Document:

Exhibit 4.1

 

Execution Version

 

BUNGE LIMITED FINANCE
CORP.,

as Issuer

 

 

BUNGE LIMITED,

as Guarantor

 

 

AND

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

$600,000,000

 

1.630% Senior Notes Due 2025

 

 

INDENTURE

 

Dated as of August 17, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE 1 Definitions and Incorporation by Reference	1
	 	 
	Section 1.01. Definitions	1
	Section 1.02. Incorporation by Reference of Trust Indenture Act	12
	Section 1.03. Rules of Construction	12
	ARTICLE 2 The Notes	13
	 	 
	Section 2.01. Form, Dating and Terms	13
	Section 2.02. Execution and Authentication	16
	Section 2.03. Registrar and Paying Agent	16
	Section 2.04. Paying Agent to Hold Money in Trust	17
	Section 2.05. Noteholder Lists	17
	Section 2.06. Transfer and Exchange	18
	Section 2.07. Mutilated, Destroyed, Lost or Stolen Notes	19
	Section 2.08. Outstanding Notes	20
	Section 2.09. Temporary Notes	21
	Section 2.10. Cancellation	21
	Section 2.11. Payment of Interest; Defaulted Interest	21
	Section 2.12. Computation of Interest	22
	Section 2.13. CUSIP, Common Code and ISIN Numbers	22
	Section 2.14. Tax Treatment	22
	ARTICLE 3 Covenants	23
	 	 
	Section 3.01. Payment of Notes	23
	Section 3.02. Limitation and Restrictions on Activities of the Company	23
	Section 3.03. Limitation on Liens	24
	Section 3.04. Limitation on Sale-Leaseback Transactions	24
	Section 3.05. Exclusion from Limitations	25
	Section 3.06. Maintenance of Office or Agency	25
	Section 3.07. Corporate Existence	26
	Section 3.08. Maintenance of Properties; Insurance	26
	Section 3.09. Payment of Taxes and Other Claims	26
	Section 3.10. Payments for Consent	26
	Section 3.11. Compliance Certificate	27
	Section 3.12. Further Instruments and Acts	27
	Section 3.13. Statement by Officers as to Default	27
	Section 3.14. Notice of Change in Bermuda Law, Debt Ratings	27
	Section 3.15. Offer to Repurchase Upon Change of Control	27
	ARTICLE 4 Successor Guarantor	30
	 	 
	Section 4.01. Consolidation, Merger, Amalgamation and Sale of Assets by the Guarantor	30

 

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	ARTICLE 5 Optional Redemption of Notes	31
	 	 
	Section 5.01. Optional Redemption by the Company	31
	Section 5.02. Applicability of Article	31
	Section 5.03. Election to Redeem; Notice to Trustee	31
	Section 5.04. Selection by Trustee of Notes to Be Redeemed	32
	Section 5.05. Notice of Redemption	32
	Section 5.06. Deposit of Redemption Price	33
	Section 5.07. Notes Payable on Redemption Date	33
	Section 5.08. Notes Redeemed in Part	33
	ARTICLE 6 Defaults and Remedies	34
	 	 
	Section 6.01. Events of Default	34
	Section 6.02. Acceleration	35
	Section 6.03. Other Remedies	35
	Section 6.04. Waiver of Past Defaults	36
	Section 6.05. Control by Majority	36
	Section 6.06. Limitation on Suits	36
	Section 6.07. Rights of Holders to Receive Payment	37
	Section 6.08. Collection Suit by Trustee	37
	Section 6.09. Trustee May File Proofs of Claim	37
	Section 6.10. Priorities	37
	Section 6.11. Undertaking for Costs	38
	ARTICLE 7 Trustee	38
	 	 
	Section 7.01. Duties of Trustee	38
	Section 7.02. Rights of Trustee	39
	Section 7.03. Individual Rights of Trustee	41
	Section 7.04. Trustee’s Disclaimer	41
	Section 7.05. Notice of Defaults	42
	Section 7.06. Report by Trustee to Holders	42
	Section 7.07. Compensation and Indemnity	42
	Section 7.08. Replacement of Trustee	43
	Section 7.09. Successor Trustee by Merger	44
	Section 7.10. Eligibility; Disqualification	44
	Section 7.11. Preferential Collection of Claims Against Company	44
	Section 7.12. Trustee’s Application for Instruction from the Company	44
	ARTICLE 8 Discharge of Indenture; Defeasance	45
	 	 
	Section 8.01. Discharge of Liability on Notes; Defeasance	45
	Section 8.02. Conditions to Defeasance	46
	Section 8.03. Application of Trust Money	47
	Section 8.04. Repayment to Company	47
	Section 8.05. Indemnity for U.S. Government Securities	47

 

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	Section 8.06. Reinstatement	48
	ARTICLE 9 Amendments	48
	 	 
	Section 9.01. Without Consent of Holders	48
	Section 9.02. With Consent of Holders	49
	Section 9.03. Compliance with Trust Indenture Act	49
	Section 9.04. Revocation and Effect of Consents and Waivers	50
	Section 9.05. Notation on or Exchange of Notes	50
	Section 9.06. Trustee to Sign Amendments	50
	ARTICLE 10 Guarantee	50
	 	 
	Section 10.01. Guarantee	50
	Section 10.02. No Subrogation	52
	Section 10.03. Consideration	52
	ARTICLE 11 Miscellaneous	52
	 	 
	Section 11.01. Trust Indenture Act Controls	52
	Section 11.02. Notices	52
	Section 11.03. Communication by Holders with Other Holders	53
	Section 11.04. Certificate and Opinion as to Conditions Precedent	54
	Section 11.05. Statements Required in Certificate or Opinion	54
	Section 11.06. When Notes Disregarded	54
	Section 11.07. Rules by Trustee, Paying Agent and Registrar	54
	Section 11.08. Legal Holidays	55
	Section 11.09. Governing
    Law	55
	Section 11.10. No Recourse Against Others	55
	Section 11.11. Successors	55
	Section 11.12. Consent to Jurisdiction	55
	Section 11.13. Appointment for Agent for Service of Process	55
	Section 11.14. Waiver of Immunities	56
	Section 11.15. Additional Amounts	56
	Section 11.16. Judgment Currency	56
	Section 11.17. No Bankruptcy Petition Against the Company; Liability of the Company	57
	Section 11.18. Multiple Originals; Electronic Signatures	57
	Section 11.19. Qualification of Indenture	57
	Section 11.20. Table of Contents; Headings	58
	Section 11.21. Force Majeure	58
	Section 11.22. U.S.A. Patriot Act	58

 

EXHIBIT A Form of Face of Initial Notes and Subsequent Notes

SCHEDULE 1.1Designated Obligors and
Material Subsidiaries

SCHEDULE 3.4Existing Liens

 

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CROSS-REFERENCE TABLE

	Trust Indenture	 	 
	Act Section	 	Indenture
	310(a)		 	Section 7.10.
	(b)	 	 	Section 7.10.
	(b)	(1) 	 	Section 7.10.
	(c)	 	 	N.A.
	311(a)		 	Section 7.11.
	(b)	 	 	Section 7.11.
	(c)	 	 	N.A.
	312(a)		 	Section 2.05.
	(b)	 	 	Section 11.03.
	(c)	 	 	Section 11.03.
	313(a)		 	Section 7.06.
	(b)	 	 	Section 7.06.
	(c)	 	 	Section 7.06.
	(d)	 	 	N.A.
	314(a)		 	N.A.
	(a)	(4)	 	Section 3.11.
	(b)	 	 	N.A.
	(c)	 	 	N.A.
	(d)	 	 	N.A.
	(e)	 	 	N.A.
	315(a)		 	N.A.
	316(a)		 	N.A.
	(b)	 	 	N.A.
	317(a)		 	N.A.
	(b)	 	 	N.A.
	318(a)		 	N.A.

 

N.A. means Not Applicable.

 

Note: This Cross-Reference Table shall
not, for any purpose, be deemed to be part of this Indenture.

 

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INDENTURE dated as
of August 17, 2020, among BUNGE LIMITED FINANCE CORP., a Delaware corporation (the “Company” or the “Issuer”),
as issuer, BUNGE LIMITED, an exempted company limited by shares incorporated under the laws of Bermuda (the “Guarantor”),
as guarantor, and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Trustee”), as trustee.

 

Each party agrees as
follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of (i) the Company’s 1.630%
Senior Notes Due 2025 issued on the date hereof and the guarantees thereof by the Guarantor (the “Initial Notes”)
and (ii) if and when issued, additional 1.630% Senior Notes Due 2025 which may be offered subsequent to the Issue Date and the
guarantees thereof by the Guarantor (the “Subsequent Notes” and together with the Initial Notes, the “Notes”).

 

ARTICLE 1

Definitions and Incorporation by Reference

 

Section 1.01. Definitions.

 

“Affiliate”
means, with respect to any specified Person, 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 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; provided, however, that the existence of a management contract by the
Company or an Affiliate of the Company to manage another entity shall not be deemed to be control.

 

“Agent Member”
has the meaning ascribed to it in Section 2.01(d)(ii) hereof.

 

“Attributable
Indebtedness” means, when used with respect to any Sale-Leaseback Transaction, as at the time of determination, the present
value (discounted at the rate of interest set forth in or implicit in the terms of the lease) of the total obligations of the lessee
for rental payments (other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, assessments,
utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining
term of the lease included in such Sale-Leaseback Transaction (including any period for which such lease has been extended).

 

“Authenticating
Agent” has the meaning ascribed to it in Section 2.02 hereof.

 

“Below Investment
Grade Rating Event” means the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any
date from the date of the public notice of an event that would, if consummated, result in a Change of Control until the end of
the sixty (60) day period following public notice of the occurrence of the Change of Control, which sixty (60) day period shall
be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by each of the
Rating Agencies.

 

“Board of
Directors” means, with respect to any Person, the board of directors of such Person or any duly authorized committee
thereof.

 

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“Bunge Master
Trust” means the trust created pursuant to the Pooling Agreement, a beneficial interest in the assets of which the Company
has acquired through the Series 2002-1 VFC.

 

“Business
Day” means each day that is not a Legal Holiday.

 

“Capital Stock”
means, with respect to any Person, any and all shares, interests, rights to purchase, warrants, options (whether or not currently
exercisable), participations or other equivalents of or interests in (however designated) the equity (which includes, but is not
limited to, common stock or shares, preferred stock or shares and partnership and joint venture interests) of such Person (excluding
any debt securities convertible into, or exchangeable for, such equity).

 

“Change of
Control” means the occurrence of any of the following:

 

(1)       the
Guarantor becomes aware (by way of report or any other filing pursuant to Section 13(d) of the Exchange Act or written notice)
of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any
successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning
of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger,
consolidation or other business combination, of 50% or more of the total voting power of the Voting Stock of the Guarantor then
outstanding;

 

(2)       the
sale, lease or transfer of all or substantially all of the assets of the Guarantor and its Subsidiaries, taken as a whole, to any
Person that is not a Subsidiary of the Guarantor; or

 

(3)       the
first day on which a majority of the members of the Guarantor's Board of Directors are not Continuing Directors.

 

“Change of
Control Offer” has the meaning ascribed to it in Section 3.15 hereof.

 

“Change of
Control Payment” has the meaning ascribed to it in Section 3.15 hereof.

 

“Change of
Control Payment Date” has the meaning ascribed to it in Section 3.15 hereof.

 

“Change of
Control Triggering Event” means the occurrence of a Change of Control that results in a Below Investment Grade Rating
Event.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Company”
has the meaning ascribed to it in the first introductory paragraph of this Indenture.

 

“Company Order”
has the meaning ascribed to it in Section 2.02 hereof.

 

“Company Permitted
Lien” means:

 

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(1) Liens for current
taxes, assessments or other governmental charges which are not delinquent or remain payable without any penalty, or the validity
of which is contested in good faith by appropriate proceedings upon stay of execution of the enforcement thereof or upon posting
a bond in connection therewith;

 

(2) any Lien pursuant
to any order or attachment or similar legal process arising in connection with court proceedings; provided that the execution or
other enforcement thereof is effectively stayed or a sufficient bond had been posted and the claims secured thereby are being contested
at the time in good faith by appropriate proceedings;

 

(3) any Liens securing
bonds posted with respect to and in compliance with clauses (1) and (2) above;

 

(4) Liens to secure
bonds posted in order to obtain stays of judgments, attachments or orders, the existence of which bonds would not otherwise constitute
an Event of Default; and

 

(5) Liens securing
obligations under a Hedge Agreement.

 

“Consolidated
Net Tangible Assets” means, at any date of determination, the total amount of assets of the Guarantor and its consolidated
Subsidiaries after deducting therefrom:

 

(1)       all
current liabilities (excluding any current liabilities that by their terms are extendable or renewable at the option of the obligor
thereon to a time more than 12 months after the time as of which the amount thereof is being computed);

 

(2)       total
prepaid expenses and deferred charges; and

 

(3)       all
goodwill, trade names, trademarks, patents, licenses, copyrights and other intangible assets, all as set forth, or on a pro forma
basis would be set forth, on the consolidated balance sheet of the Guarantor and its consolidated Subsidiaries for its most recently
completed fiscal quarter, prepared in accordance with U.S. GAAP.

 

“Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Guarantor who (1) was
a member of such Board of Directors on the date of the issuance of the Initial Notes; or (2) was nominated for election, appointed
or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board
of Directors at the time of such nomination or election (either by a specific vote or by approval of the Guarantor's proxy statement
in which such member was named as a nominee for election as a director).

 

“Corporate
Trust Office” has the meaning ascribed to it in Section 3.06 hereof.

 

“covenant
defeasance option” has the meaning ascribed to it in Section 8.01(b) hereof.

 

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

 

“Defaulted
Interest” has the meaning ascribed to it in Section 2.11 hereof.

 

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“Definitive
Notes” means certificated Notes.

 

“Designated
Obligor” means the Guarantor and the Subsidiaries of the Guarantor set forth on Schedule 1.1 hereto and any other Subsidiary
designated by the Guarantor from time to time as eligible to be an obligor with respect to any intercompany loan sold to the master
trust under the Master Trust Transaction Documents, and each of their successors.

 

“DTC”
means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depository institution
hereinafter appointed by the Company.

