Document:

Exhibit 10.5

 

FTAC
OLYMPUS ACQUISITION CORP.

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104

 

August
25, 2020

 

FTAC
Olympus Sponsor, LLC

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104

 

		Re:	Administrative
Services Agreement

 

Gentlemen:

 

This
letter agreement by and between FTAC Olympus Acquisition Corp., a Cayman Islands exempted company (the “Company”)
and FTAC Olympus Sponsor, LLC (“Sponsor”), dated as of the date hereof, will confirm our agreement that, commencing
on the date the securities of the Company are first listed on the Nasdaq Capital Market (the “Listing Date”), pursuant
to a Registration Statement on Form S-1 and prospectus filed with the Securities and Exchange Commission (the “Registration
Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the
Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred
to as the “Termination Date”):

 

(i) Sponsor
or one of its affiliates shall make available to the Company, at 2929 Arch Street, Philadelphia, PA (or any successor location
of Sponsor or its affiliates), certain office space, utilities, and shared personnel support services as may be reasonably requested
by the Company. In exchange therefor, the Company shall pay Sponsor the sum of $25,000 per month on the Listing Date and continuing
monthly thereafter until the Termination Date; and

 

(ii) Sponsor
hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”)
in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit
of the public shareholders of the Company and into which substantially all of the proceeds of the Company’s initial public
offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future
as a result of, or arising out of, this letter agreement, which Claim would reduce, encumber or otherwise adversely affect the
Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment
or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This
letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by the parties hereto.

 

No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written approval of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee.

 

This
letter agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract,
tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the
Commonwealth of Pennsylvania, without giving effect to its choice of laws principles.

 

[Signature
pages follows]

 

     

     

    

 

	Very truly yours,	 
	 	 
	FTAC OLYMPUS ACQUISITION CORP.
    	 
	 	 
	By:	/s/ Ryan M. Gilbert	 
	 	Name:	Ryan M. Gilbert	 
	 	Title:	President and Chief Executive Officer	 

 

[Signature
Page to Administrative Services Agreement]

 

     

     

    

 

AGREED
TO AND ACCEPTED BY:

 

FTAC
OLYMPUS SPONSOR, LLC

 

	By:	/s/ Ryan M. Gilbert 	 
	 	Name:	Ryan M. Gilbert	 
	 	Title:	Manager	 

 

[Signature
Page to Administrative Services Agreement]Exhibit 4.2

LINCOLN
EDUCATIONAL SERVICES CORPORATION

______________________

INDENTURE

Dated as of

______________________

[        ]

Trustee

 

    	 

    

TABLE
OF CONTENTS

	 	 	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	5
	 	 
	Section 1.1	Definitions	5
	Section 1.2	Other Definitions	8
	Section 1.3	Incorporation by Reference of Trust Indenture Act	8
	Section 1.4	Rules of Construction	9
	 	 	 
	ARTICLE II THE SECURITIES	9
	 	 	 
	Section 2.1	Issuable in Series	9
	Section 2.2	Establishment of Terms of Series of Securities	9
	Section 2.3	Execution and Authentication	12
	Section 2.4	Registrar and Paying Agent	13
	Section 2.5	Paying Agent to Hold Money in Trust	13
	Section 2.6	Securityholder Lists	14
	Section 2.7	Transfer and Exchange	14
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	14
	Section 2.9	Outstanding Securities	15
	Section 2.10	Treasury Securities	16
	Section 2.11	Temporary Securities	16
	Section 2.12	Cancellation	16
	Section 2.13	Defaulted Interest	16
	Section 2.14	Global Securities	16
	Section 2.15	CUSIP Numbers	18
	 	 	 
	ARTICLE III REDEMPTION	18
	 	 
	Section 3.1	Notice to Trustee	18
	Section 3.2	Selection of Securities to be Redeemed	18
	Section 3.3	Notice of Redemption	19
	Section 3.4	Effect of Notice of Redemption	19
	Section 3.5	Deposit of Redemption Price	20
	Section 3.6	Securities Redeemed in Part	20
	 	 	 
