Document:

Exhibit 4.12

 

SERVISFIRST BANCSHARES, INC.

 

and

 

                    , as Trustee

 

SUBORDINATED INDENTURE

 

Dated as of,
          2014

 

Providing for the Issuance of Subordinated
Debt Securities

 

    	 

    	 

    

 

CROSS-REFERENCE TABLE1

 

	Trust Indenture	 
	Act Section	Indenture Section
	310	(a)(1)	6.09
	 	(a)(2)	6.09
	 	(a)(3)	N.A.
	 	(a)(4)	N.A.
	 	(a)(5)	6.08
	 	(b)	6.08
	 	(c)	N.A.
	311	(a)	6.13
	 	(b)	6.13
	 	(c)	N.A.
	312	(a)	7.01
	 	(b)	7.02
	 	(c)	7.02
	313	(a)	7.03
	 	(b)(2)	7.03
	 	(c)	7.03
	 	(d)	7.03
	314	(a)	7.04; 1.02
	 	(c)(1)	1.02
	 	(c)(2)	1.02
	 	(c)(3)	N.A.
	 	(e)	1.02
	 	(f)	N.A.
	315	(a)	6.01
	 	(b)	6.02; 1.06
	 	(c)	6.01
	 	(d)	6.01
	 	(e)	5.14
	316	(a)(last sentence)	1.01
	 	(a)(1)(A)	5.12
	 	(a)(1)(B)	5.02
	 	(a)(2)	N.A.
	 	(b)	5.08
	 	(c)	3.07
	317	(a)(1)	5.03
	 	(a)(2)	5.04
	 	(b)	4.06
	318 	(a)	1.07
	 	(b)	N.A.
	 	(c)	1.07

 

 

 

N.A. means not applicable

 

1 This Cross Reference Table
is not part of the Indenture.

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 1.01	Definitions	1
	 	 	 
	Section 1.02	Officers’ Certificates and Opinions.	8
	 	 	 
	Section 1.03	Form of Documents Delivered to Trustee.	8
	 	 	 
	Section 1.04	Acts of Securityholders	9
	 	 	 
	Section 1.05	Notices, etc., to Trustee and Company.	10
	 	 	 
	Section 1.06	Notice To Securityholders; Waiver.	10
	 	 	 
	Section 1.07	Conflict with Trust Indenture Act.	11
	 	 	 
	Section 1.08	Effect of Headings and Table of Contents.	11
	 	 	 
	Section 1.09	Successors and Assigns.	11
	 	 	 
	Section 1.10	Separability Clause.	11
	 	 	 
	Section 1.11	Benefits Of Indenture.	11
	 	 	 
	Section 1.12	Governing Law.	11
	 	 	 
	Section 1.13	Counterparts.	11
	 	 	 
	Section 1.14	Judgment Currency.	12
	 	 	 
	Section 1.15	Legal Holidays.	12
	 	 	 
	ARTICLE II SECURITY FORMS	12
	 	 	 
	Section 2.01	Forms Generally.	12
	 	 	 
	Section 2.02	Forms of Securities.	12
	 	 	 
	Section 2.03	Securities in Global Form.	13
	 	 	 
	Section 2.04	Form of Trustee’s Certificate of Authentication.	13
	 	 	 
	ARTICLE III THE SECURITIES	13
	 	 	 
	Section 3.01	General Title; General Limitations; Issuable in Series; Terms of Particular Series.	13

 

    	i

    	 

    

 

	Section 3.02	Denominations and Currency.	17
	 	 	 
	Section 3.03	Execution, Authentication and Delivery, and Dating.	17
	 	 	 
	Section 3.04	Temporary Securities.	19
	 	 	 
	Section 3.05	Registration, Transfer and Exchange.	20
	 	 	 
	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities.	22
	 	 	 
	Section 3.07	Payment of Interest; Interest Rights Preserved.	23
	 	 	 
	Section 3.08	Persons Deemed Owners.	24
	 	 	 
	Section 3.09	Cancellation.	24
	 	 	 
	Section 3.10	Computation of Interest.	24
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	24
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture.	24
	 	 	 
	Section 4.02	Discharge and Defeasance.	26
	 	 	 
	Section 4.03	Covenant Defeasance.	26
	 	 	 
	Section 4.04	Conditions To Defeasance Or Covenant Defeasance.	27
	 	 	 
	Section 4.05	Application of Trust Money; Excess Funds.	28
	 	 	 
	Section 4.06	Paying Agent to Repay Moneys Held.	29
	 	 	 
	Section 4.07	Return of Unclaimed Amounts.	29
	 	 	 
	ARTICLE V REMEDIES	30
	 	 	 
	Section 5.01	Events of Default.	30
	 	 	 
	Section 5.02	Acceleration of Maturity; Rescission, and Annulment.	31
	 	 	 
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee.	32
	 	 	 
	Section 5.04	Trustee May File Proofs of Claim.	32
	 	 	 
	Section 5.05	Trustee May Enforce Claims Without Possession of Securities.	33
	 	 	 
	Section 5.06	Application of Money Collected.	33
	 	 	 
	Section 5.07	Limitation on Suits.	34

 

    	ii

    	 

    

 

	Section 5.08	Unconditional Right of Securityholders to Receive Principal, Premium, and Interest.	34
	 	 	 
	Section 5.09	Restoration of Rights and Remedies.	34
	 	 	 
	Section 5.10	Rights and Remedies Cumulative.	35
	 	 	 
	Section 5.11	Delay or Omission Not Waiver.	35
	 	 	 
	Section 5.12	Control by Securityholders.	35
	 	 	 
	Section 5.13	Waiver of Past Defaults.	35
	 	 	 
	Section 5.14	Undertaking for Costs.	36
	 	 	 
	Section 5.15	Waiver of Stay or Extension Laws.	36
	 	 	 
	ARTICLE VI THE TRUSTEE	36
	 	 	 
	Section 6.01	Certain Duties and Responsibilities of Trustee.	36
	 	 	 
	Section 6.02	Notice of Defaults.	37
	 	 	 
	Section 6.03	Certain Rights of Trustee.	38
	 	 	 
	Section 6.04	Not Responsible for Recitals or Issuance of Securities.	38
	 	 	 
	Section 6.05	May Hold Securities.	39
	 	 	 
	Section 6.06	Money Held in Trust.	39
	 	 	 
	Section 6.07	Compensation and Reimbursement.	39
	 	 	 
	Section 6.08	Disqualification; Conflicting Interests.	40
	 	 	 
	Section 6.09	Corporate Trustee Required; Eligibility.	40
	 	 	 
	Section 6.10	Resignation and Removal; Appointment of Successor.	40
	 	 	 
	Section 6.11	Acceptance of Appointment by Successor.	41
	 	 	 
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business.	43
	 	 	 
	Section 6.13	Preferential Collection of Claims Against Company.	43
	 	 	 
	Section 6.14	Appointment of Authenticating Agent.	43
	 	 	 
	ARTICLE VII SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	44

 

    	iii

    	 

    

 

	Section 7.01	Company to Furnish Trustee Names and Addresses of Securityholders.	44
	 	 	 
	Section 7.02	Preservation of Information; Communications to Securityholders.	45
	 	 	 
	Section 7.03	Reports by Trustee.	46
	 	 	 
	Section 7.04	Reports by Company.	46
	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	47
	 	 	 
	Section 8.01	Company May Consolidate, etc., Only on Certain Terms.	47
	 	 	 
	Section 8.02	Successor Corporation Substituted.	47
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	48
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Securityholders.	48
	 	 	 
	Section 9.02	Supplemental Indentures With Consent of Securityholders.	49
	 	 	 
	Section 9.03	Execution of Supplemental Indentures.	50
	 	 	 
	Section 9.04	Effect of Supplemental Indentures.	50
	 	 	 
	Section 9.05	Conformity With Trust Indenture Act.	51
	 	 	 
	Section 9.06	Reference in Securities to Supplemental Indentures.	51
	 	 	 
	ARTICLE X COVENANTS	51
	 	 	 
	Section 10.01	Payment of Principal, Premium and Interest.	51
	 	 	 
	Section 10.02	Maintenance of Office or Agency.	51
	 	 	 
	Section 10.03	Money or Security Payments to Be Held in Trust.	51
	 	 	 
	Section 10.04	Certificate to Trustee.	52
	 	 	 
	Section 10.05	Corporate Existence.	52
	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	52
	 	 	 
	Section 11.01	Applicability of Article.	52
	 	 	 
	Section 11.02	Election to Redeem; Notice to Trustee.	53
	 	 	 
	Section 11.03	Selection by Trustee of Securities to be Redeemed.	53
	 	 	 
	Section 11.04	Notice of Redemption.	53

 

    	iv

    	 

    

 

	Section 11.05	Deposit of Redemption Price.	54
	 	 	 
	Section 11.06	Securities Payable on Redemption Date.	54
	 	 	 
	Section 11.07	Securities Redeemed in Part.	55
	 	 	 
	Section 11.08	Provisions with Respect to any Sinking Funds.	55
	 	 	 
	ARTICLE XII REPAYMENT AT OPTION OF HOLDERS	56
	 	 	 
	Section 12.01	Applicability of Article.	56
	 	 	 
	Section 12.02	Repayment of Securities.	56
	 	 	 
	Section 12.03	Exercise of Option.	57
	 	 	 
	Section 12.04	When Securities Presented for Repayment Become Due and Payable.	57
	 	 	 
	Section 12.05	Securities Repaid in Part.	57
	 	 	 
	ARTICLE XIII SUBORDINATION	57
	 	 	 
	Section 13.01	Agreement to Subordinate.	57
	 	 	 
	Section 13.02	Payments to Securityholders.	58
	 	 	 
	Section 13.03	Subrogation.	59
	 	 	 
	Section 13.04	Authorization by Securityholders.	60
	 	 	 
	Section 13.05	Notice to Trustee.	60
	 	 	 
	Section 13.06	Trustee’s Relation to Senior Indebtedness.	61
	 	 	 
	Section 13.07	No Impairment of Subordination.	62

 

    	v

    	 

    

 

THIS SUBORDINATED INDENTURE,
between ServisFirst Bancshares, Inc., a Delaware corporation (hereinafter called the “Company”) having its principal
office at 850 Shades Creek Parkway, Suite 200, Birmingham, Alabama 35209 and, ________________, a _______________, as trustee (hereinafter
called the “Trustee”), is made and entered into as of   ________________, 2014.

 

Recitals of the Company

 

The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance of its subordinated unsecured debentures, notes,
bonds, and other evidences of indebtedness, to be issued in one or more fully registered series.

 

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

 

Agreements of the Parties

 

To set forth or to
provide for the establishment of the terms and conditions upon which the Securities (as hereinafter defined) are and are to be
authenticated, issued, and delivered, and in consideration of the premises thereof, and the purchase of Securities by the Holders
(as hereinafter defined) thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all
Holders from time to time of the Securities or of any series thereof, as the case may be:

 

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

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

 

(a)          the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 

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

 

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

 

(d)          all
references in this instrument to designated “Articles”, “Sections” and other subdivisions are to
the designated Articles, Sections and other subdivisions of this instrument as originally executed. The words “herein”,
“hereof”, and “hereunder” and other words of similar import refer to this Indenture as a whole and not
to any particular Article, Section, or other subdivision; and

 

    	1

    	 

    

 

(e)          the
following terms will have the meanings set forth below:

 

“Act”,
when used with respect to any Securityholder (as hereinafter defined), has the meaning specified in Section 1.04.

 

“Affiliate”
of any specified Person (as hereinafter defined) means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract, or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“applicants”
has the meaning specified in Section 7.02(b).

 

“Authenticating
Agent” means any Person authorized by the Trustee to authenticate Securities of one or more series under Section 6.14.

 

“Authentication
Order” has the meaning specified in Section 3.03.

 

“Board of Directors”
means (i) the board of directors of the Company, (ii) any duly authorized committee of that board, or (iii) any officer, director,
or authorized representative of the Company, in each case duly authorized by such Board to act hereunder.

 

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

 

“Capital Stock”
means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other
ownership interests (however designated) of such Person and any rights (other than debt securities convertible or exchangeable
for corporate stock), warrants or options to purchase any thereof.

 

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

 

“Company”
means ServisFirst Bancshares, Inc., unless and until a successor corporation shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company Request”,
“Company Order”, and “Company Consent” mean, respectively, a written request, order,
or consent signed in the name of the Company by the chairman of the Board of Directors, the chief executive officer, the chief
financial officer, the treasurer, the controller, or by any other officer or officers of the Company pursuant to an applicable
Board Resolution, and delivered to the Trustee.

 

    	2

    	 

    

 

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

 

“Corporation”
means a corporation, association, company, joint-stock company, limited liability company or business trust.

 

“Covenant Defeasance”
has the meaning specified in Section 4.03.

 

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

 

“Defeasance”
has the meaning specified in Section 4.02.

 

“Depositary”
means with respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated
as Depositary by the Company pursuant to Section 3.01, unless and until a successor Depositary shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each
Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary”
as used with respect to the Securities of any such series shall mean the “Depositary” with respect to the Securities
of that series.

 

“Equivalent
Government Securities” means, in relation to Securities denominated in a currency other than U.S. dollars, securities
of the government that issued the currency in which such Securities are denominated or securities of government agencies backed
by the full faith and credit of such government.

 

“Event of Default”
has the meaning specified in Article V.

 

“Holder”,
“Securityholder” and “Holder of Securities” means a Person in whose name a Security is registered
in the Security Register (as hereinafter defined).

 

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness
or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered
into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof
or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” when used as
a verb has a corresponding meaning.

 

    	3

    	 

    

 

“Indebtedness”
with respect to any Person means (1) any liability of such Person (a) for borrowed money, or (b) evidenced by a bond, note,
debenture or similar instrument (including purchase money obligations but excluding Trade Payables), or (c) for the payment of
money relating to a lease that is required to be classified as a capitalized lease obligation in accordance with generally accepted
accounting principles; (2) mandatorily redeemable preferred or preference stock of a Subsidiary held by Persons other than the
Company or a Subsidiary; (3) any liability of others described in the preceding clause (1) that such Person has Guaranteed, that
is recourse to such Person or that is otherwise such Person’s legal liability; and (4) any amendment, supplement, modification,
deferral, renewal, extension or refunding of any liability of the types referred to in clauses (1), (2) and (3) above.

 

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

 

“Interest Payment
Date”, when used with respect to any series of Securities, means any date on which an installment of interest
on those Securities is scheduled to be paid.

 

“Judgment Currency”
has the meaning specified in Section 1.14.

 

“Maturity”,
when used with respect to any Security, means the date on which the principal amount outstanding under such Security or an
installment of principal amount outstanding under such Security becomes due and payable, as therein or herein provided, whether
on the Scheduled Maturity Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise.

 

“New York Business
Day” means (except, with respect to any particular series of Securities, as may be otherwise provided in the form of
such Securities) any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law, regulation, or executive order to be closed.

 

“Officers’
Certificate” means a certificate signed by any two of the chairman of the Board of Directors, the chief executive officer,
the president, any vice president, the treasurer or by any other officer or officers of the Company pursuant to an applicable Board
Resolution, and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel to the Company, which counsel may be an employee of the Company or other
counsel who shall be reasonably acceptable to the Trustee.

 

“Original Issue
Discount Security” means any Security which is initially sold at a discount from the principal amount thereof and the
terms of which provide that upon redemption or acceleration of the Maturity thereof, an amount less than the principal amount thereof
would become due and payable.

 

    	4

    	 

    

 

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

 

(i)          such
Securities theretofore canceled by the Trustee or delivered by the Company to the Trustee for cancellation;

 

(ii)         such
Securities, or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited in
trust with the Trustee or with any Paying Agent (as hereinafter defined) other than the Company, or, if the Company shall act as
its own Paying Agent, has been set aside and segregated in trust by the Company; provided, in any case, that if such Securities
are to be redeemed prior to their Scheduled Maturity Date, notice of such redemption has been duly given pursuant to this Indenture
or provision therefore satisfactory to the Trustee has been made; and

 

(iii)        such
Securities in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
or which shall have been paid, in each case, pursuant to the terms of Section 3.06 (except with respect to any such Security as
to which proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is
a legal, valid, and binding obligation of the Company).

 

In determining whether
the Holders of the requisite principal amount of such Securities Outstanding have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of any Original Issue Discount Security that shall be deemed to be Outstanding
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. In determining whether the Holders of the requisite principal amount of such Securities
Outstanding have given a direction concerning the time, method, and place of conducting any proceeding for any remedy available
to the Trustee, or concerning the exercise of any trust or power conferred upon the Trustee under this Indenture, or concerning
a consent on behalf of the Holders of any series of Securities to the waiver of any past default and its consequences, Securities
owned by the Company, any other obligor upon the Securities, or any Affiliate of the Company or such other obligor shall be disregarded
and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, or waiver, only Securities which a Responsible Officer assigned to the corporate trust
department of the Trustee knows to be owned by the Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act as owner with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or such other
obligor.

 

“Paying Agent”
means, with respect to any Securities, any Person appointed by the Company to distribute amounts payable by the Company on
such Securities. If at any time there shall be more than one such Person, “Paying Agent” as used with respect to the
Securities of any particular series shall mean the Paying Agent with respect to Securities of that series. As of the date of this
Indenture, the Company has appointed _________________ as Paying Agent with respect to all Securities issuable hereunder.

 

    	5

    	 

    

 

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

 

“Place of Payment”
means with respect to any series of Securities issued hereunder the city or political subdivision so designated with respect
to the series of Securities in question in accordance with the provisions of Section 3.01.

 

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

 

“Record Date”
means any date as of which the Holder of a Security will be determined for any purpose described herein, such determination
to be made as of the close of business on such date by reference to the Security Register.

 

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

 

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

 

“Repayment Date”,
when used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to such Security.

 

“Repayment Price”,
when used with respect to any Security to be repaid, means the price at which it is to be repaid pursuant to such Security.

 

“Required Currency”
has the meaning specified in Section 1.14.

 

“Responsible
Officer”, when used with respect to the Trustee, shall mean an officer or assistant officer of the Trustee in
the Corporate Trust Office, having direct responsibility for the administration of this Indenture, and also, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.

 

“Scheduled Maturity
Date”, when used with respect to any Security, means the date specified in such Security as the date on which
all outstanding principal and interest will be due and payable.

 

“Security”
or “Securities” means any subordinated note or notes, bond or bonds, debenture or debentures, or any other
evidences of indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture.

 

    	6

    	 

    

 

“Security Register”
has the meaning specified in Section 3.05.

 

“Security Registrar”
means the Person who maintains the Security Register, which Person shall be the Trustee unless and until a successor Security
Registrar is appointed by the Company.

 

“Senior Indebtedness”
means all Indebtedness of, or Guaranteed or assumed by, the Company, whether or not represented by bonds, debentures notes
or similar instruments, for borrowed money, and any amendments, renewals, extensions, modifications and refundings of any such
Indebtedness, unless in the instrument creating or evidencing any such Indebtedness or pursuant to which the same is outstanding
it is specifically stated, at or prior to the time the Company becomes liable in respect thereof, that any such Indebtedness or
such amendment, renewal, extension, modification and refunding thereof is not Senior Indebtedness.

 

“Significant
Subsidiary” means each Subsidiary which is a “significant subsidiary” as defined in Rule 1-02(w) of Regulation
S-X, as amended or modified and in effect from time to time.

 

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

 

“Specified Currency”
has the meaning specified in Section 3.01.

 

“Subsidiary”
means any corporation, partnership or other entity of which at the time of determination the Company owns or controls directly
or indirectly more than 50% of the shares of voting stock or equivalent interest.

 

“Trade Payables”
means accounts payable or any other Indebtedness or monetary obligations to trade creditors created or assumed in the ordinary
course of business in connection with the obtaining of materials, finished products, inventory or services.

 

“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as in force as of the date hereof, except as provided
in Section 9.05.