 

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

 

“Event of
Default” has the meaning ascribed to it in Section 6.01 hereof.

 

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

 

“Fair Market
Value” means, with respect to any property, the sale value of such property that would be realized in an arms-length
sale at such time between an informed and willing buyer, and an informed and willing seller, under no compulsion to buy or sell,
respectively.

 

“Fiscal Year”
means the fiscal year of the Company ending on December 31 of each year.

 

“Fitch”
means Fitch Ratings Limited.

 

“Global Note”
has the meaning ascribed to it in Section 2.01(a) hereof.

 

“guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other
Person and any obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1)       to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or 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

 

(2)       entered
into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part);

 

provided, however, that the term “guarantee”
will 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.

 

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“Guarantee”
means any guarantee of payment of the Notes and any other obligations of the Company by the Guarantor pursuant to the terms of
this Indenture.

 

“Guarantor”
has the meaning ascribed to it in the first introductory paragraph of this Indenture.

 

“Guaranty”
means the Ninth Amended and Restated Guaranty, dated as of December 14, 2018, by the Guarantor to Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A., “Rabobank International,” New York Branch, JPMorgan Chase Bank, N.A. and the Master Trust Trustee, as the same
may be amended, supplemented or otherwise modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Hedge Agreements”
means all swaps, caps or collar agreements or similar arrangements dealing with interest rates or currency exchange rates or the
exchange of nominal interest obligations, either generally or under specific contingencies.

 

“Holder”
or “Noteholder” means the Person in whose name a Note is registered in the Note Register.

 

“Indebtedness”
means, as to any Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred
purchase price of property, except trade accounts payable arising in the ordinary course of business, (d) all obligations of such
Person as lessee which are capitalized in accordance with U.S. GAAP, (e) all obligations of such Person created or arising under
any conditional sales or other title retention agreement with respect to any property acquired by such Person (including without
limitation, obligations under any such agreement which provides that the rights and remedies of the seller or lender thereunder
in the event of default are limited to repossession or sale of such property), (f) all obligations of such Person with respect
to letters of credit and similar instruments, including without limitation obligations under reimbursement agreements, (g) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has existing right, contingent or otherwise, to
be secured by) a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person and (h) all guarantees
of such Person (other than guarantees of obligations of direct or indirect Subsidiaries of such Person).

 

“Indenture”
means this Indenture, as amended or supplemented from time to time in accordance with its terms.

 

“Initial Notes”
has the meaning ascribed to it in the second introductory paragraph of this Indenture.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody's, BBB- (or the equivalent) by
S&P, BBB- (or the equivalent) by Fitch, or an equivalent rating by any other Rating Agency.

 

“Issue Date”
means the date on which the Initial Notes are originally issued.

 

“legal defeasance
option” has the meaning ascribed to it in Section 8.01(b) hereof.

 

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“Legal Holiday”
has the meaning ascribed to it in Section 11.08 hereof.

 

“Lien”
means any mortgage, lien, security interest, pledge, charge or other encumbrance.

 

“Master Trust
Transaction Documents” means the collective reference to the Pooling Agreement, the Series 2002-1 Supplement, the Series
2002-1 VFC, the Sale Agreement, the Servicing Agreement and the Guaranty.

 

“Master Trust
Trustee” means The Bank of New York Mellon, as trustee under, and for the purposes of, the Master Trust Transaction Documents,
and any successor thereto.

 

“Material
Adverse Effect” means a material adverse effect, or any development involving a prospective material adverse effect,
in the condition, financial or otherwise, or in the earnings, business or operations of the Guarantor and its consolidated Subsidiaries
taken as a whole.

 

“Material
Subsidiary” means, at any time, any Subsidiary of the Guarantor which at such time is a “significant subsidiary”
within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. The Material Subsidiaries as of the date hereof are
set forth on Schedule 1.1 hereto.

 

“Moody's”
means Moody's Investors Service Inc. and any successor to its rating agency business.

 

“Note Register”
means the register of Notes, maintained by the Registrar, pursuant to Section 2.03 hereof.

 

“Notes”
means the collective reference to the Initial Notes and the Subsequent Notes.

 

“Obligations”
has the meaning ascribed to it in Section 10.01 hereof.

 

“Officer”
means the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice
President, the Treasurer, any Assistant Treasurer, the Controller or the Secretary of the Company or the Guarantor, as applicable.

 

“Officer’s
Certificate” means a certificate signed by an Officer or attorney-in-fact of the Company or the Guarantor, as applicable.

 

“Opinion of
Counsel” means a written opinion from legal counsel, which counsel may be an employee of or counsel to the Company in
a form and substance acceptable to the Trustee.

 

“Pari Passu
Indebtedness” means Indebtedness for borrowed money, the proceeds of which are used to either purchase interests in the
Series 2002-1 VFC, refinance Indebtedness originally used for such purpose and/or pay expenses incurred in connection with this
Indenture or any such other Indebtedness, and indebtedness incurred in connection with Hedge Agreements, in each case which ranks
not greater than pari passu (in priority of payment) with the Notes.

 

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

 

“Permitted
Indebtedness” means (a) Indebtedness of the Company under the Notes and (b) Pari Passu Indebtedness.

 

“Permitted
Liens” means:

 

(1)       Liens
for current taxes, assessments or other governmental charges which are not delinquent or remain payable without any penalty, or
the validity of which is contested in good faith by appropriate proceedings upon stay of execution of the enforcement thereof or
upon posting a bond in connection therewith;

 

(2)       any
Lien pursuant to any order or attachment or similar legal process arising in connection with court proceedings; provided
that the execution or other enforcement thereof is effectively stayed or a sufficient bond had been posted and the claims secured
thereby are being contested at the time in good faith by appropriate proceedings;

 

(3)       any
Liens securing bonds posted with respect to and in compliance with clauses (1) and (2) above;

 

(4)       any
Liens securing the claims of mechanics, laborers, workmen, repairmen, materialmen, suppliers, carriers, warehousemen, landlords,
or vendors or other claims provided for by mandatory provisions of law which are not yet due and delinquent, or are being contested
in good faith by appropriate proceedings;

 

(5)       any
Lien on any Restricted Property securing Indebtedness incurred or assumed solely for the purpose of financing all or any part of
the cost of constructing or acquiring such Restricted Property, which Lien attaches to such Restricted Property concurrently with
or within 120 days after construction, acquisition or completion of a series of related acquisitions thereof;

 

(6)       Liens
existing immediately prior to the execution and delivery of this Indenture (and listed on Schedule 3.4 hereto);

 

(7)       Liens
to secure bonds posted in order to obtain stays of judgments, attachments or orders, the existence of which bonds would not otherwise
constitute an Event of Default;

 

(8)       Liens
on Restricted Property or with respect to the shares of stock or Indebtedness of any Restricted Subsidiary, that either (i) existed
prior to the acquisition of (A) such Restricted Property, (B) any Subsidiary that is the owner of such Restricted Property or (C)
with respect to the shares of stock or Indebtedness of any Restricted Subsidiary, any such Restricted Subsidiary, or (ii) arise
as a result of contractual commitments to grant a Lien relating to (A) such Restricted Property, (B) any Subsidiary that is the
owner of such Restricted Subsidiary or (C) with respect to the shares of stock or Indebtedness of any Restricted Subsidiary, any
such Restricted Subsidiary, in each of (A), (B) and (C) existing prior to such acquisition;

 

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(9)       Liens
created by a Restricted Subsidiary in favor of the Company, the Guarantor or a Subsidiary;

 

(10)       Liens
on any accounts receivable from or invoices to export customers (including, but not limited to, Subsidiaries) and the proceeds
thereof;

 

(11)       Liens
on rights under contracts to sell, purchase or receive commodities to or from export customers (including, but not limited to,
Subsidiaries) and the proceeds thereof;

 

(12)       Liens
on cash deposited as collateral in connection with financings where Liens are permitted under clause (10) and (11) of this definition;

 

(13)       Liens
extending, renewing or replacing, in whole or in part Liens permitted pursuant to (i) clauses (1) through (5) and (7) through (12),
so long as the principal amount of the Indebtedness secured by such Lien does not exceed its original principal amount and (ii)
in the case of clause (6), so long as the principal amount of the Indebtedness secured by such Lien does not exceed the principal
amount thereof outstanding immediately prior to the execution and delivery of the Indenture;

 

(14)       minor
survey exceptions or minor encumbrances, easements or reservations, or rights of others for rights-of-way, utilities and other
similar purposes, or zoning or other restrictions as to the use of real properties that constitute Restricted Property, which are
necessary for the conduct of the activities of the Guarantor or any Restricted Subsidiary or which customarily exist on properties
of corporations engaged in similar activities and similarly situated and which do not in any event materially impair their use
in the operation of the business of the Guarantor or any Restricted Subsidiary;

 

(15)       Liens
on accounts receivable and other related assets arising in connection with transfers thereof to the extent such transfers are treated
as true sales of financial assets under FASB Statement No. 166, and such accounts receivable and related assets are not consolidated
on the consolidated financial statements of the Guarantor and its Subsidiaries under FASB Statement No. 167;

 

(16)       Liens
on intercompany loans made to the Guarantor or its Subsidiaries or on any notes or other instruments representing an interest in
such intercompany loans in each case as set forth in the Master Trust Transaction Documents;

 

(17)       Liens
securing obligations under a Hedge Agreement or swap, cap or collar agreement or similar arrangement related to equities or commodities;

 

(18)       Liens
on any checking account, saving account, clearing account, futures account, deposit account, securities account, brokerage account,
custody account or other account (or on any assets held in such account), securing obligations under any agreement or arrangement
related to the opening of or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or other services related
to such account (or on any assets held in such account), which customarily exist on similar accounts (or on any assets held in
such accounts) of corporations in connection with the opening of, or provision of clearing, pooling, zero-balancing, brokerage,
settlement, margin or other services related, to such accounts; and

 

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(19)       Liens
securing any obligations related to the issuance of a letter of credit or any similar instrument, including without limitation,
obligations under reimbursement agreements.

 

For purposes of this
definition above, (A) the phrases “accounts receivable from or invoices to export customers” and “contracts to
sell, purchase or receive commodities to (from) export customers” shall refer to invoices or accounts receivable derived
from the sale of, or contracts to sell, purchase or receive wheat, soybeans or other commodities or products derived from the processing
of wheat, soybeans or other commodities, by or to the Guarantor or a Restricted Subsidiary that have been or are to be exported
from the country of origin whether or not such sale is made by a Restricted Subsidiary or to any of its Subsidiaries; and (B) property
of a party to a corporate reorganization which is not the Guarantor or a Restricted Subsidiary shall be deemed to be or have been
“acquired” by the Guarantor or such Restricted Subsidiary as part of such corporate reorganization even if the Guarantor
or such Restricted Subsidiary, as the case may be, is not the surviving or continuing entity.

 

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

 

“Place of
Payment” has the meaning ascribed to it in Section 2.03 hereof.

 

“Pooling Agreement”
means the Fifth Amended and Restated Pooling Agreement, dated as of June 28, 2004, among Bunge Funding, Inc., Bunge Management
Services, Inc., as servicer, and the Master Trust Trustee, as amended, modified or supplemented from time to time in accordance
with its terms, subject to Section 3.02(f) hereof.

 

“Principal
Trust Office” means the Corporate Trust Office or such other trust office or agency as may be designated by the Trustee
in writing to the Company from time to time, or the designated corporate trust office of any successor Trustee. The initial Principal
Trust Office shall be the office of the Trustee to which notices are to be sent as set forth in Section 11.02 hereof.

 

“Property”
means any property, whether presently owned or hereafter acquired, including any asset, revenue or right to receive income or any
other property, whether tangible or intangible, real or personal.

 

“Rating Agencies”
means (1) Moody's, S&P and Fitch; and (2) if Moody's, S&P or Fitch ceases to rate the Notes or fails to make a rating of
the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by Bunge
Limited which shall be substituted for any of Moody's, S&P or Fitch, or all of them, as the case may be.

 

“Redemption
Date” means, with respect to any redemption of Notes, the date of redemption with respect thereto.

 

“Redemption
Price” has the meaning ascribed to it under the section entitled “Optional Redemption by the Company” on
the reverse side of the Notes, the form of which is attached as Exhibit A hereto.

 

    9

     

    

 

“Registrar”
has the meaning ascribed to it in Section 2.03 hereof.

 

“Representatives
to the Underwriters” means Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.

 

“Restricted
Property” means any building, mine, structure or other facility (together with the land on which it is erected and fixtures
comprising a part thereof) and inventories now owned or hereafter acquired by the Guarantor or any Subsidiary and used for oilseed
or grain origination, processing, transportation or storage, mining or fertilizer refining or storage.

 

“Restricted
Subsidiary” means (a) any Designated Obligor or (b) any Material Subsidiary.

 

“Sale Agreement”
means the Second Amended and Restated Sale Agreement, dated as of September 6, 2002, among Bunge Funding, Inc., Bunge Finance Limited
and Bunge Finance North America, Inc.

 

“Sale-Leaseback
Transaction” means the sale or transfer by the Guarantor or any Restricted Subsidiary of any Restricted Property to a
Person (other than the Guarantor or a Restricted Subsidiary) and the taking back by the Guarantor or any Restricted Subsidiary,
as the case may be, of a lease of such Restricted Property.

 

“S&P”
means Standard & Poor’s Financial Services LLC, and any successor to its rating agency business.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

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

 

“Securities
Custodian” means the custodian with respect to the Global Note (as appointed by DTC), or any successor Person thereto
and shall initially be the Trustee.

 

“Series 2002-1
Supplement” means the Seventh Amended and Restated Series 2002-1 Supplement to the Pooling Agreement, dated as of May
13, 2016, among the Company, Bunge Funding, Inc., Bunge Management Services, Inc. and the Master Trust Trustee, as the same may
be amended, supplemented or otherwise modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Series 2002-1
VFC” means the interest in the Bunge Master Trust created and authorized pursuant to a supplement to the Pooling Agreement
that is designated as the “Series 2002-1 VFC Certificate” in which the Company will acquire a beneficial interest with
the net proceeds of the Notes and other Permitted Indebtedness.

