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, 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
508.    Unconditional Right of Holders to Receive Principal, Premium, if any, Interest and Additional
Amounts.    Notwithstanding any other provision in this Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive
payment of the principal of (and premium, if any) and (subject to Sections 305 and 307) interest on, and any Additional Amounts in respect of, such Security or payment of such coupon on the respective
due dates expressed in such Security or coupon (or, in the case of redemption or repayment, on the Redemption Date or the Repayment Date) and to institute suit for the enforcement of any such payment
or for the enforcement of any applicable conversion right in the Securities, and such rights shall not be impaired without the consent of such Holder. 

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

        SECTION
510.    Rights and Remedies Cumulative.    Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to
the Trustee or to the Holders of Securities or coupons 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 

34

 

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

        SECTION
512.    Control by Holders of Securities.    The Holders of not less than a
majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided that 

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

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

        (3)   the
Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the Holders of Securities of such series not joining
therein. 

        SECTION
513.    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 and any related coupons 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 or Additional Amounts payable in respect of any Security of such series or any related coupons, 

        (2)   in
the conversion of the Securities in accordance with their terms, or 

        (3)   in
respect of a covenant or provision hereof which under Article Nine 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 Event of Default or impair any right consequent thereon. 

        SECTION
514.    Waiver of Usury, Stay or Extension Laws.    Each of the Company and each
Guarantor 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 usury,
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 each Guarantor hereby
expressly waives (to the extent that it may lawfully do so) 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. 

        SECTION
515.    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 or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such 

35

 

suit
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities, 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 Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption
or repayment, on or after the Redemption Date or the Repayment Date) or for the enforcement of any applicable conversion right in the Securities. 

 
 

ARTICLE SIX    
    
    THE TRUSTEE    
    

        SECTION
601.    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, in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder
known to 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 or any Additional Amounts with respect to any Security of such series, or in the payment of any sinking fund installment with respect to the Securities of such series, the Trustee shall be
protected in withholding such notice if and so long as Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of the
Securities and coupons of such series; and provided further that in the case of any default or breach of the character specified in Section 501(4) with respect to the Securities and coupons of
such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, 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 the Securities of such series. 

        SECTION
602.    Certain Rights of Trustee.    Subject to the provisions of TIA
Section 315(a) through 315(d): 

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

        (2)   any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security,
together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any
resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

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

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

        (5)   the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of
Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee 

36

 

security
or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

        (6)   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, coupon 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; 

        (7)   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; 

        (8)   the
Trustee shall have no liability for the actions or omissions of any Paying Agent so long as the Trustee has acted in good faith and with due care with respect to a
matter; 

        (9)   the
Trustee shall not be liable for any action taken, suffered or omitted 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; 

        (10) subject
to clause (11) below, the Trustee shall not be charged with notice or knowledge of any matter except to the extent reasonably known to a Responsible
Officer of the Trustee or set forth in a written notice received at the Corporate Trust Office and making express reference to the Indenture, the Company or the Securities; and 

        (11) unless
and except to the extent otherwise expressly provided herein, the Trustee shall be under no duty to review or evaluate the contents of any reports or other
documents filed with it pursuant to Section 703 or Section 1009 hereof, except to make them available for inspection at reasonable times by Holders of Securities. 

        The
Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any
of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

        Except
during the continuance of an Event of Default, the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee. 

        SECTION
603.    Not Responsible for Recitals or Issuance of Securities.    The recitals
contained herein and in the Securities, except the Trustee's certificate of authentication, and in any coupons shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or coupons, except
that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in
any Statement of Eligibility on Form T-1 supplied to the Company are true and accurate. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof. 

        SECTION
604.    May Hold Securities.    The Trustee, any Paying Agent, Security
Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections
310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent. 

37

 

        SECTION
605.    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 in
writing with the Company. 

        SECTION
606.    Compensation and Reimbursement.    The Company agrees: 

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

        (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 the Trustee 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 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 incurred without negligence or bad
faith on its own part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses (including without limitation reasonable
attorneys' fees and costs) of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

        When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(6) or Section 501(7), 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. 

        As
security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest on particular Securities or any coupons. 

        The
provisions of this Section shall survive the termination of this Indenture (and shall survive the resignation or removal of the Trustee pursuant to Section 608). 

        SECTION
607.    Eligibility of Trustee; Conflicting Interests.    There shall at all
times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such Trustee
publishes reports of condition at least annually, pursuant to law or the requirements of Federal, State, Territorial or District of Columbia supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Trustee 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, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

        SECTION
608.    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 609. 

        (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 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 

38

 

resignation,
the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

        (c)   The
Trustee 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
at any time: 

        (1)   the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder of a Security who has
been a bona fide Holder of a Security for at least six months, or 

        (2)   the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or by any Holder of a Security who
has been a bona fide Holder of a Security for at least six months, 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, (i) the Company by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to TIA
Section 315(e), any Holder of a Security 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. 

        (e)   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 or pursuant to 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). 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, and to any successor
Trustee appointed by the Company with respect to such Securities, the successor Trustee so appointed by the Holders shall, forthwith upon its acceptance of such appointment, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee 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 of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security 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 Securities of such series. 

        (f)    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 in the manner provided for notices to the Holders of Securities in Section 106. 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. 

39

 

        SECTION
609.    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 shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and other due
but unpaid amounts owing to it hereunder, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 606. 

        (b)   In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and
each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto, pursuant to Article Nine hereof, 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 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, 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
610.    Merger, Conversion, Consolidation or Succession to Business.    Any
entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a
party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such entity 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 or coupons 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 or coupons so authenticated with the 

40

 

same
effect as if such successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Securities or coupons, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for
the certificate of authentication of the Trustee. 

        SECTION
611.    Appointment of Authenticating Agent.    At any time when any of the
Securities remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption or repayment thereof, and Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a
Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities
by the Trustee or the Trustee's certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a bank or trust
company or corporation organized and doing business and in good standing under the laws of the United States or of any State or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authorities. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

        Any
entity into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any entity succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent,
provided such entity shall be otherwise eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent. 

        An
Authenticating Agent for any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company. The Trustee for any
series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such
series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve in the manner set forth in Section 106. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section. 

        The
Company agrees to pay to each Authenticating Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this Section. 

        If
an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee's
certificate of authentication, an alternate certificate of authentication substantially in the following form: 

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

41

  

	 	 	[NAME OF TRUSTEE]

    as Trustee	 	 
	

 	
 	

By:	
 	

	
 	

,
	 	 	 	 	as Authenticating Agent
	

 	
 	

By:	
 	

	
 	

,
	 	 	 	 	Authorized Signatory

 
 

ARTICLE SEVEN    
    
    HOLDERS' LISTS AND REPORTS    
    

        SECTION
701.    Disclosure of Names and Addresses of Holders.    Every Holder of
Securities or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any
Security Registrar shall be held accountable by reason of the disclosure of any information as to the names and addresses of the Holders of Securities in accordance with TIA Section 312,
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 TIA Section 312(b). 

        SECTION
702.    Reports by Trustee.    Within 60 days after May 15 of each
year commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall transmit by mail to all Holders of Securities as provided in TIA
Section 313(c) a brief report dated as of such May 15 if required by TIA Section 313(a). 

        SECTION
703.    Reports by Company and Guarantors.    The Company and each Guarantor
will: 

        (1)   file
with the Trustee, within 15 days after being 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 or the Guarantor, as applicable, may
be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company or a Guarantor is not required to file
information, documents or reports pursuant to either of such Sections, then the Company or such Guarantor, as the case may be, will 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; 

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

        (3)   transmit
by mail to the Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in TIA
Section 313(c), such summaries of any information, documents and reports required to be filed by it pursuant to paragraphs (1) and (2) of this Section as may be required by rules
and regulations prescribed from time to time by the Commission. 

42

 

        SECTION
704.    Company to Furnish Trustee Names and Addresses of Holders.    The Company
will furnish or cause to be furnished to the Trustee: 

        (a)   semi-annually,
with respect to each series of Securities, a list, in such form and as of such date as the Trustee may reasonably require, of the names and
addresses of the Holders of Registered Securities of such series as of the applicable date, 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 shall be required to be furnished. 

 
 

ARTICLE EIGHT    
    
    CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE    
    

        SECTION
801.    Consolidation or Merger of Company and Sale, Lease or Conveyance Permitted Subject to Certain
Conditions.    The Company may consolidate with, or sell, lease or convey all or substantially all of its assets to, or merge with or into, any other corporation, provided
that, in any such case (i) either the Company shall be the continuing corporation, or the successor corporation shall be a corporation organized and existing under the laws of the United States
or a State thereof and such successor corporation shall expressly assume all of the obligations of the Company on all of the Securities, according to their tenor, and the due and punctual performance
and observance of all of the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture, complying with Article Nine hereof, satisfactory to the Trustee,
executed and delivered to the Trustee by such corporation, and (ii) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company
or any Subsidiary as a result thereof as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or the lapse of
time, or both, would become an Event of Default, shall have occurred and be continuing. 

        SECTION
802.    Rights and Duties of Successor Corporation.    In case of any such
consolidation, merger, sale, lease or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Company with the same
effect as if it had been named herein as the party of the first part, and the predecessor corporation, except in the event of a lease, shall be relieved of any further obligation under this Indenture
and the Securities. A successor corporation to the Company may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities issuable hereunder
which theretofore shall not have
been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in this
Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for
authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all
respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof. 

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

43

 

        SECTION
803.    Officers' Certificate and Opinion of Counsel.    Any consolidation,
merger, sale, lease or conveyance permitted under Section 801 is also subject to the condition that the Trustee receive an Officers' Certificate and an Opinion of Counsel to the effect that any
such consolidation, merger, sale, lease or conveyance, and the assumption by any successor corporation, complies with the provisions of this Article and that all conditions precedent herein provided
for relating to such transaction have been complied with. 

 
 

ARTICLE NINE    
    
    SUPPLEMENTAL INDENTURES    
    

        SECTION
901.    Supplemental Indentures Without Consent of Holders.    Without the
consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board Resolution, any Guarantor and the Trustee, at any time and from time to time, may enter into one
or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

        (1)   to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities
contained; or 

        (2)   to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than
all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or 

        (3)   to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such Events of Default are to be for the benefit of
less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series); provided, however, that in respect of any such additional
Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may
provide for an immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal
amount of that or those series of Securities to which such additional Events of Default apply to waive such default; or 

        (4)   to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions
on the payment of principal of or any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be issued
in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided that any such action shall not adversely
affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or 

        (5)   to
change or eliminate any of the provisions of this Indenture, provided 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; or 

        (6)   to
secure the Securities or provide a Guarantee of the Securities; or 

        (7)   to
establish the form or terms of Securities of any series and any related coupons as permitted by Sections 201 and 301, including the provisions and procedures relating
to Securities convertible into Common Shares or Preferred Shares, as the case may be; or 

        (8)   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 

44

 

this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or 

        (9)   to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture and which shall not adversely affect the interests of
the Holders of Securities and any related coupons in any material respect; or 

        (10) to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of
Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the interests of the Holders of Securities of such series and any related coupons or any
other series of Securities in any material respect. 

        SECTION
902.    Supplemental Indentures with Consent of Holders.    With the consent of
the Holders of not less than a majority in principal amount of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by or pursuant to a Board Resolution, any Guarantor of such Securities, and the Trustee, may enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities and any related coupons
under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

        (1)   change
the Stated Maturity of the principal of (or premium, if any, on) or any installment of principal of or interest on, any Security, or reduce the principal amount
thereof or the rate (or calculation of the rate) or amount of interest thereon or any Additional Amounts payable in respect thereof, or any premium payable upon the redemption thereof, or change any
obligation of the Company to pay Additional Amounts pursuant to Section 1011 (except as contemplated by Section 801(1) and permitted by Section 901(1)), or reduce the amount of
the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof
provable in bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or
currencies in which, any Security or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be) or for the enforcement of any applicable
conversion right in any Security, or 

        (2)   reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or
the consent of whose Holders is required for any waiver with respect to such series (or compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences)
provided for in this Indenture, or reduce the requirements of Section 1504 for quorum or voting, or 

        (3)   modify
or effect in any manner adverse to the Holders the terms and conditions of the obligations of any Guarantor of Securities contained herein or in the related
Guarantees, or release any Guarantor of such Security from its Guarantee, or 

        (4)   modify
any of the provisions of this Section, Section 513 or Section 1012, except to increase the required percentage to effect such action or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby. 

45

 

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

        A
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
903.    Execution of Supplemental Indentures.    In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and
shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture which affects the Trustee's own rights, duties or immunities under this Indenture or otherwise. 

        SECTION
904.    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 and any coupon appertaining thereto shall be bound thereby. 

        SECTION
905.    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
906.    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. 

 
 

ARTICLE TEN    
    
    COVENANTS    
    

        SECTION
1001.    Payment of Principal, Premium, if any, Interest and Additional
Amounts.    The Company covenants and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if
any) and interest on and any Additional Amounts payable in respect of the Securities of that series in accordance with the terms of such series of Securities, any coupons appertaining thereto and this
Indenture. Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, any interest due on and any Additional Amounts payable in respect of Bearer
Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in Section 1011 in respect of principal of (or premium, if any, on) such a Security, shall be
payable only upon presentation and surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature. Unless otherwise specified with respect to
Securities of any series pursuant to Section 301, at the option of the Company, all payments of principal may be paid by check to the Holder of the Registered Security or other person entitled
thereto against surrender of such Security. 