 

“Trustee”
means the party named as such above until a successor becomes such pursuant to this Indenture and thereafter means or includes
each party who is then a trustee hereunder, and if at any time there is more than one such party, “Trustee” as used
with respect to the Securities of any series means the Trustee with respect to Securities of that series. If Trustees with respect
to different series of Securities are trustees under this Indenture, nothing herein shall constitute the Trustees co-trustees of
the same trust, and each Trustee shall be the trustee of a trust separate and apart from any trust administered by any other Trustee
with respect to a different series of Securities.

 

    	7

    	 

    

 

“U.S. Government
Obligations” means (i) securities that are direct obligations of the United States of America, the payment of which is
unconditionally Guaranteed by the full faith and credit of the United States of America and (ii) securities that are obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment
of which is unconditionally Guaranteed by the full faith and credit of the United States of America, and also includes depository
receipts issued by a bank or trust company as custodian with respect to any of the securities described in the preceding clauses
(i) and (ii), and any payment of interest or principal payable under any of the securities described in the preceding clauses (i)
and (ii) that is held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt, or from any amount received by the custodian in respect of such securities, or from any specific payment of interest or
principal payable under the securities evidenced by such depository receipt.

 

“Voting Stock”,
as applied to the stock of any corporation, means stock of any class or classes (however designated), the outstanding shares
of which have, by the terms thereof, ordinary voting power to elect a majority of the members of the board of directors (or other
governing body) of such corporation, other than stock having such power only by reason of the happening of a contingency.

 

Section
1.02         Officers’ Certificates and Opinions. Every
Officers’ Certificate, Opinion of Counsel, and other certificate or opinion to be delivered to the Trustee under this Indenture
with respect to any action to be taken by the Trustee (except for the Officers’ Certificate required by Section 10.04) shall
include the following:

 

(a)          a
statement that each individual signing such certificate or opinion has read all covenants and conditions of this Indenture relating
to such proposed action, including the definitions herein relating thereto;

 

(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 each such individual, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

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

 

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

 

Any certificate or
opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, legal counsel, unless such officer knows that any such certificate, opinion, or representation is erroneous.
Any opinion of counsel for the Company may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Company, unless such counsel knows that any such certificate, opinion, or
representation is erroneous.

 

    	8

    	 

    

 

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

 

Section
1.04         Acts of Securityholders.
(a) Any request, demand, authorization, direction, notice, consent, waiver, or other action provided by this Indenture to be given
or taken by Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Securityholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and (if expressly required by the
applicable terms of this Indenture) to the Company. If any Securities are denominated in coin or currency other than that of the
United States, then for the purposes of determining whether the Holders of the requisite principal amount of Securities have taken
any action as herein described, the principal amount of such Securities shall be deemed to be that amount of United States dollars
that could be obtained for such principal amount on the basis of the spot rate of exchange into United States dollars for the currency
in which such Securities are denominated (as evidenced to the Trustee by a certificate provided by a financial institution, selected
by the Company, that maintains an active trade in the currency in question, acting as conversion agent) as of the date the taking
of such action by the Holders of such requisite principal amount is evidenced to the Trustee as provided in the immediately preceding
sentence. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Securityholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive
in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

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

 

(c)          The
ownership of Securities shall for all purposes be determined by reference to the Security Register, as such register shall exist
as of the applicable date.

 

    	9

    	 

    

 

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

 

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

 

Section
1.05         Notices, etc., to Trustee and Company. Any
request, order, authorization, direction, consent, waiver, or other action to be taken by the Trustee, the Company, or the Securityholders
hereunder (including any Authentication Order), and any notice to be given to the Trustee or the Company with respect to any action
taken or to be taken by the Trustee, the Company, or the Securityholders hereunder, shall be sufficient if made in writing and

 

(a)          (if
to be furnished or delivered to or filed with the Trustee by the Company or any Securityholder) delivered to the Trustee at its
Corporate Trust Office, Attention: ____________________, or

 

(b)          (if
to be furnished or delivered to the Company by the Trustee or any Securityholder, and except as otherwise provided in Section 5.01(d)
and, in the case of a request for repayment, except as specified in the Security carrying the right to repayment) mailed to the
Company, first-class postage prepaid, at its principal office (as specified in the first paragraph of this instrument), Attention:
William M. Foshee, Chief Financial Officer, or at any other address hereafter furnished in writing by the Company to the Trustee.

 

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

 

    	10

    	 

    

 

In case, by reason
of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to mail
notice of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture
or the applicable Security, then any method of notification as shall be satisfactory to the Trustee and the Company shall be deemed
to be sufficient for the giving of such notice.

 

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

 

Section 1.08         Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents hereof are for convenience
only and shall not affect the construction of any provision of this Indenture.

 

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

 

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

 

Section 1.11         Benefits
Of Indenture. Nothing in this Indenture or in any Securities, express or implied, shall give to any Person, other than the
parties hereto, their successors hereunder, the Authenticating Agent, the Security Registrar, any Paying Agent, and the Holders
of Securities (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under
this Indenture.

 

Section 1.12         Governing
Law. This Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 1.13         Counterparts.
This instrument may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original,
but all of which shall together constitute but one and the same instrument.

 

    	11

    	 

    

 

Section 1.14         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 with respect to the Securities of any series it is necessary to convert the sum due
in respect of the principal, premium, if any, or interest, if any, payable with respect to such Securities into a currency in which
a judgment can be rendered (the “Judgment Currency”), the rate of exchange from the currency in which payments
under such Securities is payable (the “Required Currency”) into the Judgment Currency shall be the highest bid
quotation (assuming European-style quotation — i.e., Required Currency per Judgment Currency) received by the Company from
three recognized foreign exchange dealers in the City of New York for the purchase of the aggregate amount of the judgment (as
denominated in the Judgment Currency) on the New York Business Day preceding the date on which a final unappealable judgment is
rendered, for settlement on such payment date, and at which the applicable dealer timely commits to execute a contract, and (b)
the Company’s obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or by any recovery pursuant to any judgment (whether or not entered in accordance with the preceding clause (a)),
in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual
receipt by the judgment creditor 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.

 

Section 1.15         Legal
Holidays. In any case where any Interest Payment Date, Redemption Date, Repayment Date or Maturity of any Security shall not
be a New York Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities)
payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made
on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment
Date, Redemption Date, Repayment Date or at Maturity, provided that no interest shall accrue for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date or Maturity, as the case may be.

 

ARTICLE
II

SECURITY FORMS

 

Section 2.01         Forms
Generally. The Securities of each series shall have such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon, as may be required to comply with the rules of any securities exchange, or as may, consistently
herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. Any portion
of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security.

 

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

 

Section 2.02         Forms
of Securities. Each Security shall be in one of the forms approved from time to time by or pursuant to any Board Resolution,
or established in one or more indentures supplemental hereto. Prior to the delivery to the Trustee for authentication of any Security
in any form approved by or pursuant to a Board Resolution, the Company shall deliver to the Trustee a copy of such Board Resolution,
together with a true and correct copy of the form of Security which has been approved thereby, or, if a Board Resolution authorizes
a specific officer or officers to approve a form of Security, together with a certificate of such officer or officers approving
the form of Security attached thereto, provided, however, that with respect to all Securities issued pursuant to the same Board
Resolution, the required copy of such Board Resolution, together with the appropriate attachment, need be delivered only once.
Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form to the Trustee, such acceptance
to be evidenced by the Trustee’s authentication of Securities in that form or by a certificate signed by a Responsible Officer
of the Trustee and delivered to the Company.

 

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Section 2.03         Securities
in Global Form. If Securities of a series are issuable in whole or in part in global form, the global security representing
such Securities may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon
and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to
reflect exchanges or increased to reflect the issuance of additional Securities. Any endorsement of a Security in global form to
reflect the amount (or any increase or decrease in the amount) of Outstanding Securities represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the Authentication Order delivered to the Trustee pursuant
to Section 3.03 hereof.

 

Section 2.04         Form
of Trustee’s Certificate of Authentication. The form of Trustee’s Certificate of Authentication for any Security
issued pursuant to this Indenture shall be substantially as follows:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

, as Trustee,

 

	By:	 	 
	 	Authorized Officer	 

 

ARTICLE
III

THE SECURITIES

 

Section 3.01         General
Title; General Limitations; Issuable in Series; Terms of Particular Series.

 

(a)          The
aggregate principal amount of Securities that may be authenticated, delivered, and Outstanding at any time under this Indenture
is not limited.

 

(b)          The
Securities may be issued in one or more series in such aggregate principal amount as may from time to time be authorized by the
Board of Directors. All Securities of a series issued under this Indenture shall in all respects be equally and ratably entitled
to the benefits hereof, without preference, priority, or distinction on account of the actual time of the authentication and delivery
or Scheduled Maturity Date thereof, but all Securities issued hereunder shall be subordinate and junior in right and payment, to
the extent and in the manner set forth in Article XIII, to all Senior Indebtedness of the Company.

 

    	13

    	 

    

 

(c)          Each
series of Securities shall be created either by or pursuant to one or more Board Resolutions, by an Officers’ Certificate
or by one or more indentures supplemental hereto. Any such Board Resolution or supplemental indenture (or, in the case of a series
of Securities created pursuant to a Board Resolution, any officer or officers authorized by such Board Resolution) shall establish
the terms of any such series of Securities, including the following (as and to such extent as may be applicable):

 

(1)         the
title of such series;

 

(2)         the
limit, if any, upon the aggregate principal amount or issue price of the Securities of such series;

 

(3)         the
issue date or issue dates of the Securities of such series;

 

(4)         the
Scheduled Maturity Date of the Securities of such series;

 

(5)         the
place or places where the principal, premium, if any, interest, if any, and additional amounts, if any, payable with respect to
the Securities of such series shall be payable;

 

(6)         whether
the Securities of such series will be issued at par or at a premium over or a discount from their face amount;

 

(7)         the
rate or rates (which may be fixed or variable) at which the Securities of such series shall bear interest, if any, and, if applicable,
the method by which such rate or rates may be determined;

 

(8)         the
date or dates (or the method by which such date or dates may be determined) from which interest, if any, shall accrue, and the
Interest Payment Dates on which such interest shall be payable;

 

(9)         the
rights, if any, to defer payments of interest on the Securities by extending the interest payment periods and the duration of such
extension;

 

(10)        the
period or periods within which, the Redemption Price(s) or Repayment Price(s) at which, and any other terms and conditions upon
which the Securities of such series may be redeemed or repaid, in whole or in part, by the Company;

 

(11)        the
obligation, if any, of the Company to redeem, repay, or purchase any of the Securities of such series pursuant to any sinking fund,
mandatory redemption, purchase obligation, or analogous provision at the option of a Holder thereof, and the period or periods
within which, the Redemption Price(s) or Repayment Price(s) or other price or prices at which, and any other terms and conditions
upon which the Securities of such series shall be redeemed, repaid, or purchased, in whole or in part, pursuant to such obligation;

 

(12)        the
issuance of the Securities of such series in whole or in part in global form and, if so, the identity of the Depositary for such
global security and the terms and conditions, if any, upon which interests in the Securities represented by such global security
may be exchanged, in whole or in part, for the individual Securities represented thereby (if other than as provided in Section
3.05);

 

    	14

    	 

    

 

(13)        the
denominations in which the Securities of such series will be issued (which may be any denomination as set forth in the terms of
such Securities) if other than U.S. $1,000 or an integral multiple thereof;

 

(14)        whether
and under what circumstances additional amounts on the Securities of such series shall be payable in respect of any taxes, assessments,
or other governmental charges withheld or deducted and, if so, whether the Company will have the option to redeem such Securities
rather than pay such additional amounts;

 

(15)        the
basis upon which interest shall be calculated;

 

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

 

(17)        the
exchange or conversion of the Securities of that series, whether or not at the option of the Holders thereof, for or into new Securities
of a different series or for or into any other securities which may include shares of Capital Stock of the Company or any Subsidiary
of the Company or securities directly or indirectly convertible into or exchangeable for any such shares or securities of entities
unaffiliated with the Company or any Subsidiary of the Company;

 

(18)        if
other than U.S. dollars, the foreign or composite currency or currencies (each such currency a “Specified Currency”)
in which the Securities of such series shall be denominated and in which payments of principal, premium, if any, interest, if any,
or additional amounts, if any, payable with respect to such Securities shall or may be payable;

 

(19)        if
the principal, premium, if any, interest, if any, or additional amounts, if any, payable with respect to the Securities of such
series are to be payable in any currency other than that in which the Securities are stated to be payable, whether at the election
of the Company or of a Holder thereof, the period or periods within which, and the terms and conditions upon which, such election
may be made;

 

(20)        if
the amount of any payment of principal, premium, if any, interest, if any, or other sum payable with respect to the Securities
of such series may be determined by reference to the relative value of one or more Specified Currencies, commodities, securities,
or instruments, the level of one or more financial or non-financial indices, or any other designated factors or formulas, the manner
in which such amounts shall be determined;

 

(21)        the
exchange of Securities of such series, at the option of the Holders thereof, for other Securities of the same series of the same
aggregate principal amount of a different authorized kind or different authorized denomination or denominations, or both;

 

    	15

    	 

    

 

(22)        the
appointment by the Trustee of an Authenticating Agent in one or more places other than the Corporate Trust Office of the Trustee,
with power to act on behalf of the Trustee, and subject to its direction, in the authentication and delivery of the Securities
of such series;

 

(23)        any
trustees, depositaries, paying agents, transfer agents, exchange agents, conversion agents, registrars, or other agents with respect
to the Securities of such series if other than the Trustee, Paying Agent and Security Registrar named herein;

 

(24)        the
portion of the principal amount of Securities of such series, if other than the principal amount thereof, that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section
5.04;

 

(25)        any
Event of Default with respect to the Securities of such series, if not set forth herein, or any modification of any Event of Default
set forth herein with respect to such series;

 

(26)        any
covenant solely for the benefit of the Securities of such series;

 

(27)        the
inapplicability of Section 4.02 and Section 4.03 of this Indenture to the Securities of such series and if Section 4.03 is applicable,
the covenants subject to Covenant Defeasance under Section 4.03; and

 

(28)        any
other terms of the securities of such series (which terms shall not be inconsistent with the provisions of this Indenture, but
which may modify or delete any provision of this Indenture insofar as it applies to such series).

 

If all of the Securities
issuable by or pursuant to any Board Resolution are not to be issued at one time, it shall not be necessary to deliver the Officers’
Certificate and Opinion of Counsel required by Section 3.03 hereof at the time of issuance of each such Security, but such Officers’
Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the first such Security.

 

If any series of Securities
shall be established by action taken pursuant to any Board Resolution, the execution by the officer or officers authorized by such
Board Resolution of an Authentication Order (as defined in Section 3.03 below) with respect to the first Security of such series
to be issued, and the delivery of such Authentication Order to the Trustee at or before the time of issuance of the first Security
of such series, shall constitute a sufficient record of such action. Except as otherwise permitted by Section 3.03, if all of the
Securities of any such series are not to be issued at one time, the Company shall deliver an Authentication Order with respect
to each subsequent issuance of Securities of such series, but such Authentication Orders may be executed by any authorized officer
or officers of the Company, whether or not such officer or officers would have been authorized to establish such series pursuant
to the aforementioned Board Resolution.

 

Unless otherwise provided
by or pursuant to the Board Resolution or supplemental indenture creating such series (i) a series may be reopened for issuances
of additional Securities of such series, and (ii) all Securities of the same series shall be substantially identical, except for
the initial Interest Payment Date, issue price, initial interest accrual date and the amount of the first interest payment.

 

    	16

    	 

    

 

The form of the Securities
of each series shall be established in a supplemental indenture or by or pursuant to the Board Resolution creating such series.
The Securities of each series shall be distinguished from the Securities of each other series in such manner as the Board of Directors
or its authorized representative or representatives may determine.

 

Unless otherwise provided
with respect to Securities of a particular series, the Securities of any series may only be issuable in registered form, without
coupons.

 

Section 3.02         Denominations
and Currency. The Securities of each series shall be issuable in such denominations and currency as shall be provided in the
provisions of this Indenture or by or pursuant to the Board Resolution or supplemental indenture creating such series. In the absence
of any such provisions with respect to the Securities of any series, the Securities of that series shall be issuable only in fully
registered form in denominations of U.S. $1,000 and any integral multiple thereof.

 

Section 3.03         Execution,
Authentication and Delivery, and Dating. The Securities shall be executed on behalf of the Company by the president, the chief
executive officer, the chief financial officer, any vice president, the treasurer or any assistant treasurer and attested by the
secretary or any one of its assistant secretaries, under its corporate seal. The signature of any of these officers on the Securities
may be manual or facsimile. The seal of the Company, if set forth thereon, may be in the form of a facsimile thereof and may be
impressed, affixed, imprinted, or otherwise reproduced on the Securities. Typographical and other minor errors or defects in any
such reproduction of the seal or any such signature shall not affect the validity or enforceability of any Security that has been
duly authenticated and delivered by the Trustee.

 

Unless otherwise provided
in the form of Security for any series, all Securities shall be dated the date of their authentication.

 

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

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities to the Trustee for authentication,
together with a Company Order for authentication and delivery (such Order an “Authentication Order”) with respect
to such Securities, and the Trustee shall, upon receipt of such Authentication Order, in accordance with procedures acceptable
to the Trustee set forth in the Authentication Order, and subject to the provisions hereof, authenticate and deliver such Securities
to such recipients as may be specified from time to time pursuant to such Authentication Order. The material terms of such Securities
shall be determinable by reference to such Authentication Order and procedures. If provided for in such procedures, such Authentication
Order may authorize authentication and delivery of such Securities pursuant to oral instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
the provisions of Section 6.01 hereof) shall be fully protected in relying upon:

 

    	17

    	 

    

 

(1)         an
executed supplemental indenture, if any;

 

(2)         an
Officers’ Certificate, certifying as to the authorized form or forms and terms of such Securities; and

 

(3)         an
Opinion of Counsel, stating that:

 

(a)          the
form or forms and terms of such Securities have been established by and in conformity with the provisions of this Indenture; provided
that if all such Securities are not to be issued at the same time, such Opinion of Counsel may state that such terms will be
established in conformity with the provisions of this Indenture, subject to any conditions specified in such Opinion of Counsel;
and

 

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

 

provided, however, that if all Securities
issuable by or pursuant to a Board Resolution or supplemental indenture are not to be originally issued at one time, it shall not
be necessary to deliver the Officers’ Certificate or Opinion of Counsel otherwise required pursuant to this paragraph at
or prior to the time of authentication of each such Security if such documents are delivered at or prior to the time of authentication
upon original issuance of the first such Security to be issued. After the original issuance of the first such Security to be issued,
any separate request by the Company that the Trustee authenticate such Securities for original issuance will be deemed to be a
certification by the Company that it is in compliance with all conditions precedent provided for in this Indenture relating to
the authentication and delivery of such Securities.

 

The Trustee shall not
be required to authenticate such Securities if the issue thereof will adversely affect the Trustee’s own rights, duties,
or immunities under the Securities and this Indenture.

 

If the Company shall
establish pursuant to Section 3.01 that Securities of a series may be issued in whole or in part in global form, then the Company
shall execute, and the Trustee shall (in accordance with this Section 3.03 and the Authentication Order with respect to such series)
authenticate and deliver, one or more Securities in global form that (i) shall represent and shall be denominated in an aggregate
amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such one or more
Securities in global form, (ii) shall be registered, in the name of the Depositary for such Security or Securities in global form,
or in the name of a nominee of such Depositary, (iii) shall be delivered to such Depositary or pursuant to such Depositary’s
instruction, and (iv) shall bear a legend substantially as follows: “Unless and until it is exchanged in whole or in part
for Securities in certificated form, this Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, or 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 successor Depositary.” Each Depositary designated pursuant to
Section 3.01 for a Security in global form must, at the time of its designation and at all times while it serves as Depositary,
be a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation.