 

“Servicing
Agreement” means the Third Amended and Restated Servicing Agreement, dated as of December 23, 2003 among Bunge Funding,
Inc., Bunge Management Services, Inc., as the servicer, and the Master Trust Trustee, as the same may be amended, supplemented
or otherwise modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

    10

     

    

 

“Special Interest
Payment Date” has the meaning ascribed to it in Section 2.11 hereof.

 

“Special Record
Date” has the meaning ascribed to it in Section 2.11 hereof.

 

“Stated Maturity”
means, with respect to any security, the date specified in such security as the fixed date on which the payment of principal of
such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent
obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.

 

“Subsequent
Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture.

 

“Subsidiary”
means any corporation, limited liability company or other business entity of which the requisite number of shares of stock or other
equity ownership interests having ordinary voting power (without regard to the occurrence of any contingency) to elect a majority
of the directors, managers or trustees thereof, or any partnership of which more than 50% of the partners’ equity interests
(considering all partners’ equity interests as a single class) is, in each case, at the time owned or controlled, directly
or indirectly, by a Person, one or more of the Subsidiaries of such Person, or combination thereof.

 

“Successor
Guarantor” has the meaning ascribed to it in Section 4.01 hereof.

 

“Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as in effect on the date of this Indenture, except as provided in Section
9.03 hereof.

 

“Trust Officer”
means, with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant treasurer, assistant secretary, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom
any corporate trust matter is referred because of such individual’s knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of this Indenture.

 

“Trustee”
means the party named as such in this Indenture until a successor replaces it and, thereafter, such successor.

 

“Underwriters”
means, collectively, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Credit Agricole Securities
(USA) Inc., SMBC Nikko Securities America, Inc., ABN AMRO Securities (USA) LLC, BNP Paribas Securities Corp., HSBC Securities (USA)
Inc., ING Financial Markets LLC, Mizuho Securities USA LLC, Natixis Securities Americas LLC, Rabo Securities USA, Inc., SG Americas
Securities, LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, ANZ Securities, Inc., Barclays Capital Inc., BB Securities
Limited, BBVA Securities Inc., BMO Capital Markets Corp., Commerz Markets LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank
Securities Inc., DZ Financial Markets LLC, ICBC Standard Bank Plc, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Scotia
Capital (USA) Inc., Standard Chartered Bank, TD Securities (USA) LLC, Truist Securities, Inc., UniCredit Capital Markets LLC and
BofA Securities, Inc.

 

    11

     

    

 

“U.S. GAAP”
means generally accepted accounting principles in the United States, as in effect on the Issue Date.

 

“U.S. Government
Securities” means securities that are (a) direct obligations of the United States of America for the timely payment of
which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof,
and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian
with respect to any such U.S. Government Securities or a specific payment of principal of or interest on any such U.S. Government
Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government Securities or the specific payment of principal of or interest
on the U.S. Government Securities evidenced by such depository receipt.

 

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

 

Section 1.02. Incorporation
by Reference of Trust Indenture Act. This Indenture is subject to the mandatory provisions of the Trust Indenture Act which
are incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act terms have the following
meanings:

 

“Commission”
means the SEC.

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to
be qualified” means this Indenture.

 

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

 

“obligor”
on the indenture securities means the Company and any other obligor on the indenture securities.

 

All other Trust Indenture
Act terms used in this Indenture that are defined by the Trust Indenture Act, defined in the Trust Indenture Act by reference to
another statute or defined by SEC rule have the meanings assigned to them by such definitions.

 

Section 1.03. Rules
of Construction. Unless the context otherwise requires:

 

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

 

    12

     

    

 

(2)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with U.S. GAAP as in effect on the Issue Date;

 

(3)       “or”
is not exclusive;

 

(4)       “including”
means including without limitation;

 

(5)       words
in the singular include the plural and words in the plural include the singular; and

 

(6)       the
principal amount of any non-interest-bearing or other discount security at any date shall be the principal amount thereof that
would be shown on a balance sheet of the Issuer dated such date and prepared in accordance with U.S. GAAP.

 

ARTICLE 2

The Notes

 

Section 2.01. Form,
Dating and Terms. (a) The Initial Notes are being offered and sold by the Company pursuant to an Underwriting Agreement, dated
August 10, 2020, among the Company, the Guarantor and Representatives to the Underwriters.

 

The Initial Notes offered
and sold to the Underwriters will be issued on the Issue Date in the form of a permanent global Note, without interest coupons,
substantially in the form of Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture,
including appropriate legends as set forth in Section 2.01(c) hereof (the “Global Note”), deposited with the
Trustee, as custodian for DTC, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Global
Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount
to be represented by a single certificate. The aggregate principal amount of the Global Note may from time to time be increased
or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.

 

Except as described
in the succeeding two sentences, the principal of and premium, if any, and interest on the Notes shall be payable at the office
or agency of the Company maintained for such purpose in The City of New York, or at such other office or agency of the Company
as may be maintained for such purpose pursuant to Section 2.03 hereof; provided, however, that, at the option of
the Company, each installment of interest may be paid by check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register. Payments in respect of Notes represented by a Global Note (including principal, premium and
interest) will be made by wire transfer of immediately available funds to the accounts specified by DTC. Payments in respect of
Notes represented by Definitive Notes (including principal, premium, if any, and interest) held by a Holder of at least U.S.$1,000,000
aggregate principal amount of Notes represented by Definitive Notes will be made by wire transfer to a U.S. dollar account maintained
by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee
or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its discretion).

 

    13

     

    

 

Any Subsequent Notes
shall be in the form of Exhibit A hereto.

 

The Notes may have
notations, legends or endorsements required by law, stock exchange rule or usage, in addition to those set forth on Exhibit
A hereto and in Section 2.01(c) hereof. The Company and the Trustee shall approve the forms of the Notes and any notation,
endorsement or legend on them. Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit
A hereto are part of the terms of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution
and delivery of this Indenture, expressly agree to be bound by such terms.

 

The Notes shall be
subject to repurchase by the Company pursuant to a Change of Control Offer as provided in Section 3.15 hereof. The Notes shall
not be redeemable, other than as provided in Article 5.

 

(b)                
Denominations. The Notes shall be issuable only in fully registered form, without coupons, and only in denominations
of U.S.$2,000 and any integral multiple of $1,000 in excess thereof.

 

(c)                 
Legends. Each of the Global Notes, whether or not an Initial Note, shall bear the following legend on the face thereof:

 

“UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE.”

 

(d)                
Book-Entry Provisions. This Section 2.01(d) shall apply only to Global Notes deposited with the Trustee, as custodian
for DTC.

 

(i)                  
Each Global Note initially shall (A) be registered in the name of DTC or the nominee of DTC, (B) be delivered to the Trustee
as custodian for DTC and (C) bear legends as set forth in Section 2.01(c) hereof.

 

(ii)                  Members
of, or participants in, DTC (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Note held on their behalf by DTC or by the Trustee as the custodian of DTC or under such Global Note, and DTC may
be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any
agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished
by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of
the rights of a Holder of a beneficial interest in any Global Note.

 

    14

     

    

 

 

(iii)                
In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to Section 2.01(e) hereof
to beneficial owners who are required to hold Definitive Notes, the Securities Custodian shall reflect on its books and records
the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial
interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one
or more Definitive Notes of like tenor and amount.

 

(iv)                
In connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.01(e) hereof, such Global
Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate
and deliver, to each beneficial owner identified by DTC in exchange for its beneficial interest in such Global Note, an equal aggregate
principal amount of Definitive Notes of authorized denominations.

 

(v)                 
The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and
persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture
or the Notes.

 

(e)                   
Definitive Notes.

 

(i)                    Except
as provided below, owners of beneficial interests in Global Notes will not be entitled to receive Definitive Notes. If required
to do so pursuant to any applicable law or regulation, beneficial owners may obtain Definitive Notes in exchange for their beneficial
interests in a Global Note upon written request in accordance with DTC’s and the Registrar’s procedures. In addition,
Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if
(a) DTC notifies the Company that it is unwilling or unable to continue as depositary for such Global Note, or DTC ceases to be
a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in order to act as depositary,
and in each case a successor depositary is not appointed by the Company within 90 days of such notice, (b) subject to the procedures
of DTC, the Company or the Guarantor executes and delivers to the Trustee and Registrar an Officer’s Certificate stating
that such Global Note shall be so exchangeable or (c) an Event of Default has occurred and is continuing and the Registrar has
received a request from DTC.

 

(ii)                   In
connection with the exchange of a portion of a Definitive Note for a beneficial interest in a Global Note, the Trustee shall
cancel such Definitive Note, and the Company shall execute, and the Trustee shall authenticate and deliver, to the
transferring Holder a new Definitive Note representing the principal amount not so transferred.

 

    15

     

    

 

Section 2.02. Execution
and Authentication. One Officer shall execute the Notes, on behalf of the Company, by manual or facsimile signature. If an
Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall
be valid nevertheless.

 

A Note shall not be
valid until an authorized signatory of the Trustee manually authenticates the Note. The signature of the Trustee on a Note shall
be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. A Note shall be
dated the date of its authentication.

 

The Trustee shall authenticate and make
available for delivery: (1) at any time and from time to time after the execution and delivery of this Indenture, the Initial Notes
for original issue on the Issue Date initially in an aggregate principal amount of U.S. $600,000,000; and (2) if and when issued,
the Subsequent Notes, in each case upon a written order of the Company signed by two Officers or by an Officer and an Assistant
Treasurer or an Assistant Secretary of the Company (the “Company Order”). Such Company Order shall specify the
amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes
are to be Initial Notes or Subsequent Notes. The aggregate principal amount of Notes which may be authenticated and delivered under
this Indenture is initially limited to U.S. $600,000,000 outstanding (plus any Subsequent Notes), except for Notes authenticated
and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Notes of the same class pursuant to Section
2.06, Section 2.07, Section 2.09, Section 5.08 or Section 9.05 hereof. All Notes issued on the Issue Date and all Subsequent Notes
shall be identical in all respects other than issue date, issue price and the date from which interest accrues and any changes
relating thereto; provided that if the Subsequent Notes are not fungible with the Initial Notes for United States federal
income tax purposes, the Subsequent Notes will have a separate CUSIP number, Common Code and ISIN number and/or any other identifying
number. Notwithstanding anything to the contrary contained in this Indenture, the Initial Notes and any Subsequent Notes of the
same class will be treated as a single class of securities under this Indenture. Without limiting the generality of the foregoing
sentence, unless otherwise provided in this Indenture, all Notes issued under this Indenture shall vote and consent together on
all matters as one class and no Notes will have the right to vote or consent as a separate class on any matter.

 

The Trustee may appoint
an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate the Notes. Unless
limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by the Authenticating Agent. An Authenticating
Agent has the same rights as a Paying Agent to deal with Holders or an Affiliate of the Company.

 

Section 2.03. Registrar
and Paying Agent. The Company shall cause to be kept a register for the Notes (the “Note Register”) in
which, subject to such reasonable regulations as the Company may prescribe, the Company shall provide for the registration of
the Notes and of all transfers and exchanges with respect thereto. The Note Register shall be maintained by the Trustee or such
other Person (including the Company or the Guarantor) appointed by the Company as the registrar (the “Registrar”).
The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange and an
office or agency where Notes may be presented for payment (the “Place of Payment”). The Company shall cause
each of the Registrar and the Paying Agent to maintain an office or agency in the Borough of Manhattan, The City of New York.
The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes
any additional paying agent.

 

    16

     

    

 

The Company shall enter
into an appropriate agency agreement with any Registrar and Paying Agent that is not a party to this Indenture, which shall incorporate
the terms of the Trust Indenture Act. The agreement shall implement the provisions of this Indenture that relate to such agent.
The Company shall notify the Trustee of the name and address of each such agent. If the Company fails to maintain a Registrar or
Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07
hereof. The Company, the Guarantor or any Subsidiary of the Company or the Guarantor may act as Paying Agent, Registrar, co registrar
or transfer agent.

 

The Company initially
appoints DTC to act as depository with respect to the Global Notes. The Trustee is authorized to enter into a letter of representations
with DTC in the form provided to the Trustee by the Company and to act in accordance with such letter.

 

The Company initially
appoints the Trustee as Registrar and Paying Agent for the Notes.

 

Section 2.04. Paying
Agent to Hold Money in Trust. By at least 10:00 a.m. (New York City time) on the date on which any principal of and premium,
if any, or interest on any Note is due and payable, the Company shall deposit with the Paying Agent a sum sufficient to pay such
principal, premium, if any, or interest when due. The Company shall require each Paying Agent (other than the Trustee) to agree
in writing that such Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by such Paying
Agent for the payment of principal of and premium, if any, or interest on the Notes and shall notify the Trustee in writing of
any default by the Company or the Guarantor in making any such payment. If the Company, the Guarantor or a Subsidiary of the Company
or the Guarantor acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust
fund. The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and
to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.04, the Paying Agent (if other than
the Company or a Subsidiary of the Company or the Guarantor) shall have no further liability for the money delivered to the Trustee.
Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent
for the Notes.

 

Section 2.05. Noteholder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of Noteholders and shall otherwise comply with Trust Indenture Act, Section 312(a). If the Trustee is
not the Registrar, or to the extent otherwise required under the Trust Indenture Act, the Company, on its own behalf and on behalf
of the Guarantor, shall furnish to the Trustee, in writing at least seven Business Days before each interest payment date and
at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Noteholders and the Company shall otherwise comply with Trust Indenture Act, Section 312(a).

 

    17

     

    

 

Section 2.06. Transfer
and Exchange.

 

(a)                  
The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section
2.01 hereof or this Section 2.06. The Company shall have the right to inspect and make copies of all such letters, notices or other
written communications at any reasonable time upon the giving of reasonable prior written notice to the Registrar.

 

(b)                  
Obligations with Respect to Transfers and Exchanges of Notes.

 

(i)                   
To permit registrations of transfers and exchanges, the Company shall, subject to the other terms and conditions of this
Article 2, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s or co-registrar’s
request.

 

(ii)                  
No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company or the Guarantor
may require from a Holder payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable
in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange
or transfer pursuant to Section 3.15 and Section 9.05 hereof).

 

(iii)                  The
Registrar or co-registrar shall not be required to register the transfer of, or exchange of, any Note for a period beginning (1)
15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day
of such mailing or (2) 15 days before an interest payment date and ending on such interest payment date.