	ARTICLE IV COVENANTS	20
	 	 
	Section 4.1	Payment of Principal and Interest	20
	Section 4.2	SEC Reports	20
	Section 4.3	Compliance Certificate	21
	Section 4.4	Stay, Extension and Usury Laws	21
	 	 	 
	ARTICLE V SUCCESSORS	21
	 	 
	Section 5.1	When Company May Merge, Etc	21
	Section 5.2	Successor Corporation Substituted	22

    	 

    	 

    

	ARTICLE
    VI DEFAULTS AND REMEDIES	22
	 	 
	Section
    6.1	Events
    of Default	22
	Section
    6.2	Acceleration of
    Maturity; Rescission and Annulment	23
	Section
    6.3	Collection of Indebtedness
    and Suits for Enforcement by Trustee	24
	Section
    6.4	Trustee May File
    Proofs of Claim	25
	Section
    6.5	Trustee May Enforce
    Claims Without Possession of Securities	25
	Section
    6.6	Application of Money
    Collected	25
	Section
    6.7	Limitation on Suits	26
	Section
    6.8	Unconditional Right
    of Holders to Receive Principal and Interest	26
	Section
    6.9	Restoration of Rights
    and Remedies	27
	Section
    6.10	Rights and Remedies
    Cumulative	27
	Section
    6.11	Delay or Omission
    Not Waiver	27
	Section
    6.12	Control by Holders	27
	Section
    6.13	Waiver of Past Defaults	28
	Section
    6.14	Undertaking for
    Costs	28
	 	 	 
	ARTICLE
    VII TRUSTEE	28
	 	 
	Section
    7.1	Duties of Trustee	28
	Section
    7.2	Rights of Trustee	30
	Section
    7.3	Individual Rights
    of Trustee	31
	Section
    7.4	Trustee’s
    Disclaimer	31
	Section
    7.5	Notice of Defaults	31
	Section
    7.6	Reports by Trustee
    to Holders	31
	Section
    7.7	Compensation
    and Indemnity	31
	Section
    7.8	Replacement of
    Trustee	32
	Section
    7.9	Successor Trustee
    by Merger, Etc	33
	Section
    7.10	Eligibility;
                                         Disqualification
	33
	Section
    7.11	Preferential
                                         Collection of Claims Against Company

	33
	 	 	 
	ARTICLE
    VIII SATISFACTION AND DISCHARGE; DEFEASANCE	34
	 	 
	Section
    8.1	Satisfaction and
    Discharge of Indenture	34
	Section
    8.2	Application of Trust
    Funds; Indemnification	34
	Section
    8.3	Legal Defeasance
    of Securities of any Series	35
	Section
    8.4	Covenant Defeasance	37
	Section
    8.5	Payment to Company	38
	Section
    8.6	Reinstatement	38
	 	 	 
	ARTICLE
    IX AMENDMENTS AND WAIVERS	38
	 	 
	Section
    9.1	Without Consent
    of Holders	38
	Section
    9.2	With Consent of
Holders	39
	Section
    9.3	Limitations	40
	Section
    9.4	Compliance with
Trust Indenture Act	40
	Section
    9.5	Revocation and Effect
of Consents	40
	Section
    9.6	Notation on or Exchange
of Securities	41
	Section
    9.7	Trustee Protected	41

    	2

    	 

    

	ARTICLE
    X MISCELLANEOUS	41
	 	 
	Section
    10.1	Trust
    Indenture Act Controls	41
	Section
    10.2	Notices	41
	Section
    10.3	Communication by
    Holders with Other Holders	42
	Section
    10.4	Certificate and
    Opinion as to Conditions Precedent	42
	Section
    10.5	Statements Required
    in Certificate or Opinion	43
	Section
    10.6	Rules by Trustee
    and Agents	43
	Section
    10.7	Legal Holidays	43
	Section
    10.8	No Recourse Against
    Others	43
	Section
    10.9	Counterparts	44
	Section
    10.10	Governing Law	44
	Section 10.11  	No Adverse Interpretation
    of Other Agreements	44
	Section
    10.12	Successors	44
	Section
    10.13	Severability	44
	Section
    10.14	Table of Contents,
    Headings, Etc.	44
	Section
    10.15	Securities in
    a Foreign Currency	44
	Section
    10.16	Judgment
Currency
	45
	Section
    10.17	Force
Majeure