        SECTION
1002.    Maintenance of Office or Agency.    If Securities of a series are
issuable only as Registered Securities, the Company shall maintain in each Place of Payment for any series of Securities 

46

 

an
office or agency where Securities of that series may be presented or surrendered for payment or conversion, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable as Bearer Securities,
the Company will maintain: (A) in the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment
or conversion, where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for exchange, where notices and
demands to or upon the Company in respect of the Securities of that series and this Indenture may be served and where Bearer Securities of that series and related coupons may be presented or
surrendered for payment or conversion in the circumstances described in the following paragraph (and not otherwise); (B) subject to any laws or regulations applicable thereto in a Place of
Payment for that series which is located outside the United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment (including
payment of any Additional Amounts payable on Securities of that series pursuant to Section 1011) or conversion; provided, however, that if the Securities of that series are listed on the
Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Securities of that
series in Luxembourg or any other required city located outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange; and (C) if the
Securities of such series are or may also be issued in part as, or may be converted to, Registered Securities, subject to any laws or regulations applicable thereto in a Place of Payment for that
series located outside the United States, an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be
surrendered for 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 will give prompt written notice
to the Trustee of the location, and any change in the location, of each 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, except that Bearer Securities of
that series and the related coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable on Bearer Securities of that series pursuant to
Section 1011) or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the same as its agent to receive such respective presentations,
surrenders, notices and demands, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. Nothing herein shall oblige the Trustee to
maintain any such office or agency on behalf of the Company in any such Place of Payment, other than the Corporate Trust Office. 

        Unless
otherwise specified with respect to any Securities pursuant to Section 301, no payment of principal, premium or interest on or Additional Amounts in respect of Bearer
Securities shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located
in the United States; provided, however, that, if amounts owing with respect to any Bearer Securities of a series are payable in Dollars, payment of principal of and any premium and interest on any
Bearer Security (including any Additional Amounts payable on Securities of such series pursuant to Section 1011) shall be made at the
office of the Company's Paying Agent in the Borough of Manhattan, The City of New York, if (but only if) payment in Dollars of the full amount of such principal, premium, interest or Additional
Amounts, as the case may be, at all offices or agencies outside the United States maintained for the purpose by the Company in accordance with this Indenture, is illegal or effectively precluded by
exchange controls or other similar restrictions. 

        The
Company may 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 of such
purposes, and 

47

 

may
from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in accordance with the requirements set forth above 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. Unless otherwise specified with respect to any Securities pursuant to Section 301 with respect to a series of Securities, the
Company hereby designates as a Place of Payment for each series of Securities the office or agency of the Company in the Borough of Manhattan, The City of New York, and initially appoints
[Name of Trustee] at                        , [New York, New York]
            as Paying Agent in such city and as its agent to receive all such
presentations, surrenders, notices and demands. 

        Unless
otherwise specified with respect to any Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Foreign Currency
or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one exchange rate agent. 

        SECTION
1003.    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 any Securities and any related coupons, it will, on or before each due date of the principal of (and premium, if any), or
interest on or Additional Amounts in respect of, any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the currency or currencies
in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal (and premium, if
any) or interest or Additional Amounts 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 and any related coupons, it will, on or before each due date of the principal of (and premium, if
any), or interest on or Additional Amounts in respect of, any Securities of that series, deposit with a Paying Agent a sum (in the currency or currencies described in the preceding paragraph)
sufficient to pay the principal (and premium, if any) or interest or Additional Amounts, so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal, premium or interest or Additional Amounts 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 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, that such Paying Agent will 

        (1)   hold
all sums held by it for the payment of principal of (and premium, if any) or interest on Securities 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 a Guarantor (or any other obligor upon the Securities) in the making of any such payment of principal (and
premium, if any) or interest; 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. 

        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 by 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 

48

 

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 sums. 

        Except
as otherwise provided in the Securities of any series (and subject to any abandoned property laws that may be applicable), any money deposited with the Trustee in trust or with
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, or any Additional Amounts in respect of, any Security of any series
and remaining unclaimed for two years after such principal (and premium, if any), interest or Additional Amounts has become due and payable shall be paid to the Company upon 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 and any Guarantor(s) for
payment of such principal of (and premium, if any) or interest on, or any Additional Amounts in respect of, any Security, without interest thereon, and all liability of the Trustee or such Paying
Agent with respect to such money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper, 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 publication, any unclaimed balance of such money then remaining
will be repaid to the Company. 

        SECTION
1004.    Omitted.    

        SECTION
1005.    Existence.    Subject to Article Eight, the Company and each Guarantor
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 and each Guarantor shall not be required to preserve any right or franchise if its Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of
business and that the loss thereof is not disadvantageous in any material respect to the Holders. 

        SECTION
1006.    Maintenance of Properties.    The Company will, and will cause each of
its Subsidiaries to, cause all of its material properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and
working order and supplied with all necessary equipment and will cause to be made all necessary 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 shall
prevent the Company or any Subsidiary from discontinuing the operation and maintenance of any such properties if such discontinuance is, in the judgment of the Company or the Subsidiary, desirable in
the conduct of its business and not disadvantageous in any material respect to the Holders. 

        SECTION
1007.    Insurance.    The Company will, and will cause each of its Subsidiaries
to, keep all of its insurable properties adequately insured against loss or damage with insurers of recognized responsibility in commercially reasonable amounts and types. 

        SECTION
1008.    Payment of Taxes and Other Claims.    The Company will pay or discharge
or cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes, assessments and governmental charges levied or imposed upon it or any Subsidiary or upon the
income, profits or property of the Company or any Subsidiary, and (2) all material lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property
of the Company or any Subsidiary unless such lien would not have a material adverse effect upon such property; provided, however, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim (i) whose amount, applicability or validity is being contested in good faith by appropriate proceedings or (ii) for which
the Company has set apart and maintains an adequate reserve. 

49

 

        SECTION
1009.    Provision of Financial Information.    If the Company is required to
file annual and quarterly reports and other documents with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company will (i) file such reports
and documents with the Commission on or prior to the respective dates by which the Company is required to file such documents, (ii) within 15 days after being required to file the same
with the Commission, deliver such reports and documents with the Trustee, and (iii) within 15 days after being required to file the same with the Commission, transmit a copy of each such
annual and quarterly report (exclusive of exhibits) by mail to all Holders, as their names and addresses appear in the Security Register, without cost to such Holders. If the Company is not required
to file annual and quarterly reports and other documents with the Commission pursuant to either of such provisions, the Company will, within 15 days of the date by which the Company would have
been required to file the same with the Commission if it were so required, (i) deliver to the Trustee a document containing substantially the same kind of information as the Company would have
been required to include in each annual and quarterly report filed with the Commission if it were so required and (ii) transmit a copy of each document required to be delivered to the Trustee
(exclusive of exhibits) by mail to all Holders, as their names and addresses appear in the Security Register, without cost to such Holders; provided that, if Securities of a series are guaranteed by
an entity that (i) is the holder, directly or indirectly, of all of the outstanding Capital Stock of the Company, and (ii) is required to file annual and quarterly reports and other
documents with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, the delivery to the Trustee and transmittal by mail to all Holders of the annual and
quarterly reports and other documents filed by such entity with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 within the time periods set forth herein
shall be deemed to satisfy the Company's obligations to provide financial information under this Indenture with respect to such Securities. 

        SECTION
1010.    Statement as to Compliance.    The Company and each Guarantor will
deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer
as to his or her knowledge of its compliance with all conditions and covenants under this Indenture and, in the event of any noncompliance, specifying such noncompliance and the nature and status
thereof. For purposes of this Section 1010, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 

        SECTION
1011.    Additional Amounts.    If any Securities of a series provide for the
payment of Additional Amounts, the Company will pay to the Holder of any Security of such series or any coupon appertaining thereto Additional Amounts as may be specified as contemplated by
Section 301. Whenever in this Indenture there is mentioned, in any context except in the case of Section 502(1), the payment of the principal of or any premium or interest on, or in
respect of, any Security of any series or payment of any related coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include
mention of the payment of Additional Amounts provided by the terms of such series established pursuant to Section 301 to the extent that, in such context, Additional Amounts are, were or would
be payable in respect thereof pursuant to such terms and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional
Amounts in those provisions hereof where such express mention is not made. 

        Except
as otherwise specified as contemplated by Section 301, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the
first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal and
any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the
below-mentioned Officers' Certificate, the Company will furnish the Trustee and the Company's principal Paying Agent or Paying Agents, if other than the 

50

 

Trustee,
with an Officers' Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and any premium or interest on the Securities of that series
shall be made to Holders of Securities of that series or any related coupons who are not United States persons without withholding for or on account of any tax, assessment or other governmental charge
described in the Securities of the series. If any such withholding shall be required, then such Officers' Certificate shall specify by country the amount, if any, required to be withheld on such
payments to such Holders of Securities of that series or related coupons and the Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities.
In the event that the Trustee or any Paying Agent, as the case may be, shall not so receive the above-mentioned certificate, then the Trustee or such Paying Agent shall be entitled (i) to
assume that no such withholding or deduction is required with respect to any payment of principal, premium, if any, or interest with respect to any Securities of a series or related coupons until it
shall have received a certificate advising otherwise and (ii) to make all payments of principal, premium, if any, and interest with respect to the Securities of a series or related coupons
without withholding or deductions until otherwise advised. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them or in reliance on any Officers' Certificate furnished
pursuant to this Section or in reliance on the Company's not furnishing such an Officers' Certificate. 

        SECTION
1012.    Waiver of Certain Covenants.    The Company may omit in any particular instance to
comply with any term, provision or condition set forth in Sections 1004 to 1011, inclusive, if before or after the time for such compliance the Holders of at least a majority in principal amount of
all outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall
extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and effect. 

 
 

ARTICLE ELEVEN    
    
    REDEMPTION OF SECURITIES    
    

        SECTION
1101.    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 301 for Securities of any series) in
accordance with this Article. 

        SECTION
1102.    Election to Redeem; Notice to Trustee.    The election of the Company to
redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company
shall, at least 15 days prior to the giving of the notice of redemption in Section 1104 (unless a shorter notice shall be satisfactory to the Trustee, for purposes of the Trustee's
administrative convenience), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities
prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers'
Certificate evidencing compliance with such restriction. 

        SECTION
1103.    Selection by Trustee of Securities to Be Redeemed.    If less than all
the Securities of any series issued on the same day with the same terms 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 issued on such date with the same terms not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for 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. 

51

  

        The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) 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 Security redeemed or
to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

        SECTION
1104.    Notice of Redemption.    Notice of redemption shall be given in the
manner provided in Section 106, not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series
established pursuant to Section 301, to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein provided to the Holder of any Security designated for
redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof. 

        Any
notice that is mailed to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice. 

        All
notices of redemption shall state: 

        (1)   the
Redemption Date, 

        (2)   the
Redemption Price, accrued interest to the Redemption Date payable as provided in Section 1106, if any, and Additional Amounts, if any, 

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

        (4)   in
case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such
Security, the holder will receive, without a charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed, 

        (5)   that
on the Redemption Date the Redemption Price and accrued interest to the Redemption Date payable as provided in Section 1106, if any, will become due and
payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date, 

        (6)   the
Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if any, maturing after the
Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, or for conversion, 

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

        (8)   that,
unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all coupons maturing
subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity reasonably satisfactory to the
Company, the Trustee for such series and any Paying Agent is furnished, 

        (9)   if
Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged
for Registered Securities not subject to redemption on this Redemption Date pursuant to Section 305 or otherwise, the last date, as determined by the Company, on which such exchanges may be
made, 

        (10) the
CUSIP number of such Security, if any, and 

52

 

        (11) if
applicable, that a Holder of Securities who desires to convert Securities for redemption must satisfy the requirements for conversion contained in such Securities,
the then existing conversion price or rate, and the date and time when the option to convert shall expire. 

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

        SECTION
1105.    Deposit of Redemption Price.    At least one Business Day prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund payment
under Article Twelve, segregate and hold in trust as provided in Section 1003) an amount of money in the currency or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay on the Redemption Date the Redemption Price of, and (except if the Redemption Date shall be an
Interest Payment Date, unless otherwise specified pursuant to Section 301 or in the Securities of such series) accrued interest on, all the Securities or portions thereof which are to be
redeemed on that date. 

        SECTION
1106.    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 in the currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) (together with accrued interest, if any, to the Redemption Date),
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall, if the same were interest-bearing, cease to bear
interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by
Section 301, only upon presentation and surrender of coupons for such interest; and provided further that, except as otherwise specified in or pursuant to this Indenture or the Registered
Securities of a series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

        If
any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting from
the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however,
that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise
specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

        If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal of and premium, if any, and, to the extent legally enforceable, interest
or Yield to 

53

 

Maturity
(in the case of Original Issue Discount Securities) on such Security shall, until paid, bear interest from the Redemption Date at the rate borne by the Security on the Redemption Date. 

        SECTION
1107.    Securities Redeemed in Part.    Any Registered Security which is to be
redeemed only in part (pursuant to the provisions of this Article or of Article Twelve) 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. 

 
 

ARTICLE TWELVE    
    
    SINKING FUNDS    
    

        SECTION
1201.    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 301 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 such Securities of any series is herein referred to as an "optional sinking fund
payment". If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in
Section 1202. 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
1202.    Satisfaction of Sinking Fund Payments with Securities.    The Company
may, in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such series (other than any
previously called for redemption) together in the case of any Bearer Securities of such series with all unmatured coupons appertaining thereto and (2) apply as a credit Securities of such
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, as provided for by the terms of such Securities, or which have otherwise been acquired by the Company; provided that such Securities so delivered or applied as a credit have
not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified in such Securities for redemption through
operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 

        SECTION
1203.    Redemption of Securities for Sinking Fund.    Not less than
60 days prior to each sinking fund payment date for Securities of any series, the Company will deliver to the Trustee an Officers' Certificate specifying the amount of the next ensuing
mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash in the currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) and the portion thereof, if any, which is to be satisfied by
delivering and crediting Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will
also deliver to the Trustee any Securities to be so delivered and credited. If such Officers' Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking
fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days before each such sinking fund payment date the Trustee shall 

54

 

select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 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 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Sections 1106 and 1107. 