 

(iv)                
Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent, the
Registrar or any co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note
for the purpose of receiving payment of principal of and premium, if any, and interest on such Note and for all other purposes
whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co
registrar shall be affected by notice to the contrary.

 

(v)                   All
Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt, and shall be
entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange.

 

(vi)                  All
Global Notes shall be registered in the name of DTC, or a nominee thereof, and all transfers of beneficial ownership
interests therein will be made in accordance with the rules of DTC. No investor or other party purchasing, selling or
otherwise transferring beneficial ownership interests in Global Notes shall receive, hold or deliver any certificate
representing the same. The Company, the Guarantor and the Trustee shall have no responsibility or liability for transfers of
beneficial ownership interests in any Global Note.

 

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

 

(c)                   
No Obligation of the Trustee.

 

(i)                   
The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, an Agent Member or any
other Person with respect to (A) the accuracy of the records of DTC or its nominee or of any participant or member thereof, with
respect to any ownership interest in the Notes, (B) the delivery to any participant, member, beneficial owner or other Person (other
than DTC) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security
or property) under or with respect to such Notes, or (C) the selection of the particular Notes or portions thereof to be redeemed
or refunded in the event of a partial redemption or refunding of the Notes. All notices and communications to be given to the Holders
and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered
Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall
be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected
in relying upon information furnished by DTC with respect to its members, participants and any beneficial owners.

 

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

 

(iii)                 
None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any actions taken
or not taken by DTC.

 

Section 2.07. Mutilated,
Destroyed, Lost or Stolen Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that
the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement
Note if the requirements of Section 8-405 of the New York Uniform Commercial Code are met and the Holder satisfies any other reasonable
requirements of the Trustee. Such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee
to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may
suffer if a Note is replaced, and, in the absence of notice to the Company, the Guarantor or the Trustee that such Note has been
acquired by a bona fide purchaser, the Company shall execute and upon Company Order the Trustee shall authenticate and make available
for delivery, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like
tenor and principal amount, bearing a number not contemporaneously outstanding.

 

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

 

Upon the issuance of
any new Note under this Section 2.07, 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) in connection
therewith.

 

Every new Note issued
pursuant to this Section 2.07 in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Company, the Guarantor (if applicable) and any other obligor upon the Notes, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture
equally and proportionately with any and all other Notes duly issued hereunder.

 

The provisions of this
Section 2.07 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 Notes.

 

Section 2.08. Outstanding
Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation and those described in this Section 2.08 as not outstanding. A Note ceases to be outstanding in the event
the Company holds the Note; provided, however, that (i) for purposes of determining which are outstanding for consent
or voting purposes hereunder, Notes shall cease to be outstanding in the event the Company or an Affiliate of the Company holds
the Note and (ii) in determining whether the Trustee shall be protected in making a determination whether the Holders of the requisite
principal amount of outstanding Notes are present at a meeting of Holders of Notes for quorum purposes or have consented to or
voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder,
or relying upon any such quorum, consent or vote, only Notes which a Trust Officer of the Trustee actually knows to be held by
the Company or an Affiliate of the Company shall not be considered outstanding.

 

If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them
that the replaced Note is held by a bona fide purchaser.

 

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If the Paying Agent
segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay
all principal, premium, if any, and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed
or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Noteholders on that date
pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and
interest on them ceases to accrue.

 

Section 2.09. Temporary
Notes. Until Definitive Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary
Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers
appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive
Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender
of the temporary Notes at any office or agency maintained by the Company for that purpose and such exchange shall be without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute, and the Trustee
shall authenticate and make available for delivery in exchange therefor, one or more Definitive Notes representing an equal principal
amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as a holder of Definitive Notes.

 

Section 2.10. Cancellation.
The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to
the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, and no one else, shall
cancel and dispose of all Notes surrendered for registration of transfer, exchange, payment or cancellation, in its customary
manner. The Company may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any
reason other than in connection with a transfer or exchange.

 

Section 2.11. Payment
of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any
interest payment date shall be paid to the Person in whose name such Note (or one or more predecessor Notes) is registered at
the close of business on the regular record date for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 2.03 hereof.

 

Any interest on any
Note which is payable, but is not paid when the same becomes due and payable and such nonpayment continues for a period of 30 days
shall forthwith cease to be payable to the Holder on the regular record date by virtue of having been such Holder, and such defaulted
interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest
and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Company, at its election
in each case, as provided in clause (a) or (b) below:

 

(a)                   The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) 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 Note and the date (not less than 30 days after such notice) of the
proposed payment (the “Special Interest Payment Date”), 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 record date (the “Special Record Date”) for the payment of
such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the Special Interest Payment
Date 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 and Special Interest Payment Date
therefor to be given in the manner provided for in Section 11.02 hereof, 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 and Special Interest Payment Date
therefor having been so given, such Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in
whose names the Notes (or their respective predecessor Notes) are registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to the following clause (b).

 

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(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 the Notes may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed
practicable by the Trustee.

 

Subject to the foregoing
provisions of this Section 2.11, each Note delivered under this Indenture upon registration of, transfer of or in exchange for
or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Note.

 

Section 2.12. Computation
of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 2.13. CUSIP,
Common Code and ISIN Numbers. The Company in issuing the Notes may use “CUSIP,” “Common Code” and
“ISIN” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP,” “Common Code”
and “ISIN” numbers in notices of redemption as a convenience to Holders; provided, however, that the
Trustee shall have no liability for any defect in the “CUSIP,” “Common Code” or “ISIN” numbers
as they appear on any Notes, notice or elsewhere, and provided further, that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be
affected by any defect in or omission of such CUSIP, Common Code or ISIN numbers. The Company shall promptly notify the Trustee
in writing of any change in the CUSIP, Common Code and ISIN numbers.

 

Section 2.14. Tax
Treatment. The Company and each holder and beneficial owner intend, and will take all actions consistent with the intention,
that the Notes be treated as indebtedness for all federal, state, local, and foreign income and franchise tax purposes. The Company,
by entering into this Indenture, and each holder and beneficial owner, by its acceptance of its Note, agree to treat the Notes
as indebtedness for federal, state, local and foreign income and franchise tax purposes.

 

    22

     

    

 

ARTICLE 3

Covenants

 

Section 3.01. Payment
of Notes. The Company shall promptly pay the principal of and premium, if any, and interest on the Notes on the dates and
in the manner provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if
on such date the Trustee or the Paying Agent in any Place of Payment holds in accordance with this Indenture money sufficient
to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying
such money to the Noteholders on that date.

 

The Company shall pay
interest on overdue principal and premium, if any, at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful.

 

Notwithstanding anything
to the contrary contained in this Indenture and subject to Section 11.15, the Company may, to the extent it is required to do so
by law, deduct or withhold income or other taxes imposed by the United States of America (or any political subdivision thereof)
from principal or interest payments hereunder.

 

Section 3.02. Limitation
and Restrictions on Activities of the Company. (a) The Company shall not engage in any business or enterprise or enter into
or be a party to any transaction or agreement other than in connection with (i) the issuance and sale of the Notes, (ii) the incurrence
of other Permitted Indebtedness, (iii) the entering into of Hedge Agreements relating to the Notes or the other Permitted Indebtedness
having a notional amount not exceeding the aggregate principal amount of the Notes and such other Permitted Indebtedness then
outstanding and (iv) the use of the net proceeds from the issuance of the Notes or the other Permitted Indebtedness to either
increase its investment in the Series 2002-1 VFC, repurchase, redeem or repay the Notes or other Permitted Indebtedness outstanding
from time to time or pay expenses incurred in connection with such Permitted Indebtedness.

 

(b)       The
Company shall not acquire or own any subsidiary or other assets or property (either real or personal), except for (i) the Series
2002-1 VFC, (ii) Hedge Agreements, and (iii) instruments evidencing the interests in the foregoing.

 

(c)       The
Company shall not create, incur, assume or suffer to exist any Indebtedness other than Permitted Indebtedness.

 

(d)       The
Company shall not create, assume, incur or suffer to exist any Lien (other than Company Permitted Liens) upon or with respect
to any of its Property; provided, however, it being understood, for the avoidance of doubt, that the Company
shall not create, incur, assume or suffer to exist any Lien, including any Lien which would otherwise constitute a Permitted
Lien in the case of the Guarantor or any Restricted Subsidiary, other than Company Permitted Liens.

 

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(e)       The
Company shall not enter into any consolidation, merger, amalgamation, joint venture, syndicate or other form of combination with
any Person, and shall not sell, lease, convey or otherwise dispose of any of its assets or receivables, including, without limitation,
the Series 2002-1 VFC or any interest in the Series 2002-1 VFC.

 

(f)        The
Company shall not amend, supplement, waive or modify, or consent to any amendment, supplement, waiver or modification of, any Master
Trust Transaction Document except in accordance with the provisions of this Section 3.02(f). Any provision of any Master Trust
Transaction Document may be amended, waived, supplemented, restated, discharged or terminated without the consent of the Holders
so long as in each case, the Trustee shall have received prior notice thereof together with copies of any documentation related
thereto; provided that such amendment, waiver, supplement or restatement does not (i) render the Series 2002-1 VFC subordinate
in payment to any other Series under the Bunge Master Trust or otherwise adversely discriminate against the Series 2002-1 VFC relative
to any other Series under the Bunge Master Trust, (ii) reduce in any manner the amount of, or delay the timing of, distributions
which are required to be made on or in respect of the Series 2002-1 VFC, (iii) change the definition of, the manner of calculating,
or in any way the amount of, the interest of the Company in the assets of the Bunge Master Trust, (iv) change the definition of
“Eligible Loans” or, to the extent used in such definition, other defined terms used in such definition, (v) result
in a Default or Event of Default, or (vi) terminate the Bunge Master Trust with respect to less than all of the then outstanding
Series issued by the Bunge Master Trust; and provided, further, that, the Bunge Master Trust may be terminated at
any time with respect to all Series then outstanding without the consent of the Holders. Any amendment, waiver, supplement or restatement
of a Master Trust Transaction Document (including any exhibit thereto) of the type described in clauses (i), (ii), (iii), (iv),
(v) or (vi) of this Section 3.02(f) shall require the written consent of the Holders of at least a majority in principal amount
of the Notes then outstanding, including, without limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes.

 

Section 3.03. Limitation
on Liens. The Guarantor shall not, and shall not permit any Restricted Subsidiary to, create, assume, incur or suffer to exist
any Lien, other than a Permitted Lien, upon or with respect to any Restricted Property or upon any shares of stock or Indebtedness
of any Restricted Subsidiary, to secure any Indebtedness incurred or guaranteed by the Guarantor or any Restricted Subsidiary
(other than the Notes), unless all of the outstanding Notes and the Guarantee are secured equally and ratably with, or prior to,
such Indebtedness for so long as such Indebtedness shall be so secured.

 

Section 3.04. Limitation
on Sale-Leaseback Transactions. The Guarantor shall not, and shall not permit any Restricted Subsidiary to, enter into any
Sale-Leaseback Transaction unless:

 

(a)       the Sale-Leaseback Transaction occurs within six months from the date of the acquisition of the Restricted Property subject
thereto or the date of the completion of construction or commencement of full operations of such Restricted Property, whichever
is later; or

 

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(b)          the Sale-Leaseback Transaction is between the Guarantor and a Restricted Subsidiary of the Guarantor, or between Restricted
Subsidiaries of the Guarantor; or

 

(c)         the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; or

 

(d)         the Sale-Leaseback Transaction constitutes a Permitted Lien for the purposes of Section 3.03 hereof; or

 

(e)         the Guarantor or such Restricted Subsidiary, within a one year period after such Sale-Leaseback Transaction, (i) applies
or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to the prepayment,
repayment, redemption, reduction or retirement of any Indebtedness of the Guarantor or any Subsidiary having a maturity of more
than one year that is not subordinated to the Notes or the Guarantee or (ii) enters into a bona fide commitment to expend an amount
not less than the Attributable Indebtedness for such Sale-Leaseback Transaction during such one-year period to the acquisition,
construction or development of other similar Property.

 

Section 3.05. Exclusion
from Limitations. Notwithstanding Sections 3.03 and 3.04 hereof, the Guarantor may, and may permit any Restricted Subsidiary
to, create, assume, incur or suffer to exist any Lien (other than a Permitted Lien) upon any Restricted Property or the shares
of stock or Indebtedness of any Restricted Subsidiary to secure Indebtedness incurred or guaranteed by the Guarantor or any Restricted
Subsidiary (other than the Notes) or effect any Sale-Leaseback Transaction of a Restricted Property that is not excepted by Section
3.04(a), (b), (c), (d) or (e) hereof, without equally and ratably securing the Notes or the Guarantee; provided that, after giving
effect thereto, the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by Liens (other than
Permitted Liens) upon Restricted Property and the shares of stock or Indebtedness of any Restricted Subsidiary plus the Attributable
Indebtedness from Sale-Leaseback Transactions of Restricted Property not so excepted, do not exceed 20% of the Consolidated Net
Tangible Assets.

 

Section 3.06. Maintenance
of Office or Agency. The Company will maintain in The City of New York, an office or agency where the Notes may be presented
or surrendered for payment, where, if applicable, the Notes may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The office or agency (the
“Corporate Trust Office”) used by the Trustee in The City of New York as its office or agency for receiving
securities, as the same may from time to time be designated by the Trustee, shall be such office or agency of the Company, unless
the Company shall designate and maintain some other office or agency for one or more of such purposes. The Company will give prompt
written notice to the Trustee of any change in the location of any such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

    25 

     

    

 

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

 

Section 3.07. Corporate
Existence. Subject to Article 4 hereof, each of the Company and the Guarantor will do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its corporate existence and take all reasonable action to maintain its corporate
rights (charter and statutory), licenses, privileges and franchises; provided, however, that the Company and the
Guarantor shall not be required to preserve any such right, license, privilege or franchise if the Board of Directors of the Company
or the Guarantor, as applicable, shall determine that the preservation thereof is no longer desirable in the conduct of its business
and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders; and provided further,
the Guarantor may amalgamate or merge in accordance with Section 4.01 hereof.