 

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

 

Section 3.04         Temporary
Securities. Pending the preparation of definitive Securities of any series, the Company may execute, and, upon receipt of the
documents required by Sections 2.02, 3.01 and 3.03 hereof, together with an Authentication Order, the Trustee shall authenticate
and deliver, temporary Securities of such series that are printed, lithographed, typewritten, mimeographed, or otherwise produced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued in registered
form, without coupons, and with such appropriate insertions, omissions, substitutions, and other variations as the officers executing
such Securities may determine, as evidenced by their execution of such Securities. In the case of Securities of any series for
which a temporary Security may be issued in global form, such temporary global security shall represent all of the Outstanding
Securities of such series and tenor.

 

Except in the case
of temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities
of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities, the temporary Securities of such series shall be exchangeable, at the Corporate
Trust Office of the Trustee, or at such other office or agency as may be maintained by the Company in a Place of Payment pursuant
to Section 10.02 hereof, for definitive Securities of such series having identical terms and provisions, upon surrender of the
temporary Securities of such series, at the Company’s own expense and without charge to the Holder; and upon surrender for
cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefore a like principal amount of definitive Securities of such series in authorized denominations containing
identical terms and provisions. Unless otherwise specified as contemplated by Section 3.01 with respect to a temporary Security
in global form, until so exchanged, the temporary Securities of such series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

 

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Section 3.05         Registration,
Transfer and Exchange. With respect to the Securities of each series, the Trustee shall keep a register (herein sometimes referred
to as the “Security Register”) which shall provide for the registration of Securities of such series, and for
transfers of Securities of such series, in accordance with information to be provided to the Trustee by the Company, subject to
such reasonable regulations as the Trustee may prescribe. Such register shall be in written form or in any other form capable of
being converted into written form within a reasonable time. At all reasonable times the information contained in such register
or registers shall be available for inspection at the Corporate Trust Office of the Trustee or at such other office or agency to
be maintained by the Company pursuant to Section 10.02 hereof.

 

Upon due presentation
for registration of transfer of any Security of any series at the Corporate Trust Office of the Trustee or at any other office
or agency maintained by the Company with respect to that series pursuant to Section 10.02 hereof, the Company shall execute, and
the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of such series of any authorized denominations, of like aggregate principal amount, tenor, terms and Scheduled Maturity Date.

 

Any other provision
of this Section 3.05 notwithstanding, unless and until it is exchanged in whole or in part for the individual Securities represented
thereby, in definitive form, a Security in global form representing all or a portion of the Securities of a series may not be transferred
except as a whole by the Depositary for such series to a nominee of such Depositary, or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary for such
series or a nominee of such successor Depositary.

 

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

 

If at any time the
Depositary for the Securities of a series represented by one or more Securities in global form notifies the Company that it is
unwilling or unable to continue as Depositary for the Securities of such series, or if at any time the Depositary for the Securities
of such series shall no longer be eligible under Section 3.03 hereof, the Company, by Company Order, shall appoint a successor
Depositary with respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed
by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s
election pursuant to Section 3.01 that such Securities be represented by one or more Securities in global form shall no longer
be effective with respect to the Securities of such series and the Company will execute, and the Trustee, upon receipt of an Authentication
Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver Securities of
such series in definitive form, in authorized denominations, in an aggregate principal amount, and of like terms and tenor, equal
to the principal amount of the Security or Securities in global form representing such series, in exchange for such Security or
Securities in global form.

 

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The Company may at
any time and in its sole discretion and subject to the procedures of the Depositary determine that individual Securities of any
series issued in global form shall no longer be represented by such Security or Securities in global form. In such event the Company
will execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive Securities
of such series and of the same terms and tenor, will authenticate and deliver Securities of such series in definitive form, in
authorized denominations, and in aggregate principal amount equal to the principal amount of the Security or Securities in global
form representing such series in exchange for such Security or Securities in global form.

 

If specified by the
Company pursuant to Section 3.01 with respect to a series of Securities issued in global form, the Depositary for such series of
Securities may surrender a Security in global form for such series of Securities in exchange in whole or in part for Securities
of such series in definitive form and of like terms and tenor on such terms as are acceptable to the Company and such Depositary.
Thereupon, the Company shall execute, and the Trustee upon receipt of an Authentication Order for the authentication and delivery
of definitive Securities of such series, shall authenticate and deliver, without service charge:

 

(a)          to
each Person specified by such Depositary, a new definitive Security or Securities of the same series and of the same tenor and
terms, in authorized denominations, in aggregate principal amount equal to and in exchange for such Person’s beneficial interest
in the Security in global form; and

 

(b)          to
such Depositary, a new Security in global form in a denomination equal to the difference, if any, between the principal amount
of the surrendered Security in global form and the aggregate principal amount of the definitive Securities delivered to Holders
pursuant to clause (a) above.

 

Upon the exchange of
a Security in global form for Securities in definitive form, such Security in global form shall be canceled by the Trustee or an
agent of the Company or the Trustee. Securities issued in definitive form in exchange for a Security in global form pursuant to
this Section 3.05 shall be registered in such names and in such authorized denominations as the Depositary for such Security in
global form, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or an agent
of the Company or the Trustee in writing. The Trustee or such agent shall deliver such Securities to or as directed by the Persons
in whose names such Securities are so registered or to the Depositary.

 

Whenever any securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

 

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

 

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

 

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Unless otherwise provided
in the Security to be transferred or exchanged, no service charge shall be imposed for any registration of transfer or exchange
of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges
pursuant to Section 3.04, 3.06, 9.06 and 11.07 hereof not involving any transfer.

 

The Company shall not
be required to (i) issue, register the transfer of, or exchange any Security of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected for redemption
under Section 11.03 and ending at the close of business on the date of such mailing, or (ii) register the transfer of or exchange
any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion
thereof not to be redeemed.

 

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

 

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

 

Upon the issuance of
any new Security under this Section, 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
issued pursuant to this Section 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 the same
series duly issued hereunder.

 

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

 

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Section 3.07         Payment
of Interest; Interest Rights Preserved. Interest on any Security which is payable and is punctually paid or duly provided for
on any Interest Payment Date shall, if so provided in such Security, be paid to the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the applicable Record Date, notwithstanding any transfer
or exchange of such Security subsequent to such Record Date and prior to such Interest Payment Date. (unless such Interest Payment
Date is also the date of Maturity of such Security).

 

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

 

(a)          The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names any such Securities (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefore
to be mailed, first-class postage prepaid, to the Holder of each such Security at his address as it appears in the Security Register,
not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefore having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following clause (b).

 

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

 

Interest on Securities
of any series that bear interest may be paid by mailing a check to the address of the Person entitled thereto at such address as
shall appear in the Securities Register for such series or by such other means as may be specified in the form of such Security.

 

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Subject to the foregoing
provisions of this Section 3.07 and the provisions of Section 3.05 hereof, each Security delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Security.

 

Section 3.08         Persons
Deemed Owners. Prior to due presentment of a Security for registration of transfer, the Company, the Trustee, and any agent
of the Company or the Trustee may treat the Person in whose name any Security is registered on the applicable Record Date(s) as
the owner of such Security for the purpose of receiving payment of principal, premium, if any, interest, if any (subject to Sections
3.05 and 3.07 hereof), and any additional amounts payable with respect to such Security, and for all other purposes whatsoever,
whether or not such Security be overdue, and neither the Company, the Trustee, nor any agent of the Company or the Trustee shall
be affected by notice to the contrary.

 

None of the Company,
the Trustee, any Authenticating Agent, any Paying Agent, the Security Registrar, or any Co-Security Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security
in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests and each
of them may act or refrain from acting without liability on any information relating to such records provided by the Depositary.

 

Section 3.09         Cancellation.
All Securities surrendered for payment, redemption, registration of transfer, exchange, or credit against a sinking or analogous
fund shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already canceled, shall
be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be
promptly canceled by the Trustee. Acquisition of such Securities by the Company shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. No
Security shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. The Trustee shall dispose of all canceled Securities in accordance with its customary procedures and
deliver a certificate of such disposition to the Company.

 

Section 3.10         Computation
of Interest. Unless otherwise provided as contemplated in Section 3.01, interest on the Securities shall be calculated on the
basis of a 360-day year of twelve 30-day months.

 

ARTICLE
IV

SATISFACTION AND DISCHARGE

 

Section 4.01         Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to any series of Securities (except
as to any surviving rights of conversion or transfer or exchange of Securities of such series expressly provided for herein or
in the form of Security for such series and obligations described as surviving below), and the Trustee, on demand of and at the
expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series, when

 

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(a)          either

 

(i)          all
Securities of that series theretofore authenticated and delivered (other than (A) Securities of such series which have been destroyed,
lost, or stolen and which have been replaced or paid as provided in Section 3.06, and (B) Securities of such series for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 4.07) have been delivered to the Trustee canceled or for cancellation; or

 

(ii)         all
such Securities of that series not theretofore delivered to the Trustee canceled or for cancellation

 

(A)         have
become due and payable, or

 

(B)         will,
in accordance with their Scheduled Maturity Date, become due and payable within one year, or

 

(C)         are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and, in any of the cases described in subparagraphs (A), (B), or
(C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose,
(x) an amount in money sufficient, (y) U.S. Government Obligations or Equivalent Government Securities which through the payment
of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due
date of any payment, money sufficient, or (z) a combination of (x) and (y) sufficient, in the opinion with respect to (y) and (z)
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge the entire indebtedness on such Securities with respect to principal, premium, if any, and interest,
if any, to the date of such deposit (in the case of Securities which have become due and payable), or to the Scheduled Maturity
Date or Redemption Date, as the case may be; provided, however, that if such U.S. Government Obligations or Equivalent Government
Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations,
and Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness
referred to above if such issuer elects to exercise such call or redemption provisions at any time prior to the Scheduled Maturity
Date or Redemption Date, as the case may be, and the Company, but not the Trustee, shall be responsible for monitoring any such
call or redemption provision; and

 

(b)          the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities of such series;
and

 

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

 

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Notwithstanding the
satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company under paragraph
(a) of this Section 4.01 and its obligations to the Trustee with respect to that series under Section 6.07 shall survive, and the
obligations of the Trustee under Sections 4.05, 4.07 and 10.03 shall survive.

 

Section 4.02         Discharge
and Defeasance. The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall apply to the Securities
of each series unless specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided pursuant
to Section 3.01. In addition to discharge of this Indenture pursuant to Section 4.01, in the case of any series of Securities with
respect to which the exact amount described in subparagraph (a) of Section 4.04 can be determined at the time of making the deposit
referred to in such subparagraph (a), the Company shall be deemed to have paid and discharged the entire indebtedness on all the
Securities of such a series as provided in this Section on and after the date the conditions set forth in Section 4.04 are satisfied,
and the provisions of this Indenture with respect to the Securities of such series shall no longer be in effect (except as to (i)
rights of registration of transfer and exchange of Securities of such series, (ii) substitution of mutilated, destroyed, lost or
stolen Securities of such series, (iii) rights of Holders of Securities of such series to receive, solely from the trust fund described
in subparagraph (a) of Section 4.04, payments of principal thereof, premium, if any, and interest, if any, thereon upon the original
stated due dates or upon the Redemption Dates therefore (but not upon acceleration), and remaining rights of the Holders of Securities
of such series to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee
hereunder, (v) this Section 4.02, Section 4.07, Section 10.02 and Section 10.03 and (vi) the rights of the Holders of Securities
of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them)
(hereinafter called “Defeasance”), and the Trustee at the cost and expense of the Company, shall execute proper
instruments acknowledging the same.

 

Section 4.03         Covenant
Defeasance. The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall apply to the Securities
of each series unless specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided pursuant
to Section 3.01. In the case of any series of Securities with respect to which the exact amount described in subparagraph (a) of
Section 4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), (i) the Company shall be
released from its obligations under any covenants specified in or pursuant to Section 3.01 as being subject to Covenant Defeasance
with respect to such series (except as to (a) rights of registration of transfer and exchange of Securities of such series and
rights under Section 4.07, Section 10.02 and Section 10.03, (b) substitution of mutilated, destroyed, lost or stolen Securities
of such series, (c) rights of Holders of Securities of such series to receive, from the Company pursuant to Section 10.01, payments
of principal thereof and interest, if any, thereon upon the original stated due dates or upon the Redemption Dates therefore (but
not upon acceleration), and remaining rights of the Holders of Securities of such series to receive mandatory sinking fund payments,
if any, (d) the rights, obligations, duties and immunities of the Trustee hereunder and (e) the rights of the Holders of Securities
of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them),
and (ii) the occurrence of any event specified in Section 5.01(d) (with respect to any of the covenants specified in or pursuant
to Section 3.01 as being subject to Covenant Defeasance with respect to such series) shall be deemed not to be or result in a default
or an Event of Default, in each case with respect to the Outstanding Securities of such series as provided in this Section on and
after the date the conditions set forth in Section 4.04 are satisfied (hereinafter called “Covenant Defeasance”),
and the Trustee at the cost and expense of the Company, shall execute proper instruments acknowledging the same. For this purpose,
such Covenant Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such covenant (to the extent so specified in the case of Section 5.01(d)), whether directly or indirectly
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document, but the remainder of this Indenture and the Securities of such series shall be unaffected
thereby.

 

    	26

    	 

    

 

Section 4.04         Conditions
To Defeasance Or Covenant Defeasance. The following shall be the conditions to application of either Section 4.02 or Section
4.03 to the Outstanding Securities:

 

(a)          with
reference to Section 4.02 or Section 4.03, the Company has irrevocably deposited or caused to be irrevocably deposited with the
Trustee as funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Securities
of such series (i) money in an amount, or (ii) U.S. Government Obligations or Equivalent Government Securities which through the
payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before
the due date of any payment, money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect
to (ii) and (iii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund payments) of, premium,
if any, and interest on, the Outstanding Securities of such series on the dates such installments of interest, premium or principal
are due, including upon redemption; provided, however, that if such U.S. Government Obligations and Equivalent Government
Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations,
and/or Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness
referred to above if the issuer of any such U.S. Government Obligations or Equivalent Government Securities elects to exercise
such call or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date of such Securities, as the
case may be. The Company, but not the Trustee, shall be responsible for monitoring any such call or redemption provision;

 

(b)          in
the case of Defeasance under Section 4.02, the Company has delivered to the Trustee an Opinion of Counsel based on the fact that
(x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date
hereof, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and
such opinion 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;

 

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(c)          in
the case of Covenant Defeasance under Section 4.03, the Company has delivered to the Trustee an Opinion of Counsel to the effect
that, and such opinion 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 and Covenant Defeasance and will be subject to federal income tax on
the same amount and in the same manner and at the same times, as would have been the case if such deposit and Covenant Defeasance
had not occurred;

 

(d)          no
Event of Default or event which, with notice or lapse of time or both, would become an Event of Default with respect to the Securities
of such series shall have occurred and be continuing on the date of such deposit, after giving effect to such deposit or, in the
case of a Defeasance under Section 4.02, no Event of Default specified in Section 5.01(e) or Section 5.01(f) shall have occurred,
at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following
the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that
this condition shall not be deemed satisfied until the expiration of such period);

 

(e)          such
Defeasance or Covenant Defeasance will not cause the Trustee to have a conflicting interest within the meaning of the TIA, assuming
all Securities of a series were in default within the meaning of the TIA;

 

(f)          such
Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any agreement or
instrument to which the Company is a party or by which it is bound;

 

(g)          such
Defeasance or Covenant Defeasance will not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration;

 

(h)          if
the Securities of such series are to be redeemed prior to their Stated Maturity Date (other than from mandatory sinking fund payments
or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefore
satisfactory to the Trustee shall have been made; and

 

(i)          the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for herein relating to such Defeasance or Covenant Defeasance, as the case may be, have been complied with.

 

Section 4.05         Application
of Trust Money; Excess Funds. All money and U.S. Government Obligations or Equivalent Government Securities (including the
proceeds thereof) deposited with the Trustee pursuant to Section 4.01 or Section 4.04 hereof shall be held in trust and applied
by it, in accordance with the provisions of this Indenture and of the series of Securities in respect of which it was deposited,
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, premium, if any, and interest, if any, for whose payment such
money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required
by law.

 

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The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations
or Equivalent Government Securities deposited pursuant to Section 4.01 or Section 4.04 hereof or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding
Securities.

 

Anything in this Article
IV to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any
money or U.S. Governmental Obligations or Equivalent Government Securities held by it as provided in Section 4.01 or Section 4.04
which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, expressed
in a written certification thereof delivered to the Trustee, (which may be the opinion delivered under Section 4.01 or Section
4.04, as applicable), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent satisfaction
and discharge, Covenant Defeasance or Defeasance of the applicable series.

 

Section 4.06         Paying
Agent to Repay Moneys Held. Upon the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent
of the Securities (other than the Trustee) shall, upon demand of the Company, be repaid to it or paid to the Trustee, and thereupon
such Paying Agent shall be released from all further liability with respect to such moneys.

 

Section 4.07         Return
of Unclaimed Amounts. Any amounts deposited with or paid to the Trustee or any Paying Agent or then held by the Company, in
trust for payment of the principal of, premium, if any, or interest, if any, on the Securities and not applied but remaining unclaimed
by the Holders of such Securities for two years after the date upon which the principal of, premium, if any, or interest, if any,
on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on Company
Request or (if then held by the Company) shall be discharged from such trust; and the Holder of any of such Securities shall thereafter
look only to the Company for any payment which such Holder may be entitled to collect (until such time as such unclaimed amounts
shall escheat, if at all, to the State of New York) and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease. Notwithstanding the foregoing, the Trustee
or Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once
a week for two successive weeks (in each case on any day of the week) in a newspaper printed in the English language and customarily
published at least once a day at least five days in each calendar week and of general circulation in the Borough of Manhattan,
in the City and State of New York, a notice that said amounts have not been so applied and that after a date named therein any
unclaimed balance of said amounts then remaining will be promptly returned to the Company.

 

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ARTICLE
V

REMEDIES

 

Section 5.01         Events
of Default. “Event of Default”, wherever used herein, means with respect to any series of Securities any
one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless such event is either inapplicable to a particular series or it is specifically deleted
or modified in the manner contemplated by Section 3.01:

 

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

 

(b)          default
in the payment of the principal amount of (or premium, if any, on) any Security of such series as and when the same shall become
due, either at Maturity, upon redemption, by declaration, or otherwise; or

 

(c)          default
in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities
of such series and continuance of such default for a period of 30 days; or

 

(d)          default
in the performance or breach of any covenant or warranty of the Company in this Indenture in respect of the Securities of such
series (other than a covenant or warranty in respect of the Securities of such series a default in the performance of which or
the breach of which is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period
of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by the Holders of at least 25% in the principal amount of the Outstanding Securities of such 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

 

(e)          the
entry of an order for relief against the Company under the Federal Bankruptcy Act by a court having jurisdiction in the premises
or a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other
applicable Federal or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable
Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(f)          the
consent by the Company to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State
law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due,
or the taking of corporate action by the Company in furtherance of any such action; or

 

(g)          any
other Event of Default provided for with respect to the Securities of such series in accordance with Section 3.01.

 

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A default under any
indebtedness of the Company other than the Securities will not constitute an Event of Default under this Indenture, and a default
under one series of Securities will not constitute a default under any other series of Securities. The Trustee shall not be charged
with knowledge of an Event of Default unless a Responsible Officer at the Corporate Trust Office has actual knowledge thereof.

 

Section 5.02         Acceleration
of Maturity; Rescission, and Annulment. If any Event of Default described in Section 5.01 above (other than Event of Default
described in Section 5.01(e) and Section 5.01(f)) shall have occurred and be continuing with respect to any series, then and in
each and every such case, unless the principal of all the Securities of such series shall have already become due and payable,
either the Trustee or the Holders of not less than 51% in aggregate principal amount of the Securities of such series then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee if given by Holders), may declare the principal amount (or,
if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified
in the terms of that series) of all the Securities of such series and any and all accrued interest thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and payable, any provision of this
Indenture or the Securities of such series to the contrary notwithstanding. If an Event of Default specified in Section 5.01(e)
or Section 5.01(f) occurs, the principal amount of the Securities of such series and any and all accrued interest thereon shall
immediately become and be due and payable without any declaration or other act on the party of the Trustee or any Holder. No declaration
of acceleration by the Trustee with respect to any series of Securities shall constitute a declaration of acceleration by the Trustee
with respect to any other series of Securities, and no declaration of acceleration by the Holders of at least 51% in aggregate
principal amount of the Outstanding Securities of any series shall constitute a declaration of acceleration or other action by
any of the Holders of any other series of Securities, in each case whether or not the Event of Default on which such declaration
is based shall have occurred and be continuing with respect to more than one series of Securities, and whether or not any Holders
of the Securities of any such affected series shall also be Holders of Securities of any other such affected series.