	45
	 	 	 
	ARTICLE
    XI SINKING FUNDS	46
	 	 
	Section
    11.1	Applicability of
    Article	46
	Section
    11.2	Satisfaction of
    Sinking Fund Payments with Securities	46
	Section
    11.3	Redemption of Securities
    for Sinking Fund	47

    	3

    	 

    

LINCOLN EDUCATIONAL
SERVICES CORPORATION

Reconciliation
and tie between Trust Indenture Act of 1939 and

Indenture, dated as of

	§
    310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not
    Applicable
	(a)(4)	 	Not
    Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	§
    311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not
    Applicable
	§
    312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	§
    313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)(1)	 	7.6
	(d)	 	7.6
	§
    314(a)	 	4.2,
    10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not
    Applicable
	(d)	 	Not
    Applicable
	(e)	 	10.5
	(f)	 	Not
    Applicable
	315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§
    316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	§
    317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	§
    318(a)	 	10.1

 

Note:
This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. Indenture dated as of [     
] between Lincoln Educational Services Corporation, a New Jersey corporation (“Company”), and
[     ], a [    ] (“Trustee”).

    	4

    	 

    

Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities
issued under this Indenture.

ARTICLE
I

DEFINITIONS AND INCORPORATION BY REFERENCE

Section
1.1           
Definitions.

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

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

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

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

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

“Business
Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental
indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York, New York
(or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation
or executive order to close.

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

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

“Company
Order” means a written order signed in the name of the Company by an Officer.

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

    	5

    	 

    

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

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

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

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

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

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

“Foreign
Government Obligations” means, with respect to Securities of any Series that are denominated in a
Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such
currency for the payment of which obligations its full faith and credit is pledged and which are not callable or redeemable at
the option of the issuer thereof.

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

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

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

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

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

    	6

    	 

    

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

“Officer”
means the Chief Executive Officer, President, the Chief Financial Officer, the Chief Operating Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary and any Vice President of the Company.

“Officer’s
Certificate” means a certificate signed by any Officer.

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

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

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

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

“SEC”
means the Securities and Exchange Commission.

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

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

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

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

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

    	7

    	 

    

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

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

Section
1.2           
Other Definitions.

	TERM
	DEFINED
                                         IN 

                                         SECTION

	“Bankruptcy
    Law”	6.1
	“Custodian”	6.1
	“Event
    of Default”	6.1
	“Judgment
    Currency”	10.16
	“Legal
    Holiday”	10.7
	“mandatory
    sinking fund payment”	11.1
	“New
    York Banking Day”	10.16
	“optional
    sinking fund payment”	11.1
	“Paying
    Agent”	2.4
	“Registrar”	2.4
	“Required
    Currency”	10.16
	“Notice
    Agent”	2.4
	“successor
    person”	5.1
	 	 

Section
1.3           
Incorporation by Reference of Trust Indenture Act.

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

“Commission”
means the SEC.

“indenture
securities” means the Securities.

“indenture
security holder” means a Securityholder.

    	8

    	 

    

“indenture
to be qualified” means this Indenture.

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

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

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

Section
1.4           
Rules of Construction.

Unless
the context otherwise requires:

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

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

		(c)	“or”
                                         is not exclusive;

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

		(e)	provisions
                                         apply to successive events and transactions.

ARTICLE
II

THE SECURITIES

Section
2.1           
Issuable in Series.

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

Section
2.2           
Establishment of Terms of Series of Securities.