 

Section 3.08. Maintenance
of Properties; Insurance. The Guarantor shall, and shall cause each of its Subsidiaries to, keep all property useful and necessary
in its business in good working order and condition, except where failure to do so would not have a Material Adverse Effect; and
the Guarantor shall maintain with financially sound and reputable insurance companies insurance on all its property in at least
such amounts and against at least such risks as are customary for the Guarantor’s type of business.

 

Section 3.09. Payment
of Taxes and Other Claims. Each of the Company and the Guarantor shall pay, discharge or otherwise satisfy at or before maturity
or before they become delinquent, as the case may be, all federal income and other material taxes, assessments and similar governmental
charges imposed on it, except where (i) the amount or validity thereof is currently being contested in good faith by appropriate
proceedings and reserves to the extent required by U.S. GAAP with respect thereto have been provided on the books of the Company
or the Guarantor or (ii) the nonpayment of such federal income and other material taxes, assessments and claims in the aggregate
could not reasonably be expected to have a Material Adverse Effect.

 

Section 3.10. Payments
for Consent. Neither the Company, the Guarantor nor any Subsidiaries of the Company or the Guarantor will, directly or indirectly,
pay or cause to be paid any consideration, whether by way of interest, fees or otherwise, to any Holder of any Notes for or as
an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such
consideration is offered to be paid or is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame
set forth in the solicitation documents relating to such consent, waiver or agreement.

 

    26 

     

    

 

Section 3.11. Compliance
Certificate. The Company and the Guarantor shall deliver to the Trustee within 120 days after the end of each Fiscal Year
of the Company and the Guarantor a certificate signed by the principal executive officer, principal financial officer or principal
accounting officer of the Company and the Guarantor, respectively, stating that in the course of the performance by the signer
of his or her duties as an officer of the Company and the Guarantor he or she would normally have knowledge of any Default or
Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during such period. If he
or she does, the certificate shall describe the Default or Event of Default, its status and what action the Company is taking
or proposes to take with respect thereto. The Company also shall comply with Trust Indenture Act, Section 314(a)(4).

 

Section 3.12. Further
Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

Section 3.13. Statement
by Officers as to Default. The Company shall deliver to the Trustee, as soon as possible and in any event within 10 days after
the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both,
would constitute an Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or default
and the action which the Company proposes to take with respect thereto.

 

Section 3.14. Notice
of Change in Bermuda Law, Debt Ratings. The Guarantor shall give written notice to the Trustee promptly after becoming aware
of (i) any changes in taxes, duties or other fees of Bermuda or any political subdivision or taxing authority thereof or any change
in any laws of Bermuda, in each case, that may affect any payment due under this Indenture, (ii) any change in such Guarantor’s
public or private debt ratings by a “nationally recognized statistical rating organization,” as such term is defined
by the SEC for purposes of Rule 436(g)(2) under the Securities Act, and (iii) any development or event which has had, or which
the Guarantor in its good faith judgment believes will have, a Material Adverse Effect; provided that the Trustee shall have no
responsibilities or duties with respect to any such notice. Delivery of any such notice to the Trustee is for informational purposes
only and the Trustee’s receipt of such notice shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

Section 3.15. Offer
to Repurchase Upon Change of Control. (a) If a Change of Control Triggering Event occurs, unless the Company has previously
or concurrently irrevocably exercised its right to redeem all the outstanding Notes as described under Section 5.05 hereof without
such redemption being subject to any conditions precedent, the Company shall make an offer to purchase all of the Notes pursuant
to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control
Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but
excluding, the date of purchase, subject to the right of Holders of the Notes of record on the relevant record date to receive
interest due on the relevant interest payment date. Within 60 days following any Change of Control Triggering Event, the Company
shall send notice of such Change of Control Offer by first-class mail, with a copy to the Trustee, to each Holder of Notes to
the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC with a copy
to the Trustee, with the following information:

 

    27 

     

    

 

(i)             that a Change of Control Offer is being made pursuant to this Section 3.15 and that all Notes properly tendered pursuant
to such Change of Control Offer will be accepted for payment by the Company;

 

(ii)           the date of the Change of Control Triggering Event;

 

(iii)          the date, which will be no earlier than 30 days nor later than 60 days from the date such notice is mailed, by which the
Company must purchase the Notes (the “Change of Control Payment Date”);

 

(iv)          the price that the Company must pay for the Notes it is obligated to purchase;

 

(v)           the name and address of the Trustee;

 

(vi)          that any Note not properly tendered will remain outstanding and continue to accrue interest;

 

(vii)         that unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date;

 

(viii)        that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying
agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding
the Change of Control Payment Date;

 

(ix)           that Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such
Notes; provided that the paying agent receives, not later than the close of business on the 30th day following the date of the
Change of Control notice, a facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount
of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such
Notes purchased;

 

(x)            that if the Company is repurchasing less than all of the Notes, the Holders of the remaining Notes will be issued new Notes
and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion
of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof; and

 

(xi)           the other instructions, as determined by the Company, consistent with this Section 3.15, that a Holder must follow.

 

    28 

     

    

 

The notice, if
mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives
such notice. If (a) the notice is mailed in a manner herein provided and (b) any Holder fails to receive such notice or a
Holder receives such notice but it is defective, such Holder’s failure to receive such notice or such defect shall not
affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such
notice without defect. The Company shall comply with all federal and state securities laws, including, specifically, Rule
13e-4, if applicable, under the Exchange Act, and any related Schedule 13E-4 required to be submitted under that rule, to the
extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section
3.15, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations under this Section 3.15 by virtue thereof.

 

(b)            On the Change of Control Payment Date, the Company shall, to the extent permitted by law:

 

(i)             accept for payment all Notes issued by it or portions thereof properly tendered (subject to minimum denomination requirements)
pursuant to the Change of Control Offer,

 

(ii)            deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions
thereof so tendered, and

 

(iii)           deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s
Certificate to the Trustee stating the aggregate principal amount of such Notes or portions thereof that have been tendered to,
and purchased by, the Company.

 

(c)             The Company shall not be required to make a Change of Control Offer following a Change of Control Triggering Event if a
third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set
forth in this Section 3.15 applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer
may be made in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a
definitive agreement is in place for the Change of Control at the time of the making of the Change of Control Offer.

 

(d)            Other than as specifically provided in this Section 3.15, any purchase pursuant to this Section 3.15 shall be made pursuant
to the provisions of Section 5.04, 5.06 and 5.08 hereof.

 

(e)            Notwithstanding any provision to the contrary in this Indenture, the Company shall not purchase any Notes if there has occurred
and is continuing an Event of Default, unless such Event of Default results from the Company's failure to pay the Change of Control
Payment following the occurrence of a Change of Control Triggering Event.

 

    29 

     

    

 

ARTICLE 4

Successor Guarantor

 

Section 4.01. Consolidation,
Merger, Amalgamation and Sale of Assets by the Guarantor. The Guarantor shall not, and shall not cause or permit any Subsidiary
to, consolidate with or merge or amalgamate with or into, or sell, lease, or convey all or substantially all its assets to, any
Person, unless:

 

(a)             in the case of the Guarantor:

 

(i)            the resulting, surviving or transferee Person (the “Successor Guarantor”) shall be either the Guarantor
or a Person organized under the laws of Bermuda, the United States of America, any State thereof or the District of Columbia, any
full member state of the European Union, Canada, Australia, Switzerland or the United Kingdom, and the Successor Guarantor (if
not the Guarantor) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, all the obligations
of the Guarantor under the Guarantee and this Indenture; and

 

(ii)           immediately after giving effect to such transaction, no Event of Default or event which with notice or lapse of time would
be an Event of Default has occurred and is continuing; or

 

(b)            in the case of any Subsidiary of the Guarantor (other than the Company):

 

(i)            such transaction is a merger or amalgamation of such Subsidiary with or into, or a consolidation of such Subsidiary with,
the Guarantor (so long as the Guarantor is the surviving, continuing or resulting entity) or another Subsidiary or the sale, lease
or conveyance by such Subsidiary of all or substantially all of its property to the Guarantor or another Subsidiary; or

 

(ii)           such transaction is the merger or amalgamation of such Subsidiary with or into, the consolidation of such Subsidiary with,
or the sale, lease or conveyance by such Subsidiary of all or substantially all of its property to, another Person (provided that
such Person is not an Affiliate of such Subsidiary), so long as immediately prior to, and after giving effect to such transaction,
no Default or Event of Default exists or would exist.

 

For purposes of this
Section 4.01, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties
and assets of one or more Subsidiaries of the Guarantor, which properties and assets, if held by the Guarantor instead of such
Subsidiaries, would constitute all or substantially all of the properties and assets of the Guarantor on a consolidated basis,
shall be deemed to be the transfer of all or substantially all of the properties and assets of the Guarantor.

 

If the Guarantor
engages in one of the transactions described above and complies with the conditions listed above, the Successor Guarantor
will succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture, but,
in the case of a lease of all or substantially all its assets, the Guarantor will not be released from the obligation to pay
the principal of and premium, if any, and interest on the Notes (including additional amounts).

 

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In the event that the
Guarantor consolidates with or merges or amalgamates with or into, or sells, leases or conveys all or substantially all of its
assets to, another Person subject to the terms of this Section 4.01 (a “Transfer”) and the Successor Guarantor
is a Person organized under the laws of a member state of the European Union, Canada, Australia, Switzerland or the United Kingdom,
then the Guarantor and the Successor Guarantor shall, as a condition to such Transfer, (A) enter into a supplemental indenture
with the Trustee providing for full, unconditional and irrevocable indemnification of the holders and beneficial owners of the
Notes and the Trustee against any tax or duty of whatever nature (other than any tax imposed by reason of the holders or beneficial
owners of the Notes having some connection with any such jurisdiction, other than their participation as holders or beneficial
owners of the Notes under this Indenture) which is incurred or otherwise suffered by such holders and beneficial owners and the
Trustee with respect to the Notes and which would not have been incurred or otherwise suffered in the absence of such Transfer;
and (B) deliver to the Trustee, for the benefit of the Holders of the Notes, legal opinions of independent legal counsel in New
York and the applicable member state of the European Union, Canada, Australia, Switzerland or the United Kingdom under whose laws
the Successor Guarantor is organized under, as applicable, to the effect that the Obligations of the Successor Guarantor with respect
to the Guarantee, as the case may be, are legal, valid, binding and enforceable in accordance with their terms.

 

ARTICLE 5

Optional Redemption of Notes

 

Section 5.01. Optional
Redemption by the Company. The Notes may be redeemed at any time as a whole or from time to time in part, subject to the conditions
and at the Redemption Prices specified in the form of Notes set forth in Exhibit A hereto, which are hereby incorporated
by reference and made a part of this Indenture, together with accrued and unpaid interest to the Redemption Date.

 

Section 5.02. Applicability
of Article. Redemption of Notes at the election of the Company or otherwise, as permitted or required by any provision of
this Indenture, shall be made in accordance with such provision and this Article 5.

 

Section 5.03. Election
to Redeem; Notice to Trustee. The election of the Company to redeem any Notes pursuant to Section 5.01 hereof shall be evidenced
by a resolution of the Board of Directors of the Company. In case of any redemption at the election of the Company, the Company
shall notify the Trustee of such Redemption Date in the manner provided in Section 5.05 herein and shall deliver to the Trustee
such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 5.04 and Section
5.05 hereof.

 

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Section 5.04. Selection
by Trustee of Notes to Be Redeemed. If less than all the Notes are to be redeemed at any time pursuant to an optional redemption,
the particular Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the outstanding Notes not previously called for redemption, in compliance with the requirements of the principal securities exchange,
if any, on which such Notes are listed, or, if such Notes are not so listed, on a pro rata basis, by lot or by such other method
as the Trustee shall deem fair and appropriate, which shall comply with the procedures of DTC and which may provide for the selection
for redemption of portions of the principal of the Notes; provided, however, that no such partial redemption shall
reduce the portion of the principal amount of a Note not redeemed to less than U.S.$2,000.

 

The Trustee shall promptly
notify the Company in writing of the Notes selected for redemption and, in the case of any Notes 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 redemption of Notes shall relate, in the case
of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to
be redeemed.

 

Section 5.05. Notice
of Redemption. Notice of redemption shall be given in the manner provided for in Section 11.02 hereof not less than 15 nor
more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed. The Trustee shall give notice of redemption
in the Company’s name and at the Company’s expense; provided, however, that the Company shall deliver
to the Trustee, at least 5 days prior to the date the notice of redemption is to be given (unless a shorter period shall be acceptable
to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in the following items.

 

All notices of redemption
shall state:

 

(1)       the
Redemption Date,

 

(2)       the
Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 5.07 hereof, if any,

 

(3)       if
less than all outstanding Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be redeemed,
as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding
after such partial redemption,

 

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

 

(5)       that
on the Redemption Date the Redemption Price (and accrued interest, if any, to the Redemption Date payable as provided in Section
5.07 hereof) will become due and payable upon each such Note, or the portion thereof, to be redeemed, and, unless the Company defaults
in making the redemption payment, that interest on Notes called for redemption (or the portion thereof) will cease to accrue on
and after said date,

 

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

 

(7)       the
name and address of the Paying Agent,

 

(8)       that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,

 

(9)       the
CUSIP number, Common Code or ISIN number (if any), and that no representation is made as to the accuracy or correctness of the
CUSIP number, Common Code and ISIN Number, if any, listed in such notice or printed on the Notes, and

 

(10)       any
conditions applicable to such redemption.

 

Section 5.06. Deposit
of Redemption Price. Prior to 10:00 A.M. (New York City time) on 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
2.04 hereof) an amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the Notes which are to
be redeemed on that date.

 

Section 5.07. Notes
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on the Redemption
Date, become due and payable at the Redemption Price therein specified (together with accrued interest, if any, to the Redemption
Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note
shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to the Redemption Date (subject
to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

 

If any Note called
for redemption shall not be so paid upon surrender thereof for redemption, the principal and premium, if any, shall, until paid,
bear interest from the Redemption Date at the rate borne by the Notes.