 

At any time after such
a declaration of acceleration has been made with respect to the Securities of any series and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority
of the aggregate principal amount of the Outstanding Securities of such 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 such series of Securities,
other than the nonpayment of the principal of the Securities of such series which have become due solely by such acceleration,
have been cured or waived as provided in Section 5.13, if such cure or waiver does not conflict with any judgment or decree set
forth in Section 5.01(e) and Section 5.01(f) and if all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel have been paid.

 

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

 

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Section 5.03         Collection
of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if:

 

(a)          default
is made in the payment of any installment of interest on any Security of any series when such interest becomes due and payable,
or

 

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

 

(c)          default
is made in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities
of any series, and

 

(d)          any
such default continues for any period of grace provided in relation to such default pursuant to Section 5.01, then, with respect
to the Securities of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder of any
such Security (or the Holders of any such series in the case of clause (c) above), the whole amount then due and payable on any
such Security (or on the Securities of any such series in the case of clause (c) above) for principal (and premium, if any) and
interest, if any, with interest (to the extent that payment of such interest shall be legally enforceable) upon the overdue principal
(and premium, if any) and upon overdue installments of interest, if any, at such rate or rates as may be prescribed therefore by
the terms of any such Security (or of Securities of any such series in the case of clause (c) above); 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 and all other amounts due the Trustee under Section
6.07.

 

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

 

If an Event of Default
with respect to any series of Securities 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.

 

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

 

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(a)          to
file and prove a claim for the whole amount of principal (or, with respect to Original Discount Securities, such portion of the
principal amount as may be specified in the terms of such Securities), premium, if any, and interest, if any, owing and unpaid
in respect of the Securities, and to file such other papers or documents as may be necessary and 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 all other amounts due the Trustee under Section 6.07) and of the Securityholders allowed in such judicial
proceedings, 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
receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized
by each Securityholder 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 Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agent and counsel, and any other amounts due the Trustee under Section 6.07 hereof.

 

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

 

Section 5.05         Trustee
May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or the Securities
of any series may be prosecuted and enforced by the Trustee without the possession of any of the Securities of such series 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 and its agents and counsel, be for the ratable benefit of the
Holders of the Securities, of the series in respect of which such judgment has been recovered.

 

Section 5.06         Application
of Money Collected. Any money collected by the Trustee with respect to a series of Securities pursuant to this Article shall
be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal, premium, if any, or interest, if any, upon presentation of the Securities of such series 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 6.07 hereof.

 

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Second: To the
payment of the amounts then due and unpaid upon the Securities of that series for principal, premium, if any, interest, if any,
and additional amounts, if any, in respect of which or for the benefit of which such money has been collected, ratably, without
preference or priority of any kind.

 

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

 

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

 

(b)          the
Holders of not less than 51% in principal amount of the Outstanding Securities of such 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 reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;

 

(d)          the
Trustee for 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 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of such series; it being understood and intended that no one or more Holders
of Securities of such series 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 Holders of Securities of such series, or to obtain or to seek
to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and proportionate benefit of all the Holders of all Securities of such series.

 

Section 5.08         Unconditional
Right of Securityholders to Receive Principal, Premium, and Interest. Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal, premium,
if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if any) on such Security on or after the respective
payment dates expressed in such Security (or, in the case of redemption or repayment, on the Redemption Date or Repayment Date,
as the case may be) and to institute suit for the enforcement of any such payment on or after such respective date, and such right
shall not be impaired or affected without the consent of such Holder.

 

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

 

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Section 5.10         Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is intended
to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

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

 

Section 5.12         Control
by Securityholders. 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)          the
Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that
the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by
a Responsible Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial
to the Holders not taking part in such direction, and

 

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

 

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

 

(a)          in
the payment of principal, premium, if any, or interest, if any, on any Security of such series, or in the payment of any sinking
or purchase fund or analogous obligation with respect to the Securities of such series, or

 

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

 

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.

 

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

 

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

 

ARTICLE
VI

THE TRUSTEE

 

Section 6.01         Certain
Duties and Responsibilities of Trustee.

 

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

 

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

 

(ii)         in
the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely upon certificates
or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture (but need
not confirm or investigate the accuracy of calculations or other facts stated therein).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.02         Notice
of Defaults. Within 90 days after receipt of notice of the occurrence of any default hereunder with respect to Securities of
any series, the Trustee shall transmit by mail to all Securityholders of such series, as their names and addresses appear in the
Security Register, notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the principal, premium, if any, or interest,
if any, on any Security of such series or in the payment of any sinking or purchase fund installment or analogous obligation with
respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the interests of the Securityholders of such series and; provided, further, that,
in the case of any default of the character specified in Section 5.01(d) with respect to Securities of such series, no such notice
to Securityholders of such series shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section,
the term “default”, with respect to Securities of any series, means any event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to Securities of such series.

 

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Section 6.03         Certain
Rights of Trustee. Except as otherwise provided in Section 6.01 above:

 

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

 

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

 

(c)          whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, rely upon an Officers’ Certificate or Opinion of Counsel or both, and shall not be liable for any
action it takes or omits to take in good faith reliance on such certificate or opinion;

 

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

 

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

 

(f)          the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney; and

 

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

 

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

 

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Section 6.05         May
Hold Securities. The Trustee or any Paying Agent, Security Registrar, or other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13 hereof, may otherwise deal
with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, or such other agent.

 

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

 

Section 6.07         Compensation
and Reimbursement. The Company covenants and agrees

 

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

 

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

 

(c)          to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs
and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers
or duties hereunder.

 

Without prejudice to
any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable charges
and expenses of its counsel) and compensation for such services are intended to constitute expenses of administration under any
applicable Federal or State bankruptcy, insolvency, reorganization, or other similar law.

 

The Trustee shall have
a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing to it or any predecessor
Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular
Securities.

 

The provisions of this
Section shall survive the satisfaction and discharge of this Indenture.

 

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Section 6.08         Disqualification;
Conflicting Interests. If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust Indenture
Act, it shall either eliminate such interest or resign as Trustee with respect to one or more series of Securities, to the extent
and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted
by such Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under
this Indenture with respect to Securities of more than one series.

 

Section 6.09         Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to each series of Securities that
shall be a corporation organized and doing business under the laws of the United States of America or of any State or Territory
thereof or of the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital
and surplus of at least $50,000,000, and subject to supervision or examination by Federal or State authority and having its principal
office and place of business in the City of New York, if there be such a corporation having its principal office and place of business
in said City and willing to act as Trustee on customary and usual terms. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time the Trustee with respect to any series of Securities
shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

 

Section 6.10         Resignation
and Removal; Appointment of Successor.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee under Section 6.11.

 

(b)          The
Trustee may resign with respect to any one or more series of Securities at any time by giving at least 60 days’ written notice
thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(c)          The
Trustee may be removed with respect to any series of Securities at any time by Act of the Holders of 66 2/3% in principal amount
of the Outstanding Securities of that series, delivered to the Trustee and to the Company.

 

(d)          If
at any time:

 

(i)          the
Trustee shall fail to comply with Section 6.08 above with respect to any series of Securities after written request therefore by
the Company or by any Securityholder who has been a bona fide Holder of a Security of that series for at least six months, or

 

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(ii)         the
Trustee shall cease to be eligible under Section 6.09 above with respect to any series of Securities and shall fail to resign after
written request therefore by the Company or by any such Securityholder, or

 

(iii)        the
Trustee shall become incapable of acting with respect to any series of Securities, or

 

(iv)        the
Trustee shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation, then, in any such case (A) the Company may remove the Trustee, with respect to the series or, in the case of clause
(iv), with respect to all series, or (B) subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security
of such series for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the series or, in the case
of clause (iv), with respect to all series.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting with respect to any series of Securities, or if a vacancy shall
occur in the office of Trustee with respect to any series of Securities for any cause, the Company shall promptly appoint a successor
Trustee for that series of Securities. If, within one year after such resignation, removal or incapacity, or the occurrence of
such vacancy, a successor Trustee with respect to such series of Securities shall be appointed by Act of the Holders of 66 2/3%
in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to such
series and supersede the successor Trustee appointed by the Company with respect to such series. If no successor Trustee with respect
to such series shall have been so appointed by the Company or the Securityholders of such series and accepted appointment in the
manner hereinafter provided, any Securityholder who has been a bona fide Holder of a Security of that series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of
a successor Trustee with respect to such series.

 

(f)          The
Company shall give notice of each resignation and each removal of the Trustee with respect to any series and each appointment of
a successor Trustee with respect to any series by mailing written notice of such event by first-class mail, postage prepaid, to
the Holders of Securities of that series as their names and addresses appear in the Security Register. Each notice shall include
the name of the successor Trustee and the address of its principal Corporate Trust Office.

 

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

 

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

 

Upon request of any
such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case
may be.

 

No successor Trustee
with respect to any series of Securities shall accept its appointment unless at the time of such acceptance such successor Trustee
shall be qualified and eligible with respect to that series under this Article.

 

Notwithstanding replacement
of the Trustee pursuant to this Section, the Company’s obligations under Section 6.07 hereof shall continue for the benefit
of the retiring Trustee.

 

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Section 6.12         Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall
be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor Trustee by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 6.13         Preferential
Collection of Claims Against Company. If and when the Trustee shall be or shall become a creditor, of the Company (or of any
other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection
of claims against the Company (or against any such other obligor, as the case may be).

 

Section 6.14         Appointment
of Authenticating Agent. At any time when any of the Securities remain Outstanding the Trustee, with the approval of the Company,
may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption
thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any
State thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital
and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

 

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

 

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An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and, if other than the Company, to the Company. The Trustee
may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and,
if other than the Company, to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at
any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee, with
the approval of the Company, may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect
to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

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

 

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

 

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

 

	 	                               , as Trustee	 
	 	 	 
	By:	 	 
	 	As Authenticating Agent	 
	 	 	 
	By:	 	 
	 	Authorized Officer	 

 

ARTICLE
VII

SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.01         Company
to Furnish Trustee Names and Addresses of Securityholders. The Company will furnish or cause to be furnished to the Trustee:

 

(a)          semiannually,
not more than 15 days after January 1 and July 1 in each year, in such form as the Trustee may reasonably require, a list of the
names and addresses of the Holders of Securities of each series as of such date, and

 

(b)          at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, provided that
if the Trustee shall be the Security Registrar for such series, such list shall not be required to be furnished.

 

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Section 7.02         Preservation
of Information; Communications to Securityholders.

 

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

 

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

 

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

 

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

 

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

 

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(c)          Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders
of Securities in accordance with Section 7.02(b), regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b).

 

Section 7.03         Reports
by Trustee.

 

(a)          The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust
Indenture Act, the Trustee shall, within 60 days after each June 1 following the date of this Indenture, deliver to each Holder,
as provided in Trust Indenture Act Section 313(c), a brief report dated as of such June 1, which complies with the provisions of
such Section 313(a).

 

(b)          A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and with the Company as required by Trust Indenture Act Section 313(d). The
Company will promptly notify the Trustee when any Securities are listed on any stock exchange.

 

Section 7.04         Reports
by Company. The Company will:

 

(a)          file
with the Trustee, within 30 days after the Company is required to file the same with the Commission, copies of the annual reports
and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or
reports pursuant to either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to time in such rules and regulations;

 

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

 

(c)          transmit
by mail to all Securityholders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof
with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs
(a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

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ARTICLE
VIII

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section 8.01         Company
May Consolidate, etc., Only on Certain Terms. The Company shall not consolidate with or merge into any other corporation or
convey or transfer all or substantially all of its properties and assets and the properties and assets of the Subsidiaries, taken
as a whole, to any Person, unless;

 

(a)          either
the Company shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company is merged
or the Person which acquires by conveyance or transfer all or substantially all of the properties and assets of the Company and
the Subsidiaries, taken as a whole, shall be a corporation organized and existing under the laws of the United States of America
or any State or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal, premium, if any, and interest,
if any, on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed
or observed;

 

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

 

(c)          the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation,
merger, conveyance or transfer and any assumption permitted or required by this Article complies with the provisions of this Article.

 

Section 8.02         Successor
Corporation Substituted. Upon any consolidation or merger, or any conveyance or transfer of all or substantially all of the
properties and assets of the Company in accordance with Section 8.01, the successor corporation formed by such consolidation or
into which the Company is merged or the Person to which such conveyance or transfer 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 corporation
had been named as the Company herein and the Company shall thereupon be released from all obligations hereunder and under the Securities.
Such successor corporation thereupon may cause to be signed and may issue any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation,
instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Company
to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and
delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though
all of such Securities had been issued at the date of the execution hereof.

 

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

 

ARTICLE
IX

SUPPLEMENTAL INDENTURES

 

Section 9.01         Supplemental
Indentures Without Consent of Securityholders. Without the consent of the Holders of any Securities, the Company and the Trustee,
at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions
of the Trust Indenture Act as in force at the date of execution thereof), in form satisfactory to the Trustee, for any of the following
purposes:

 

(a)          to
evidence the succession of another corporation to the Company, or successive successions, and the assumption by any such successor
of the covenants, agreements and obligations of the Company pursuant to Article VIII hereof; or

 

(b)          to
add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the Holders of the
Securities of any or all series as the Company and the Trustee shall consider to be for the protection of the Holders of the Securities
of any or all series or to surrender any right or power herein conferred upon the Company (and if such covenants or the surrender
of such right or power are to be for the benefit of less than all series of Securities, stating that such covenants are expressly
being included or such surrenders are expressly being made solely for the benefit of one or more specified series); or

 

(c)          to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or
in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture
that do not adversely affect the interests of the Holders of Securities of any series in any material respect; or

 

(d)          to
add to this Indenture such provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions
referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this instrument is executed or
any corresponding provision in any similar federal statute hereafter enacted; or

 

(e)          to
add guarantors or co-obligors with respect to any series of Securities; or

 

(f)          to
secure any series of Securities; or

 

(g)          to
establish any form of Security, as provided in Article II hereof, and to provide for the issuance of any series of Securities,
as provided in Article III hereof, and to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities
of any series; or

 

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

 

(i)          to
add any additional Events of Default in respect of the Securities of any or all series (and if such additional Events of Default
are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely
for the benefit of one or more specified series); or

 

(j)          to
comply with the requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act; or

 

(k)          to
make any change in any series of Securities that does not adversely affect in any material respect the interests of the Holders
of such Securities.

 

Section 9.02         Supplemental
Indentures With Consent of Securityholders. With the consent of the Holders of not less than a majority in principal amount
of the Outstanding Securities of each series affected by such supplemental indenture or indentures, by Act of said Holders delivered
to the Company and the Trustee, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of
each such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the Holder of each Outstanding Security affected thereby:

 

(a)          change
the Scheduled Maturity Date or the stated payment date of any payment of premium or interest payable on any Security, or reduce
the principal amount thereof, or any amount of interest or premium payable thereon; or

 

(b)          change
the method of computing the amount of principal of any Security or any interest payable thereon on any date, or change any Place
of Payment where, or the coin or currency in which, any Security or any payment of premium or interest thereon is payable; or

 

(c)          impair
the right to institute suit for the enforcement of any payment described in clauses (a) or (b) on or after the same shall become
due and payable, whether at Maturity or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment
Date, as the case may be; or

 

(d)          change
or waive the redemption or repayment provisions of any series; or

 

(e)          reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences, provided for in this Indenture; or

 

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(f)          modify
any of the provisions of this Section or Section 5.13, except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes
in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance
with the requirements of Sections 6.11 and 9.01(h); or

 

(g)          adversely
affect the ranking or priority of any series; or

 

(h)          release
any guarantor or co-obligor from any of its obligations under its Guarantee of the Securities or this Indenture, except in compliance
with the terms of this Indenture; or

 

(i)          waive
any Event of Default pursuant to Section 5.01(a), Section 5.01(b) or Section 5.01(c) hereof with respect to such Security.

 

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

 

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

 

Section 9.03         Execution
of Supplemental Indentures. Upon request of the Company and upon filing with the Trustee of evidence of an Act of Securityholders
as aforementioned, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, powers, trusts, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture.

 

Section 9.04         Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall be and
be deemed to be modified and amended in accordance therewith, and such supplemental indenture shall form a part of this Indenture
for all purposes; and the respective rights, limitation of rights, duties, powers, trusts and immunities under this Indenture of
the Trustee, the Company, and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall
be determined, exercised and enforced thereunder to the extent provided therein.

 

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

 

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

 

ARTICLE
X

COVENANTS

 

Section 10.01         Payment
of Principal, Premium and Interest. With respect to each series of Securities, the Company will duly and punctually pay or
cause to be paid the principal, premium, if any, and interest, if any, on such Securities in accordance with their terms and this
Indenture, and will duly comply with all the other terms, agreements and conditions contained in the Indenture for the benefit
of the Securities of such series.

 

Section 10.02         Maintenance
of Office or Agency. So long as any of the Securities remain outstanding, the Company will maintain an office or agency in
each Place of Payment where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration
of transfer or exchange, and where notices and demands to or upon the Company in respect of the Securities and this Indenture may
be served. The Company will give prompt written notice to the Trustee of the location, and of any change in the location, of such
office or agency. If at any time the Company shall fail to maintain such office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and
demands.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.04         Certificate
to Trustee. The Company will deliver to the Trustee within 120 days after the end of each fiscal year, an Officers’ Certificate,
one of whose signatories shall be the Company’s principal executive, accounting or financial officer, stating that in the
course of the performance by the signers of their duties as officers of the Company they would normally have knowledge of any default
by the Company in the performance of any of its covenants, conditions or agreements contained herein (without regard to any period
of grace or requirement of notice provided hereunder), stating whether or not they have knowledge of any such default and, if so,
specifying each such default of which the signers have knowledge and the nature thereof.

 

Section 10.05         Corporate
Existence. Subject to Article VIII, the Company will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence.

 

ARTICLE
XI

REDEMPTION OF SECURITIES

 

Section 11.01         Applicability
of Article. The Company may reserve the right to redeem and pay before the Scheduled Maturity Date all or any part of the Securities
of any series, either by optional redemption, sinking or purchase fund or analogous obligation or otherwise, by provision therefore
in the form of Security for such series established and approved pursuant to Section 2.02 and 2.03 or as otherwise provided in
Section 3.01, and on such terms as are specified in such form or in the indenture supplemental hereto with respect to Securities
of such series as provided in Section 3.01. Redemption of Securities of any series shall be made in accordance with the terms of
such Securities and, to the extent that this Article does not conflict with such terms, the succeeding Sections of this Article.

 

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Section 11.02         Election
to Redeem; Notice to Trustee. In case of any redemption at the election of the Company, the Company shall, at least 60 days
prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee) notify the Trustee
in writing of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any
redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, or (b) pursuant to an election of the Company which is subject to a condition specified in the
terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction or condition.

 

Section 11.03         Selection
by Trustee of Securities to be Redeemed. If fewer than all the Securities of any series are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate,
which may include provision for the selection for redemption of portions of the principal of Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of that series. Unless otherwise provided in the terms of a particular
series of Securities, the portions of the principal of Securities so selected for partial redemption shall be equal to the minimum
authorized denomination of the Securities of such series, or an integral multiple thereof, and the principal amount which remains
outstanding shall not be less than the minimum authorized denomination for Securities of such series.