 
 

ARTICLE THIRTEEN    
    
    REPAYMENT AT THE OPTION OF HOLDERS    
    

        SECTION
1301.    Applicability of Article.    Repayment of Securities of any series
before their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such
Securities, if any, and (except as otherwise specified by the terms of such series established pursuant to Section 301) in accordance with this Article. 

        SECTION
1302.    Repayment of Securities.    Securities of any series subject to
repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together
with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that at least one Business Day prior to the Repayment Date
it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the
currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the
principal (or, if so provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date, unless otherwise
specified pursuant to Section 301 or in the Securities of such series) accrued interest on, all the Securities or portions thereof, as the case may be, to be repaid on such date. 

        SECTION
1303.    Exercise of Option.    Securities of any series subject to repayment at
the option of the Holders thereof will contain an "Option to Elect Repayment" form on the reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee
must receive at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of such
Securities) not earlier than 60 days nor later than 30 days prior to the Repayment Date (1) the Security so providing for such repayment together with the "Option to Elect
Repayment" form on the reverse thereof duly completed by the Holder (or by the Holder's attorney duly authorized in writing) or (2) a telegram, telex, facsimile transmission or a letter from a
member of a national securities exchange, or the National Association of Securities Dealers, Inc. ("NASD"), or a commercial bank or trust company in the United
States setting forth the name of the Holder of the Security, the principal amount of the Security, the principal amount of the Security to be repaid, the CUSIP number, if any, or a description of the
tenor and terms of the Security, a statement that the option to elect repayment is being exercised thereby and a guarantee that the Security to be repaid, together with the duly completed form
entitled "Option to Elect Repayment" on the reverse of the Security, will be received by the Trustee not later than the fifth Business Day after the date of such telegram, telex, facsimile
transmission or letter; provided, however, that such telegram, telex, facsimile transmission or letter shall only be effective if such Security and form duly completed are received by the Trustee by
such fifth Business Day. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in
increments of the minimum denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal
amount of such Security surrendered that is not to be repaid, must be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in
part if, following 

55

 

such
repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as
otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by
the Company. 

        SECTION
1304.    When Securities Presented for Repayment Become Due and Payable.    If
Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such
Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and
after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest
and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for repayment in
accordance with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be paid by the
Company, together with accrued interest, if any, to the Repayment Date; provided, however, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or
agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified pursuant to Section 301, only upon presentation and surrender of
such coupons; and provided further that, in the case of Registered Securities (except as otherwise specified in or pursuant to this Indenture or the Registered Securities of a series), installments of
interest, if any, whose Stated Maturity is on or prior
to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) 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 307. 

        If
any Bearer Security surrendered for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting from the
amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there shall be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made as provided in the preceding sentence, such Holder shall be entitled to
receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located outside the United States (except as otherwise provided in
Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

        If
the principal amount of any Security surrendered for repayment shall not be so repaid upon surrender thereof, such principal amount (and, to the extent legally enforceable, the
interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount
Securities) borne by such Security on the Repayment Date. 

        SECTION
1305.    Securities Repaid in Part.    Upon surrender of any Registered Security
which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a
new Registered Security or Securities of the same series, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the
principal of such Security so surrendered which is not to be repaid. 

56

 

 
 

ARTICLE FOURTEEN    
    
    DEFEASANCE AND COVENANT DEFEASANCE    
    

        SECTION
1401.    Applicability of Article; Company's Option to Effect Defeasance or Covenant
Defeasance.    If, pursuant to Section 301, provision is made for either or both of (a) defeasance of the Securities of or within a series under
Section 1402 or (b) covenant defeasance of the Securities of or within a series under Section 1403, then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities
and any coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to have
Section 1402 (if applicable) or Section 1403 (if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set forth
below in this Article. 

        SECTION
1402.    Defeasance and Discharge.    Upon the Company's exercise of the above
option applicable to this Section with respect to any Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding
Securities and any coupons appertaining thereto on the date the conditions set forth in Section 1404 are satisfied (hereinafter, "defeasance"). For this purpose,
such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any coupons appertaining thereto, which shall
thereafter be deemed to be "Outstanding" only for the purposes of Section 1405 and the other Sections of this Indenture referred to in clauses (A) and (B) below, and to have
satisfied all of its other obligations under such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining thereto are concerned (and
the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder:
(A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the trust fund described in Section 1404 and as more fully set forth
in such Section, payments in respect of the principal of (and premium, if any) and interest, if any, on such Securities and any coupons appertaining thereto when such payments are due, (B) the
Company's obligations with respect to such Securities under Sections 305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by
Section 1011, and under or with respect to Section 606 hereof, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder, (D) the rights of Holders to
convert Securities, if any, in accordance with their terms, and (E) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section
notwithstanding the prior exercise of its option under Section 1403 with respect to such Securities and any coupons appertaining thereto. 

        SECTION
1403.    Covenant Defeasance.    Upon the Company's exercise of the above option
applicable to this Section with respect to any Securities of or within a series, the Company shall be released from its obligations under Sections 1004 to 1010, inclusive, and, if specified pursuant
to Section 301, its obligations under any other covenant, with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in
Section 1404 are satisfied (hereinafter, "covenant defeasance"), and such Securities and any coupons appertaining thereto shall thereafter be deemed to be not
"Outstanding" for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with Sections 1004 to 1010, inclusive, or such
other covenant, but shall continue to be deemed "Outstanding" for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities and
any coupons appertaining thereto, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any 

57

 

such
Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 501(4)
or 501(10) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons appertaining thereto shall be unaffected thereby. 

        SECTION
1404.    Conditions to Defeasance or Covenant Defeasance.    The following shall
be the conditions to application of Section 1402 or Section 1403 to any Outstanding Securities of or within a series and any coupons appertaining thereto: 

        (a)   The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 607 who shall
agree in writing with the Company and the Trustee, an executed copy of which shall be provided to the Trustee, to comply with the provisions of this Article Fourteen applicable to it (any such other
trustee being referred to herein, and in Section 1405, as an "Other Qualifying Trustee") as trust funds in trust for the purpose of making the following payments, specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of such Securities and any coupons appertaining thereto, (1) an amount in such currency or currencies in which such Securities
and any coupons appertaining thereto are then specified as payable at Stated Maturity, or (2) Government Obligations applicable to such Securities and coupons appertaining thereto (determined
on the basis of the currency or currencies in which such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on
such Securities and any coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such
principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or Other Qualifying Trustee) to pay and discharge, (i) the principal of (and premium, if any) and interest, if any, on such Outstanding Securities and
any coupons appertaining thereto on the Stated Maturity of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable
to such Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any
coupons appertaining thereto. The Trustee shall have no liability for the actions or omissions of any Other Qualifying Trustee. 

        (b)   Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or
instrument to which the Company or a Guarantor is a party or by which it is bound. 

        (c)   No
Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities and any coupons appertaining
thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections 501(6) and 501(7) are concerned, at any time during the period ending on the 91st day after the date
of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

        (d)   In
the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal
income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize
income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such defeasance had not occurred. 

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        (e)   In the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such
Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to
Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

        (f)    The
Company shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance under
Section 1402 or the covenant defeasance under Section 1403 (as the case may be) have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a
deposit pursuant to subsection (a) above and the related exercise of the Company's option under Section 1402 or Section 1403 (as the case may be), registration is not required
under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit or by the Trustee for such trust funds or (ii) all necessary
registrations under said Act have been effected. 

        (g)   Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute terms,
conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301. 

        SECTION
1405.    Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions.    Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to
Section 301) (including the proceeds thereof) deposited with the Trustee (or Other Qualifying Trustee) pursuant to Section 1404 in respect of any Outstanding Securities of any series and
any coupons appertaining thereto shall be held in trust and applied by the Trustee (or such Other Qualifying Trustee, as applicable), in accordance with the provisions of such Securities and any
coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee (or such Other
Qualifying Trustee, as applicable) may determine, to the Holders of such Securities and any coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium,
if any) and interest and Additional Amounts, if any, but such money need not be segregated from other funds except to the extent required by law. 

        Unless
otherwise specified with respect to any Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the Holder of
a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of such Security to receive payment in a currency other than that in
which the deposit pursuant to Section 1404(a) has been
made in respect of such Security, or (b) a Conversion Event occurs in respect of the currency in which the deposit pursuant to Section 1404(a) has been made, the indebtedness represented
by such Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any), and
interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the currency in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate
for such currency in effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for such currency in effect (as nearly as feasible) at the time of the
Conversion Event. 

        The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 1404
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities and any coupons
appertaining thereto. 

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        Anything
in this Article to the contrary notwithstanding, subject to Section 606, the Trustee (or such Other Qualifying Trustee, as applicable) shall deliver or pay to the Company
from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 1404 which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to
be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this Article. 

 
 

ARTICLE FIFTEEN    
    
    MEETINGS OF HOLDERS OF SECURITIES    
    

        SECTION
1501.    Purposes for Which Meetings May Be Called.    A meeting of Holders of
Securities of any series may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

        SECTION
1502.    Call, Notice and Place of Meetings.    (a) The Trustee may at
any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be held at such time and at such place in Boston, Massachusetts, or in the Borough
of Manhattan, The City of New York, or in London as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting
and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date
fixed for the meeting. 

        (b)   In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities of any series shall
have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not
thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the
time and the place in Boston, Massachusetts, or in the Borough of Manhattan, The City of New York, or in London for such meeting and may call such meeting for such purposes by giving notice thereof as
provided in subsection (a) of this Section. 

        SECTION
1503.    Persons Entitled to Vote at Meetings.    To be entitled to vote at any
meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing
as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of
Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company
or a Guarantor and their counsel. 

        SECTION
1504.    Quorum; Action.    The Persons entitled to vote a majority in principal
amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided, however, that if any action is to be taken at such meeting
with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a
series, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes
after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a
period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. 

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In
the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 1502(a), except that such notice need be given only
once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided
above, of the principal amount of the Outstanding Securities of such series which shall constitute a quorum. 

        Except
as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be
adopted by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso to
Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly provides may be made, given or
taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly
reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series. 

        Any
resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities
of such series and the related coupons, whether or not present or represented at the meeting. 

        Notwithstanding
the foregoing provisions of this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal
amount of all Outstanding Securities affected thereby, or of the Holders of such series and one or more additional series: 

        (i)    there
shall be no minimum quorum requirement for such meeting; and 

        (ii)   the
principal amount of the Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction, notice, consent, waiver or other
action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Indenture. 

        SECTION
1505.    Determination of Voting Rights; Conduct and Adjournment of
Meetings.    (a) Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders
of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as
otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the
manner specified in Section 104 or by having the signature of the Person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104 to
certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof
specified in Section 104 or other proof. 

        (b)   The
Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of
Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary
chairman. A permanent 

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chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at
the meeting. 

        (c)   At
any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities of such
series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the
meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

        (d)   Any
meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so adjourned without further notice. 

        SECTION
1506.    Counting Votes and Recording Action of Meetings.    The vote upon any
resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports
in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the
fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 1502 and, if applicable, Section 1504. Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the
latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

 
 

ARTICLE SIXTEEN    
    
    GUARANTEE OF SECURITIES    
    

        SECTION
1601.    Guarantee.    (1) Each Person designated as a "Guarantor" in the
Board Resolution, supplemental indenture or Officers' Certificate establishing a series of Securities that also establishes itself as a Guarantor of such Securities by Board Resolution or pursuant to
authority granted by one or more Board Resolutions and set forth, or determined in the manner provided, in an Officers' Certificate, or established in one or more indentures supplemental hereto, with
respect to each series of Securities to which this Article Sixteen is made applicable, irrevocably and unconditionally guarantees (the "Guarantee") to each Holder of a Security of such series
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Securities of such series or the
obligations of the Company under this Indenture or the Securities of such series, that: (i) the principal of and premium, if any, and interest on, or any Additional Amount in respect of, the
Securities of such series will be paid in full when due, whether at the Stated Maturity or Interest Payment Date, by acceleration, call for redemption, or otherwise; (ii) all other obligations
of the Company to the Holders of such series or the Trustee under this Indenture or the Securities of such series will be promptly paid in full, all in accordance with the terms of this Indenture and
the Securities of such series; and (iii) in case of any 

62

 

extension
of time of payment or renewal of any Securities of such series or any of such other obligations thereunder, they will be paid in full when due in accordance with the terms of the extension
or renewal, whether at the Stated Maturity or Interest Payment Date, by acceleration, call for redemption, or otherwise. Failing payment when due of any amount so guaranteed for whatever reason, each
Guarantor shall be obligated to pay the same before failure so to pay becomes an Event of Default with respect to Securities of any series. If the Company defaults in the payment of the principal of
or premium, if any, or interest on, or any Additional Amount in respect of, the Securities of a series so guaranteed when and as the same shall become due, whether at the Stated Maturity or Interest
Payment Date, by acceleration, call for redemption, or otherwise, without the necessity of action by the Trustee or any Holder, each Guarantor with respect to such series shall be required to promptly
make such payment in full. The obligations of all Guarantors under this Article Sixteen shall be joint and several. 

        (2)   Each
Guarantor agrees with respect to Securities of any series that its obligations with regard to this Guarantee shall be as principal and not merely as surety and
shall be full, irrevocable and unconditional, irrespective of the validity, regularity or enforceability of the Securities of such series or this Indenture, the absence of any action to enforce the
same, any delays in obtaining or realizing upon or failures to obtain or realize upon collateral, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or a guarantor. Each Guarantor with respect to Securities of any series hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or right to require
the prior disposition of the assets of the Company to meet its obligations, protest, notice and all demands whatsoever and covenants that this Guarantee will not be discharged except by complete
performance of all obligations contained in the Securities of such series and this Indenture as it relates to such series of Securities. 