 

Section 5.08. Notes
Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article 5) shall be surrendered
at the office or agency of the Company maintained for such purpose pursuant to Section 3.05 hereof (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 such Holder’s attorney duly authorized in writing), and the Company shall execute,
and the Trustee shall authenticate and make available for delivery to the Holder of such Note at the expense of the Company, a
new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Note so surrendered, provided that each such new Note will be in a
principal amount of U.S.$2,000 or an integral multiple of $1,000 in excess thereof. Notwithstanding the foregoing, DTC shall select
the Notes for redemption if evidenced by a Global Note according to DTC’s stated procedures therefor.

 

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ARTICLE 6

Defaults and Remedies

 

Section 6.01. Events
of Default. With respect to the Notes, an “Event of Default” occurs if:

 

(1)       the
Company defaults in any payment of interest on any Note when the same becomes due and payable, and such default continues for a
period of 30 days;

 

(2)       the
Company defaults in the payment of the principal or premium, if any, on any Note when the same becomes due and payable at its Stated
Maturity, upon optional redemption, upon declaration of acceleration or otherwise;

 

(3)       the
Company or the Guarantor defaults in the performance of or a breach by the Company or the Guarantor of any other covenant or agreement
in this Indenture or under any Note (other than those referred to in (1) or (2) above) and such default continues for 60 days after
written notice from the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes;

 

(4)       the
Company, the Guarantor, a Designated Obligor or a Material Subsidiary shall (i) default in making any payment of any principal
of any indebtedness for borrowed money, including obligations evidenced by any mortgage, indenture, bond, debenture, note, guarantee
or other similar instruments to which it is a party on the scheduled or original due date with respect thereto; or (ii) default
in making any payment of any interest on any such indebtedness beyond the period of grace, if any, provided in the instrument or
agreement under which such indebtedness was created; or (iii) default in the observance or performance of any other agreement or
condition relating to any such indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
the effect of which default or condition is to cause, or to permit the holder or beneficiary of such indebtedness (or a trustee
or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such indebtedness to become
due prior to its stated maturity or (in the case of any such indebtedness constituting a guarantee) to become payable and such
acceleration has not been cured within 15 days after notice of acceleration; provided, that a default, event or condition
described in clause (i), (ii) or (iii) of this paragraph (4) shall not at any time constitute an Event of Default unless, at such
time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (4) shall
have occurred and be continuing with respect to such indebtedness in an amount exceeding U.S.$100,000,000; or

 

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(5)       (i)
the Company, the Guarantor, a Designated Obligor or a Material Subsidiary shall commence any case, proceeding or other action
(A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate
it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution,
composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets, or the Company, the Guarantor,
a Designated Obligor or any Material Subsidiary shall make a general assignment for the benefit of its creditors; or (ii)
there shall be commenced against the Company, the Guarantor, a Designated Obligor or any Material Subsidiary any case,
proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief
or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or
(iii) there shall be commenced against the Company, the Guarantor, a Designated Obligor or any Material Subsidiary any case,
proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all
or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been
vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) the Company, the
Guarantor, a Designated Obligor or any Material Subsidiary shall take any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Company, the
Guarantor, a Designated Obligor or any Material Subsidiary shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due.

 

The foregoing will
constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is
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.

 

The Company shall deliver
to the Trustee, within 10 days after becoming aware of the occurrence thereof, written notice in the form of an Officer’s
Certificate of any Default or Event of Default under clauses (3), (4) or (5) of this Section 6.01, which such notice shall contain
the status thereof and a description of the action being taken or proposed to be taken by the Company in respect thereof.

 

Section 6.02. Acceleration.
(a) If an Event of Default occurs and is continuing with respect to the Notes, the Trustee by written notice to the Company, or
the Holders of at least 25% in outstanding principal amount of the Notes by written notice to the Company and the Trustee, may,
and the Trustee at the written request of such Holders shall, declare the principal of and premium, if any, and accrued and unpaid
interest on all the Notes to be due and payable. Upon such a declaration, such principal, premium, if any, and accrued and unpaid
interest shall be immediately due and payable. If an Event of Default described in paragraph (5) of Section 6.01 hereof occurs
and is continuing with respect to the Notes, then in each and every such case, the principal amount of the Notes, the premium,
if any, and all accrued and unpaid interest on all the Notes shall be immediately due and payable without any declaration or other
act on the part of the Trustee or the Holders.

 

(b)       In
the event the principal of and premium, if any, and accrued and unpaid interest on the Notes becomes due and payable pursuant to
Section 6.02(a) hereof, the Trustee shall instruct the Company, and the Company shall instruct the Master Trust Trustee, to declare
due and payable the principal and accrued interest in respect of the intercompany loans that had been made using the net proceeds
from the sale of such Notes invested in the Series 2002-1 VFC.

 

Section 6.03.
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal of and premium, if any, or interest on the Notes or to enforce the performance of any provision of
the Notes or this Indenture.

 

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The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right
or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative.

 

Section 6.04. Waiver
of Past Defaults. The Holders of a majority in aggregate principal amount of the outstanding Notes that have been accelerated
(voting as a single class) by notice to the Trustee may (a) waive, by their consent (including, without limitation consents obtained
in connection with a purchase of, or tender offer or exchange offer for, Notes), an existing Default or Event of Default and its
consequences with respect to the Notes except (i) a Default or Event of Default in the payment of the principal of and premium,
if any, or interest on a Note or (ii) a Default or Event of Default in respect of a provision that under Section 9.02 hereof cannot
be amended without the consent of each Noteholder affected and (b) rescind any such acceleration with respect to the Notes and
its consequences if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2)
all existing Events of Default, other than the nonpayment of the principal of and premium, if any, and interest on the Notes that
have become due solely by such declaration of acceleration, have been cured or waived. When a Default or Event of Default is waived,
it is deemed cured, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any consequent
right.

 

Section 6.05. Control
by Majority. The Holders of a majority in principal amount of the outstanding Notes may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee.
However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01 and
Section 7.02 hereof, that the Trustee determines is unduly prejudicial to the rights of other Noteholders or would involve the
Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the
Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

Section 6.06. Limitation
on Suits. Subject to Section 6.07 hereof, a Noteholder may not pursue any remedy with respect to this Indenture or any of the
Notes unless:

 

(1)       the
Holder gives to the Trustee written notice stating that an Event of Default is continuing;

 

(2)       the
Holders of at least 25% in outstanding principal amount of the Notes make a request to the Trustee to pursue the remedy;

 

(3)       such
Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability
or expense;

 

(4)       the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and

 

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(5)       the
Holders of a majority in principal amount of the Notes do not give the Trustee a direction that, in the opinion of the Trustee,
is inconsistent with such request during such 60-day period.

 

A Noteholder may not
use this Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder
(it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Noteholders).

 

Section 6.07. Rights
of Holders to Receive Payment. Notwithstanding any other provision of this Indenture (including, without limitation, Section
6.06 hereof), the right of any Holder to receive payment of principal of and premium, if any, or interest on the Notes held by
such Holder, on or after the respective due dates expressed in the Notes (including in connection with a Change of Control Offer),
or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder.

 

Section 6.08. Collection
Suit by Trustee. If an Event of Default specified in Section 6.01 (1) or (2) hereof occurs and is continuing, the Trustee
may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and
owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 6.07 hereof.

 

Section 6.09. Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Noteholders allowed in any judicial proceedings relative to the Company, the Guarantor,
any of the Subsidiaries or their respective creditors or properties and, unless prohibited by law or applicable regulations, may
be entitled and empowered to participate as a member of any official committee of creditors appointed in such matter and, may
vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any
custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other
amounts due the Trustee under Section 7.07 hereof.

 

Section 6.10. Priorities.
If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following
order:

 

FIRST: to the Trustee
for amounts due under Section 7.07 hereof;

 

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

 

THIRD: to the Company.

 

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The Trustee may fix
a record date and payment date for any payment to Noteholders pursuant to this Section 6.10. At least 15 days before such record
date, the Company shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and amount
to be paid.

 

Section 6.11. Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by the Company,
a suit by a Holder pursuant to Section 6.07 hereof or a suit by Holders of more than 10% in outstanding principal amount of the
Notes.

 

ARTICLE 7

Trustee

 

Section 7.01. Duties
of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested
in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use
under the circumstances in the conduct of such Person’s own affairs; provided that if an Event of Default occurs
and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the
request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory
to it against loss, liability or expense.

 

Except during the continuance
of an Event of Default:

 

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

 

(2)       in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required
to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations, including
any calculation of a Redemption Price, or other facts stated therein).

 

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

 

(1)       this
paragraph does not limit the effect of the second paragraph of Section 7.01(a);

 

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

 

(3)       the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 hereof.

 

(c)       Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs Section 7.01(a) and (b)
hereof.

 

(d)       The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company.

 

(e)       Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(f)        No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur 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 to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(g)       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 7.01 and to the provisions of the Trust Indenture Act.

 

(h)       Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall
be sufficient if signed by an Officer of the Company.

 

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

 

(j)        The Trustee has no independent obligation to determine the occurrence of a Change of Control Triggering Event and is authorized
to rely on notice from the Company as provided in Section 3.15 herein.

 

Section 7.02. Rights
of Trustee. Subject to Section 7.01 hereof:

 

(a)       The
Trustee may conclusively rely on any document (whether in its original or facsimile form) reasonably believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated
in the document. The Trustee shall receive and retain financial reports and statements of the Company as provided herein, but
shall have no duty to review or analyze such reports or statements to determine compliance under covenants or other
obligations of the Company, and the receipt of such reports or statements shall not constitute constructive notice of any
information contained therein or determinable from information contained therein;

 

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

 

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

 

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

 

(e)       The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel;

 

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

 

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

 

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

 

(i)        The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of
its powers under this Indenture;

 

(j)        The Trustee’s rights, powers, indemnities, immunities and protections from liability and its rights to compensation
and indemnification in connection with the performance of its duties under this Indenture shall extend to (1) the Trustee, whether
serving in any other capacity hereunder, including, without limitation, in the capacity of Paying Agent or Registrar and (2) the
Trustee’s officers, directors, agents, counsel and employees. Such immunities and protections and rights to indemnification,
together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal, the discharge
of this Indenture and final payment of the Notes;

 

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(k)        The Trustee shall have no responsibility for any information in any offering document or other disclosure material distributed
with respect to the Notes, and the Trustee shall have no responsibility for compliance with any state or federal securities laws
in connection with the Notes, other than the filing of any documents required to be filed by an indenture trustee pursuant to the
Trust Indenture Act or otherwise required in this Indenture;

 

(l)         Notwithstanding anything else herein contained, whenever any provision of this Indenture indicates that any confirmation
of a condition or event is qualified by the words “to the knowledge of” or “known to” the Trustee or other
words of similar meaning, said words shall mean and refer to the current awareness of one or more Trust Officers who are located
at the Principal Trust Office of the Trustee or who are otherwise responsible for administering the trusts created under this Indenture;

 

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

 

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

 

Section 7.03. Individual
Rights of Trustee. The Trustee in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise
deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Section 7.10 and Section
7.11 hereof. In addition, the Trustee shall be permitted to engage in transactions with the Company; provided, however,
that if the Trustee acquires any conflicting interest the Trustee must (i) eliminate such conflict within 90 days of acquiring
such conflicting interest, (ii) apply to the Commission for permission to continue acting as Trustee or (iii) resign.

 

Section 7.04. Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture
or the Notes, shall not be accountable for the Company’s use of the proceeds from the Notes, shall not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee and shall not be responsible for any statement
of the Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than
the Trustee’s certificate of authentication.

 

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Section 7.05. Notice
of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer has actual knowledge thereof,
the Trustee shall send to each Noteholder at the address set forth in the Note Register notice of the Default or Event of Default
within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of and premium, if
any, or interest on any Note (including payments pursuant to the optional redemption or required repurchase provisions of such
Note, if any), the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the
notice is in the interests of Noteholders.

 

Section 7.06. Report
by Trustee to Holders. Within 60 days after each February 15 beginning with the February 15 following the date of this Indenture,
and in any event prior to April 15 in each year, the Trustee shall transmit to each Noteholder a brief report dated as of such
February 15 that complies with Trust Indenture Act, Section 313(a), but only if required under such Section. The Trustee also
shall comply with Trust Indenture Act, Section 313(b). The Trustee shall also transmit all reports required by Trust Indenture
Act, Section 313(c).

 

A copy of each report
at the time of its mailing to Noteholders shall be filed with the SEC and each stock exchange (if any) on which the Notes are listed.
The Company agrees to notify promptly the Trustee in writing whenever the Notes become listed on any stock exchange and of any
delisting thereof.

 

Section 7.07. Compensation
and Indemnity. The Company shall pay to the Trustee such compensation for its acceptance of this Indenture and for its services
hereunder as Trustee, Paying Agent, Registrar and in all other capacities in which it is serving hereunder as the Company and
the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses
incurred or made by it, including costs of collection, costs of preparing and reviewing reports, certificates and other documents,
costs of preparation and mailing of notices to Noteholders and reasonable costs of counsel retained by the Trustee, in addition
to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee, and any predecessor
Trustee and their respective officers, directors, employees, counsel and agents, against any and all loss, liability, damages,
claims or expense (including reasonable attorneys’ fees and expenses) incurred by it without negligence or willful misconduct
on its part in connection with the administration of this trust or the performance of its duties hereunder, including the costs
and expenses of enforcing this Indenture (including this Section 7.07) and of defending itself against any claims (whether asserted
by any Noteholder, the Company or otherwise). The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company
shall defend the claim and the Trustee may have separate counsel, and the Company shall pay the fees and expenses of such counsel,
provided that the Company shall not be required to pay such fees and expenses if it assumes the obligation for defending the Trustee,
and, in the reasonable judgment of the Trustee, there is no conflict of interest between the Company and the Trustee in connection
with such action, and there is no defense that could not be adequately raised if the Company assumes such obligation. The Company
need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s
own willful misconduct or negligence.

 

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To secure the Company’s
payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Notes on all money or property held or collected
by the Trustee other than money or property held in trust to pay principal of and premium, if any, and interest on particular Notes.
Such lien shall survive the satisfaction and discharge of this Indenture. The Trustee’s right to receive payment of any amounts
due under this Section 7.07 shall not be subordinate to any other liability or Indebtedness of the Company.

 

The Company’s
payment obligations pursuant to this Section 7.07 shall survive the discharge of this Indenture. When the Trustee incurs expenses
after the occurrence of a Default specified in Section 6.01(5) hereof with respect to the Company, the expenses are intended to
constitute expenses of administration under any bankruptcy law.