 

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

 

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

 

Section 11.04         Notice
of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid, mailed not fewer than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at such Holder’s address appearing
in the Security Register on the applicable Record Date.

 

All notices of redemption
shall state:

 

(1)         the
Redemption Date;

 

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(2)         the
Redemption Price, or if not then ascertainable, the manner of calculation thereof;

 

(3)         if
fewer than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the respective principal amounts) of the Securities to be redeemed, from the Holder to whom the notice is given and that on and
after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of the same series in the aggregate
principal amount equal to the unredeemed portion thereof will be issued in accordance with Section 11.07;

 

(4)         that
on the Redemption Date the Redemption Price will become due and payable upon each such Security, and that interest, if any, thereon
shall cease to accrue from and after said date;

 

(5)         the
place where such Securities are to be surrendered for payment of the Redemption Price, which shall be the office or agency maintained
by the Company in the Place of Payment pursuant to Section 10.02 hereof; and

 

(6)         that
the redemption is on account of a sinking or purchase fund, or other analogous obligation, if that be the case.

 

Notice of redemption
of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, made
at least five business days prior to the date on which notice is to be given, by the Trustee in the name and at the expense of
the Company.

 

Section 11.05         Deposit
of Redemption Price. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money,
in immediately available funds, sufficient to pay the Redemption Price of all the Securities which are to be redeemed on that date.

 

Section 11.06         Securities
Payable on Redemption Date. Notice of Redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified and from and after such date (unless the
Company shall default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon surrender of such
Securities for redemption in accordance with the notice, such Securities shall be paid by the Company at the Redemption Price.
Any installment of interest due and payable on or prior to the Redemption Date shall be payable to the Holders of such Securities
registered as such on the relevant Record Date according to the terms and the provisions of Section 3.07 above; unless, with respect
to an Interest Payment Date that falls on a Redemption Date, such Securities provide that interest due on such date is to be paid
to the Person to whom principal is payable.

 

If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from
the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security.

 

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Section 11.07         Securities
Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at the office or agency maintained
by the Company in the Place of Payment pursuant to Section 10.02 hereof with respect to that series (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee
duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge and at the expense of the Company, a new Security
or Securities of the same series, tenor, terms and Scheduled Maturity Date, of any authorized denomination as requested by such
Holders in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

Section 11.08         Provisions
with Respect to any Sinking Funds. Unless the form or terms of any series of Securities shall provide otherwise, in lieu of
making all or any part of any mandatory sinking fund payment with respect to such series of Securities in cash, the Company may
at its option (a) deliver to the Trustee for cancellation any Securities of such series theretofore acquired by the Company, or
(b) receive credit for any Securities of such series (not previously so credited) acquired or redeemed by the Company (other than
through operation of a mandatory sinking fund) and theretofore delivered to the Trustee for cancellation, and if it does so then
(i) Securities so delivered or credited shall be credited at the applicable sinking fund Redemption Price with respect to Securities
of such series, and (ii) on or before the 60th day next preceding each sinking fund Redemption Date with respect to such series
of Securities, the Company will deliver to the Trustee (A) an Officers’ Certificate specifying the portions of such sinking
fund payment to be satisfied by payment of cash and by the delivery or credit of Securities of such series acquired or redeemed
by the Company, and (B) such Securities, to the extent not previously surrendered. Such Officers’ Certificate shall also
state the basis for any such credit and that the Securities for which the Company elects to receive credit have not been previously
so credited and were not acquired by the Company through operation of the mandatory sinking fund, if any, provided with respect
to such Securities and shall also state that no Event of Default with respect to Securities of such series has occurred and is
continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and no Securities shall be authenticated
in lieu thereof.

 

If the sinking fund
payment or payments (mandatory or optional) with respect to any series of Securities made in cash plus any unused balance of any
preceding sinking fund payments with respect to Securities of such series made in cash shall exceed $50,000 (or a lesser sum if
the Company shall so request), unless otherwise provided by the terms of such series of Securities, that cash shall be applied
by the Trustee on the sinking fund Redemption Date with respect to Securities of such series next following the date of such payment
to the redemption of Securities of such series at the applicable sinking fund Redemption Price with respect to Securities of such
series, together with accrued interest, if any, to the date fixed for redemption, with the effect provided in Section 11.06. The
Trustee shall select, in the manner provided in Section 11.03, for redemption on such sinking fund Redemption Date a sufficient
principal amount of Securities of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities
of such series for the sinking fund to be given in the manner provided in Section 11.04 (and with the effect provided in Section
11.06) for the redemption of Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated
by the Trustee to the redemption of Securities of such series shall be added to the next cash sinking fund payment with respect
to Securities of such series received by the Trustee and, together with such payment, shall be applied in accordance with the provisions
of this Section 11.08. Any and all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity
of Securities of such series, and not held for the payment or redemption of particular Securities of such series, shall be applied
by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal
of the Securities of such series at Maturity.

 

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On or before each sinking
fund Redemption Date provided with respect to Securities of any series, the Company shall pay to the Trustee in cash a sum equal
to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption
Date pursuant to this Section 11.08.

 

The Trustee shall not
redeem any Securities with sinking fund moneys or give any notice of redemption of Securities by operation of the applicable sinking
fund during the continuance of a default in payment of interest on Securities of such series or of any Event of Default with respect
to such series, except that if the notice of redemption of any Securities shall theretofore have been mailed in accordance with
the provisions hereof, the Trustee shall redeem such Securities if cash sufficient for that purpose shall be deposited with the
Trustee for that purpose in accordance with the terms of this Article XI. Except as aforesaid, any moneys in the sinking fund with
respect to Securities of any series at the time when any such default or Event of Default with respect to such series shall occur,
and any moneys thereafter paid into such sinking fund shall, during the continuance of such default or Event of Default with respect
to such series, be held as security for the payment of all Securities of such series; provided, however, that in case such
default or Event of Default with respect to such series shall have been cured or waived as provided herein, such moneys shall thereafter
be applied on the next sinking fund payment date on which such moneys may be applied pursuant to the provisions of this Section
11.08.

 

ARTICLE
XII

REPAYMENT AT OPTION OF HOLDERS

 

Section 12.01         Applicability
of Article. Repayment of Securities of any series before their Scheduled Maturity Date at the option of Holders thereof shall
be made in accordance with the terms of such Securities and (except as otherwise specified as contemplated by Section 3.01 for
Securities of any series) in accordance with this Article.

 

Section 12.02         Repayment
of Securities. Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will,
unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together
with interest thereon accrued to the Repayment Date specified in the terms of such Securities. On or before the Repayment Date,
the Company will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) an amount of money, in immediately available funds, sufficient to pay the Repayment
Price of all the Securities which are to be repaid on such date.

 

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Section 12.03         Exercise
of Option. Securities of any series subject to repayment at the option of the Holders thereof will contain an “Option
to Elect Repayment” form on the reverse of such Securities. To be repaid at the option of the Holder, any Security so
providing for such repayment, with the “Option to Elect Repayment” form on the reverse of such Security duly
completed by the Holder, must be received by the Company at the Place of Payment therefore specified in the terms of such Security
(or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier
than 30 days nor later than 15 days prior to the Repayment Date. If less than the entire principal amount of such Security is to
be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments of $1,000
unless otherwise specified in the terms of such Security, and the denomination or denominations of the Security or Securities to
be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid must be specified.
The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part, if,
following such repayment, the unpaid principal amount of such Security would be less than the minimum authorized denomination of
Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Company.

 

Section 12.04         When
Securities Presented for Repayment Become Due and Payable. If Securities of any series providing for repayment at the option
of the Holders thereof shall have been surrendered as provided in this Article and as provided by the terms of such Securities,
such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the
payment of such Securities on such Repayment Date) interest on such Securities or the portions thereof, as the case may be, shall
cease to accrue.

 

Section 12.05         Securities
Repaid in Part. Upon surrender of any Security which is to be repaid in part only, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new
Security or Securities of the same series, tenor, terms and Scheduled Maturity Date, of any authorized denomination specified by
the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered
which is not to be repaid.

 

ARTICLE
XIII

SUBORDINATION

 

Section 13.01         Agreement
to Subordinate. The Company covenants and agrees, and each Holder of a Security issued hereunder, by such Holder’s acceptance
thereof, likewise covenants and agrees, that all Securities issued hereunder shall be issued subject to the provisions of this
Article; and each Person holding any Security issued hereunder, whether upon original issue or upon transfer, assignment or exchange
thereof, accepts and agrees that the principal of and interest on all Securities issued hereunder shall, to the extent and in the
manner herein set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness,
and that the subordination is for the benefit of the holders of the Senior Indebtedness.

 

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Section 13.02         Payments
to Securityholders. As to each series of Securities, if any, issued hereunder, in the event (a) of any insolvency or bankruptcy
proceedings, or any receivership, dissolution, winding-up, total or partial liquidation, reorganization or other similar proceedings
in respect of the Company or a substantial part of its property, whether voluntary or involuntary, or (b) that (i) a default shall
have occurred with respect to the payment of principal of or premium, if any, or interest, if any, on or other monetary amounts
due and payable with respect to any Senior Indebtedness, or (ii) there shall have occurred an event of default (other than a default
in the payment of principal of or premium, if any, or interest, if any, on or other monetary amounts due and payable) in respect
of any Senior Indebtedness, as defined in such Senior Indebtedness or in the instrument under which the same is outstanding, permitting
the holder or holders thereof to accelerate the maturity thereof, and such default or event of default shall not be cured or was
continued beyond the period of grace, if any, in respect thereof, and such default or event of default shall not have been waived
or shall not have ceased to exist, or (c) separately with respect to each series of Securities issued hereunder, that the principal
of or premium, if any, and accrued interest, if any, on such Securities shall have been declared due and payable pursuant to Section
5.01 and such declaration shall not have been rescinded and annulled as provided in Section 5.01, then the holders of all Senior
Indebtedness shall first be entitled to receive payment in full of all amounts due or to become due thereon, or provision shall
be made, in accordance with the terms of such Senior Indebtedness, for such payment in money or money’s worth, before the
Holders of such series of Securities issued hereunder are entitled to receive a payment on account of the principal of or premium,
if any, or interest, if any, on the indebtedness evidenced by such series of Securities, including, without limitation, any payments
made pursuant to Article XI, or any cash payments to purchase such series of Securities at the option of the Holders thereof.

 

Upon any such insolvency
or bankruptcy proceeding, receivership, dissolution, winding-up, total or partial liquidation, reorganization, or other similar
proceeding referred to in clause (a) of the immediately preceding paragraph, any payment or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee under
this Indenture would be entitled, except for the provisions hereof, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or distribution or, to the extent required by the next
succeeding paragraph, by the Holders of the Securities or the Trustee, if received by them or it, directly to the holders of Senior
Indebtedness (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders) or their
respective representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any
of such Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay all
Senior Indebtedness in full after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness,
before any payment or distribution is made to the Holders of the Indebtedness evidenced by the Securities issued hereunder (including
any cash payments to repurchase such Securities at the option of the Holders thereof) or to the Trustee under this Indenture.

 

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In the event that,
notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing provisions of this Section, shall be received by the Trustee under this Indenture
or the Holders of the Securities before all Senior Indebtedness is paid in full or provision is made for such payment in accordance
with its terms, and if such fact shall, at or prior to the time of such payment or distribution, have been known to the Trustee,
then such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders
of such Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing any of such Senior Indebtedness may have been issued, as their respective interests may appear,
for application to the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid
in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such
Senior Indebtedness.

 

For purposes of this
Article only, the words, “cash, property or securities” shall not be deemed to include shares of stock of the Company
as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization
or readjustment, the payment of which is subordinated (at least to the extent provided in this Article with respect to the Securities)
to the payment of all Senior Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is assumed
by the new corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the
holders of the Senior Indebtedness are not, without the consent of such holders, altered by such arrangement, reorganization or
readjustment. The consolidation of the Company with, or the merger of the Company with or into, another corporation or the liquidation
or dissolution of the Company following the conveyance or transfer of all or substantially all of its assets to another corporation
upon the terms and conditions provided in Article VIII shall not be deemed a dissolution, winding-up, liquidation or reorganization
for the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer,
comply with the conditions stated in Article VIII. Nothing in this Section shall apply to claims of, or payments to, the Trustee
under or pursuant to Article VI, except as expressly provided therein. This Section shall be subject to the further provisions
of Section 13.05.

 

Section 13.03         Subrogation.
Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities subject to the provisions of Section 13.02
shall be subrogated (equally and ratably with the holders of all obligations of the Company which by their express terms are subordinated
to Senior Indebtedness of the Company to the same extent as the Securities are subordinated and which are entitled to like rights
of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities
of the Company applicable to the Senior Indebtedness until the principal of or, premium, if any, and interest, if any, on such
Securities shall be paid in full; and, for the purpose of such subrogation, no payments or distributions to the holders of the
Senior Indebtedness of any cash, property or securities to which the Holders of such Securities or the Trustee on their behalf
would be entitled except for the provisions of this Article, and no payment over pursuant to the provisions of this Article to
the holders of Senior Indebtedness by Holders of such Securities or the Trustee on their behalf shall, as between the Company,
its creditors other than holders of Senior Indebtedness and the Holders of such Securities, be deemed to be a payment by the Company
to or on account of the Senior Indebtedness; and no payments or distributions of cash, property or securities to or for the benefit
of the Holders of the Securities pursuant to the subrogation provision of this Article, which would otherwise have been paid to
the holders of Senior Indebtedness, shall be deemed to be a payment by the Company to or for the account of such Securities. The
provisions of this Article are intended solely for the purpose of defining the relative rights of the Holders of the Securities,
on the one hand, and the holders of the Senior Indebtedness, on the other hand.

 

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

 

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

 

Section 13.04         Authorization
by Securityholders. Each Holder of a Security by his acceptance thereof authorizes the Trustee on such Holder’s behalf
to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the
Trustee his attorney-in-fact for any and all such purposes.

 

Section 13.05         Notice
to Trustee. The Company shall give prompt written notice to the Trustee and to any paying agent of any fact known to the Company
which would prohibit the making of any payment of monies to or by the Trustee or any Paying Agent in respect of the Securities
pursuant to the provisions of this Article. Regardless of anything to the contrary contained in this Article or elsewhere in this
Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default or event
of default with respect to any Senior Indebtedness or of any other facts which would prohibit the making of any payment of monies
to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received notice in writing (which may
be by telegram, telecopy or other similar writing) at its Corporate Trust Office to that effect signed by an officer of the Company,
or by a holder or agent of a holder of Senior Indebtedness who shall have been certified by the Company or otherwise established
to the reasonable satisfaction of the Trustee to be such holder or agent, or by the trustee under any indenture pursuant to which
Senior Indebtedness shall be outstanding, and, prior to the receipt of any such written notice, the Trustee shall, subject to Section
6.01 and Section 6.03, be entitled to assume that no such facts exist; provided that if on a date at least two Business Days prior
to the date upon which by the terms hereof any such monies shall become payable for any purpose (including, without limitation,
the payment of the principal of or premium, if any, or interest, if any, on any Security) the Trustee shall not have received with
respect to such monies the notice provided for in this Section, then, regardless of anything herein to the contrary, the Trustee
shall have full power and authority to receive such monies and to apply the same to the purpose for which they were received, and
shall not be affected by any notice to the contrary which may be received by it on or after such prior date.

 

    	60

    	 

    

 

Regardless of anything
to the contrary herein (but subject, in the case of clause (a) of this paragraph, to the second paragraph of Section 13.02), nothing
shall prevent (a) any payment by the Company or the Trustee to the Securityholders of amounts in connection with a redemption of
Securities if (i) notice of such redemption has been given pursuant to Article XI prior to the receipt by the Trustee of written
notice as aforesaid, and (ii) such notice of redemption is given not earlier than 60 days before any redemption date, or (b) any
payment by the Trustee to the Securityholders of amounts deposited with it pursuant to Section 4.01, provided, that, in the case
of Section 4.02, the applicable Securities are deemed to have been paid and discharged, and in the case of Section 4.01, the Trustee
shall not have received, by at least two Business Days prior to the date of execution of instruments acknowledging the satisfaction
of and discharge of this Indenture with respect to the applicable Securities, the notice provided in the preceding paragraph.

 

Subject to Section
6.01 and Section 6.03, the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given
by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good
faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate
in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and
if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

 

Section 13.06         Trustee’s
Relation to Senior Indebtedness. The Trustee and any agent of the Company or the Trustee shall be entitled to all the rights
set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it in its individual or any
other capacity to the same extent as any other holder of Senior Indebtedness and nothing in the first paragraph of Section 6.14
or elsewhere in this Indenture shall deprive the Trustee or any such agent of any of its rights as such holder. Nothing in this
Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07.

 

With respect to the
holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Indebtedness
shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders
of Senior Indebtedness and, subject to the provisions of Section 6.01 and Section 6.03, the Trustee shall not be liable to any
holder of Senior Indebtedness if it shall in good faith pay over or deliver to Holders of Securities, the Company or any other
Person monies or assets to which any holder of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

 

    	61

    	 

    

 

Section 13.07         No
Impairment of Subordination. No right of any present or future holder of any Senior Indebtedness to enforce subordination as
herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company
or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

 

(signature page follows)

 

    	62

    	 

    

 

 

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

 

	 	 	 	SERVISFIRST BANCSHARES, INC.
	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name: 	 
	 	 	 	Title:	 
	 	 	 	 	 
	Attest:	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	                , TRUSTEE
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name: 	 
	 	 	 	Title:	 
	 	 	 	 	 
	Attest:	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 

 

    	63

    	 

    

 

State of                                         

                                                ss:

 

County of                                 

 

On the                 
day of                 , 2014 before me
personally came                                         
to me known, who, being duly sworn, did depose and say that he resides at                                 ;
that he is of                                 ,
one of the parties described in and which executed the above instrument; that he knows the corporate seal of said corporation;
that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of
said corporation; and that he signed his name thereto by like authority.

 

	Name	 
	 	 
	 	 
	Notary Public	 

 

    	64

    	 

    

 

State of                                         

                                                ss:

 

County of                                 

 

On the                 
day of                 , 2014 before me
personally came                                         
to me known, who, being duly sworn, did depose and say that he resides at                                 ;
that he is of                                 ,
one of the parties described in and which executed the above instrument; that he knows the corporate seal of said corporation;
that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of
said corporation; and that he signed his name thereto by like authority.

 

	Name	 
	 	 
	 	 
	Notary Public	 

 

    	65Exhibit 10.1

                          SECURITIES PURCHASE AGREEMENT

     This SECURITIES  PURCHASE AGREEMENT (the "Agreement"),  dated as of January
13, 2014, by and between LIBERTY COAL ENERGY CORP., a Nevada  corporation,  with
headquarters located at 2782 Gateway Road,  Carlsbad,  CA 92009 (the "Company"),
and ASHER  ENTERPRISES,  INC.,  a Delaware  corporation,  with its  address at 1
Linden Place, Suite 207, Great Neck, NY 11021 (the "Buyer").

                                    WHEREAS:

     A. The Company and the Buyer are executing and delivering this Agreement in
reliance upon the exemption from securities  registration  afforded by the rules
and  regulations  as  promulgated  by the United States  Securities and Exchange
Commission  (the "SEC") under the  Securities Act of 1933, as amended (the "1933
Act");

     B. Buyer  desires to purchase  and the  Company  desires to issue and sell,
upon the terms and conditions set forth in this Agreement an 8% convertible note
of the  Company,  in the form  attached  hereto as Exhibit  A, in the  aggregate
principal  amount of $9,500.00  (together with any note(s) issued in replacement
thereof or as a dividend thereon or otherwise with respect thereto in accordance
with the terms thereof,  the "Note"),  convertible  into shares of common stock,
$0.001 par value per share, of the Company (the "Common Stock"),  upon the terms
and subject to the limitations and conditions set forth in such Note.