        (3)   If
any Holder of Securities of a series or the Trustee is required by any court or otherwise to return to any of the Company or a Guarantor with respect to Securities of
that series, or any Custodian, trustee, or similar official acting in relation to any of the Company or a Guarantor, any amount paid by any of the Company or a Guarantor to the Trustee or such Holder
with respect to Securities of that series, the Guarantee with respect to Securities of that series, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor
agrees that it will not be entitled to any right of subrogation in relation to the Holders of Securities of a series in respect of any obligations guaranteed hereby until payment in full of all
obligations of Securities of such series. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Section 502 for the purposes of a Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration as to the Company of the obligations so guaranteed, and (ii) in the event of any declaration of acceleration of those obligations as provided in Section 502, those
obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors with respect to Securities of a series for purposes of the Guarantee. 

        (4)   Each
Guarantor and by its acceptance of a Security issued hereunder each Holder hereby confirms that it is the intention of all such parties that the Guarantee by each
Guarantor set forth in Section 1601(1) not constitute a fraudulent transfer or conveyance for purpose of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar Federal or state law. To effectuate the foregoing intention, the Holders and all Guarantors hereby irrevocably agree that the obligations of each of the Guarantors under
the Guarantee set forth in Section 1601(1) shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor, and after giving
effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its 

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Guarantee
or pursuant to the next succeeding sentence, result in the obligations of such Guarantor under such Guarantee not constituting such a fraudulent transfer or conveyance. Each Guarantor that
makes any payment or distribution under Section 1601(1) shall be entitled to a contribution from each other Guarantor equal to its Pro Rata Portion of such payment or distribution. For purposes
of the foregoing, the "Pro Rata Portion" of any Guarantor means the percentage of net assets of all Guarantors held by such Guarantor, determined in accordance with GAAP. 

        (5)   It
is the intention of the parties that the obligations of the Guarantors shall be in, but not in excess of, the maximum amount permitted by applicable law. Accordingly,
if the obligations in respect of the Guarantee would be annulled, avoided or subordinated to the creditors of any Guarantor by a court of competent jurisdiction in a proceeding actually pending before
such court as a result of a determination both that such Guarantee was made without fair consideration and, immediately after giving effect thereto, such Guarantor was insolvent or unable to pay its
debts as they mature or left with an unreasonably small capital, then the obligations of such Guarantor under such Guarantee shall be reduced by such court if and to the extent such reduction would
result in the avoidance of such annulment, avoidance or subordination; provided, however, that any reduction pursuant to this paragraph shall be made in the smallest amount as is strictly necessary to
reach such result. For purposes of this paragraph, "fair consideration," "insolvency," "unable to pay its debts as they mature," "unreasonably small capital" and the effective times of reductions, if
any, required by this paragraph shall be determined in accordance with applicable law. 

        (6)   If
the obligations of any Guarantor are reduced pursuant to Section 1601(4) or 1601(5) above, such reduction shall be applied proportionately with respect to all
Securities (of whatever series) guaranteed under Section 1601, in accordance with the respective outstanding principal amount of such Securities so guaranteed (or, if any Securities are
Original Issue Discount Securities, the accreted value of such Securities) and being then due upon the acceleration of the payment of such Securities. 

        (7)   A
Guarantor may consolidate with, sell, lease or convey all or substantially all of its assets to, or merge with or into, the Company, a Subsidiary of the Company or
another Guarantor at any time without limitation, provided that, if the successor entity or entity acquiring the assets is a Subsidiary of the Company or another Guarantor, such entity expressly or by
operation of law assumes all of the obligations of the Guarantor under this Indenture in connection with the transaction. In any such case, the Guarantor shall be released from all obligations under
this Indenture. 

        (8)   In
addition to the transactions permitted by Section 1601(7), a Guarantor may consolidate with, sell, lease or convey all or substantially all of its assets to,
or merge with or into, any other corporation, provided that, in any such case, the Guarantor shall be the continuing corporation, or the successor corporation or corporation acquiring the assets shall
be a corporation organized and existing under the laws of the United States or a State thereof and such corporation expressly assumes all of the obligations of the Guarantor under this Indenture by
supplemental indenture complying with Article Nine hereof, satisfactory to the Trustee, executed and delivered to the Trustee by such corporation. In any such case, the Guarantor shall be released
from all obligations under this Indenture. Any such consolidation, sale, lease, conveyance or merger is also subject to the condition that the Trustee receive an Officers' Certificate of the Guarantor
and an Opinion of Counsel to the effect that the transaction, and the assumption by any successor corporation or acquiror of assets, complies with the provisions of this Section 1601(8) and
that all conditions precedent herein provided for relating to such transaction have been complied with. 

        (9)   Upon
a sale, transfer or other disposition of Capital Stock of a Subsidiary Guarantor by the Company to a Person other than the Company, which disposition (i) is
not subject to Section 1601(7), Section 1601(8) or Article Eight, (ii) causes such Guarantor to no longer be a Subsidiary of the Company, (iii) is for consideration at
least equal to the fair value of the Capital Stock disposed of (in the good faith determination of the Board of Directors of the Company) and (iv) is otherwise in 

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compliance
with the terms of this Indenture, such Guarantor shall be released from all obligations under this Indenture. Upon the delivery by the Company to the Trustee of an Officers' Certificate
and, if requested by the Trustee, an Opinion of Counsel to the effect that the transaction or series of related transactions giving rise to the release of such obligations was made in accordance with
the provisions of this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guarantor from its obligations. Any Guarantor not so released
remains liable for the full amount of principal of and premium, if any, and interest on, and any Additional Amounts with respect to, the Securities as provided in this Article Sixteen. 

        SECTION
1602.    Future Guarantors.    Each Person providing a guarantee of any Security
of a series pursuant to this Indenture shall execute and deliver a supplemental indenture making such Person a party to this Indenture for the purpose of becoming a Guarantor. 

        SECTION
1603.    Delivery of Guarantee.    The delivery of any Security of a series by
the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in Section 1601 on behalf of each Guarantor for that series. 

 
 

ARTICLE SEVENTEEN    
    
    SUBORDINATION    
    

        SECTION
1701.    Agreement to Subordinate.    The Company agrees, and each Holder by
accepting a Security agrees, that the indebtedness evidenced by the Securities is subordinated in right of payment, to the extent and in the manner provided in this Article, to the prior payment in
full of all Senior Debt and that the subordination is for the benefit of the holders of Senior Debt. 

        SECTION
1702.    Liquidation; Dissolution; Bankruptcy.    Upon any distribution to
creditors of the Company in a liquidation or dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property: 

        (1)   holders
of Senior Debt shall be entitled to receive payment in full in cash of the principal of and interest (including interest accruing after the commencement of any
such proceeding) to the date of payment on the Senior Debt before Holders shall be entitled to receive any payment of principal of or interest on Securities; 

        (2)   until
the Senior Debt is paid in full in cash, any distribution to which Holders would be entitled but for this Article shall be made to holders of Senior Debt as their
interests may appear, except that Holders may receive securities that are subordinated to Senior Debt to at least the same extent as the Securities; and 

        (3)   the
Trustee is entitled to rely upon an order or decree of a court of competent jurisdiction or a certificate of a bankruptcy trustee or other similar official for the
purpose of ascertaining the persons entitled to participate in such distribution, the holders of Senior Debt and other Company debt, the amount thereof or payable thereon and all other pertinent facts
relating to the Trustee's obligations under this Article Seventeen. 

        SECTION
1703.    Default on Senior Debt.    The Company may not pay principal of or
interest on the Securities and may not acquire any Securities for cash or property other than capital stock of the Company if: 

        (1)   a
default on Senior Debt occurs and is continuing that permits holders of such Senior Debt to accelerate its maturity, and 

        (2)   the
default is the subject of judicial proceedings or the Company receives a notice of the default from a person who may give it pursuant to Section 1711. If the
Company receives any such 

65

 

notice,
a similar notice received within nine months thereafter relating to the same default on the same issue of Senior Debt shall not be effective for purposes of this Section. 

        The
Company may resume payments on the Securities and may acquire them when: 

        (a)   the
default is cured or waived, or 

        (b)   120 days
pass after the notice is given, if the default is not the subject of judicial proceedings, if this Article otherwise permits the payment or acquisition
at that time. 

        SECTION
1704.    Acceleration of Securities.    If payment of the Securities is
accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Debt of the acceleration. The Company may pay the Securities when 120 days pass after the
acceleration occurs if this Article permits the payment at that time. 

        SECTION
1705.    When Distribution Must Be Paid Over.    If a distribution is made to
Holders that because of this Article should not have been made to them, the Holders who receive the distribution shall hold it in trust for holders of Senior Debt and pay it over to them as their
interests may appear. 

        SECTION
1706.    Notice by Company.    The Company shall promptly notify the Trustee and
any Paying Agent of any facts known to the Company that would cause a payment of principal of or interest on Securities to violate this Article. 

        SECTION
1707.    Subrogation.    After all Senior Debt is paid in full and until the
Securities are paid in full, Holders shall be subrogated to the rights of holders of Senior Debt to receive distributions applicable to Senior Debt to the extent that distributions otherwise payable
to the Holders have been applied to the payment of Senior Debt. A distribution made under this Article to holders of Senior Debt which otherwise would have been made to Holders is not, as between the
Company and Holders, a payment by the Company on Senior Debt. 

        SECTION
1708.    Relative Rights.    This Article defines the relative rights of Holders
and holders of Senior Debt. Nothing in this Indenture shall: 

        (1)   impair,
as between the Company and Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of and interest on the Securities in
accordance with their terms; 

        (2)   affect
the relative rights of Holders and creditors of the Company other than holders of Senior Debt; or 

        (3)   prevent
the Trustee or any Holder from exercising its available remedies upon an Event of Default, subject to the rights of holders of Senior Debt to receive
distributions otherwise payable to Holders. 

        If
the Company fails because of this Article to pay principal of or interest on a Security on the due date, the failure is still a default. 

        SECTION
1709.    Subordination May Not Be Impaired by Company.    No right of any holder
of Senior Debt to enforce the subordination of the indebtedness evidenced by the Securities shall be impaired by any act or failure to act by the Company or by its failure to comply with this
Indenture. 

        SECTION
1710.    Distribution or Notice to Representative.    Whenever a distribution is
to be made or a notice given to holders of Senior Debt, the distribution may be made and the notice given to their Representative. 

        SECTION
1711.    Rights of Trustee and Paying Agent.    The Trustee or any Paying Agent
may continue to make payments on the Securities until it receives written notice of facts that would cause a payment of principal of or interest on the Securities to violate this Article. Only the
Company, a Representative or a holder of an issue of Senior Debt that has no Representative may give the written notice. 

        The
Trustee has no fiduciary duty to the holders of Senior Debt other than as created under this Indenture. The Trustee in its individual or any other capacity may hold Senior Debt with
the same rights it would have if it were not Trustee. 

        The
Company's obligation to pay, and the Company's payment of, the Trustee's fees pursuant to Section 606 are excluded from the operation of this Article Seventeen. 

*
* * * * 

        This
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 Indenture. 

66

 

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

	 	 	NEW PLAN EXCEL REALTY TRUST, INC.
	

 	
 	

By:	
 	

	[SEAL]	 	 	 	Name:	 	

	 	 	 	 	Title:	 	

	

Attest:	
 	

 	
 	

 	
 	

 
	

 Title:	
 	

 	
 	

 	
 	

 
	

 	
 	
[NAME OF TRUSTEE]

as Trustee
	

 	
 	

By:	
 	

	

Attest:	
 	

 	
 	

 	
 	

 
	

 Title:	
 	

 	
 	

 	
 	

 

67

 

	STATE OF NEW YORK	 	)	 	 	 	 
	 	 	)	 	ss:	 	 
	COUNTY OF NEW YORK	 	)	 	 	 	 

        On
the            day of                        , 200  , before
me personally came                    , to me known, who, being by me duly sworn, did depose and say that he/she is
                    of NEW PLAN EXCEL REALTY TRUST, INC., one of the entities described in and which executed the foregoing instrument; that
he/she knows the seal of said entity; that the seal
affixed to said instrument is such entity's seal; that it was so affixed by authority of the Board of Directors of said entity, and that he/she signed his/her name thereto by like authority. 

[Notarial
Seal] 

	 	 	
 Notary Public

COMMISSION EXPIRES

	

[STATE OF NEW YORK]	
 	

)	
 	

 	
 	

 
	 	 	)	 	ss:	 	 
	[COUNTY OF NEW YORK]	 	)	 	 	 	 

        On
the            day of            , 200  , before me personally
came                    , to me known, who, being by me duly sworn, did depose and say that he/she is
                    of [NAME OF TRUSTEE], one of the entities described in and which executed the foregoing instrument; that he/she knows the seal of
said
entity; that the seal affixed to said instrument is such entity's seal; that it was so affixed by authority of the Board of Directors of said entity, and that he/she signed his/her name thereto by
like authority. 

[Notarial
Seal] 

	 	 	
 Notary Public

COMMISSION EXPIRES

68

  

 
 

EXHIBIT A    
    
    FORMS OF CERTIFICATION    
    
    EXHIBIT A-1    
    
    FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED
  TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST
  PAYABLE
PRIOR TO THE EXCHANGE DATE    
    
    CERTIFICATE    
    

[Insert
title or sufficient description of Securities to be delivered] 

To:
[Euroclear] [Cedelbank] 

From:
[Beneficial Holder] 

        This
is to certify that, as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (i) are owned by person(s) that are not
citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States federal income taxation regardless of
its source ("United States person(s)"), (ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions
(financial institutions, as defined in United States Treasury Regulations
Section 2.165-12(c)(1)(v) are herein referred to as "financial institutions") purchasing for their own account or for resale, or
(b) United States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise New Plan
Excel Realty Trust, Inc. (the "Company") or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A),
(B) or (C) of the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s)
for purposes of resale during the restricted period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United
States or foreign financial institution described in clause (iii) above (whether or not also described in clause (i) or (ii)), this is to further certify that such financial institution
has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

        As
used herein, "United States" means the United States of America (including the States and the District of Columbia); and its
"possessions" include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

        We
undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held by you for
our account in accordance with your Operating Procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this
certification applies as of such date. 