 

The provisions of this
Section shall survive the termination of this Indenture and the resignation and removal of the Trustee.

 

Section 7.08. Replacement
of Trustee. The Trustee may resign at any time by so notifying the Company. The Holders of a majority in principal amount
of the Notes (voting as a single class) may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee.
The Company shall remove the Trustee if:

 

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

 

(2)       the
Trustee is adjudged bankrupt or insolvent;

 

(3)       a
receiver or other public officer takes charge of the Trustee or its property; or

 

(4)       the
Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns
or is removed by the Company or by the Holders of a majority in principal amount of the Notes (voting as a single class) and such
Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the Trustee for any reason
(the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties
of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee
shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section
7.07 hereof.

 

If a successor Trustee
does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10%
in principal amount of the Notes may petition, at the Company’s expense, any court of competent jurisdiction for the appointment
of a successor Trustee.

 

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If the Trustee fails
to comply with Section 7.10 hereof, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

 

Notwithstanding the
replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue
for the benefit of the retiring Trustee.

 

Section 7.09. Successor
Trustee by Merger. If the Trustee consolidates with, merges or converts into or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without
any further act shall be the successor Trustee.

 

In case at the time
such successor or successors by merger, conversion, consolidation or transfer of assets to the Trustee shall succeed to the trusts
created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee
may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in
the name of any predecessor hereunder or in the name of the successor to the Trustee.

 

Section 7.10. Eligibility;
Disqualification. The Trustee shall at all times satisfy the requirements of Trust Indenture Act, Section 310(a). The Trustee
shall have a combined capital and surplus of at least U.S. $50,000,000 as set forth in its most recent filed annual report of
condition. The Trustee shall comply with Trust Indenture Act, Section 310(b); provided, however, that there shall
be excluded from the operation of Trust Indenture Act, Section 310(b)(1) any indenture or indentures under which other securities
or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion
set forth in Trust Indenture Act, Section 310(b)(1) are met.

 

Section 7.11. Preferential
Collection of Claims Against Company. The Trustee shall comply with Trust Indenture Act, Section 311(a), excluding any creditor
relationship listed in Trust Indenture Act, Section 311(b). A Trustee who has resigned or been removed shall be subject to Trust
Indenture Act, Section 311(a) to the extent indicated.

 

Section 7.12. Trustee’s
Application for Instruction from the Company. Any application by the Trustee for written instructions from the Company may,
at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture
and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable
for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the
date specified in such application (which date shall not be less than three Business Days after the date any officer of the Company
actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior
to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

 

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ARTICLE 8

 

Discharge of Indenture; Defeasance

 

Section 8.01. Discharge
of Liability on Notes; Defeasance. (a) Subject to Section 8.01(b) hereof, when (i)(x) the Company delivers to the Trustee
all outstanding Notes (other than Notes replaced pursuant to Section 2.07 hereof) for cancellation or (y) all outstanding Notes
not theretofore delivered for cancellation have become due and payable, whether at maturity or upon redemption or will become
due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name and at the expense of the Company and the Company or the Guarantor
irrevocably deposits or causes to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders
money in U.S. dollars, non-callable U.S. Government Securities, or a combination thereof, in such amounts as will be sufficient
without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not theretofore
delivered to the Trustee for cancellation for principal and premium, if any, and accrued interest to the date of maturity or redemption,
(ii) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result
of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument
to which the Company or the Guarantor is a party or by which the Company or the Guarantor is bound; (iii) the Company or the Guarantor
has paid or caused to be paid all sums payable by it under this Indenture and the Notes; and (iv) the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Notes at maturity or
the Redemption Date, as the case may be, then the Trustee shall acknowledge satisfaction and discharge of this Indenture on demand
of the Company (accompanied by an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent
specified herein relating to the satisfaction and discharge of this Indenture have been complied with) and at the cost and expense
of the Company.

 

(b)                          
Subject to Section 8.01(c) and Section 8.02 hereof, the Company at any time may terminate (i) all its obligations under
the Notes and this Indenture (“legal defeasance option”), and after giving effect to such legal defeasance,
any omission to comply with such obligations shall no longer constitute a Default or Event of Default or (ii) its obligations under,
Section 3.02, Section 3.03, Section 3.04, Section 3.05, Section 3.08, Section 3.09 and Section 3.15 hereof, and the Company may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document, and the operation of Section 6.01(3) (only with respect
to the covenants terminated pursuant to this Section 8.01(b)(ii)), Section 6.01(4) and Section 6.01(5) hereof, and the events specified
in such Sections shall no longer constitute an Event of Default (clause (ii) being referred to as the “covenant defeasance
option”), but except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby. The
Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. If the Company
exercises its covenant defeasance option, the Company may elect to have the Guarantee terminate.

 

If the Company
exercises its legal defeasance option with respect to the Notes, payment of the Notes may not be accelerated because of an
Event of Default, and the Guarantee shall terminate. If the Company exercises its covenant defeasance option with respect to
the Notes, payment of the Notes may not be accelerated because of an Event of Default specified in Section 6.01(3) (only with
respect to the covenants terminated pursuant to Section 8.01(b)(ii) above), Section 6.01(4) and Section 6.01(5) hereof.

 

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Upon satisfaction of
the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the Company terminates.

 

(c)             
Notwithstanding the provisions of Section 8.01(a) and (b) hereof, the Company’s obligations in Section 2.02, Section
2.03, Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section 2.09, Section 2.10, Section 3.01, Section 3.06,
Section 3.07, Section 3.10, Section 3.11, Section 3.12, Section 3.13, Section 3.14, Section 3.15, Section 6.07, Section 7.07, Section
7.08 hereof and in this Article 8 shall survive until the Notes have been paid in full. Thereafter, the Company’s obligations
in Section 7.07, Section 8.04 and Section 8.05 hereof shall survive.

 

Section 8.02. Conditions
to Defeasance. The Company may exercise its legal defeasance option or its covenant defeasance option with respect to the
Notes only if:

 

(1)       the
Company irrevocably deposits in trust with the Trustee for the benefit of the Holders money in U.S. dollars or U.S. Government
Securities or a combination thereof for the payment of principal of and premium, if any, and interest on the Notes to maturity
or redemption, as the case may be;

 

(2)       the
Company delivers to the Trustee a certificate from a firm of independent accountants expressing their opinion that the payments
of principal and interest when due and without reinvestment on the deposited U.S. Government Securities plus any deposited money
without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when
due on all the Notes to maturity;

 

(3)       no
Default or Event of Default shall have occurred and be continuing on the date of such deposit or, with respect to certain bankruptcy
or insolvency Events of Default, on the 91st day after such date of deposit;

 

(4)       such
legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a Default under, this Indenture
or any other material agreement or instrument to which the Company, the Guarantor or any of its Subsidiaries is a party or by which
the Company, the Guarantor or any of its Subsidiaries is bound;

 

(5)       the
Company shall have delivered to the Trustee an Opinion of Counsel (subject to customary assumptions and exclusions) to the effect
that (A) the Notes and (B) assuming no intervening bankruptcy of the Company between the date of deposit and the 91st day following
the deposit and that no Holder of the Notes is an insider of the Company, after the 91st day following the deposit, the trust funds
will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’
right generally;

 

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(6)       the
deposit does not constitute a default under any other agreement binding on the Company;

 

(7)       the
Company delivers to the Trustee an Opinion of Counsel (subject to customary assumptions and exclusions) to the effect that the
trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the U.S. Investment
Company Act of 1940, as amended;

 

(8)       in
the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
stating that (i) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or
(ii) since the date of this Indenture there has been a change in the applicable federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred;

 

(9)       in
the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States to the effect that the beneficial owners of the Notes 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, in the same manner
and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; and

 

(10)     the
Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
to the defeasance and discharge of the Notes and this Indenture as contemplated by this Article 8 have been complied with.

 

Section 8.03. Application
of Trust Money. The Trustee shall hold in trust money or U.S. Government Securities deposited with it pursuant to this Article
8. It shall apply the deposited money and the money from U.S. Government Securities through the Paying Agent and in accordance
with this Indenture to the payment of principal of and premium, if any, and interest on the Notes.

 

Section 8.04. Repayment
to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities
held by them upon payment of all the obligations under this Indenture.

 

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment
of principal of and premium, if any, or interest on the Notes that remains unclaimed for two years, and, thereafter, Noteholders
entitled to the money must look to the Company for payment as general creditors.

 

Section 8.05. Indemnity
for U.S. Government Securities. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against deposited U.S. Government Securities or the principal and interest received on such U.S. Government
Securities.

 

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Section
8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Securities in
accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as
the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Securities in accordance with this Article
8; provided, however, that, if the Company has made any payment of interest on or principal of any Notes because
of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money or U.S. Government Securities held by the Trustee or Paying Agent.

 

The Trustee’s
rights under this Article 8 shall survive termination of this Indenture and the resignation or removal of the Trustee.

 

ARTICLE 9

Amendments

 

Section 9.01. Without
Consent of Holders. The Company, the Guarantor and the Trustee may amend this Indenture or the Notes without notice to or
consent of any Noteholder:

 

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

 

(2)       to
comply with Article 4 in respect of the assumption by a Successor Guarantor or Successor Issuer of the respective obligation of
the Guarantor or the Company under this Indenture;

 

(3)       to
provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes
are described in Section 163(f)(2)(B) of the Code;

 

(4)       to
add guarantees with respect to the Notes;

 

(5)       to
secure the Notes;

 

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

 

(7)       to
make any change that does not adversely affect the interests of any Noteholder;

 

(8)       to
provide for the issuance of any Subsequent Notes; or

 

(9)       to
comply with any requirement of the SEC in connection with the qualification of this Indenture under the Trust Indenture Act.

 

After an
amendment under this Section 9.01 becomes effective, the Company shall mail to Noteholders a notice briefly describing such
amendment. The failure to give such notice to all Noteholders at the address set forth in the Note Register, or any defect
therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 

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Section 9.02. With
Consent of Holders. The Company, the Guarantor and the Trustee may amend this Indenture or the Notes without notice to any
Noteholder but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding,
including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes.
However, without the consent of each Noteholder affected, an amendment may not:

 

(1)       reduce
the percentage in principal amount of outstanding Notes whose Holders must consent to an amendment of this Indenture or the Notes;

 

(2)       reduce
the percentage in principal amount of outstanding Notes whose Holders must consent to an amendment of provisions of the Master
Trust Transaction Documents pursuant to Section 3.02(f) hereof;

 

(3)       reduce
the stated rate of or extend the stated time for payment of interest on any Note;

 

(4)       reduce
the principal of, or extend the Stated Maturity of, any Note;

 

(5)       reduce
the premium payable upon the redemption of any Note as described above under Article 5 hereof or any similar provision, whether
through an amendment to or waiver of Article 5 hereof, a definition or otherwise;

 

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

 

(7)       impair
the right of any Holder to receive payment of principal of and premium, if any, and interest on such Holder’s Notes on or
after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Notes;

 

(8)       make
any change to the amendment provisions which require each Holder’s consent or to the waiver provisions; or

 

(9)       release
the Guarantor or modify the Guarantee other than in accordance with the provisions of this Indenture.

 

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

 

After an amendment
under this Section 9.02 becomes effective, the Company shall mail to Noteholders a notice briefly describing such amendment. The
failure to give such notice to all Noteholders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section 9.02.

 

Section 9.03. Compliance
with Trust Indenture Act. Every amendment to this Indenture or the Notes shall comply with the Trust Indenture Act as then
in effect.

 

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Section 9.04. Revocation
and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the Holder and
every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note,
even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the
consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before
the date the amendment or waiver becomes effective or otherwise in accordance with any related solicitation documents. After an
amendment or waiver becomes effective, it shall bind every Noteholder. An amendment or waiver shall become effective upon receipt
by the Trustee of the requisite number of written consents under Section 9.01 or 9.02 hereof, as applicable.

 

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

 

Section 9.05. Notation
on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the Note to deliver
it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the
Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue and the Trustee
shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note
shall not affect the validity of such amendment.

 

Section 9.06. Trustee
to Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not affect
the rights, duties, protections, privileges, indemnities, powers, liabilities or immunities of the Trustee. If it does, the Trustee
may but need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory
to it and shall be provided with, and (subject to Sections 7.01 and 7.02 hereof), shall be fully protected in conclusively relying
upon an Officer’s Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture,
that it conforms to the applicable requirements of the Trust Indenture Act and that such amendment is the legal, valid and binding
obligation of the Company and any Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions
and complies with the provisions hereof (including Section 9.03 hereof).

 

ARTICLE 10

Guarantee

 

Section 10.01. Guarantee.
The Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, to each Holder
of the Notes and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise,
of the principal of and premium, if any, and interest on the Notes and all other obligations of the Company under this Indenture,
including, without limitation, the obligations of the Company under Section 7.07 hereof (all the foregoing being hereinafter collectively
called the “Obligations”). The Guarantor further agrees (to the extent permitted by law) that the Obligations
may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under
this Article 10 notwithstanding any extension or renewal of any Obligation.

 

    50

     

    

 

The Guarantor waives
presentation to, demand of payment from and protest to the Company of any of the Obligations and also waives notice of protest
for nonpayment. The Guarantor waives notice of any default under the Notes or the Obligations. The obligations of the Guarantor
hereunder shall not be affected by (a) the failure of the Trustee or any Holder to assert any claim or demand or to enforce any
right or remedy against the Company or any other person under this Indenture, the Notes or any other agreement or otherwise; (b)
any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder or the Trustee for the
Obligations or any of them; or (e) any change in the ownership of the Company.

 

The Guarantor further
agrees that the Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and waives any
right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Obligations.

 

The obligations of
the Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than
payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not
be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality
or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Guarantor
herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or
to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by
any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission
or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of the Guarantor or would
otherwise operate as a discharge of the Guarantor as a matter of law or equity.

 

The Guarantor further
agrees that the Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or
any part thereof, of principal of and premium, if any, or interest on any of the Obligations is rescinded or must otherwise be
restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise.