At
or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in
the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case
of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner
provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate:

    	9

    	 

    

2.2.1the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including
the terms of any subordination provisions) of the Series;

2.2.2
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will
be issued;

2.2.3
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

2.2.4
the date or dates on which the principal of the Securities of the Series is payable;

2.2.5
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities
of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates
on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest
payment date;

2.2.6
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the
Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if
by wire transfer, mail or other means;

2.2.7
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the
Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

2.2.8
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;

2.2.9
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company
at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

2.2.10
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the
Series shall be issuable;

    	10

    	 

    

2.2.11
the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

2.2.12
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

2.2.13
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency
of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

2.2.14
the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the
Securities of the Series will be made;

2.2.15
if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies
or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with
respect to such payments will be determined;

2.2.16
the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

2.2.17
the provisions, if any, relating to any security provided for the Securities of the Series;

2.2.18
any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable
pursuant to Section 6.2;

2.2.19
any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities
of the Series;

2.2.20
any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein;

2.2.21
the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the
conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory,
at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price
or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed;

2.2.22
any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to
such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the
marketing of Securities of that Series; and

    	11

    	 

    

2.2.23
whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including
the terms of subordination, if any, of such guarantees.

All
Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms
of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate
referred to above.

Section
2.3           
Execution and Authentication.

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

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

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

The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided
in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company
Order. Each Security shall be dated the date of its authentication.

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

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

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

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

    	12

    	 

    

Section
2.4           
Registrar and Paying Agent.

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

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

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

Section
2.5           
Paying Agent to Hold Money in Trust.

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

    	13

    	 

    

Section
2.6           
Securityholder Lists.

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

Section
2.7           
Transfer and Exchange.

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

Neither
the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for
the period beginning at the opening of business fifteen (15) days immediately preceding the sending of a notice of redemption
of Securities of that Series selected for redemption and ending at the close of business on the day such notice is sent, or (b)
to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or
the portion being redeemed of any such Securities selected, called or being called for redemption in part.

Section
2.8           
Mutilated, Destroyed, Lost and Stolen Securities.

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

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

    	14

    	 

    

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

Upon
the issuance of any new Security under this Section 2.8, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

Every
new Security of any Series issued pursuant to this Section 2.8 in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security
shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that Series duly issued hereunder.

The
provisions of this Section 2.8 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

Section
2.9           
Outstanding Securities.

The
Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance
with the provisions hereof and those described in this Section 2.9 as not outstanding.

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

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

The
Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise.
A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section
2.10 below).

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

    	15

    	 

    

Section
2.10        Treasury Securities.

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

Section
2.11        Temporary Securities.

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

Section
2.12        Cancellation.

The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to
the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation
to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that it has
paid or delivered to the Trustee for cancellation.

Section
2.13        Defaulted Interest.

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

Section
2.14        Global Securities.

2.14.1Terms
of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether
the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary
for such Global Security or Securities.

    	16

    	 

    

2.14.2Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in
the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company
that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to
be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary
registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers
to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security
that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary
shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor
and terms.

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

2.14.3Legend.
Any Global Security issued hereunder shall bear a legend in substantially the following form:

“THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

2.14.4Acts
of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture.

2.14.5Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

2.14.6Consents,
Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount
of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the
Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining
any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

    	17

    	 

    

Section
2.15        CUSIP Numbers.

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

ARTICLE
III

REDEMPTION

Section
3.1           
Notice to Trustee.

The
Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant
to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms
as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior
to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify
the Trustee in writing of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall
give the notice at least fifteen (15) days before the redemption date, unless a shorter period is satisfactory to the Trustee.

Section
3.2           
Selection of Securities to be Redeemed.

Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed
in any manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law
or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable rules and procedures of
the Depositary. The Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption.
The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than
$1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or,
with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal
denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

    	18

    	 

    

Section
3.3           
Notice of Redemption.

Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
at least fifteen (15) days but not more than sixty (60) days before a redemption date, the Company shall send or cause to be sent
by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder
whose Securities are to be redeemed.

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

		i.	the redemption date;

		ii.	the redemption price;

		iii.	the name and address of the
Paying Agent;

		iv.	if any Securities are being
redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption date and
upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original
Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

		v.	that Securities of the Series
called for redemption must be surrendered to the Paying Agent to collect the redemption price;

		vi.	that interest on Securities
of the Series called for redemption ceases to accrue on and after the redemption date, unless the Company defaults in the deposit
of the redemption price;

		vii.	the CUSIP number, if any;
and

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

At
the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided,
however, that the Company has delivered to the Trustee, at least ten (10) days (unless a shorter time shall be acceptable
to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice.