        This
certificate excepts and does not relate to [U.S.$]                        of such interest in the above-captioned Securities in
respect of which we are not able to
certify and as to which we understand an exchange for an interest in a Permanent Global Security or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest)
cannot be made until we do so certify. 

        We
understand that this certificate may be required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in
connection with 

A-1-1

 

which
this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

        This
certificate may be relied upon by you and each of the Company, [Name of Trustee], as trustee under the Indenture dated as
of                            ,
200  between [Name
of Trustee], as trustee, and the Company (the "Indenture") and any Paying Agent (as defined in the Indenture). 

Dated:                            ,
200          

[To be dated no earlier than the 15th day prior to (i) the Exchange Date or (ii) the relevant Interest Payment Date occurring prior to the Exchange Date, as
applicable] 

	 	 	[Name of Person Making Certification]
	

 	
 	

 
	

 	
 	

 
	

 	
 	

 
	

 	
 	

 (Authorized Signator)

Name:

Title:

A-1-2

  

 
 

EXHIBIT A-2    
    
    FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CEDELBANK IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR
TO THE EXCHANGE DATE    
    
    CERTIFICATE    
    

[Insert
title or sufficient description of Securities to be delivered] 

        To:
[Name of Trustee], as trustee (the "Trustee") under the Indenture dated as of                            ,
200  by and between the Company (as
defined below) and the Trustee. 

        From:
[Euroclear] [Cedelbank] 

        This
is to certify that, based solely on written certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons appearing in our
records as persons entitled to a portion of the principal amount set forth below (our "Member Organizations") substantially in the form attached hereto, as of the date
hereof, [U.S.$] principal amount of the above-captioned Securities (i) is owned by person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source ("United States
person(s)"), (ii) is owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions, as defined in U.S.
Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as "financial institutions") purchasing for their own account or for
resale, or (b) United States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States
financial institutions on the date hereof (and in either case (a) or (b), each such financial institution has agreed, on its own behalf or through its agent, that we may advise New Plan Excel
Realty Trust, Inc. (the "Company") or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institution(s) for purposes of resale
during the restricted period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in
clause (iii) above (whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a
United States person or to a person within the United States or its possessions. 

        As
used herein, "United States" means the United States of America (including the States and the District of Columbia); and its
"possessions" include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

        We
further certify that (i) we are not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary global Security
representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as of the date hereof we have not received any notification from any
of our Member Organizations to the effect that the statements made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection of
any interest) are no longer true and cannot be relied upon as of the date hereof. 

A-2-1

 

        We
understand that this certification is required in connection with certain tax legislation in the United States. If administrative or legal proceedings are commenced or threatened in
connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

        This
certificate may be relied upon by you and by the Company. 

Dated:                    ,
200 

[To be dated no earlier than the Exchange Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable] 

	 	 	
[                                         
       ,] as

Operator of the Euroclear System

[Cedelbank]
	

 	
 	

By:	
 	

A-2-2

QuickLinks

NEW PLAN EXCEL REALTY TRUST, INC. as Primary Obligor and [NAME OF TRUSTEE] as Trustee INDENTURE Dated as of , 200 Subordinated Securities

TABLE OF CONTENTS

RECITALS

ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

ARTICLE TWO SECURITIES FORMS

ARTICLE THREE THE SECURITIES

ARTICLE FOUR SATISFACTION AND DISCHARGE

ARTICLE FIVE REMEDIES

ARTICLE SIX THE TRUSTEE

ARTICLE SEVEN HOLDERS' LISTS AND REPORTS

ARTICLE EIGHT CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

ARTICLE NINE SUPPLEMENTAL INDENTURES

ARTICLE TEN COVENANTS

ARTICLE ELEVEN REDEMPTION OF SECURITIES

ARTICLE TWELVE SINKING FUNDS

ARTICLE THIRTEEN REPAYMENT AT THE OPTION OF HOLDERS

ARTICLE FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE

ARTICLE FIFTEEN MEETINGS OF HOLDERS OF SECURITIES

ARTICLE SIXTEEN GUARANTEE OF SECURITIES

ARTICLE SEVENTEEN SUBORDINATION

EXHIBIT A FORMS OF CERTIFICATION EXHIBIT A-1 FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE CERTIFICATE

EXHIBIT A-2 FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CEDELBANK IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE
CERTIFICATEQuickLinks
 -- Click here to rapidly navigate through this document
Exhibit 4.4  

        [FORM OF EQUITY WARRANT AGREEMENT]  

 NEW PLAN EXCEL REALTY TRUST, INC.  

 AND  

                                , AS WARRANT AGENT

 [COMMON/PREFERRED STOCK] [DEPOSITARY SHARE]

WARRANT AGREEMENT  

 DATED AS OF                        , 200   

  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	PAGE

	PARTIES	 	1
	

RECITALS	
 	

1
	

SECTION 1.	
 	

Appointment of Warrant Agent	
 	

1
	

SECTION 2.	
 	

Form of Warrant	
 	

1
	

SECTION 3.	
 	

Countersignature and Registration	
 	

2
	

SECTION 4.	
 	

Transfers and Exchanges	
 	

2
	

SECTION 5.	
 	

Exercise of Warrants	
 	

2
	

SECTION 6.	
 	

Payment of Taxes	
 	

3
	

SECTION 7.	
 	

Mutilated or Missing Warrants	
 	

3
	

SECTION 8.	
 	

Reservation of Shares, etc.	
 	

3
	

SECTION 9.	
 	

Warrant Price; Adjustments	
 	

4
	

SECTION 10.	
 	

Notice to Warrantholders	
 	

9
	

SECTION 11.	
 	

Certain Covenants of the Company	
 	

10
	

SECTION 12.	
 	

Disposition of Proceeds, etc.	
 	

10
	

SECTION 13.	
 	

Merger or Consolidation or Change of Name of Warrant Agent	
 	

10
	

SECTION 14.	
 	

Duties of Warrant Agent	
 	

11
	

SECTION 15.	
 	

Change of Warrant Agent	
 	

12
	

SECTION 16.	
 	

Identity of Transfer Agent	
 	

12
	

SECTION 17.	
 	

Notices	
 	

13
	

SECTION 18.	
 	

Supplements and Amendments	
 	

13
	

SECTION 19.	
 	

Successors	
 	

13
	

SECTION 20.	
 	

Governing Law	
 	

13
	

SECTION 21.	
 	

Benefits of This Agreement	
 	

13
	

SECTION 22.	
 	

Counterparts	
 	

13
	

[SECTION 23.	
 	

Acceleration of Warrants by the Company	
 	

13]
	

TESTIMONIUM	
 	

15
	

SIGNATURES	
 	

15
	

EXHIBIT A:	
 	

Form of Warrant	
 	

A-1

ii

 
 

[COMMON/PREFERRED STOCK] [DEPOSITARY SHARE]
  WARRANT AGREEMENT    
    

[COMMON/PREFERRED
STOCK] [DEPOSITARY SHARE] WARRANT AGREEMENT, dated as of                        ,
200            between New Plan Excel Realty
Trust, Inc., a Maryland corporation (hereinafter called the "Company"), and                        , having a corporate trust
office in                        , as warrant agent (hereinafter called the
"Warrant Agent"). 

WHEREAS,
the Company proposes to issue [Class    ] Purchase Warrants (hereinafter called the "Warrants") entitling the holders thereof to purchase an aggregate of
            [shares of Common/Preferred Stock] [Depositary Shares] of the Company [(par value $.01 per share)] (hereinafter
called the "Shares") at an initial cash purchase price of $            per Share at any time
[after                        and] before
[            ] p.m., [City] time, on            ,            
(hereinafter called the "Expiration Date") (unless extended as provided
in Section 9A hereof); and 

[IF WARRANTS ARE ATTACHED TO OTHER SECURITIES, INSERT—  

WHEREAS,
the Warrants will be offered in Units, each of which consists of                        and Warrants to
purchase            Shares; and] 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange and
exercise of Warrants to be issued from time to time by the Company; 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 

SECTION
1. APPOINTMENT OF WARRANT AGENT. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the instructions hereinafter in this Agreement set forth, and
the Warrant Agent hereby accepts such appointment. 

SECTION
2. FORM OF WARRANT. The text of the Warrants and the form of election to purchase Shares to be set forth on the reverse thereof shall be substantially as set forth in Exhibit A attached
hereto. Each Warrant shall, subject to the terms of this Warrant Agreement, entitle the registered holder thereof to initially purchase the number of Shares specified therein at an initial exercise
price of $            per Share; provided, however, that the Warrant Exercise Price (as defined below) and the number of Shares issuable upon exercise of Warrants are subject to adjustment
upon
the occurrence of certain events, all as hereinafter provided. The Warrants shall be executed on behalf of the Company by the manual or facsimile signature of the present or any future Chairman of the
Board, President, Chief Executive Officer or Executive Vice President of the Company, under its seal, affixed or in facsimile, and by the manual or facsimile signature of the present or any future
Secretary or Assistant Secretary of the Company. 

The
Company shall promptly notify the Warrant Agent from time to time in writing of the number of Warrants to be issued and furnish written instructions in connection therewith signed by an executive
officer of the Company; such notification and instructions may, but need not be, in the form of a general or continuing authorization to the Warrant Agent. 

The
Warrants shall be dated by the Warrant Agent as of the date of each initial issuance, and as of the date of issuance thereof upon any transfer or exchange thereof. 

SECTION
3. COUNTERSIGNATURE AND REGISTRATION. The Warrant Agent shall maintain books for the transfer and registration of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent
shall issue and register the Warrants in the names of the respective registered holders thereof. The Warrants shall be countersigned by the Warrant Agent (or by any successor to the Warrant Agent then
acting as warrant agent under this Agreement) and shall not be valid for any purpose unless so countersigned. Such Warrants may be so countersigned, however, by the Warrant Agent (or by its successor
as warrant agent) and be delivered by the Warrant Agent, notwithstanding that the persons whose manual or facsimile signatures appear thereon as proper officers of the Company shall 

 

have
ceased to be such officers at the time of such countersignature or delivery. Upon issuance of any Warrant, the Company will present the same, or cause the same to be presented, to the Warrant
Agent for countersignature of such Warrant. 

SECTION
4. TRANSFERS AND EXCHANGES. The Warrant Agent shall transfer, from time to time, any outstanding Warrants upon the books to be maintained by the Warrant Agent for that purpose, upon the
surrender thereof for transfer properly endorsed or accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant of like tenor shall be issued to the transferee and the
surrendered Warrant shall be canceled by the Warrant Agent. All such Warrants so canceled shall be delivered by the Warrant Agent to the Company from time to time. The Warrants may be exchanged at the
option of the holder thereof, when surrendered at the office in                        of the Warrant Agent, for another Warrant,
or other Warrants of different denominations, of like tenor and representing
in the aggregate the right to purchase a like number of Shares. The Warrant Agent is hereby irrevocably authorized to countersign and deliver, in accordance with the provisions of this Section and
Section 3 of this Agreement, such new Warrants required pursuant to the provisions of this Section, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with
Warrants duly executed on behalf of the Company for such purpose. 

[IF THE WARRANTS ARE ATTACHED TO OTHER SECURITIES, INSERT—  

Notwithstanding
the foregoing, until                        , the Warrants shall not be transferable apart from
the                        to which they are attached, any transfer of
the                        shall be
deemed a transfer of the Warrants attached thereto, and any attempt to transfer the Warrants apart from
the                        shall be void and of no effect. Each Warrant shall contain a legend to the
foregoing effect.] 

SECTION
5. EXERCISE OF WARRANTS. The registered holder of each Warrant shall have the right, which may be exercised as in such Warrant expressed, to purchase from the Company (and the Company shall
issue and sell to such registered holder) the number of Shares specified in such Warrant, upon surrender to the Company, at the office
in                        of the Warrant Agent of such Warrant, with the
form of election to purchase on the reverse thereof duly filled in and signed, and upon payment to the Warrant Agent for the account of the Company of the Warrant Exercise Price, determined in
accordance with the provisions of Section 9 of this Agreement, for the number of Shares in respect of which such Warrant is then exercised. Payment of such Warrant Exercise Price may be made in
cash, or by certified check or bank draft or postal or express money order, payable in United States dollars, to the order of the Warrant Agent. No adjustment shall be made for any dividends on any
Shares issuable upon exercise of any Warrant. Subject to Section 6, upon such surrender of Warrants, and payment of the Warrant Exercise Price as aforesaid, the Company shall issue and cause to
be delivered with all reasonable dispatch to or upon the written order of the registered holder of such Warrants, and in such name or names as such registered holder may designate, a certificate or
certificates for the number of full Shares so purchased upon the exercise of such Warrants, together with cash, as provided in Section 9 of this Agreement, in respect of any fraction of a Share
otherwise issuable upon such surrender. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of
record of such Shares as of the date of the surrender of such Warrants and payment of the Warrant Exercise Price as aforesaid; provided, however, that if, at the date of surrender of such Warrants and
payment of such Warrant Exercise Price, the transfer books for the Shares purchasable upon the exercise of such Warrants shall be closed, no such surrender of such Warrants and no such payment of such
Warrant Exercise Price shall be effective to constitute the person so designated to be named therein as the holder of record of such Shares on such date, but shall be effective to constitute such
person as the holder of record of such Shares for all purposes at the opening of business on the next succeeding day on which the transfer books for the Shares purchasable upon the exercise of such
Warrants shall be 

2

 

opened,
and the certificates for the Shares in respect of which such Warrants are then exercised shall be issuable as of the date on which such books shall next be opened, and until such date the
Company shall be under no duty to deliver any certificate for such Shares. The rights of purchase represented by the Warrants shall be exercisable, at the election of the registered holders thereof,
either as an entirety or from time to time for part only of the Shares specified therein and, in the event that any Warrant is exercised in respect of less than all of the Shares specified therein at
any time before the Expiration Date of the Warrants, a new Warrant or Warrants of like tenor will be issued for the remaining number of Shares specified in the Warrant so surrendered, and the Warrant
Agent is hereby irrevocably authorized to countersign and to deliver the required new Warrants pursuant to the provisions of this Section and of Section 3 of this Agreement, and the Company,
whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 

SECTION
6. PAYMENT OF TAXES. The Company will pay any documentary stamp taxes attributable to the initial issuance of Shares issuable upon the exercise of Warrants; provided, however, that the Company
shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issue or delivery of any certificates for Shares in a name other than that of the
registered holder of Warrants in respect of which such Shares are issued and the Company shall not be required to issue and deliver the certificates for such Shares unless and until the holder has
paid to the Company the amount of any tax which may be payable in respect of any transfer involved in such issuance or shall establish to the satisfaction of the Company that such tax has been paid. 