     C. The Buyer wishes to purchase,  upon the terms and  conditions  stated in
this Agreement,  such principal amount of Note as is set forth immediately below
its name on the signature pages hereto; and

     NOW THEREFORE, the Company and the Buyer severally (and not jointly) hereby
agree as follows:

     1. Purchase and Sale of Note.

     a.  Purchase of Note. On the Closing Date (as defined  below),  the Company
shall  issue and sell to the Buyer and the  Buyer  agrees to  purchase  from the
Company  such  principal  amount of Note as is set forth  immediately  below the
Buyer's name on the signature pages hereto.
<PAGE>
     b. Form of Payment.  On the Closing Date (as defined below),  (i) the Buyer
shall pay the  purchase  price  for the Note to be issued  and sold to it at the
Closing  (as  defined  below)  (the  "Purchase   Price")  by  wire  transfer  of
immediately  available  funds to the Company,  in accordance  with the Company's
written  wiring  instructions,  against  delivery  of the Note in the  principal
amount equal to the Purchase Price as is set forth immediately below the Buyer's
name on the signature pages hereto, and (ii) the Company shall deliver such duly
executed Note on behalf of the Company,  to the Buyer,  against delivery of such
Purchase Price.

     c. Closing Date.  Subject to the  satisfaction  (or written  waiver) of the
conditions thereto set forth in Section 6 and Section 7 below, the date and time
of the issuance and sale of the Note  pursuant to this  Agreement  (the "Closing
Date") shall be 12:00 noon,  Eastern Standard Time on or about January 15, 2014,
or such other  mutually  agreed  upon  time.  The  closing  of the  transactions
contemplated by this Agreement (the  "Closing")  shall occur on the Closing Date
at such location as may be agreed to by the parties.

     2.  Buyer's  Representations  and  Warranties.  The  Buyer  represents  and
warrants to the Company that:

     a. Investment  Purpose.  As of the date hereof, the Buyer is purchasing the
Note and the shares of Common Stock  issuable  upon  conversion  of or otherwise
pursuant to the Note (including,  without limitation,  such additional shares of
Common  Stock,  if any, as are  issuable (i) on account of interest on the Note,
(ii) as a result of the events  described in Sections 1.3 and 1.4(g) of the Note
or (iii) in payment of the  Standard  Liquidated  Damages  Amount (as defined in
Section  2(f) below)  pursuant to this  Agreement,  such shares of Common  Stock
being  collectively   referred  to  herein  as  the  "Conversion   Shares"  and,
collectively with the Note, the "Securities") for its own account and not with a
present view towards the public sale or distribution thereof, except pursuant to
sales  registered or exempted from  registration  under the 1933 Act;  provided,
however, that by making the representations  herein, the Buyer does not agree to
hold any of the  Securities  for any minimum or other specific term and reserves
the  right  to  dispose  of the  Securities  at any time in  accordance  with or
pursuant to a registration statement or an exemption under the 1933 Act.

     b. Accredited  Investor  Status.  The Buyer is an "accredited  investor" as
that term is defined in Rule 501(a) of Regulation D (an "Accredited Investor").

     c. Reliance on Exemptions.  The Buyer  understands  that the Securities are
being  offered  and sold to it in reliance  upon  specific  exemptions  from the
registration requirements of United States federal and state securities laws and
that the  Company is relying  upon the truth and  accuracy  of, and the  Buyer's
compliance with, the representations,  warranties,  agreements,  acknowledgments
and  understandings  of the  Buyer set forth  herein in order to  determine  the
availability  of such exemptions and the eligibility of the Buyer to acquire the
Securities.

                                       2
<PAGE>
     d. Information.  The Buyer and its advisors,  if any, have been, and for so
long as the Note remain  outstanding  will  continue to be,  furnished  with all
materials  relating to the business,  finances and operations of the Company and
materials  relating  to the offer  and sale of the  Securities  which  have been
requested by the Buyer or its advisors. The Buyer and its advisors, if any, have
been,  and for so long as the  Note  remain  outstanding  will  continue  to be,
afforded the  opportunity to ask questions of the Company.  Notwithstanding  the
foregoing,  the Company has not  disclosed to the Buyer any  material  nonpublic
information and will not disclose such  information  unless such  information is
disclosed to the public prior to or promptly  following  such  disclosure to the
Buyer.  Neither  such  inquiries  nor  any  other  due  diligence  investigation
conducted by Buyer or any of its advisors or representatives shall modify, amend
or affect Buyer's right to rely on the Company's  representations and warranties
contained in Section 3 below.  The Buyer  understands that its investment in the
Securities  involves a significant degree of risk. The Buyer is not aware of any
facts that may constitute a breach of any of the Company's  representations  and
warranties made herein.

     e. Governmental Review. The Buyer understands that no United States federal
or state agency or any other  government or governmental  agency has passed upon
or made any recommendation or endorsement of the Securities.

     f. Transfer or Re-sale.  The Buyer understands that (i) the sale or re-sale
of the Securities has not been and is not being registered under the 1933 Act or
any applicable  state securities laws, and the Securities may not be transferred
unless  (a) the  Securities  are  sold  pursuant  to an  effective  registration
statement under the 1933 Act, (b) the Buyer shall have delivered to the Company,
at the cost of the Buyer, an opinion of counsel that shall be in form, substance
and scope  customary for opinions of counsel in comparable  transactions  to the
effect that the Securities to be sold or transferred  may be sold or transferred
pursuant to an exemption from such registration, which opinion shall be accepted
by the Company, (c) the Securities are sold or transferred to an "affiliate" (as
defined in Rule 144 promulgated  under the 1933 Act (or a successor rule) ("Rule
144")) of the Buyer who agrees to sell or otherwise transfer the Securities only
in accordance with this Section 2(f) and who is an Accredited Investor,  (d) the
Securities  are  sold  pursuant  to Rule  144,  or (e) the  Securities  are sold
pursuant to Regulation S under the 1933 Act (or a successor  rule)  ("Regulation
S"),  and the Buyer  shall have  delivered  to the  Company,  at the cost of the
Buyer,  an  opinion  of  counsel  that  shall be in form,  substance  and  scope
customary for opinions of counsel in corporate transactions, which opinion shall
be accepted by the Company; (ii) any sale of such Securities made in reliance on
Rule 144 may be made only in accordance with the terms of said Rule and further,
if  said  Rule  is  not  applicable,   any  re-sale  of  such  Securities  under
circumstances  in which the seller (or the person through whom the sale is made)
may be deemed to be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or the rules and
regulations of the SEC  thereunder;  and (iii) neither the Company nor any other
person is under any obligation to register such Securities under the 1933 Act or
any state  securities  laws or to comply  with the terms and  conditions  of any
exemption  thereunder (in each case).  Notwithstanding the foregoing or anything

                                       3
<PAGE>
else  contained  herein  to the  contrary,  the  Securities  may be  pledged  as
collateral  in  connection  with a bona fide  margin  account  or other  lending
arrangement.

     g. Legends. The Buyer understands that the Note and, until such time as the
Conversion  Shares have been registered  under the 1933 Act may be sold pursuant
to Rule  144 or  Regulation  S  without  any  restriction  as to the  number  of
securities  as of a  particular  date  that can then be  immediately  sold,  the
Conversion  Shares may bear a restrictive  legend in substantially the following
form  (and  a  stop-transfer  order  may  be  placed  against  transfer  of  the
certificates for such Securities):

         "NEITHER THE ISSUANCE AND SALE OF THE  SECURITIES  REPRESENTED
         BY  THIS  CERTIFICATE  NOR THE  SECURITIES  INTO  WHICH  THESE
         SECURITIES  ARE  EXERCISABLE  HAVE BEEN  REGISTERED  UNDER THE
         SECURITIES  ACT OF  1933,  AS  AMENDED,  OR  APPLICABLE  STATE
         SECURITIES  LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE,
         SOLD,  TRANSFERRED  OR  ASSIGNED  (I) IN THE ABSENCE OF (A) AN
         EFFECTIVE  REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
         SECURITIES  ACT OF 1933,  AS  AMENDED,  OR (B) AN  OPINION  OF
         COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER),  IN A
         GENERALLY  ACCEPTABLE FORM, THAT  REGISTRATION IS NOT REQUIRED
         UNDER SAID ACT OR (II)  UNLESS  SOLD  PURSUANT  TO RULE 144 OR
         RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING,  THE
         SECURITIES  MAY BE  PLEDGED  IN  CONNECTION  WITH A BONA  FIDE
         MARGIN ACCOUNT OR OTHER LOAN OR FINANCING  ARRANGEMENT SECURED
         BY THE SECURITIES."

     The legend set forth above  shall be removed and the Company  shall issue a
certificate  without such legend to the holder of any Security  upon which it is
stamped,  if, unless otherwise required by applicable state securities laws, (a)
such Security is registered for sale under an effective  registration  statement
filed  under  the  1933 Act or  otherwise  may be sold  pursuant  to Rule 144 or
Regulation  S without any  restriction  as to the number of  securities  as of a
particular  date that can then be immediately  sold, or (b) such holder provides
the Company with an opinion of counsel,  in form,  substance and scope customary
for opinions of counsel in comparable transactions,  to the effect that a public
sale or transfer of such  Security  may be made without  registration  under the
1933 Act,  which  opinion  shall be  accepted by the Company so that the sale or
transfer is effected.  The Buyer agrees to sell all Securities,  including those
represented  by a  certificate(s)  from which the legend  has been  removed,  in
compliance  with applicable  prospectus  delivery  requirements,  if any. In the
event that the Company  does not accept the  opinion of counsel  provided by the
Buyer with respect to the transfer of Securities  pursuant to an exemption  from
registration,  such as Rule 144 or  Regulation  S, at the  Deadline,  it will be
considered an Event of Default pursuant to Section 3.2 of the Note.

                                       4
<PAGE>
     h.  Authorization;  Enforcement.  This  Agreement has been duly and validly
authorized. This Agreement has been duly executed and delivered on behalf of the
Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer
enforceable in accordance with its terms.

     i.  Residency.  The  Buyer is a  resident  of the  jurisdiction  set  forth
immediately below the Buyer's name on the signature pages hereto.

     3.  Representations  and Warranties of the Company.  The Company represents
and warrants to the Buyer that:

     a. Organization and Qualification. The Company and each of its Subsidiaries
(as defined below),  if any, is a corporation  duly organized,  validly existing
and in  good  standing  under  the  laws  of the  jurisdiction  in  which  it is
incorporated, with full power and authority (corporate and other) to own, lease,
use and operate  its  properties  and to carry on its  business as and where now
owned, leased, used, operated and conducted.  Schedule 3(a) sets forth a list of
all of the  Subsidiaries  of the Company and the  jurisdiction  in which each is
incorporated.  The Company and each of its  Subsidiaries  is duly qualified as a
foreign corporation to do business and is in good standing in every jurisdiction
in  which  its  ownership  or use of  property  or the  nature  of the  business
conducted by it makes such  qualification  necessary except where the failure to
be so qualified or in good standing  would not have a Material  Adverse  Effect.
"Material  Adverse  Effect" means any material  adverse  effect on the business,
operations,  assets,  financial  condition  or  prospects  of the Company or its
Subsidiaries,  if any,  taken as a whole,  or on the  transactions  contemplated
hereby or by the  agreements  or  instruments  to be entered into in  connection
herewith.  "Subsidiaries"  means any corporation or other organization,  whether
incorporated  or  unincorporated,   in  which  the  Company  owns,  directly  or
indirectly, any equity or other ownership interest.

     b. Authorization;  Enforcement. (i) The Company has all requisite corporate
power and  authority to enter into and perform this  Agreement,  the Note and to
consummate  the  transactions  contemplated  hereby and thereby and to issue the
Securities,  in accordance with the terms hereof and thereof, (ii) the execution
and delivery of this Agreement,  the Note by the Company and the consummation by
it of the  transactions  contemplated  hereby  and  thereby  (including  without
limitation,  the  issuance  of the Note and the  issuance  and  reservation  for
issuance of the Conversion  Shares issuable upon conversion or exercise thereof)
have been duly  authorized  by the  Company's  Board of Directors and no further
consent  or  authorization  of the  Company,  its  Board  of  Directors,  or its
shareholders  is  required,  (iii) this  Agreement  has been duly  executed  and
delivered by the Company by its authorized  representative,  and such authorized
representative  is the true and official  representative  with authority to sign
this Agreement and the other documents executed in connection  herewith and bind
the Company accordingly, and (iv) this Agreement constitutes, and upon execution
and  delivery  by the  Company  of the  Note,  each  of  such  instruments  will

                                       5
<PAGE>
constitute,  a legal,  valid and binding  obligation of the Company  enforceable
against the Company in accordance with its terms.

     c.  Capitalization.  As of the date hereof, the authorized capital stock of
the Company consists of: (i)  1,500,000,000  shares of Common Stock,  $0.001 par
value per share, of which  101,653,096  shares are issued and  outstanding;  and
(ii) 100,000 shares of Series C Preferred  Stock,  $0.001 par value per share of
which  100,000  shares are issued and  outstanding;  no shares are  reserved for
issuance  pursuant to the  Company's  stock option  plans,  except as previously
disclosed  to the  Buyer  no  shares  are  reserved  for  issuance  pursuant  to
securities (other than the Note and three (3) prior convertible promissory notes
in favor of the Buyer:

     (a)  prior  convertible  promissory note dated April 17, 2013 in the amount
          of  $42,500.00,  the principal of which is now reduced to  $16,130.00;
          and

     (b)  prior convertible promissory note dated June 13, 2013 in the amount of
          $32,500.00; and

     (c)  prior convertible  promissory note dated August 29, 2013 in the amount
          of $27,500.00;

aggregate total of 615,000,000 shares of Common Stock are presently reserved for
the three (3) prior notes referenced above) exercisable for, or convertible into
or  exchangeable  for shares of Common Stock and the  615,000,000  shares should
also  be  reserved  for  issuance  upon  conversion  of the  Note.  All of  such
outstanding  shares  of  capital  stock  are,  or upon  issuance  will be,  duly
authorized, validly issued, fully paid and non-assessable.  No shares of capital
stock of the  Company  are  subject to  preemptive  rights or any other  similar
rights of the  shareholders of the Company or any liens or encumbrances  imposed
through the actions or failure to act of the Company.  As of the effective  date
of this Agreement, (i) there are no outstanding options, warrants, scrip, rights
to  subscribe  for,   puts,   calls,   rights  of  first  refusal,   agreements,
understandings,   claims  or  other  commitments  or  rights  of  any  character
whatsoever relating to, or securities or rights convertible into or exchangeable
for any shares of capital  stock of the Company or any of its  Subsidiaries,  or
arrangements  by which the Company or any of its  Subsidiaries  is or may become
bound to issue  additional  shares of capital stock of the Company or any of its
Subsidiaries,  (ii) there are no  agreements  or  arrangements  under  which the
Company or any of its  Subsidiaries  is obligated to register the sale of any of
its or their  securities under the 1933 Act and (iii) there are no anti-dilution
or price adjustment  provisions  contained in any security issued by the Company
(or in any  agreement  providing  rights  to  security  holders)  that  will  be
triggered by the issuance of the Note or the Conversion  Shares. The Company has
furnished to the Buyer true and correct  copies of the Company's  Certificate of
Incorporation as in effect on the date hereof  ("Certificate of Incorporation"),
the Company's By-laws, as in effect on the date hereof (the "By-laws"),  and the
terms of all securities  convertible into or exercisable for Common Stock of the
Company and the material rights of the holders thereof in respect  thereto.  The

                                       6
<PAGE>
Company  shall  provide the Buyer with a written  update of this  representation
signed by the  Company's  Chief  Executive  on behalf of the  Company  as of the
Closing Date.

     d.  Issuance  of Shares.  The  Conversion  Shares are duly  authorized  and
reserved for issuance  and, upon  conversion of the Note in accordance  with its
respective terms,  will be validly issued,  fully paid and  non-assessable,  and
free from all taxes,  liens,  claims and encumbrances  with respect to the issue
thereof and shall not be subject to preemptive rights or other similar rights of
shareholders  of the Company  and will not impose  personal  liability  upon the
holder thereof.

     e. Acknowledgment of Dilution. The Company understands and acknowledges the
potentially  dilutive  effect  to the  Common  Stock  upon the  issuance  of the
Conversion Shares upon conversion of the Note. The Company further  acknowledges
that its obligation to issue  Conversion  Shares upon  conversion of the Note in
accordance  with  this  Agreement,   the  Note  is  absolute  and  unconditional
regardless  of the dilutive  effect that such issuance may have on the ownership
interests of other shareholders of the Company.

     f. No Conflicts. The execution, delivery and performance of this Agreement,
the Note by the Company and the  consummation by the Company of the transactions
contemplated hereby and thereby (including, without limitation, the issuance and
reservation for issuance of the Conversion Shares) will not (i) conflict with or
result in a violation of any provision of the  Certificate of  Incorporation  or
By-laws,  or (ii)  violate  or  conflict  with,  or  result  in a breach  of any
provision of, or constitute a default (or an event which with notice or lapse of
time or both  could  become a  default)  under,  or give to others any rights of
termination,   amendment,   acceleration  or  cancellation  of,  any  agreement,
indenture,  patent,  patent license or instrument to which the Company or any of
its  Subsidiaries  is a party,  or (iii) result in a violation of any law, rule,
regulation,  order,  judgment or decree (including  federal and state securities
laws and  regulations and regulations of any  self-regulatory  organizations  to
which the Company or its  securities  are subject)  applicable to the Company or
any of its  Subsidiaries or by which any property or asset of the Company or any
of its Subsidiaries is bound or affected  (except for such conflicts,  defaults,
terminations,  amendments, accelerations,  cancellations and violations as would
not, individually or in the aggregate,  have a Material Adverse Effect). Neither
the Company nor any of its  Subsidiaries  is in violation of its  Certificate of
Incorporation, By-laws or other organizational documents and neither the Company
nor any of its  Subsidiaries is in default (and no event has occurred which with
notice or lapse of time or both could put the Company or any of its Subsidiaries
in default) under, and neither the Company nor any of its Subsidiaries has taken
any action or failed to take any action  that would give to others any rights of
termination,   amendment,   acceleration  or  cancellation  of,  any  agreement,
indenture or  instrument  to which the Company or any of its  Subsidiaries  is a
party  or by  which  any  property  or  assets  of  the  Company  or  any of its
Subsidiaries  is bound or affected,  except for possible  defaults as would not,
individually or in the aggregate, have a Material Adverse Effect. The businesses
of the Company and its Subsidiaries,  if any, are not being conducted, and shall
not be conducted so long as the Buyer owns any of the  Securities,  in violation

                                       7
<PAGE>
of any law,  ordinance  or  regulation  of any  governmental  entity.  Except as
specifically  contemplated  by this Agreement and as required under the 1933 Act
and any applicable  state securities laws, the Company is not required to obtain
any consent, authorization or order of, or make any filing or registration with,
any court,  governmental agency, regulatory agency, self regulatory organization
or stock  market  or any  third  party in order for it to  execute,  deliver  or
perform any of its obligations under this Agreement, the Note in accordance with
the terms hereof or thereof or to issue and sell the Note in accordance with the
terms hereof and to issue the Conversion Shares upon conversion of the Note. All
consents, authorizations, orders, filings and registrations which the Company is
required to obtain  pursuant to the  preceding  sentence  have been  obtained or
effected on or prior to the date hereof.  The Company is not in violation of the
listing  requirements of the  Over-the-Counter  Bulletin Board (the "OTCQB") and
does not  reasonably  anticipate  that the Common  Stock will be delisted by the
OTCQB in the foreseeable future. The Company and its Subsidiaries are unaware of
any facts or circumstances which might give rise to any of the foregoing.