Section
3.4           
Effect of Notice of Redemption.

Once
notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable
on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution
or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

    	19

    	 

    

Section
3.5           
Deposit of Redemption Price.

On
or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient
to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

Section
3.6           
Securities Redeemed in Part.

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

ARTICLE
IV

COVENANTS

Section
4.1           
Payment of Principal and Interest.

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay
the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this
Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying
Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms
of such Securities and this Indenture.

Section
4.2           
SEC Reports.

To
the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within fifteen (15) days after
it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such
portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with
the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA §314(a).
Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of
the time of such filing via EDGAR for purposes of this Section 4.2.

Delivery
of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only and the
Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein
or determinable from information contained therein, including the Company’s compliance with any of their covenants hereunder
(as to which the Trustee is entitled to rely exclusively on the Officer’s Certificates).

    	20

    	 

    

Section
4.3           
Compliance Certificate.

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

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

Section
4.4           
Stay, Extension and Usury Laws.

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

ARTICLE
V

SUCCESSORS

Section
5.1           
When Company May Merge, Etc.

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

		(a)	the
                                         Company is the surviving corporation or the successor person (if other than the Company)
                                         expressly assumes the Company’s obligations on the Securities and under this Indenture;
                                         and

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

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

Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company.
Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

    	21

    	 

    

Section
5.2           
Successor Corporation Substituted.

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

ARTICLE
VI

DEFAULTS AND REMEDIES

Section
6.1           
Events of Default.

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

		(a)	default
                                         in the payment of any interest on any Security of that Series when it becomes due and
                                         payable, and continuance of such default for a period of thirty (30) days (unless the
                                         entire amount of such payment is deposited by the Company with the Trustee or with a
                                         Paying Agent prior to 11:00 a.m., New York City time, on the thirtieth (30th)
                                         day of such period); or

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

		(c)	default
                                         in the performance or breach of any covenant or warranty of the Company in this Indenture
                                         (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant
                                         or warranty that has been included in this Indenture solely for the benefit of Series
                                         of Securities other than that Series), which default continues uncured for a period of
                                         sixty (60) days after there has been given, by registered or certified mail, to the Company
                                         by the Trustee or to the Company and the Trustee by the Holders of at least twenty-five
                                         percent (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

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

		(i)	commences a voluntary case;

    	22

    	 

    

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

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

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

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

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

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

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

		(iii)	orders
                                         the liquidation of the Company;

and
the order or decree remains unstayed and in effect for sixty (60) days; or

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

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

Section
6.2           
Acceleration of Maturity; Rescission and Annulment.

If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event
of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less
than twenty-five percent (25%) in principal amount of the outstanding Securities of that Series may declare the principal amount
(or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the
terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an
Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and
accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder.

    	23

    	 

    

At
any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article VI provided, the Holders
of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series,
other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 6.13.

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

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

The
Company covenants that if

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

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

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

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

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

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

    	24

    	 

    

Section
6.4           
Trustee May File Proofs of Claim.

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

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

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

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

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

Section
6.5           
Trustee May Enforce Claims Without Possession of Securities.

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

Section
6.6           
Application of Money Collected.

Any
money or property collected by the Trustee pursuant to this Article VI 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 or property on account of principal or interest,
upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof
if fully paid:

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

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

Third:
To the Company.

Section
6.7           
Limitation on Suits.

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

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

		(b)	the
                                         Holders of not less than twenty-five percent (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;

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

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

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

it
being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee 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 of the applicable Series.

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

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated
Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.

    	26

    	 

    

Section
6.9          
Restoration of Rights and Remedies.

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

Section
6.10        Rights and Remedies
Cumulative.

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

Section
6.11        Delay or Omission
Not Waiver.

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

Section
6.12        Control by Holders.