SECTION
7. MUTILATED OR MISSING WARRANTS. In case any of the Warrants shall be mutilated, lost, stolen or destroyed, the Company will issue and the Warrant Agent will countersign and deliver in
exchange and substitution for and upon cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant mutilated, lost, stolen or destroyed, a new Warrant of like tenor and
representing an equivalent right or interest, but only upon receipt of evidence satisfactory to the Company and the Warrant Agent of the mutilation, loss, theft or destruction of such Warrants and
indemnity, if requested, also satisfactory to them. Applicants for such substitute Warrants shall also comply with such other reasonable regulations and pay such other reasonable charges as the
Company or the Warrant Agent may prescribe. Any such new Warrant shall constitute an original contractual obligation of the Company whether or not the allegedly mutilated, lost, stolen or destroyed
Warrant shall be at any time enforceable by anyone. 

SECTION
8. RESERVATION OF SHARES, ETC. Before the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its
authorized and unissued [Common/Preferred] Stock, a number of shares sufficient to provide for the exercise of the rights of purchase represented by the Warrants, and the
Transfer Agent for such shares and every subsequent Transfer Agent for such shares are hereby irrevocably authorized and directed at all times to reserve such number of authorized and unissued shares
as shall be requisite for such purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent for such shares and with every subsequent Transfer Agent for such shares. The
Warrant Agent is hereby irrevocably authorized to requisition from time to time from such Transfer Agent certificates required to honor outstanding Warrants that have been exercised. The Company will
supply such Transfer Agent with duly executed certificates for such purpose and will itself provide or otherwise make available any cash which may be issuable as provided in Section 9 of this
Agreement. All Warrants surrendered in the exercise of the rights thereby evidenced or surrendered for transfer, exchange or partial exercise shall be canceled by the Warrant Agent and shall
thereafter be delivered to the Company. 

SECTION
9. WARRANT PRICE; ADJUSTMENTS. 

        A.
The warrant price per share at which the Shares shall be purchasable upon exercise of Warrants (herein called the "Warrant Exercise Price") to and including the Expiration Date
(unless the 

3

 

Expiration
Date is extended as provided below in this Section 9A) shall be $            per Share, or, if adjusted as provided in this Section, shall be such price as so adjusted. The
Warrants will not be exercisable before [the close of business on the date of any initial issuance thereof]
[                        ] and will expire at
[            ] p.m., [City] time, on the Expiration Date; provided, however, that the Company reserves the right to, and may, in its sole
discretion, at any time and from time to time, at such time or times as the Company so determines, extend the Expiration Date of the Warrants for such periods of time as it chooses; further provided
that in no case may the Expiration Date of the Warrants (as extended) be extended beyond five years from the Expiration Date set forth above. Whenever the Expiration Date of the Warrants is so
extended, the Company shall at least 20 days before the then Expiration Date cause to be mailed to the Warrant Agent and the registered holders of the Warrants in accordance with the provisions
of Section 17 hereof a notice stating that the Expiration Date has been extended and setting forth the new Expiration Date. 

        B.
The above provision is, however, subject to the following: 

(1)
The Warrant Exercise Price, the number of Shares purchasable upon exercise of each Warrant and the number of Warrants outstanding shall be subject to adjustment as follows: 

(a)
In case the Company shall at any time after the date of this Agreement (i) pay a dividend, or make a distribution, on shares of its [Common/Preferred] Stock which is
payable in shares of its capital stock (whether shares of [Common/Preferred] Stock or of capital stock of any other class), (ii) subdivide or reclassify its outstanding
shares of [Common/Preferred] Stock into a greater number of securities (including shares of [Common/Preferred] Stock), or (iii) combine or
reclassify outstanding shares of [Common/Preferred] Stock into a smaller number of Shares (including shares of [Common/Preferred] Stock), the number of
Shares purchasable upon exercise of each Warrant immediately before the occurrence of such event shall be adjusted so that the holder of each Warrant shall be entitled to receive upon payment of the
Warrant Exercise Price the aggregate number of Shares of the Company which, if such Warrant had been exercised immediately before the occurrence of such event, such holder would have owned or have
been entitled to receive immediately after the occurrence of such event. An adjustment made pursuant to this subparagraph (a) shall become effective immediately after the record date in the
case of a dividend and shall become effective immediately after the effective date in the case of a subdivision or combination. If, as a result of an adjustment made pursuant to this subparagraph (a),
the holder of any Warrant thereafter exercised shall become entitled to receive shares of two or more classes of capital stock of the Company, the Board of Directors of the Company (whose
determination shall be conclusive) shall determine the allocation between or among shares of such classes of capital stock. In the event that at any time, as a result of an adjustment made pursuant to
this subparagraph (a), the holder of any Warrant thereafter exercised shall become entitled to receive any shares or other
securities of the Company other than Shares of [Common/Preferred] Stock, thereafter the number of such other shares so received upon exercise of any Warrant shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Shares of [Common/Preferred] Stock contained in
this paragraph, and the other provisions of this paragraph 9B(1) with respect to the Shares of [Common/Preferred] Stock shall apply on like terms to any such other
shares or other securities. 

(b)
In case the Company shall fix a record date for the issuance of rights or warrants to all holders of its [Common/Preferred] Stock entitling them (for a period expiring
within 45 days after such record date) to subscribe for or purchase [Common/Preferred] Stock at a price per share less than the current market price per share of
[Common/Preferred] Stock (as defined in subparagraph (e) below) at such record date, the Warrant Exercise 

4

 

Price
shall be determined by multiplying the Warrant Exercise Price in effect immediately before such record date by a fraction, the numerator of which shall be the number of shares of
[Common/Preferred] Stock outstanding on such record date plus the number of shares of [Common/Preferred] Stock which the aggregate offering price of the
total number of shares so offered would purchase at such current market price, and the denominator of which shall be the number of shares of [Common/Preferred] Stock
outstanding on such record date plus the number of additional Shares of [Common/Preferred] Stock offered for subscription or purchase. Such adjustment shall be made
successively whenever such a record date is fixed, and shall become effective immediately after such record date. In determining whether any rights or warrants entitle the holders to subscribe for or
purchase Shares of [Common/Preferred] Stock] at less than such current market price, and in determining the aggregate offering price of such Shares, there shall be
taken into account any consideration received by the Company for such rights or warrants, the value of such consideration, if other than cash, to be determined by the Board of Directors of the
Company. [Common/Preferred] Stock owned by or held for the account of the Company or any majority owned subsidiary shall not be deemed outstanding for the purpose of any
adjustment required under this subparagraph (b). 

(c)
In case the Company shall fix a record date for making a distribution to all holders of its [Common/Preferred] Stock of evidences of its indebtedness or assets (excluding
regular quarterly or other periodic or recurring cash dividends or distributions and cash dividends or distributions paid from retained earnings or referred to in subparagraph (a) above) or
rights or warrants to subscribe or warrants to purchase (excluding those referred to in subparagraph (b) above), then in each such case the Warrant Exercise Price shall be determined by
multiplying the Warrant Exercise Price in effect immediately before such record date by a fraction (x) the numerator of which shall be such current market price (as defined in subparagraph
(e) below) per share of [Common/Preferred] Stock on such record date, less the then fair market value (as determined in good faith by the Board of Directors, whose
determination shall be conclusive) of the portion of the assets or evidences of indebtedness so distributed or of such subscription rights or warrants applicable to one share of the
[Common/Preferred] Stock and (y) the denominator of which shall be the current market price per share of the [Common/Preferred] Stock on such
record date. Such adjustment shall be made successively whenever such a record date is fixed and shall become effective immediately after such record date. Notwithstanding the foregoing, in the event
that the Company shall distribute any rights or warrants to acquire capital stock ("Rights") pursuant to this subparagraph (c), the distribution of separate certificates representing such Rights after
their initial distribution (whether or not such distribution shall have occurred before the date of the issuance of such Warrants) shall be deemed to be the distribution of such Rights for purposes of
this subparagraph (c), provided, however, that the Company may, in lieu of making any adjustment pursuant to this subparagraph (c) upon a distribution of separate certificates representing such
Rights, make proper provision so that each holder of such Warrants who exercises such Warrants (or any portion thereof) (A) before the record date for such distribution of separate certificates
shall be entitled to receive upon such exercise [shares of Common/Preferred Stock] [Depositary Shares] issued with Rights and (B) after such
record date and before the expiration, redemption or termination of such Rights shall be entitled to receive upon such exercise, in addition to the [shares of Common/Preferred
Stock] [Depositary Shares] issuable upon such exercise, the same number of such Rights as would a holder of the number of [shares of Common/Preferred
Stock] [Depositary Shares] that such Warrants so exercised would have entitled the holder thereof to purchase in accordance with the terms and provisions of and
applicable to the Rights if 

5

 

such
Warrants were exercised immediately before the record date for such distribution. [Common/Preferred Stock] [Depositary Shares] owned by or held for
the account of the Company or any majority owned subsidiary shall not be deemed outstanding for the purpose of any adjustment required under this subparagraph (c). 

(d)
After each adjustment of the number of Shares purchasable upon exercise of each Warrant pursuant to subparagraph 9B(1)(a), the Warrant Exercise Price shall be adjusted by multiplying such Warrant
Exercise Price immediately before such adjustment by a fraction of which the numerator shall be the number of Shares purchasable upon exercise of each Warrant immediately before such adjustment, and
the denominator of which shall be the number of Shares so purchasable immediately thereafter. After each adjustment of the Warrant Exercise Price pursuant to subparagraph 9B(1)(b) or (c), the total
number of Shares or fractional part thereof purchasable upon the exercise of each Warrant shall be proportionately adjusted to such number of Shares or fractional parts thereof as the
aggregate Warrant Exercise Price of the number of Shares or fractional part thereof purchasable immediately before such adjustment will buy at the adjusted Warrant Exercise Price. 

(e)
For the purpose of any computation under subparagraphs 9B(1)(b) and (c) above, the current market price per [share of Common/Preferred Stock] [Depositary
Share] at any date shall be deemed to be the average of the daily closing prices for the 30 consecutive trading days commencing 45 trading days before the day in question. The closing
price for each day shall be (i) if the [Common/ Preferred Stock is] [Depositary shares are] listed or admitted for trading on the New York Stock
Exchange, the last sale price (regular way), or the average of the closing bid and asked prices (regular way), if no sale occurred, of [Common/Preferred Stock]
[Depositary Shares], in either case as reported on the New York Stock Exchange Composite Tape or, if the [Common/Preferred Stock is]
[Depositary Shares are] not listed or admitted to trading on the New York Stock Exchange, on the principal national securities exchange on which the
[Common/Preferred Stock is] [Depositary Shares are] listed or admitted to trading or, if not listed or admitted to trading on any national securities
exchange, on the National Market System of the National Association of Securities Dealers, Inc. Automated Quotations System ("NASDAQ") or, (ii) if not listed or quoted as described in
(i), the mean between the closing high bid and low asked quotations of [Common/Preferred Stock] [Depositary Shares] reported by NASDAQ, or any similar
system for automated dissemination of quotations of securities prices then in common use, if so quoted, or (iii) if not quoted as described in clause (ii), the mean between the high bid
and low asked quotations for [Common/Preferred Stock] [Depositary Shares] as reported by the National Quotation Bureau Incorporated if at least two
securities dealers have inserted both bid and asked quotations for [Common/Preferred Stock] [Depositary Shares] on at least 5 of the 10 preceding
trading days. If none of the conditions set forth above is met, the closing price of [Common/Preferred Stock] [Depositary Shares] on any day or the
average of such closing prices for any period shall be the fair market value of [Common/Preferred Stock] [Depositary Shares] as determined by a member
firm of the New York Stock Exchange selected by the Company. 

(f)
(A) Nothing contained herein shall be construed to require an adjustment as a result of the issuance of [Common/Preferred Stock] [Depositary Shares]
pursuant to, or the granting or exercise of any rights under, the Company's [LIST EMPLOYEE AND STOCKHOLDER PLANS, IF ANY, THAT MIGHT OTHERWISE RESULT IN
ADJUSTMENTS]; and (B) in addition, no adjustment in the Warrant Exercise Price shall be required unless and until the earlier of the following shall have
occurred: (x) such 

6

 

adjustment
would require an increase or decrease of at least 1% in the Warrant Exercise Price or (y) a period of three years shall have elapsed from the date of the occurrence of any event
requiring any such adjustment pursuant to subparagraphs 9B(1)(a), (b) or (c) above. All adjustments shall be made to the nearest one hundredth of a share and the nearest cent, and any
adjustments which by reason of this subparagraph (f) are not required to be made shall be carried forward cumulatively and taken into account in any subsequent adjustment which (including such
carryforward) is required to be made under this subparagraph (f). 