     g. SEC Documents;  Financial  Statements.  The Company has timely filed all
reports,  schedules,  forms, statements and other documents required to be filed
by it with the SEC  pursuant to the  reporting  requirements  of the  Securities
Exchange Act of 1934,  as amended (the "1934 Act") (all of the  foregoing  filed
prior to the  date  hereof  and all  exhibits  included  therein  and  financial
statements  and  schedules  thereto and  documents  (other than exhibits to such
documents)  incorporated by reference  therein,  being  hereinafter  referred to
herein as the "SEC Documents"). Upon written request the Company will deliver to
the  Buyer  true and  complete  copies  of the SEC  Documents,  except  for such
exhibits and  incorporated  documents.  As of their  respective  dates,  the SEC
Documents  complied in all material  respects with the  requirements of the 1934
Act and the rules and regulations of the SEC promulgated  thereunder  applicable
to the SEC Documents, and none of the SEC Documents, at the time they were filed
with the SEC,  contained  any untrue  statement of a material fact or omitted to
state a material  fact  required to be stated  therein or  necessary in order to
make the statements therein, in light of the circumstances under which they were
made, not misleading.  None of the statements made in any such SEC Documents is,
or has been,  required to be amended or updated under applicable law (except for
such statements as have been amended or updated in subsequent  filings prior the
date hereof).  As of their  respective  dates,  the financial  statements of the
Company  included  in the SEC  Documents  complied  as to  form in all  material
respects with  applicable  accounting  requirements  and the published rules and
regulations of the SEC with respect thereto. Such financial statements have been
prepared  in  accordance  with  United  States  generally  accepted   accounting
principles, consistently applied, during the periods involved and fairly present
in all material respects the consolidated  financial position of the Company and
its  consolidated  Subsidiaries  as of the dates  thereof  and the  consolidated
results of their  operations and cash flows for the periods then ended (subject,
in the case of unaudited  statements,  to normal  year-end  audit  adjustments).
Except as set forth in the financial  statements of the Company  included in the
SEC Documents,  the Company has no liabilities,  contingent or otherwise,  other
than (i) liabilities  incurred in the ordinary course of business  subsequent to
June 30, 2013, and (ii) obligations under contracts and commitments  incurred in

                                       8
<PAGE>
the  ordinary  course of business  and not  required  under  generally  accepted
accounting  principles  to be reflected  in such  financial  statements,  which,
individually or in the aggregate, are not material to the financial condition or
operating  results of the  Company.  The  Company  is  subject to the  reporting
requirements of the 1934 Act.

     h.  Absence of Certain  Changes.  Since  June 30,  2013,  there has been no
material  adverse  change and no  material  adverse  development  in the assets,
liabilities,  business, properties,  operations, financial condition, results of
operations,  prospects or 1934 Act reporting status of the Company or any of its
Subsidiaries.

     i. Absence of  Litigation.  There is no action,  suit,  claim,  proceeding,
inquiry  or  investigation  before or by any  court,  public  board,  government
agency, self-regulatory organization or body pending or, to the knowledge of the
Company or any of its Subsidiaries,  threatened against or affecting the Company
or any of its Subsidiaries,  or their officers or directors in their capacity as
such,  that could have a  Material  Adverse  Effect.  Schedule  3(i)  contains a
complete list and summary description of any pending or, to the knowledge of the
Company,  threatened  proceeding  against or affecting the Company or any of its
Subsidiaries, without regard to whether it would have a Material Adverse Effect.
The Company and its Subsidiaries are unaware of any facts or circumstances which
might give rise to any of the foregoing.

     j. Patents,  Copyrights, etc. The Company and each of its Subsidiaries owns
or  possesses  the  requisite  licenses  or  rights to use all  patents,  patent
applications,  patent rights, inventions,  know-how, trade secrets,  trademarks,
trademark applications, service marks, service names, trade names and copyrights
("Intellectual  Property") necessary to enable it to conduct its business as now
operated (and, as presently contemplated to be operated in the future); there is
no claim or action by any person pertaining to, or proceeding pending, or to the
Company's knowledge threatened,  which challenges the right of the Company or of
a Subsidiary with respect to any Intellectual Property necessary to enable it to
conduct its  business as now operated  (and,  as  presently  contemplated  to be
operated in the future); to the best of the Company's  knowledge,  the Company's
or its Subsidiaries'  current and intended  products,  services and processes do
not  infringe on any  Intellectual  Property or other rights held by any person;
and the Company is unaware of any facts or  circumstances  which might give rise
to any of the  foregoing.  The Company and each of its  Subsidiaries  have taken
reasonable  security measures to protect the secrecy,  confidentiality and value
of their Intellectual Property.

     k. No Materially Adverse Contracts, Etc. Neither the Company nor any of its
Subsidiaries is subject to any charter, corporate or other legal restriction, or
any judgment,  decree,  order,  rule or regulation  which in the judgment of the
Company's  officers has or is expected in the future to have a Material  Adverse
Effect.  Neither  the  Company  nor any of its  Subsidiaries  is a party  to any
contract or agreement which in the judgment of the Company's  officers has or is
expected to have a Material Adverse Effect.

                                       9
<PAGE>
     l. Tax Status.  The Company and each of its  Subsidiaries has made or filed
all federal,  state and foreign  income and all other tax  returns,  reports and
declarations  required by any  jurisdiction  to which it is subject  (unless and
only to the extent that the Company and each of its  Subsidiaries  has set aside
on its books  provisions  reasonably  adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental  assessments and
charges  that are  material  in amount,  shown or  determined  to be due on such
returns,  reports and  declarations,  except those being contested in good faith
and has set aside on its books provisions reasonably adequate for the payment of
all taxes for periods  subsequent to the periods to which such returns,  reports
or declarations  apply. There are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any  jurisdiction,  and the officers of the
Company  know of no basis for any such claim.  The  Company  has not  executed a
waiver with respect to the statute of limitations  relating to the assessment or
collection  of any foreign,  federal,  state or local tax. None of the Company's
tax returns is presently being audited by any taxing authority.

     m. Certain  Transactions.  Except for arm's length transactions pursuant to
which the Company or any of its  Subsidiaries  makes  payments  in the  ordinary
course of business upon terms no less  favorable  than the Company or any of its
Subsidiaries  could obtain from third  parties and other than the grant of stock
options  disclosed  on  Schedule  3(c),  none  of the  officers,  directors,  or
employees  of the  Company  is  presently  a party to any  transaction  with the
Company  or any of its  Subsidiaries  (other  than for  services  as  employees,
officers and directors),  including any contract, agreement or other arrangement
providing for the furnishing of services to or by,  providing for rental of real
or personal property to or from, or otherwise  requiring payments to or from any
officer,  director or such  employee or, to the  knowledge  of the Company,  any
corporation,  partnership, trust or other entity in which any officer, director,
or any such  employee  has a  substantial  interest or is an officer,  director,
trustee or partner.

     n. Disclosure. All information relating to or concerning the Company or any
of its  Subsidiaries  set  forth in this  Agreement  and  provided  to the Buyer
pursuant  to  Section  2(d)  hereof  and  otherwise  in   connection   with  the
transactions  contemplated  hereby is true and correct in all material  respects
and the Company has not omitted to state any material fact necessary in order to
make the statements made herein or therein,  in light of the circumstances under
which they were made, not misleading.  No event or circumstance  has occurred or
exists with  respect to the Company or any of its  Subsidiaries  or its or their
business,  properties,  prospects,  operations or financial  conditions,  which,
under  applicable  law,  rule  or  regulation,  requires  public  disclosure  or
announcement  by the  Company but which has not been so  publicly  announced  or
disclosed  (assuming for this purpose that the Company's reports filed under the
1934 Act are being incorporated into an effective  registration  statement filed
by the Company under the 1933 Act).

     o.  Acknowledgment  Regarding  Buyer'  Purchase of Securities.  The Company
acknowledges and agrees that the Buyer is acting solely in the capacity of arm's

                                       10
<PAGE>
length   purchasers  with  respect  to  this  Agreement  and  the   transactions
contemplated  hereby.  The Company  further  acknowledges  that the Buyer is not
acting as a  financial  advisor or  fiduciary  of the Company (or in any similar
capacity)  with  respect to this  Agreement  and the  transactions  contemplated
hereby  and  any  statement   made  by  the  Buyer  or  any  of  its  respective
representatives or agents in connection with this Agreement and the transactions
contemplated  hereby is not advice or a recommendation  and is merely incidental
to the Buyer' purchase of the Securities.  The Company further represents to the
Buyer that the  Company's  decision to enter into this  Agreement has been based
solely on the independent evaluation of the Company and its representatives.

     p. No Integrated  Offering.  The Company has entered  into,  and will close
within 30 days of this  offering,  an unit  offering,  consisting  of  preferred
convertible  to common shares and attached  warrants,  through a private  equity
placement  of  $9,196,500.00.  This  placement  will require a  registration  or
registrations of the preferred shares,  the underlying common of those preferred
shares and the common  shares  underlying  the  warrants.  The Company  does not
intend to integrate this Securities Purchase Agreement with any other offerings.
The Company does not control the actions of any  regulatory  agency who attempts
to integrate any offerings.

     q. No Brokers. The Company has taken no action which would give rise to any
claim by any  person  for  brokerage  commissions,  transaction  fees or similar
payments relating to this Agreement or the transactions contemplated hereby.

     r.  Permits;  Compliance.  The Company and each of its  Subsidiaries  is in
possession  of  all  franchises,  grants,  authorizations,   licenses,  permits,
easements, variances, exemptions,  consents, certificates,  approvals and orders
necessary to own,  lease and operate its properties and to carry on its business
as it is now being conducted (collectively, the "Company Permits"), and there is
no action  pending or, to the  knowledge  of the Company,  threatened  regarding
suspension or  cancellation of any of the Company  Permits.  Neither the Company
nor any of its  Subsidiaries is in conflict with, or in default or violation of,
any of  the  Company  Permits,  except  for  any  such  conflicts,  defaults  or
violations  which,  individually  or in the  aggregate,  would not reasonably be
expected to have a Material  Adverse  Effect.  Since June 30, 2013,  neither the
Company nor any of its Subsidiaries  has received any notification  with respect
to possible  conflicts,  defaults or violations of applicable  laws,  except for
notices relating to possible conflicts, defaults or violations, which conflicts,
defaults or violations would not have a Material Adverse Effect.

     s. Environmental Matters.

     (i) There are, to the Company's  knowledge,  with respect to the Company or
any of its  Subsidiaries or any  predecessor of the Company,  no past or present
violations of  Environmental  Laws (as defined below),  releases of any material
into the environment,  actions, activities,  circumstances,  conditions, events,
incidents,  or  contractual  obligations  which may give rise to any  common law

                                       11
<PAGE>
environmental  liability or any liability under the Comprehensive  Environmental
Response,  Compensation  and  Liability Act of 1980 or similar  federal,  state,
local or foreign  laws and neither the Company nor any of its  Subsidiaries  has
received  any notice  with  respect to any of the  foregoing,  nor is any action
pending or, to the Company's knowledge, threatened in connection with any of the
foregoing.  The term  "Environmental  Laws" means all federal,  state,  local or
foreign  laws  relating  to  pollution  or  protection  of human  health  or the
environment  (including,   without  limitation,   ambient  air,  surface  water,
groundwater,  land surface or subsurface strata), including, without limitation,
laws  relating to  emissions,  discharges,  releases or  threatened  releases of
chemicals,  pollutants contaminants,  or toxic or hazardous substances or wastes
(collectively,   "Hazardous  Materials")  into  the  environment,  or  otherwise
relating to the manufacture,  processing, distribution, use, treatment, storage,
disposal,  transport  or  handling  of  Hazardous  Materials,  as  well  as  all
authorizations,   codes,  decrees,  demands  or  demand  letters,   injunctions,
judgments,  licenses,  notices  or notice  letters,  orders,  permits,  plans or
regulations issued, entered, promulgated or approved thereunder.

     (ii)  Other  than those that are or were  stored,  used or  disposed  of in
compliance with applicable law, no Hazardous Materials are contained on or about
any real property  currently owned,  leased or used by the Company or any of its
Subsidiaries,  and no  Hazardous  Materials  were  released on or about any real
property  previously  owned,  leased  or  used  by  the  Company  or  any of its
Subsidiaries  during the period the  property  was owned,  leased or used by the
Company or any of its Subsidiaries, except in the normal course of the Company's
or any of its Subsidiaries' business.

     (iii) There are no underground  storage tanks on or under any real property
owned,  leased or used by the Company or any of its Subsidiaries that are not in
compliance with applicable law.

     t.  Title to  Property.  The  Company  and its  Subsidiaries  have good and
marketable  title in fee  simple to all real  property  and good and  marketable
title to all personal  property owned by them and listed on their balance sheet.
The Company has a lease on the properties it has contracted to operate which are
material to the business of the Company and its Subsidiaries,  in each case free
and clear of all liens, encumbrances and defects except such as are described in
Schedule  3(t) or such as would not have a  Material  Adverse  Effect.  Any real
property and facilities held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions
as would not have a Material Adverse Effect.

     u. Insurance.  The Company and each of its  Subsidiaries are not insured by
insurers of recognized  financial  responsibility  against such losses and risks
and in such  amounts as  management  of the  Company  believes to be prudent and
customary  in the  businesses  in which the  Company  and its  Subsidiaries  are
engaged.  The  Company  intends to acquire  Directors  and  Officers  Insurance,
operating  insurance and appropriate Labor and Industries  insurance policies as

                                       12
<PAGE>
are necessary to prosecute on its business plan within the next 90 days. Neither
the Company nor any such  Subsidiary  has any reason to believe that it will not
be able to renew its  existing  insurance  coverage  as and when  such  coverage
expires or to obtain similar  coverage from similar insurers as may be necessary
to  continue  its  business  at a cost that  would not have a  Material  Adverse
Effect.

     v. Internal Accounting  Controls.  The Company and each of its Subsidiaries
maintain a system of internal accounting controls sufficient, in the judgment of
the  Company's  board of directors,  to provide  reasonable  assurance  that (i)
transactions  are executed in accordance with  management's  general or specific
authorizations,   (ii)   transactions   are  recorded  as  necessary  to  permit
preparation  of financial  statements  in  conformity  with  generally  accepted
accounting  principles  and to maintain  asset  accountability,  (iii) access to
assets is permitted  only in accordance  with  management's  general or specific
authorization and (iv) the recorded  accountability  for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

     w.  Foreign  Corrupt  Practices.  Neither  the  Company,  nor  any  of  its
Subsidiaries,  nor any director, officer, agent, employee or other person acting
on behalf of the  Company or any  Subsidiary  has,  in the course of his actions
for, or on behalf of, the  Company,  used any  corporate  funds for any unlawful
contribution,  gift,  entertainment  or  other  unlawful  expenses  relating  to
political activity;  made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds; violated or is
in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977,
as amended, or made any bribe, rebate,  payoff,  influence payment,  kickback or
other  unlawful  payment  to any  foreign or  domestic  government  official  or
employee.

     x.  Solvency.   The  Company  (after  giving  effect  to  the  transactions
contemplated by this Agreement) is solvent (i.e.,  its assets have a fair market
value in excess of the amount  required to pay its probable  liabilities  on its
existing  debts as they become  absolute and matured) and  currently the Company
has no  information  that would lead it to reasonably  conclude that the Company
would  not,  after  giving  effect  to  the  transaction  contemplated  by  this
Agreement, have the ability to, nor does it intend to take any action that would
impair its  ability to, pay its debts from time to time  incurred in  connection
therewith as such debts mature.  The Company did not receive a qualified opinion
from its  auditors  with respect to its most recent  fiscal year end and,  after
giving  effect to the  transactions  contemplated  by this  Agreement,  does not
anticipate or know of any basis upon which its auditors  might issue a qualified
opinion in respect of its current fiscal year.

     y. No  Investment  Company.  The Company is not,  and upon the issuance and
sale  of the  Securities  as  contemplated  by  this  Agreement  will  not be an
"investment  company" required to be registered under the Investment Company Act
of  1940  (an  "Investment  Company").  The  Company  is  not  controlled  by an
Investment Company.

                                       13
<PAGE>
     z. Breach of Representations  and Warranties by the Company. If the Company
breaches any of the  representations  or warranties set forth in this Section 3,
and in addition to any other  remedies  available to the Buyer  pursuant to this
Agreement,  it will be  considered  an Event of default under Section 3.4 of the
Note.

     4. COVENANTS.

     a. Best Efforts. The parties shall use their best efforts to satisfy timely
each of the conditions described in Section 6 and 7 of this Agreement.

     b. Form D; Blue Sky Laws.  Unless the Company  believes it exempt from such
filings,  the Company  agrees to file a Form D with respect to the Securities as
required under  Regulation D and to provide a copy thereof to the Buyer promptly
after such filing.  The Company shall,  on or before the Closing Date, take such
action as the Company  shall  reasonably  determine  is necessary to qualify the
Securities  for sale to the Buyer at the  applicable  closing  pursuant  to this
Agreement  under  applicable  securities or "blue sky" laws of the states of the
United  States (or to obtain an exemption  from such  qualification),  and shall
provide  evidence  of any such  action  so taken to the Buyer on or prior to the
Closing Date.

     c. Use of Proceeds.  The Company shall use the proceeds for general working
capital purposes.

     d. Right of First  Refusal.  Unless it shall have  first  delivered  to the
Buyer,  at least  seventy  two (72) hours  prior to the  closing of such  Future
Offering (as defined  herein),  written notice  describing  the proposed  Future
Offering,  including the terms and  conditions  thereof and proposed  definitive
documentation  to be entered into in  connection  therewith,  and  providing the
Buyer an option  during the seventy two (72) hour period  following  delivery of
such notice to purchase the securities  being offered in the Future  Offering on
the same terms as contemplated by such Future Offering (the limitations referred
to in this sentence and the preceding  sentence are collectively  referred to as
the "Right of First Refusal") (and subject to the exceptions  described  below),
the Company will not conduct any equity financing (including debt with an equity
component) ("Future  Offerings") during the period beginning on the Closing Date
and ending twelve (12) months following the Closing Date. In the event the terms
and  conditions of a proposed  Future  Offering are amended in any respect after
delivery of the notice to the Buyer concerning the proposed Future Offering, the
Company shall deliver a new notice to the Buyer describing the amended terms and
conditions of the proposed Future Offering and the Buyer  thereafter  shall have
an option during the seventy two (72) hour period following delivery of such new
notice to purchase  its pro rata share of the  securities  being  offered on the
same terms as  contemplated by such proposed Future  Offering,  as amended.  The
foregoing  sentence  shall  apply to  successive  amendments  to the  terms  and
conditions of any proposed Future Offering. The Right of First Refusal shall not
apply  to any  transaction  involving  (i)  issuances  of  securities  in a firm

                                       14
<PAGE>
commitment   underwritten  public  offering  (excluding  a  continuous  offering
pursuant  to Rule 415 under the 1933 Act) or (ii)  issuances  of  securities  as
consideration  for  a  merger,  consolidation  or  purchase  of  assets,  or  in
connection with any strategic  partnership or joint venture (the primary purpose
of which is not to raise equity capital),  or in connection with the disposition
or  acquisition of a business,  product or license by the Company.  The Right of
First Refusal also shall not apply to the issuance of  securities  upon exercise
or conversion of the Company's options, warrants or other convertible securities
outstanding  as of the date  hereof or to the  grant of  additional  options  or
warrants,  or the issuance of  additional  securities,  under any Company  stock
option or restricted stock plan approved by the shareholders of the Company. The
Right of First refusal shall be limited to like transactions  (i.e.  convertible
debentures) that do not exceed $100,000.00 in the aggregate.

     e. Expenses. At the Closing, the Company shall reimburse Buyer for expenses
incurred by them in connection  with the  negotiation,  preparation,  execution,
delivery  and  performance  of this  Agreement  and the other  agreements  to be
executed in connection herewith  ("Documents"),  including,  without limitation,
reasonable  attorneys' and consultants' fees and expenses,  transfer agent fees,
fees  for  stock  quotation  services,   fees  relating  to  any  amendments  or
modifications  of the  Documents or any consents or waivers of provisions in the
Documents,  fees for the  preparation  of opinions of counsel,  escrow fees, and
costs of  restructuring  the  transactions  contemplated by the Documents.  When
possible,  the Company must pay these fees directly,  otherwise the Company must
make immediate  payment for reimbursement to the Buyer for all fees and expenses
immediately  upon written notice by the Buyer or the submission of an invoice by
the Buyer.  The  Company's  obligation  with respect to this  transaction  is to
reimburse Buyer' expenses shall be $600.