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

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

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

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

		(d)	prior
                                         to taking any action as directed under this Section 6.12, the Trustee shall be
                                         entitled to indemnity satisfactory to it against the costs, expenses and liabilities
                                         which might be incurred by it in compliance with such a request or direction.

    	27

    	 

    

Section
6.13        Waiver of Past
Defaults.

The
Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders
of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except
a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of
a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon.

Section
6.14        Undertaking
for Costs.

All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 6.14 shall not apply to any suit instituted
by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than ten percent (10%) in principal amount of the outstanding Securities of any Series, or to any suit instituted
by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such
Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).

ARTICLE
VII

TRUSTEE

Section
7.1           
Duties of Trustee.

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

		ii.	Except during the continuance
of an Event of Default:

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

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

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

		(i)	This paragraph does not limit
the effect of paragraph (b) of this Section 7.1;

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

		(iii)	The Trustee shall not be
liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good
faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such
Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance
with Section 6.12.

		iv.	Every provision of this Indenture
that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section 7.1.

		v.	The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in performing such duty or exercising such right or power.

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

		vii.	No provision of this Indenture
shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties,
or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its
satisfaction.

		viii.	The Paying Agent, the Registrar
and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs (e), (f) and (g)
of this Section 7.1 and in Section 7.2 each with respect to the Trustee.

    	29

    	 

    

Section
7.2           
Rights of Trustee.

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

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

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

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

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

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

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

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

		(i)	The
                                         permissive right of the Trustee to take the actions permitted by this Indenture shall
                                         not be construed as an obligation or duty to do so.

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Section
7.3           
Individual Rights of Trustee.

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

Section
7.4           
Trustee’s Disclaimer.

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

Section
7.5           
Notice of Defaults.

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

Section
7.6           
Reports by Trustee to Holders.

Within
60 days after each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their
names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance
with, and to the extent required under, TIA §313.

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

Section
7.7           
Compensation and Indemnity.

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

    	31

    	 

    

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

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

To
secure the Company’s payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Securities
of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest
on particular Securities of that Series.

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

The
provisions of this Section 7.7 shall survive the termination of this Indenture.

Section
7.8           
Replacement of Trustee.

A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.8.

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

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

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

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

		(d)	the
                                         Trustee becomes incapable of acting.

    	32

    	 

    

If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint
a successor Trustee. Within one (1) year after the successor Trustee takes office, the Holders of a majority in principal amount
of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

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

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

Section
7.9          
Successor Trustee by Merger, Etc.

If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business
to, another corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section
7.10.

Section
7.10        Eligibility;
Disqualification.

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

Section
7.11        Preferential
Collection of Claims Against Company.

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

    	33

    	 

    

ARTICLE
VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

Section
8.1           
Satisfaction and Discharge of Indenture.

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

		(a)	either

(i)
all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that
have been replaced or paid) have been delivered to the Trustee for cancellation; or(ii) all such Securities not theretofore delivered
to the Trustee for cancellation

		(4)	(1)
                                         have become due and payable, or (2) will become due and payable at their Stated Maturity
                                         within one (1) year, or (3) have been called for redemption or are to be called for redemption
                                         within one (1) 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,
                                         or are deemed paid and discharged pursuant to Section 8.3, as applicable;

and
the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust an amount of money or U.S. Government Obligations sufficient for the purpose of paying and discharging the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date
of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the
Stated Maturity or redemption date, as the case may be;

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

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

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

Section
8.2           
Application of Trust Funds; Indemnification.

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

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

		(c)	The
                                         Trustee shall deliver or pay to the Company from time to time upon Company Order any
                                         U.S. Government Obligations or Foreign Government Obligations or money held by it as
                                         provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized
                                         firm of independent certified public accountants or investment bank expressed in a written
                                         certification thereof delivered to the Trustee, are then in excess of the amount thereof
                                         which then would have been required to be deposited for the purpose for which such U.S.
                                         Government Obligations or Foreign Government Obligations or money were deposited or received.
                                         This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations
                                         or Foreign Government Obligations held under this Indenture.

Section
8.3           
Legal Defeasance of Securities of any Series.