(g)
In any case in which this subparagraph 9B(1) shall require that an adjustment be made retroactively immediately following a record date, the Company may elect to defer (but only until five
business days following the mailing of the notice described in subparagraph 9B(5) below) issuing to the holder of any Warrant exercised after such record date the Shares issuable upon such exercise
over and above the Shares issuable upon such exercise only on the basis of the Warrant Exercise Price before adjustment. 

(h)
The Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Exercise Price to any amount deemed appropriate by the Board of Directors of the Company for
any period not exceeding 20 consecutive days (as evidenced in a resolution adopted by such Board of Directors), but only upon giving the notices required by subparagraph 9B(5) 20 days before
taking such action. 

(i)
Except as herein otherwise expressly provided, no adjustment in the Warrant Exercise Price shall be made by reason of the issuance of Shares, or securities convertible into or exchangeable for
Shares, or securities carrying the right to purchase any of the foregoing or for any other reason whatsoever. 

(j)
Irrespective of any of the adjustments in the Warrant Exercise Price or the number of Shares, Warrant Certificates theretofore issued may continue to express the same prices and number of Shares
as are stated in a similar Warrant Certificate issuable initially, or at some subsequent time, pursuant to this Agreement and such number of Shares specified therein shall be deemed to have been so
adjusted. 

(2)
No fractional [shares of Common/Preferred Stock] [Depositary Shares] shall be issued upon the exercise of Warrants. If more than one Warrant shall
be exercised at one time by the same holder, the number of full Shares
which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of Shares purchased pursuant to the Warrants so exercised. Instead of any fractional
[share of Common/Preferred Stock] [Depositary Shares] which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash
adjustment in respect of such fraction in an amount equal to the same fraction of the last sales price (or bid price if there were no sales) per [share of Common/Preferred
Stock] [Depositary Share], in either case as reported on the New York Stock Exchange Composite Tape on the trading day which next precedes the day of exercise or,
if the [Common/Preferred Stock is] [Depositary Shares are] not then listed or admitted to trading on the New York Stock Exchange, an amount equal to the
same fraction of the market price per [share of Common/Preferred Stock] [Depositary Share] (as determined in a manner described by the Board of
Directors of the Company) at the close of business on the trading day which next precedes the day of exercise. 

(3)
In case any of the following shall occur while any Warrants are outstanding: (a) any reclassification or change of the outstanding shares of [Common/Preferred] Stock
(other than a change in par value, or from par value to no par value, or from no par value to par value); or (b) any consolidation or merger to which the Company is a party (other than a
consolidation or a merger in which the Company is the continuing entity and which does not 

7

 

result
in any reclassification of, or change in, the outstanding Shares issuable upon exercise of the Warrants); or (c) any sale or conveyance of the property of the Company as an entirety or
substantially as an entirety; then the Company, or such successor or purchaser, as the case may be, shall make appropriate provision by amendment of this Agreement or otherwise so that the holders of
the Warrants then outstanding shall have the right at any time thereafter, upon exercise of such Warrants, to purchase the kind and amount of shares of stock and other securities and property
receivable upon such reclassification, change, consolidation, merger, sale or conveyance as would be received by a holder of the number of [shares of Common/Preferred Stock]
[Depositary Shares] issuable upon exercise of such Warrant immediately before such reclassification, change, consolidation, merger, sale or conveyance. Such provision shall
provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 9. The above provisions of this subparagraph 9B(3) shall
similarly apply to successive reclassifications, changes, consolidations, mergers, sales or conveyances. 

(4)
Before taking any action which would cause an adjustment decreasing the Warrant Exercise Price so that the Warrant Exercise Price is below the then par value of the shares of
[Common/Preferred] Stock, the Company will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally
issue fully paid and nonassessable [shares of Common/Preferred Stock] [Depositary Shares] at the Warrant Exercise Price as so adjusted. 

(5)
Whenever the Warrant Exercise Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants at such holder's address as it shall appear on the books of
the Company a statement setting forth the adjusted Warrant Exercise Price then and thereafter effective under the provisions hereof, together with the facts, in reasonable detail, upon which such
adjustment is based. 

(6)
In case (i) the Company shall declare a dividend (or any other distribution) on its [Common/Preferred] Stock payable otherwise than in cash out of its current or
retained earnings, or (ii) the Company shall authorize the granting to the holders of its [Common/Preferred] Stock of rights to subscribe for or purchase any shares of
capital stock of any class or of any other rights, or (iii) there is to be any reclassification of the [Common/Preferred] Stock of the Company (other than a subdivision
or combination of its outstanding shares of [Common/Preferred] Stock, or any consolidation or merger to which the Company is a party and for which approval of any stockholders
of the Company is required, or (iv) any distribution is to be made on or in respect of the [Common/Preferred] Stock in connection with the dissolution, liquidation or
winding up of the Company, then the Company shall mail to each holder of Warrants at such holder's address as it shall appear on the books of the Company, at least 20 days (or 10 days in
any case specified in clause (i) or (ii) above) before the applicable record date hereinafter specified, a notice stating (x) the record date for such dividend, distribution or
rights, or, if a record is not to be taken, the date as of which the holders of [Common/Preferred] Stock of record to be entitled to such dividend, distribution or rights are
to be determined, or (y) the date on which such reclassification, consolidation, merger, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is
expected that holders of [Common/Preferred] Stock of record shall be entitled to exchange their shares of [Common/Preferred] Stock for securities or
other property deliverable upon such reclassification, consolidation, merger, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof
shall affect any such transaction or any adjustment in the Warrant Exercise Price required by this Section 9. 

8

 

SECTION
10. NOTICE TO WARRANTHOLDERS. Nothing contained in this Agreement or in any of the Warrants shall be construed as conferring upon the holders thereof the right to vote or to consent or to
receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter, or any rights whatsoever as stockholders of the Company. 

SECTION
11. CERTAIN COVENANTS OF THE COMPANY. 

A.
So long as any unexpired Warrants remain outstanding and if required in order to comply with the Securities Act of 1933, as amended (the "Act"), the Company covenants and agrees that it will file
such post-effective amendments to the registration statement filed pursuant to the Act with
respect to the Warrants (or such other registration statements or post-effective amendments or supplements) as may be necessary to permit the Company to deliver to each person exercising a
Warrant a prospectus meeting the requirements of Section 10(a)(3) of the Act and otherwise complying therewith, and will deliver such a prospectus to each such person. The Company further
covenants and agrees that it will obtain and keep effective all permits, consents and approvals of governmental agencies and authorities, and will use its best efforts to take all action which may be
necessary to qualify the Shares for sale under the securities laws of such of the United States, as may be necessary to permit the free exercise of the Warrants, and the issuance, sale, transfer and
delivery of the Shares issued upon exercise of the Warrants, and to maintain such qualifications during the entire period in which the Warrants are exercisable. 

B.
The Company covenants and agrees that it shall take all such action as may be necessary to ensure that all Shares will at the time of delivery of certificates for such Shares (subject to payment of
the Warrant Exercise Price) be duly and validly authorized and issued and fully paid and nonassessable Shares, free from any preemptive rights and taxes, liens, charges and security interests created
by or imposed upon the Company. 

C.
The Company covenants and agrees that it will take all action which may be necessary to cause the Shares to be duly listed on the New York Stock Exchange or another securities exchange or the
interdealer quotation system on which the other [shares of Common/Preferred Stock] [Depositary Shares] of the Company are listed at the dates of
exercise of the Warrants. 

SECTION
12. DISPOSITION OF PROCEEDS, ETC. 

A.
The Warrant Agent shall account promptly to the Company with respect to Warrants exercised and concurrently pay to the Company all moneys received by the Warrant Agent for the purchase of Shares
through the exercise of such Warrants. 

B.
The Warrant Agent shall keep copies of this Agreement available for inspection by holders of Warrants during normal business hours at its principal office in the City
of                        ,
                        . 

SECTION
13. MERGER OR CONSOLIDATION OR CHANGE OF NAME OF WARRANT AGENT. Any entity into which the Warrant Agent may be merged or with which it may be consolidated, or any entity resulting from any
merger or consolidation to which the Warrant Agent shall be a party, or any entity succeeding to the corporate trust business of the Warrant Agent, shall be the successor to the Warrant Agent
hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such entity would be eligible for appointment as a successor Warrant
Agent under the provisions of Section 15 of this Agreement. In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Agreement, and if any of the
Warrants shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent and deliver such Warrants so
countersigned; and in case at that time any of the Warrants shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrants either in the name of the predecessor 

9

 

Warrant
Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant shall have the full force provided in the Warrants and in this Agreement. 

In
case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrants shall have been countersigned but not delivered, the Warrant Agent may adopt the
countersignature under its prior name and deliver Warrants so countersigned; and in case at that time any of the Warrants shall not have been countersigned, the Warrant Agent may countersign such
Warrants either in its prior name or in its changed name; and in all such cases such Warrants shall have the full force provided in the Warrants and in this Agreement. 

SECTION
14. DUTIES OF WARRANT AGENT. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Company and the
holders of Warrants, by their acceptance thereof, shall be bound: 

A.
The statements contained herein and in the Warrants shall be taken as statements of the Company, and the Warrant Agent assumes no responsibility for the correctness of any of the same except such
as describe the Warrant Agent or action taken or to be taken by it. The Warrant Agent assumes no responsibility with respect to the distribution of the Warrants except as herein otherwise provided. 

B.
The Warrant Agent shall not be responsible for any failure of the Company to comply with any of the covenants contained in this Agreement or in the Warrants to be complied with by the Company. 

C.
The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or employees, and the
Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys, agents or employees or for any loss to the Company resulting from such neglect
or
misconduct, provided reasonable care shall have been exercised in the selection and continued employment thereof. 

D.
The Warrant Agent may consult at any time with counsel satisfactory to it (who may be counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to
any holder of any Warrant in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the opinion or the advice of such counsel. 

E.
The Warrant Agent shall incur no liability or responsibility to the Company or to any holder of any Warrant for any action taken in reliance on any notice, resolution, waiver, consent, order,
certificate, or other paper, document or instrument believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 

F.
The Company agrees to pay to the Warrant Agent reasonable compensation for all services rendered by the Warrant Agent in the performance of this Agreement, to reimburse the Warrant Agent for all
expenses, taxes and governmental charges and other charges of any kind and nature incurred by the Warrant Agent in the performance of this Agreement and to indemnify the Warrant Agent and save it
harmless against any and all liabilities, including judgments, costs and counsel fees, for anything done or omitted by the Warrant Agent in the performance of this Agreement except as a result of the
Warrant Agent's gross negligence or bad faith. 

G.
The Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or to take any other action likely to involve expense unless the Company or one or more registered
holders of Warrants shall furnish the Warrant Agent with reasonable security and indemnity for any costs and expenses which may be incurred, but this provision shall not affect the power of the
Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. All rights of action under this Agreement 

10

 

or
under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrants or the production thereof at any trial or other proceeding relative thereto, and any
such action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as Warrant Agent, and any recovery of judgment shall be for the ratable benefit of the registered holders
of the Warrants, as their respective rights or interests may appear. 

H.
The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily
interested in any transaction in which the Company may be interested, or contract with or lend money to or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement.
Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

I.
The Warrant Agent shall act hereunder solely as agent and not in a ministerial capacity, and its duties shall be determined solely by the provisions hereof. The Warrant Agent shall not be liable
for anything which it may do or refrain from doing in connection with this Agreement except for its own gross negligence or bad faith. 

SECTION
15. CHANGE OF WARRANT AGENT. The Warrant Agent may resign and be discharged from its duties under this Agreement by giving to the Company notice in writing, and to the holders of the Warrants
notice by publication, of such resignation, specifying a date when such resignation shall take effect, which notice shall be published at the expense of the Company at least once a week for two
consecutive weeks in a newspaper of general circulation in the City of New York before the date so specified. The Warrant Agent may be removed by the Company by like notice from the Company to the
Warrant Agent and the holders of Warrants at the expense of the Company. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a
successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the registered holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then, at the
expense of the Company, the Warrant Agent or the registered holder of any Warrant may apply to any court of competent jurisdiction for the appointment of a successor to the Warrant Agent. Any
successor Warrant Agent, whether appointed by the Company or by such a court, shall be a bank or trust company, in good standing, incorporated under the laws of any State or of the United States of
America, having at the time of its appointment as Warrant Agent a combined capital and surplus of at least $100,000,000. After appointment the successor Warrant Agent shall be vested with the same
powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the former Warrant Agent shall deliver and transfer to the successor
Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Failure to file or publish any notice
provided for in this Section, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant
Agent, as the case may be. 

SECTION
16. IDENTITY OF TRANSFER AGENT. Forthwith upon the appointment of any Transfer Agent for the Shares or of any subsequent Transfer Agent for Shares issuable upon the exercise of the rights of
purchase represented by the Warrants, the Company will file with the Warrant Agent a statement setting forth the name and address of such Transfer Agent. 

SECTION
17. NOTICES. Any notice pursuant to this Agreement to be given or made by the Warrant Agent or by the registered holder of any Warrant to or on the Company shall be sufficiently given or 

11

 

made
if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows: 

New
Plan Excel Realty Trust, Inc.