     f. Financial  Information.  Upon written request the Company agrees to send
or make available the following  reports to the Buyer until the Buyer transfers,
assigns,  or sells all of the  Securities:  (i)  within  ten (10) days after the
filing  with the SEC,  a copy of its  Annual  Report on Form 10-K its  Quarterly
Reports on Form 10-Q and any  Current  Reports on Form 8-K;  (ii) within one (1)
day after release,  copies of all press releases issued by the Company or any of
its  Subsidiaries;  and (iii)  contemporaneously  with the making  available  or
giving  to the  shareholders  of the  Company,  copies of any  notices  or other
information the Company makes available or gives to such shareholders.

     g. [INTENTIONALLY DELETED]

     h. Listing. The Company shall promptly secure the listing of the Conversion
Shares upon each national  securities exchange or automated quotation system, if
any,  upon which  shares of Common  Stock are then  listed  (subject to official
notice of issuance) and, so long as the Buyer owns any of the Securities,  shall
maintain,  so long as any other shares of Common Stock shall be so listed,  such
listing of all Conversion  Shares from time to time issuable upon  conversion of
the Note.  The  Company  will  obtain  and, so long as the Buyer owns any of the
Securities, maintain the listing and trading of its Common Stock on the OTCQB or
any equivalent replacement exchange, the Nasdaq National Market ("Nasdaq"),  the

                                       15
<PAGE>
Nasdaq  SmallCap  Market  ("Nasdaq  SmallCap"),  the  New  York  Stock  Exchange
("NYSE"),  or the  American  Stock  Exchange  ("AMEX")  and will  comply  in all
respects with the Company's  reporting,  filing and other  obligations under the
bylaws or rules of the Financial  Industry  Regulatory  Authority  ("FINRA") and
such exchanges,  as applicable.  The Company shall promptly provide to the Buyer
copies of any  notices it  receives  from the OTCQB and any other  exchanges  or
quotation  systems  on which  the  Common  Stock is then  listed  regarding  the
continued  eligibility  of the Common  Stock for listing on such  exchanges  and
quotation systems.

     i. Corporate  Existence.  So long as the Buyer  beneficially owns any Note,
the Company  shall  maintain its  corporate  existence and shall not sell all or
substantially  all of the Company's  assets,  except in the event of a merger or
consolidation or sale of all or substantially all of the Company's assets, where
the surviving or successor  entity in such transaction (i) assumes the Company's
obligations  hereunder and under the agreements and instruments  entered into in
connection herewith and (ii) is a publicly traded corporation whose Common Stock
is listed for trading on the OTCQB, Nasdaq, Nasdaq SmallCap, NYSE or AMEX.

     j. No  Integration.  The Company  shall not make any offers or sales of any
security  (other than the  Securities)  under  circumstances  that would require
registration  of the Securities  being offered or sold hereunder  under the 1933
Act or cause the  offering of the  Securities  to be  integrated  with any other
offering  of  securities  by the  Company  for the  purpose  of any  stockholder
approval provision applicable to the Company or its securities.

     k. Breach of  Covenants.  If the Company  breaches any of the covenants set
forth in this Section 4, and in addition to any other remedies  available to the
Buyer  pursuant to this  Agreement,  it will be  considered  an event of default
under Section 3.4 of the Note.

     l.  Failure to Comply with the 1934 Act. So long as the Buyer  beneficially
owns  the  Note,  the  Company  shall  comply  with  the  Section  13  reporting
requirements  of the 1934 Act; and the Company  shall  continue to be subject to
the reporting requirements of Section 13 of the 1934 Act.

     m. Trading  Activities.  Neither the Buyer nor its  affiliates  has an open
short  position  in the common  stock of the Company and the Buyer agree that it
shall not,  and that it will cause its  affiliates  not to,  engage in any short
sales  of or  hedging  transactions  with  respect  to the  common  stock of the
Company.

     5.  Transfer  Agent  Instructions.  The  Company  shall  issue  irrevocable
instructions to its transfer agent to issue certificates, registered in the name
of the  Buyer or its  nominee,  for the  Conversion  Shares in such  amounts  as
specified  from time to time by the Buyer to the Company upon  conversion of the
Note in  accordance  with the terms  thereof (the  "Irrevocable  Transfer  Agent
Instructions").  In the event that the Borrower proposes to replace its transfer

                                       16
<PAGE>
agent,  the  Borrower  shall  provide,  prior  to the  effective  date  of  such
replacement,  a fully executed Irrevocable Transfer Agent Instructions in a form
as initially  delivered  pursuant to the Purchase  Agreement  (including but not
limited to the provision to  irrevocably  reserve  shares of Common Stock in the
Reserved  Amount)  signed by the  successor  transfer  agent to Borrower and the
Borrower.  Prior to registration of the Conversion  Shares under the 1933 Act or
the date on which the Conversion Shares may be sold pursuant to Rule 144 without
any  restriction as to the number of Securities as of a particular date that can
then be  immediately  sold,  all such  certificates  shall bear the  restrictive
legend  specified in Section 2(g) of this Agreement.  The Company warrants that:
(i) no  instruction  other  than the  Irrevocable  Transfer  Agent  Instructions
referred to in this Section 5, and stop transfer  instructions to give effect to
Section 2(f) hereof (in the case of the Conversion Shares, prior to registration
of the Conversion  Shares under the 1933 Act or the date on which the Conversion
Shares may be sold pursuant to Rule 144 without any restriction as to the number
of Securities as of a particular date that can then be immediately  sold),  will
be given by the  Company to its  transfer  agent and that the  Securities  shall
otherwise be freely  transferable on the books and records of the Company as and
to the extent  provided in this Agreement and the Note;  (ii) it will not direct
its transfer agent not to transfer or delay, impair,  and/or hinder its transfer
agent in transferring (or  issuing)(electronically  or in certificated form) any
certificate  for Conversion  Shares to be issued to the Buyer upon conversion of
or  otherwise  pursuant  to the Note as and when  required  by the Note and this
Agreement;  and (iii) it will not fail to remove (or directs its transfer  agent
not to remove or  impairs,  delays,  and/or  hinders  its  transfer  agent  from
removing) any restrictive legend (or to withdraw any stop transfer  instructions
in respect  thereof) on any certificate for any Conversion  Shares issued to the
Buyer upon conversion of or otherwise  pursuant to the Note as and when required
by the Note and this Agreement.  Nothing in this Section shall affect in any way
the Buyer's obligations and agreement set forth in Section 2(g) hereof to comply
with all applicable  prospectus delivery  requirements,  if any, upon re-sale of
the  Securities.  If the Buyer  provides the Company,  at the cost of the Buyer,
with (i) an  opinion  of  counsel in form,  substance  and scope  customary  for
opinions  in  comparable  transactions,  to the  effect  that a  public  sale or
transfer of such Securities may be made without  registration under the 1933 Act
and such sale or  transfer is  effected  or (ii) the Buyer  provides  reasonable
assurances  that the  Securities  can be sold  pursuant to Rule 144, the Company
shall permit the transfer,  and, in the case of the Conversion Shares,  promptly
instruct  its  transfer  agent  to issue  one or more  certificates,  free  from
restrictive  legend, in such name and in such  denominations as specified by the
Buyer. The Company acknowledges that a breach by it of its obligations hereunder
will cause irreparable harm to the Buyer, by vitiating the intent and purpose of
the transactions contemplated hereby. Accordingly, the Company acknowledges that
the remedy at law for a breach of its  obligations  under this  Section 5 may be
inadequate  and  agrees,  in the event of a breach or  threatened  breach by the
Company of the provisions of this Section,  that the Buyer shall be entitled, in
addition to all other  available  remedies,  to an  injunction  restraining  any
breach and  requiring  immediate  transfer,  without  the  necessity  of showing
economic loss and without any bond or other security being required.

                                       17
<PAGE>
     6.  Conditions to the Company's  Obligation to Sell.  The obligation of the
Company  hereunder  to issue  and sell the Note to the Buyer at the  Closing  is
subject  to the  satisfaction,  at or  before  the  Closing  Date of each of the
following  conditions  thereto,  provided  that  these  conditions  are  for the
Company's  sole benefit and may be waived by the Company at any time in its sole
discretion:

     a. The Buyer shall have executed  this  Agreement and delivered the same to
the Company.

     b. The Buyer shall have  delivered the Purchase  Price in  accordance  with
Section 1(b) above.

     c.  The  representations  and  warranties  of the  Buyer  shall be true and
correct in all material  respects as of the date when made and as of the Closing
Date as though made at that time (except for representations and warranties that
speak as of a specific date), and the Buyer shall have performed,  satisfied and
complied in all material respects with the covenants,  agreements and conditions
required by this  Agreement to be  performed,  satisfied or complied with by the
Buyer at or prior to the Closing Date.

     d. No litigation,  statute,  rule,  regulation,  executive  order,  decree,
ruling or injunction shall have been enacted,  entered,  promulgated or endorsed
by or in any court or  governmental  authority of competent  jurisdiction or any
self-regulatory  organization  having  authority  over the matters  contemplated
hereby which prohibits the consummation of any of the transactions  contemplated
by this Agreement.

     7. Conditions to The Buyer's Obligation to Purchase.  The obligation of the
Buyer  hereunder  to  purchase  the  Note  at  the  Closing  is  subject  to the
satisfaction, at or before the Closing Date of each of the following conditions,
provided  that these  conditions  are for the  Buyer's  sole  benefit and may be
waived by the Buyer at any time in its sole discretion:

     a. The Company shall have executed this Agreement and delivered the same to
the Buyer.

     b. The Company shall have delivered to the Buyer the duly executed Note (in
such  denominations  as the Buyer shall request) in accordance with Section 1(b)
above.

     c. The  Irrevocable  Transfer  Agent  Instructions,  in form and  substance
satisfactory to a  majority-in-interest  of the Buyer, shall have been delivered
to and acknowledged in writing by the Company's Transfer Agent.

     d. The  representations  and  warranties  of the Company  shall be true and
correct in all material  respects as of the date when made and as of the Closing
Date as though made at such time (except for representations and warranties that
speak as of a specific date) and the Company shall have performed, satisfied and

                                       18
<PAGE>
complied in all material respects with the covenants,  agreements and conditions
required by this  Agreement to be  performed,  satisfied or complied with by the
Company  at or prior to the  Closing  Date.  The Buyer  shall  have  received  a
certificate  or  certificates,  executed by the chief  executive  officer of the
Company,  dated as of the Closing Date,  to the foregoing  effect and as to such
other matters as may be  reasonably  requested by the Buyer  including,  but not
limited  to   certificates   with  respect  to  the  Company's   Certificate  of
Incorporation,  By-laws  and Board of  Directors'  resolutions  relating  to the
transactions contemplated hereby.

     e. No litigation,  statute,  rule,  regulation,  executive  order,  decree,
ruling or injunction shall have been enacted,  entered,  promulgated or endorsed
by or in any court or  governmental  authority of competent  jurisdiction or any
self-regulatory  organization  having  authority  over the matters  contemplated
hereby which prohibits the consummation of any of the transactions  contemplated
by this Agreement.

     f. No event shall have occurred which could  reasonably be expected to have
a Material  Adverse Effect on the Company  including but not limited to a change
in the 1934 Act reporting status of the Company or the failure of the Company to
be timely in its 1934 Act reporting obligations.

     g. The  Conversion  Shares shall have been  authorized for quotation on the
OTCQB and trading in the Common Stock on the OTCQB shall not have been suspended
by the SEC or the OTCQB.

     h. The Buyer shall have  received an  officer's  certificate  described  in
Section 3(c) above, dated as of the Closing Date.

     8. Governing Law; Miscellaneous.

     a.  Governing  Law.  This  Agreement  shall be governed by and construed in
accordance  with the laws of the State of New York without  regard to principles
of  conflicts  of laws.  Any action  brought by either  party  against the other
concerning the transactions contemplated by this Agreement shall be brought only
in the state  courts of New York or in the federal  courts  located in the state
and county of Nassau. The parties to this Agreement hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall
not  assert any  defense  based on lack of  jurisdiction  or venue or based upon
FORUM NON CONVENIENS.  The Company and Buyer waive trial by jury. The prevailing
party  shall  be  entitled  to  recover  from the  other  party  its  reasonable
attorney's  fees and costs. In the event that any provision of this Agreement or
any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed
inoperative  to the extent that it may  conflict  therewith  and shall be deemed
modified to conform with such statute or rule of law. Any such  provision  which

                                       19
<PAGE>
may prove invalid or  unenforceable  under any law shall not affect the validity
or  enforceability  of any other  provision of any agreement.  Each party hereby
irrevocably  waives  personal  service of process and consents to process  being
served in any suit,  action or proceeding in connection  with this  Agreement or
any other  Transaction  Document  by mailing a copy  thereof via  registered  or
certified  mail or overnight  delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this  Agreement and agrees that
such service shall constitute good and sufficient  service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law.

     b.   Counterparts.   This   Agreement  may  be  executed  in  one  or  more
counterparts,  each of which shall be deemed an original  but all of which shall
constitute  one  and  the  same  agreement  and  shall  become   effective  when
counterparts have been signed by each party and delivered to the other party.

     c.  Headings.  The  headings  of  this  Agreement  are for  convenience  of
reference only and shall not form part of, or affect the interpretation of, this
Agreement.

     d.  Severability.  In the event that any  provision  of this  Agreement  is
invalid or unenforceable  under any applicable statute or rule of law, then such
provision  shall  be  deemed  inoperative  to the  extent  that it may  conflict
therewith  and shall be deemed  modified to conform with such statute or rule of
law. Any provision hereof which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

     e.  Entire  Agreement;  Amendments.  This  Agreement  and  the  instruments
referenced  herein contain the entire  understanding of the parties with respect
to the matters covered herein and therein and, except as specifically  set forth
herein or therein,  neither the Company nor the Buyer makes any  representation,
warranty,  covenant or undertaking with respect to such matters. No provision of
this  Agreement  may be waived or amended other than by an instrument in writing
signed by the majority in interest of the Buyer.

     f. Notices. All notices, demands, requests, consents,  approvals, and other
communications  required or permitted  hereunder shall be in writing and, unless
otherwise  specified herein,  shall be (i) personally served,  (ii) deposited in
the mail,  registered or certified,  return receipt requested,  postage prepaid,
(iii) delivered by reputable air courier service with charges  prepaid,  or (iv)
transmitted by hand  delivery,  telegram,  or facsimile,  addressed as set forth
below or to such other address as such party shall have  specified most recently
by written notice. Any notice or other communication required or permitted to be
given hereunder shall be deemed  effective (a) upon hand delivery or delivery by
facsimile,  with accurate confirmation  generated by the transmitting  facsimile
machine,  at the address or number  designated below (if delivered on a business
day during normal  business  hours where such notice is to be received),  or the
first  business  day  following  such  delivery  (if  delivered  other than on a

                                       20
<PAGE>
business day during normal  business  hours where such notice is to be received)
or (b) on the  second  business  day  following  the date of  mailing by express
courier  service,  fully  prepaid,  addressed  to such  address,  or upon actual
receipt of such  mailing,  whichever  shall first occur.  The addresses for such
communications shall be:

     If to the Company, to:

                  2782 Gateway Road
                  Carlsbad, CA 92009
                  Attn: ROBERT T. MALASEK, Chief Financial Officer
                  facsimile: 530-548-7369

     With a copy by fax only to (which copy shall not constitute notice):

                  Jackson|DeMarco|Tidus|Peckenpaugh
                  Jason J Belice
                  2030 Main Street, 12th Floor
                  Irvine, California 92614
                  Tel.  949.851.7410
                  Fax. 949.752.0597

     If to the Buyer:

                  ASHER ENTERPRISES, INC.
                  1 Linden Pl., Suite 207
                  Great Neck, NY. 11021
                  Attn: Curt Kramer, President
                  facsimile: 516-498-9894

     With a copy by fax only to (which copy shall not constitute notice):

                  Naidich Wurman Birnbaum & Maday LLP
                  80 Cuttermill  Road, Suite 410
                  Great Neck, NY 11021
                  facsimile: 516-466-3555

         Each party  shall  provide  notice to the other  party of any change in
address.

                                       21
<PAGE>
     g.  Successors and Assigns.  This Agreement shall be binding upon and inure
to the benefit of the  parties and their  successors  and  assigns.  Neither the
Company nor the Buyer shall assign this  Agreement or any rights or  obligations
hereunder  without the prior written consent of the other.  Notwithstanding  the
foregoing, subject to Section 2(f), the Buyer may assign its rights hereunder to
any person that purchases  Securities in a private transaction from the Buyer or
to any of its  "affiliates," as that term is defined under the 1934 Act, without
the consent of the Company.

     h. Third Party Beneficiaries. This Agreement is intended for the benefit of
the parties hereto and their respective permitted successors and assigns, and is
not for the benefit of, nor may any  provision  hereof be enforced by, any other
person.

     i.  Survival.  The  representations  and  warranties of the Company and the
agreements and covenants set forth in this  Agreement  shall survive the closing
hereunder  notwithstanding  any due diligence  investigation  conducted by or on
behalf of the Buyer. The Company agrees to indemnify and hold harmless the Buyer
and all their  officers,  directors,  employees  and  agents  for loss or damage
arising as a result of or related to any breach or alleged breach by the Company
of any of its  representations,  warranties  and  covenants  set  forth  in this
Agreement  or  any  of its  covenants  and  obligations  under  this  Agreement,
including advancement of expenses as they are incurred.

     j. Publicity.  The Company,  and the Buyer shall have the right to review a
reasonable  period of time before issuance of any press releases,  SEC, OTCQB or
FINRA filings,  or any other public  statements with respect to the transactions
contemplated  hereby;  provided,  however,  that the Company  shall be entitled,
without the prior approval of the Buyer, to make any press release or SEC, OTCQB
(or other  applicable  trading  market) or FINRA  filings  with  respect to such
transactions  as is required by  applicable  law and  regulations  (although the
Buyer  shall be  consulted  by the  Company  in  connection  with any such press
release  prior to its release and shall be provided  with a copy  thereof and be
given an opportunity to comment thereon).

     k. Further Assurances. Each party shall do and perform, or cause to be done
and performed,  all such further acts and things,  and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated
hereby.

     l. No Strict  Construction.  The language  used in this  Agreement  will be
deemed to be the language  chosen by the parties to express their mutual intent,
and no rules of strict construction will be applied against any party.

     m.  Remedies.  The  Company  acknowledges  that  a  breach  by  it  of  its
obligations  hereunder will cause irreparable harm to the Buyer by vitiating the

                                       22
<PAGE>
intent and purpose of the  transaction  contemplated  hereby.  Accordingly,  the
Company  acknowledges  that the  remedy at law for a breach  of its  obligations
under this Agreement will be inadequate and agrees,  in the event of a breach or
threatened  breach by the Company of the provisions of this Agreement,  that the
Buyer shall be entitled,  in addition to all other available  remedies at law or
in equity, and in addition to the penalties  assessable herein, to an injunction
or  injunctions  restraining,  preventing or curing any breach of this Agreement
and to  enforce  specifically  the  terms and  provisions  hereof,  without  the
necessity of showing  economic loss and without any bond or other security being
required.

     IN WITNESS WHEREOF,  the undersigned Buyer and the Company have caused this
Agreement to be duly executed as of the date first above written.

LIBERTY COAL ENERGY CORP.

By:
   --------------------------------------
   ROBERT T. MALASEK
   Chief Financial Officer

ASHER ENTERPRISES, INC.

By:
   --------------------------------------
Name: Curt Kramer
Title: President
1 Linden Pl., Suite 207
Great Neck, NY 11021

AGGREGATE SUBSCRIPTION AMOUNT:

Aggregate Principal Amount of Note:                        $9,500.00

Aggregate Purchase Price:                                  $9,500.00

                                       23

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