Unless
this Section 8.3 is otherwise specified, pursuant to Section 2.2.20, to be inapplicable to Securities of any Series,
the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series
on the ninety-first (91st) day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions
of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee,
at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as
to:

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

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

		(c)	the
                                         rights, powers, trusts and immunities of the Trustee hereunder and the Company’s
                                         obligations in connection therewith;

    	35

    	 

    

provided
that, the following conditions shall have been satisfied:

		(d)	the
                                         Company shall have deposited or caused to be irrevocably deposited (except as provided
                                         in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of
                                         making the following payments, specifically pledged as security for and dedicated solely
                                         to the benefit of the Holders of such Securities (i) in the case of Securities of such
                                         Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or
                                         (ii) in the case of Securities of such Series denominated in a Foreign Currency (other
                                         than a composite currency), money and/or Foreign Government Obligations, which through
                                         the payment of interest and principal in respect thereof in accordance with their terms,
                                         will provide (and without reinvestment and assuming no tax liability will be imposed
                                         on such Trustee), not later than one (1) day before the due date of any payment of money,
                                         an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent
                                         public accountants or investment bank expressed in a written certification thereof delivered
                                         to the Trustee, to pay and discharge each installment of principal of and interest, if
                                         any, on and any mandatory sinking fund payments in respect of all the Securities of such
                                         Series on the dates such installments of principal or interest and such sinking fund
                                         payments are due;

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

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

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

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

		(i)	the
                                         Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion
                                         of Counsel, each stating that all conditions precedent provided for relating to the defeasance
                                         contemplated by this Section 8.3 have been complied with.

    	36

    	 

    

Section
8.4           
Covenant Defeasance.

Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series,
the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under
Sections 4.2, 4.3 and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2.20 (and the failure
to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section
6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution
or an Officer’s Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not
constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following
conditions shall have been satisfied:

		(a)	With
                                         reference to this Section 8.4, the Company has deposited or caused to be irrevocably
                                         deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds
                                         in trust for the purpose of making the following payments specifically pledged as security
                                         for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the
                                         case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S.
                                         Government Obligations, or (ii) in the case of Securities of such Series denominated
                                         in a Foreign Currency (other than a composite currency), money and/or Foreign Government
                                         Obligations, which through the payment of interest and principal in respect thereof in
                                         accordance with their terms, will provide (and without reinvestment and assuming no tax
                                         liability will be imposed on such Trustee), not later than one (1) day before the due
                                         date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally
                                         recognized firm of independent certified public accountants or investment bank expressed
                                         in a written certification thereof delivered to the Trustee, to pay and discharge each
                                         installment of principal of and interest, if any, on and any mandatory sinking fund payments
                                         in respect of the Securities of such Series on the dates such installments of interest
                                         or principal and such sinking fund payments are due;

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

		(c)	No
                                         Default or Event of Default with respect to the Securities of such Series shall have
                                         occurred and be continuing on the date of such deposit;

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

    	37

    	 

    

		(e)	The
                                         Company shall have delivered to the Trustee an Officer’s Certificate stating the
                                         deposit was not made by the Company with the intent of defeating, hindering, delaying
                                         or defrauding any other creditors of the Company; and

		(f)	The
                                         Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion
                                         of Counsel, each stating that all conditions precedent herein provided for relating to
                                         the covenant defeasance contemplated by this Section 8.4 have been complied with.

Section
8.5           
Payment to Company.

Subject
to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by
them for the payment of principal and interest that remains unclaimed for two (2) years. After that, Securityholders entitled
to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates
another person.

Section
8.6           
Reinstatement.

If
the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance
with Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect
to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such
money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal
of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

ARTICLE
IX

AMENDMENTS AND WAIVERS

Section
9.1           
Without Consent of Holders.

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

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

		(b)	to
                                         comply with Article V;

    	38

    	 

    

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

		(d)	to
                                         add guarantees with respect to Securities of any Series or secure Securities of any Series;

		(e)	to
                                         surrender any of the Company’s rights or powers under this Indenture;

		(f)	to
                                         add covenants or events of default for the benefit of the holders of Securities of any
                                         Series;

		(g)	to
                                         comply with the applicable procedures of the applicable depositary;

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

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

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

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

Section
9.2           
With Consent of Holders.