1120 Avenue of the Americas New York, NY 10036

Att'n: Corporate Secretary 

Any
notice pursuant to this Agreement to be given or made by the Company or by the registered holder of any Warrant to or on the Warrant Agent shall be sufficiently given or made if sent by first-
class mail, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company) as follows: 

____________________________________

____________________________________

____________________________________ 

Any
notice pursuant to this Agreement to be given or made by the Company or the Warrant Agent to the registered holder of any Warrant shall be sufficiently given or made (unless otherwise specifically
provided for herein) if sent by first-class mail, postage prepaid, addressed to said registered holder at his address appearing on the Warrant register. 

SECTION
18. SUPPLEMENTS AND AMENDMENTS. The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any holders of Warrants in order to cure any
ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision herein, or to make any other provisions in regard to matters or
questions arising hereunder which the Company and the Warrant Agent may deem necessary or desirable and which will not materially adversely affect the interest of the registered holders of the
Warrants. 

SECTION
19. SUCCESSORS. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors
and assigns hereunder. 

SECTION
20. GOVERNING LAW. This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION
21. BENEFITS OF THIS AGREEMENT. Nothing in this Agreement shall be construed to give to any person or entity other than the Company and the Warrant Agent and the holders of Warrants any legal
or equitable right, remedy or claim under this Agreement, but this Agreement shall
be for the sole and exclusive benefit of the Company and the Warrant Agent and the holders of Warrants. 

SECTION
22. COUNTERPARTS. This Agreement may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
shall together constitute but one and the same instrument. 

[IF THE WARRANTS ARE SUBJECT TO ACCELERATION BY THE COMPANY, INSERT—  

SECTION
23. ACCELERATION OF WARRANTS BY THE COMPANY. 

A.
At any time on or after                        , the Company shall have the right to accelerate any or all Warrants at any time by
causing them to expire at the close of business on the day next preceding
a specified date (the "Acceleration Date"), if the Market Price (as hereinafter defined) of the Common Stock equals or
exceeds                        percent (            %) of the then
effective Warrant
Exercise Price, adjusted as if no changes in such Warrant Exercise Price had been made pursuant to subsection 9B, on any 20 Trading Days (as hereinafter defined) within a period of 30 

12

 

consecutive
Trading Days ending no more than five Trading Days before the date on which the Company gives notice to the Warrant Agent of its election to accelerate the Warrants. 

B.
"Market Price" for each Trading Day shall be, if the [Common/Preferred Stock is] [Depositary Shares are] listed or admitted for trading on the New
York Stock Exchange, the last reported sale price, regular way (or, if no such price is reported, the average of the reported closing bid and asked prices, regular way) of
[Common/Preferred Stock] [Depositary Shares], in either case as reported on the New York Stock Exchange Composite Tape or, if the
[Common/Preferred Stock is] [Depositary Shares are] not listed or admitted to trading on the New York Stock Exchange, on the principal national
securities exchange on which [Common/Preferred Stock is] [Depositary Shares are] are listed or admitted to trading or, if not listed or admitted to
trading on any national securities exchange, on the National Market System of NASDAQ or, if not listed or admitted to trading on any national securities exchange or quoted on the National Market
System of NASDAQ, the average of the closing high bid and low asked prices in the over-the-counter market, as reported by NASDAQ, or such other system then in use, or if on any
such date the [shares of Common/Preferred
Stock] [Depositary Shares] are not quoted by any such organization, the average of the closing bid and asked prices as furnished by any New York Stock Exchange firm
selected from time to time by the Company for that purpose. "Trading Day" shall be each Monday through Friday, other than any day on which securities are not traded in the system or on the exchange
that is the principal market for the [Common/Preferred Stock] [Depositary Shares], as determined by the Board of Directors of the Company. 

C.
In the event of an acceleration of less than all of the Warrants, the Warrant Agent shall select the Warrants to be accelerated by lot, pro rata or
in such other manner as it deems, in its discretion, to be fair and appropriate. 

D.
Notice of an acceleration specifying the Acceleration Date shall be sent by mailing first class, postage prepaid, to each registered holder of a Warrant Certificate representing a Warrant
accelerated at such holder's address appearing on the Warrant register not more than 60 days nor less than 30 days before the Acceleration Date. Such notice of an acceleration also shall
be given no more than 20 days, and no less than 10 days, before the mailing of notice to registered holders of Warrants pursuant to this Section, by publication at least once in a
newspaper of general circulation in the City of New York. 

E.
Any Warrant accelerated may be exercised until [            ] p.m., [City] time, on the business day next preceding the Acceleration Date.
The Warrant Exercise Price shall be payable as provided in Section 5.] 

13

 

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

	 	 	NEW PLAN EXCEL REALTY TRUST, INC.
 
	

 	
 	

By	

	

 	
 	

Its	

	

Attest:	
 	

 	

 
	

 	
 	

                        , as Warrant Agent
	

 	
 	

By	

	

 	
 	

Its	

	

Attest:	
 	

 	

 

14

 
 

Exhibit A    
    

FORM OF WARRANT CERTIFICATE
  [Face of Warrant Certificate] 

	[IF WARRANTS ARE ATTACHED TO OTHER SECURITIES AND ARE NOT IMMEDIATELY DETACHABLE.	 	Before                        , this Warrant Certificate cannot be transferred or exchanged unless
attached to a [Title of Other Securities].]
	

[FORM OF LEGEND IF WARRANTS ARE NOT IMMEDIATELY EXERCISABLE.	
 	

Before                        , Warrants evidenced by this Warrant Certificate cannot be exercised.]

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN  

 VOID AFTER [            ] P.M., [CITY] TIME,
ON                        , 200   

 NEW PLAN EXCEL REALTY TRUST, INC.

Warrants to Purchase

Warrant Certificate Representing
  [Title of Warrant Securities] 

	No.	 	 	 	 	 	 
	 	 	
	 	 	 	
 Warrants

        This certifies
that                                         
       or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner
[IF WARRANTS ARE ATTACHED TO OTHER SECURITIES AND ARE NOT IMMEDIATELY DETACHABLE -, subject to the registered owner qualifying as a "Holder" of this Warrant Certificate, as hereinafter
defined] to purchase, at any time [after [    ] p.m., [City] time, on                        and] on or
before [    ] p.m., [City] time, on                        ,
                        shares of [Title of Warrant
Securities](the "Warrant Securities"), of New Plan Excel Realty Trust, Inc. (the "Company") on the following basis: during the period
from                        , through and including
                        , the exercise price of each Warrant will
be                        ; during the period from            ,
through and including            , the exercise price of each warrant will be
            (the "Warrant Price"). No adjustment shall be made for any dividends on any Warrant Securities issuable upon exercise of any Warrant. The Holder may exercise the Warrants
evidenced
hereby by providing certain information set forth on the back hereof and by paying in full [in lawful money of the United States of America] [in cash or by
certified check or official bank check or by bank wire transfer, in each case,][by bank wire transfer] in immediately available funds, the Warrant Price for each
Warrant exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of
[name of Warrant Agent], or its successor as warrant agent (the "Warrant Agent"),
[or                                        ],
which is, on the date hereof, at the address
specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement (as hereinafter defined). 

        The
term "Holder" as used herein shall mean [IF WARRANTS ARE ATTACHED TO OTHER SECURITIES AND ARE NOT IMMEDIATELY DETACHABLE -]
before                        ,
200            (the "Detachable Date"), the registered owner of the Company's [title of Other Securities] to which this Warrant Certificate was initially attached, and
after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose
pursuant to Section 4 of the Warrant Agreement. 

        Any
whole number of Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Securities in registered form. Upon any exercise of fewer than all of the Warrants
evidenced 

 

by
this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing the number of Warrants remaining unexercised. 

        This
Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as
of                            , 200    (the "Warrant Agreement") between the
Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by
acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent [and
at                        ]. 

        [IF
WARRANTS ARE ATTACHED TO OTHER SECURITIES AND ARE NOT IMMEDIATELY DETACHABLE—Before the Detachable Date, this Warrant Certificate may be exchanged or
transferred only together with the [Title of Other Securities] (the "Other Securities") to which this Warrant Certificate was initially attached, and only for the purpose of
effecting, or in conjunction with, an exchange or transfer of such Offered Security. Additionally, on or before the Detachable Date, each transfer of such Other Securities or register of transfer of
the Other Securities shall operate also to transfer or register the transfer of this Warrant Certificate. After such date, transfer of this] [IF WARRANTS ARE ATTACHED TO OTHER
SECURITIES AND ARE NOT IMMEDIATELY DETACHABLE—Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office
of the Warrant Agent [or                        ] by the registered owner or such owner's assigns, in person or by an attorney
duly authorized in writing, in the manner and subject to
the limitations provided in the Warrant Agreement. 

        [IF
OTHER SECURITIES WITH WARRANTS WHICH ARE NOT IMMEDIATELY DETACHABLE—Except as provided in the immediately preceding paragraph, after]
[IF OTHER SECURITIES WITH WARRANTS WHICH ARE IMMEDIATELY DETACHABLE OR WARRANT ALONE—After] countersignature by the Warrant Agent and before the expiration of this
Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant Agent
[or                        ] for Warrant Certificates representing the
same aggregate number of Warrants. 

        This
Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation, the right to receive payments of
dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights. 

        This
Warrant Certificate shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent. 

2

 

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers. 

	Dated:	 	, 200  	 	NEW PLAN EXCEL REALTY TRUST, INC.
	

 	
 	

 	
 	

By	
 	

 
	 	 	 	 	 	 	

	

 	
 	

 	
 	

Its	
 	

 
	 	 	 	 	 	 	

	ATTEST:	 	 	 	 
	Countersigned:	 	 
	 	 	
	 	 
	

As Warrant Agent

	
 	

 

	

By	
 	

 	
 	

 
	 	 	
	 	Authorized Signature

3

 
[Reverse of Warrant Certificate]

        The
securities represented by this certificate are subject to restrictions on transfer for the purpose of the Corporation's maintenance of its status as a "real estate investment trust"
under the Internal Revenue Code of 1986, as amended. Except as otherwise provided pursuant to the charter of the Corporation, no Person may Beneficially Own or Constructively Own shares of any class
or series of the Corporation's Common or Preferred Stock in excess of 9.8% (or such greater percentage as may be determined by the Board of Directors of the Corporation) of the value or number of
shares outstanding (whichever is more restrictive) of such class or series of the Corporation's Common or Preferred Stock. Any Person who attempts or proposes to Beneficially Own or Constructively Own
shares of Equity Stock in excess of the above limitation must notify the Corporation in writing at least 15 days prior to such proposed or attempted Transfer. All capitalized terms in this
legend have the meanings defined in the charter of the Corporation, a copy of which, including the restrictions on transfer, will be sent without charge to each stockholder who so requests. If the
restrictions on transfer are violated, the securities represented hereby may be automatically transferred to a trust for the benefit of one or more charitable organizations to be designated by the
Corporation. 

(Instructions for Exercise of Warrant)

        To
exercise the Warrants evidenced hereby, the Holder must pay [in United States dollars] [in cash or by certified check or official bank check or by
bank wire transfer, in each case] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant
Agent] [address of Warrant Agent], Att'n:                        , which payment must specify the name of the Holder and the
number of Warrants exercised by such Holder. In
addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the
appropriate address set forth below. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment. 

To Be Executed Upon Exercise of Warrant  

        The undersigned hereby irrevocably elects to exercise            Warrants, evidenced by this Warrant Certificate, to
purchase            shares of the
[Title of Warrant Securities] (the "Warrant Securities") of New Plan Excel Realty Trust, Inc. and represents that he or she has tendered payment for such Warrant
Securities [in Dollars] [in cash or by certified check or official bank check or by bank wire transfer, in each case][by bank wire transfer
in immediately available funds] to the order of New Plan Excel Realty Trust, Inc., c/o [insert name and address of Warrant Agent], in the amount of
            in accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Securities be in fully registered form in the authorized denominations,
registered
in such names and delivered all as specified in accordance with the instructions set forth below. 

4

 

        If
the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate representing the remaining Warrants
evidenced hereby be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

	Dated:	 	 	 	Name	 	 
	 	 	
 (Please Print)	 	 	 	

	 	 	 	 	Address	 	 
	
 (Insert Social Security or Other

Identifying Number of Holder)	 	 	 	

	 	 	 	 	 	 	

	

Signature Guaranteed	
 	

 	
 	

 
	 	 	 	 	Signature	 	 
	
	 	 	 	

	[FOR REGISTERED WARRANTS—Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust
company or memberbroker of the New York, Midwest or Pacific Stock Exchange]

        This Warrant may be exercised at the following addresses:  

	By hand at	 	 	 	 
	 	 	
	 	 
	 	 	 	 	 
	By hand at	 	 	 	 
	 	 	
	 	 

        [Instructions as to form and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing unexercised
Warrants—complete as appropriate.] 

5

 
 
 

ASSIGNMENT
  (Form of assignment to be executed if
  Warrant Holder desires to transfer Warrant)    

FOR
VALUE RECEIVED,
                                         
        hereby sells, assigns and transfers unto
 

	 	 	
 Print or Type Name
	

 	
 	

 Street Address
	

 	
 	

City                                         
                 State                   Zip Code
	

 	
 	

 Social Security or other Identifying Number

the right represented by the within Warrant to purchase                        Shares of [Common Stock/Preferred
Stock] [($.01 par
value)] of New Plan Excel Realty Trust, Inc. to which the within Warrant relates and appoints                        attorney
to transfer such right on the books of the Warrant Agent with
full power of substitution in the premises. 

	Dated:	 	 	 	 
	 	 	
	 	
 Signature (Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	

Signature Guaranteed	
 	

 
	

	
 	

 

6

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[COMMON/PREFERRED STOCK] [DEPOSITARY SHARE] WARRANT AGREEMENT

Exhibit A

ASSIGNMENT (Form of assignment to be executed if Warrant Holder desires to transfer Warrant)

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