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

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

    	39

    	 

    

Section
9.3           
Limitations.

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

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

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

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

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

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

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

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

		(h)	waive
                                         a redemption payment with respect to any Security, provided that such redemption is made
                                         at the Company’s option.

Section
9.4           
Compliance with Trust Indenture Act.

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

Section
9.5           
Revocation and Effect of Consents.

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

    	40

    	 

    

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

The
Company may, but shall not be obligated to, fix a record date for the purposes of determining the Holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record
date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously
given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall
be valid or effective for more than one hundred and twenty (120) days after such record date.

Section
9.6           
Notation on or Exchange of Securities.

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

Section
9.7           
Trustee Protected.

In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article IX or the
modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section
7.1) shall be fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with
Section 10.4. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or
Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

ARTICLE
X

MISCELLANEOUS

Section
10.1        Trust Indenture
Act Controls.

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

 

Section
10.2        Notices.

Any
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile
transmission, email or overnight air courier guaranteeing next day delivery, to the others’ address:

    	41

    	 

    

if to the Company:

Lincoln Educational Services
Corporation

200 Executive Drive, Suite
340

West Orange, New Jersey
07052

(973) 736-9340

Attn: Chief Financial Officer

 

if to the Trustee:

[    ]

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

Any
notice or communication to a Securityholder shall be sent electronically or by first-class mail to his address shown on the register
kept by the Registrar, in accordance with the procedures of the Depositary. Failure to mail a notice or communication to a Securityholder
of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other
Series.

If
a notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether
or not the Securityholder receives it.

If
the Company sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same
time.

Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given
to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.

Section
10.3        Communication
by Holders with Other Holders.

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

Section
10.4        Certificate
and Opinion as to Conditions Precedent.

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

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

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

    	42

    	 

    

Section
10.5        Statements Required
in Certificate or Opinion.

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

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

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

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

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

Section
10.6        Rules by Trustee
and Agents.

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

Section
10.7        Legal Holidays.

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

Section
10.8        No Recourse
Against Others.

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

    	43

    	 

    

Section
10.9      Counterparts.

This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The
exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

Section
10.10    Governing Law.

THIS
INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES,
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN
THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

Section
10.11    No Adverse Interpretation of Other
Agreements.

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

Section
10.12    Successors.

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

Section
10.13    Severability.

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

Section
10.14    Table of Contents, Headings, Etc.

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

Section
10.15    Securities in a Foreign Currency.

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant
to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture
any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or
all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any
Series which are denominated in more than one currency, then the principal amount of Securities of such Series which shall be
deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into
a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, such conversion shall be at the spot rate for the purchase of the designated currency
as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published,
or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company)
on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect
of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities
pursuant to the terms of this Indenture.

    	44

    	 

    

All
decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted
by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.

Section
10.16    Judgment Currency.

The
Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the
Securities of any Series (the “Required Currency”) into a currency in which a judgment
will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate
at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking
Day, then 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 final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered
in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable
in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering
in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required
Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this
Indenture. For purposes of the foregoing, “New York Banking Day” means any day except
a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law,
regulation or executive order to close.

Section
10.17    Force Majeure.

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

    	45

    	 

    

ARTICLE
XI

SINKING FUNDS

Section
11.1        Applicability
of Article.

The
provisions of this Article XI shall be applicable to any sinking fund for the retirement of the Securities of a Series
if so provided by the terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by
any form of Security of such Series issued pursuant to this Indenture.

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

Section
11.2        Satisfaction
of Sinking Fund Payments with Securities.

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

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Section
11.3        Redemption of
Securities for Sinking Fund.

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

    	47

    	 

    

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

	 	 	 	 
	 	Lincoln Educational Services
    Corporation
	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Its:
	 	 	 
	 	[     ],
    as Trustee
	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Its:

    	48

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