 

In furtherance of
the foregoing and not in limitation of any other right which any Holder has at law or in equity against the Guarantor by
virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the same shall become due, whether
at maturity, by acceleration, by redemption or otherwise, the Guarantor hereby promises to and will, upon receipt of written
demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of (i) the
unpaid amount of such Obligations then due and owing and (ii) accrued and unpaid interest on such Obligations then due and
owing (but only to the extent not prohibited by law).

 

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The Guarantor further
agrees that, as between the Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of the Obligations
guaranteed hereby may be accelerated as provided in this Indenture for the purposes of the Guarantee herein, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (y) in the
event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantor for the purposes of this Guarantee.

 

The Guarantor also
agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or
the Holders in enforcing any rights under this Section.

 

Section 10.02. No
Subrogation. Notwithstanding any payment or payments made by the Guarantor hereunder, the Guarantor shall not be entitled
to be subrogated to any of the rights of the Trustee or any Holder against the Company or any collateral security or guarantee
or right of offset held by the Trustee or any Holder for the payment of the Obligations, nor shall the Guarantor seek or be entitled
to seek any contribution or reimbursement from the Company in respect of payments made by the Guarantor hereunder, until all amounts
owing to the Trustee and the Holders, as well as the holders of any other Permitted Indebtedness, by the Company on account of
the Obligations are paid in full. If any amount shall be paid to the Guarantor on account of such subrogation rights at any time
when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantor in trust for the Trustee
and the Holders, segregated from other funds of the Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over
to the Trustee in the exact form received by the Guarantor (duly indorsed by the Guarantor to the Trustee, if required), to be
applied against the Obligations.

 

Section 10.03. Consideration.
The Guarantor has received, or will receive, direct or indirect benefits from the making of the Guarantee.

 

ARTICLE 11

Miscellaneous

 

Section 11.01. Trust
Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is
required to be included in this Indenture by the Trust Indenture Act, the provision required by the Trust Indenture Act shall
control. The Guarantor in addition to performing its obligations under the Guarantee shall perform such other obligations as may
be imposed upon it with respect to this Indenture under the Trust Indenture Act.

 

Section 11.02. Notices.
Any notice or communication shall be in writing and (a) delivered in person, (b) sent by a recognized overnight delivery service
(with charges prepaid), or (c) sent by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized
overnight delivery service (charges prepaid), addressed as follows:

 

    52

     

    

 

If
to the Company:

 

Bunge Limited Finance Corp.

1391 Timberlake Manor
Parkway

Chesterfield,
Missouri 63017

Attention:
Treasurer

Telephone No:
(636) 292-3029

Telecopy: (636) 292-4029

 

with a copy to:

 

Rajat Gupta

Telecopy: (914) 684-3283

 

If to the Guarantor:

 

Bunge Limited

1391 Timberlake Manor
Parkway

Chesterfield,
Missouri 63017

Attention:
Treasurer

Telephone No:
(636) 292-3029

Telecopy: (636) 292-4029

 

if to the Trustee:

 

U.S. Bank National Association

Global Corporate Trust Services

Two Midtown Plaza

1349 West Peachtree Street, Suite 1050

Atlanta, Georgia 30309

Attention: David Ferrell

Telecopy: (404) 898-8821

Email: david.ferrell@usbank.com

 

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

 

Any notice or communication
mailed to a registered Noteholder shall be mailed to the Noteholder at the Noteholder’s address as it appears on the registration
books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

 

Failure to mail a notice
or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice
or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives it, except that
notices to the Trustee shall be effective only upon receipt.

 

Section 11.03. Communication
by Holders with Other Holders. Noteholders may communicate pursuant to Trust Indenture Act, Section 312(b) with other Noteholders
with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall
have the protection of Trust Indenture Act, Section 312(c).

 

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Section 11.04. Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from
taking any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)       an
Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signer,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2)       an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with.

 

Notwithstanding the foregoing,
it is understood that an opinion under this Section will not be required in connection with the initial issuance of Notes.

 

Section 11.05. Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided
for in this Indenture shall include:

 

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

 

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

 

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

 

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

 

In giving such Opinion
of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public officials.

 

Section 11.06. When
Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in any direction,
waiver or consent, Notes owned by the Company or by an Affiliate of the Company shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to
the foregoing, only Notes outstanding at the time shall be considered in any such determination.

 

Section 11.07. Rules
by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Noteholders.
The Registrar and the Paying Agent may make reasonable rules for their functions.

 

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Section 11.08. Legal
Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking institutions are
authorized or required to be closed in New York, New York or Hamilton, Bermuda. If a payment date is a Legal Holiday, payment
shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.
If a regular record date is a Legal Holiday, the record date shall not be affected.

 

Section 11.09. Governing
Law. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

 

Section 11.10. No
Recourse Against Others. An incorporator, director, officer, employee, affiliate or stockholder of the Company or the Guarantor,
solely by reason of this status, shall not have any liability for any obligations of the Company under the Notes, this Indenture
or the Guarantee or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note,
each Noteholder shall waive and release all such liability. The waiver and release shall be part of the consideration for the
issue of the Notes.

 

Section 11.11. Successors.
All agreements of the Company in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee
in this Indenture shall bind its successors.

 

Section 11.12. Consent
to Jurisdiction. The Company and the Guarantor irrevocably submit to the non-exclusive jurisdiction of any New York state
or U.S. federal court sitting in the Borough of Manhattan, The City of New York, in any action or proceeding relating to its obligations,
liabilities or any other matter arising out of or in connection with this Indenture or the Notes. The Company and the Guarantor
hereby irrevocably agree that all claims in respect of any such action or proceeding may be heard and determined in such New York
state or U.S. federal court. The Company and the Guarantor also hereby irrevocably waive, to the fullest extent permitted by law,
any objection to venue or the defense of an inconvenient forum to the maintenance of any such action or proceeding in any such
court. The Company and the Guarantor agree that final judgment in any such suit, action or proceeding brought in such a court
shall be conclusive and binding upon the Company or the Guarantor, respectively, and may be enforced in any courts to the jurisdiction
of which the Company or the Guarantor, respectively, is subject by a suit upon such judgment.

 

Section 11.13. Appointment
for Agent for Service of Process. The Guarantor hereby (i) irrevocably designates and appoints its Chief Financial Officer
(from time to time) at its principal executive offices at 1391 Timberlake Manor Parkway, Chesterfield, Missouri 63017 (the “Authorized
Agent”), as its agent upon which process may be served in any suit, action or proceeding described in the first sentence
of Section 11.12 hereof and represents and warrants that the Authorized Agent has accepted such designation and (ii) agrees that
service of process upon the Authorized Agent and written notice of said service to the Guarantor mailed or delivered to its Secretary
at its registered office at 2 Church Street, Hamilton, Bermuda, shall be deemed in every respect effective service of process
upon the Guarantor in any such suit or proceeding. The Guarantor further agrees to take any and all action, including the execution
and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of
the Authorized Agent in full force and effect so long as any of the Notes shall be outstanding.

 

    55

     

    

 

 

Section
11.14. Waiver of Immunities. To the extent that the Company or the Guarantor, respectively, or any of their properties,
assets or revenues may have or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds
of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from
service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution
of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to their respective obligations, liabilities or any
other matter under or arising out of or in connection with this Indenture or the Notes, the Company and the Guarantor hereby irrevocably
and unconditionally, to the extent permitted by applicable law, waive and agree not to plead or claim any such immunity and consent
to such relief and enforcement.

 

Section
11.15. Additional Amounts. In the event that payments are required to be made by the Guarantor pursuant to its obligations
under the Guarantee, the Guarantor will pay to the Holder of any Note such additional amounts as may be necessary so that every
net payment to a holder or beneficial owner of the principal of and premium, if any, and interest on such Note, after deducting
or withholding for or on account of any present or future tax, duty, assessment or other similar governmental charge duly imposed
by Bermuda, will not be less than the amount provided in that Note to be then due and payable. The Guarantor will not be required,
however, to make any payment of additional amounts for or on account of any such tax imposed by reason of the holder or beneficial
owner having some connection with Bermuda, other than its participation as a holder or beneficial owner of a Note.

 

Section
11.16. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due hereunder into any currency other than U.S. dollars, the parties hereto agree, to the fullest extent permitted by law, that
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee or any Holder, as
the case may be, could purchase U.S. dollars with such other currency in New York City on the Business Day preceding that on which
final judgment is given. The obligation of the Guarantor or the Company with respect to any sum due from it to the Trustee or
any Holder shall, notwithstanding any judgment in a currency other than U.S. dollars, be discharged only if and to the extent
that on the first Business Day following receipt by the Trustee or such Holder, as the case may be, of any sum adjudged to be
so due in such other currency, the Trustee or such Holder may in accordance with normal banking procedures purchase U.S. dollars
with such other currency. If the U.S. dollars so purchased are less than the sum originally due to the Trustee or such Holder
hereunder, the Guarantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Trustee or such
Holder against such loss. If the U.S. dollars so purchased are greater than the sum originally due to the Trustee or such Holder
hereunder, the Trustee or such Holder, as the case may be, agrees to pay to the Guarantor an amount equal to the excess of the
U.S. dollars so purchased over the sum originally due to the Trustee or such Holder hereunder.

 

    56

     

    

 

Section
11.17. No Bankruptcy Petition Against the Company; Liability of the Company. Each of the Noteholders and the Trustee
hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of the last maturing
Note and all other Indebtedness of the Company ranking equal with or junior to the Notes in right of payment, it will not institute
against, or join with or assist any other Person in instituting against, the Company, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any applicable insolvency laws.

 

Notwithstanding any
other provision hereof, the sole remedy of any Noteholder, the Trustee or any other Person against the Company in respect of any
obligation, covenant, representation, warranty or agreement of the Company under or related to this Indenture or the Notes shall
be against the assets of the Company. Neither the Trustee, nor any Noteholder nor any other Person shall have any claim against
the Company to the extent that such assets are insufficient to meet such obligations, covenant, representation, warranty or agreement
(the difference being referred to herein as a “shortfall”) and all claims in respect of the shortfall shall
be extinguished; provided, however, that the provisions of this Section 11.17 apply solely to the obligations of
the Company and shall not extinguish such shortfall or otherwise restrict such Person’s rights or remedies against the Guarantor
for purposes of the obligations of the Guarantor to any Person under the Guarantee.

 

The provisions of this
Section 11.17 shall survive the termination of this Indenture and the resignation or removal of the Trustee.

 

Section
11.18. Multiple Originals; Electronic Signatures. The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this
Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes. All notices, approvals, consents, requests and any communications hereunder must be in writing (provided
that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of
a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the
authorized representative)), in English. The Company agrees to assume all risks arising out of the use of using digital signatures
and electronic methods to submit communications to the Trustee, including without limitation the risk of Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties.

 

Section
11.19. Qualification of Indenture. The Company shall qualify this Indenture under the Trust Indenture Act and shall
pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Company, the Trustee and the Holders)
incurred in connection therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the
Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the Company any such Officer’s
Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification
of this Indenture under the Trust Indenture Act.

 

    57

     

    

 

Section
11.20. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof
and shall not modify or restrict any of the terms or provisions hereof.

 

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

 

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

 

[Signature Page Follows]

 

    58

     

    

 

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

 

	 	BUNGE LIMITED FINANCE CORP.,
    as Issuer
	 	 
	 	By:	/s/Rajat
    Gupta
	 	 	Name:	Rajat Gupta
	 	 	Title:	President
	 	 
	 	BUNGE LIMITED, as Guarantor
	 	 
	 	By:	/s/
    Rajat Gupta
	 	 	Name:     	Rajat Gupta
	 	 	Title:	Treasurer
	 	 
	 	By:	/s/Joseph
    Podwika
	 	 	Name:	Joseph Podwika
	 	 	Title:	Chief Legal Officer and Assistant Secretary
	 	 
	 	U.S.
    BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/
    David Ferrell
	 	 	Name:	David Ferrell
	 	 	Title:	Vice President

 

[Indenture]

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF INITIAL
NOTE AND SUBSEQUENT NOTE]

 

[Depository Legend,
if applicable]

 

	No. [_____]	 	
        Principal Amount U.S.
        $[_________], as revised by the Schedule of Increases and Decreases in Global Note attached hereto

         

        CUSIP NO. [_________]

        ISIN: [_________]

        Common Code: [_________]

          

  

1.630% Senior Notes
Due 2025

 

Bunge Limited Finance
Corp., a Delaware corporation, promises to pay to CEDE & CO., or registered assigns, the principal sum of U.S.$[_________],
as revised by the Schedule of Increases and Decreases in Note attached hereto, on August 17, 2025.

 

Interest Payment Dates:
February 17 and August 17

 

Record Dates: February
2 and August 2

 

Additional provisions
of this Note are set forth on the reverse side hereof.

 

     

     

    

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed.

 

	 	BUNGE LIMITED FINANCE CORP.
	 	 
	 	By:   	 
	 	 	Name:
	 	 	Title:

  

	TRUSTEE’S CERTIFICATE OF	 
	AUTHENTICATION	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION,	 
	as Trustee, certifies that this is one of	 
	the Notes referred to in the Indenture.	 
	 	 
	By:	                     	 
	Authorized Signatory	 
	 	 
	Date: _________________ _______, 20_____	 

 

     

     

    

 

[FORM OF REVERSE SIDE OF INITIAL NOTE AND
SUBSEQUENT NOTE]

 

1.630% Senior Note Due
2025

 

1.       General

 

Bunge Limited Finance
Corp., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being
herein called the “Company”), issued the Notes under an Indenture, dated as of August 17, 2020, among the Company,
the Guarantor and the Trustee (as such Indenture may be amended or supplemented from time to time in accordance with the terms
thereof, the “Indenture”). The terms of the Notes include those stated in the Indenture and those made part
of the Indenture by reference to the U.S. Trust Indenture Act of 1939 as in effect on the date of the Indenture (the “Trust
Indenture Act”). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture.
The Notes are subject to all such terms, and Noteholders are referred to the Indenture and the Trust Indenture Act for a statement
of those terms.

 

The Notes are general
unsecured senior obligations of the Company, including (a) U.S. $600,000,000 in aggregate principal amount of 1.630% Notes being
offered on the Issue Date (subject to Section 2.07 of the Indenture) and (b) any Subsequent Notes. The Notes rank equally with
all other unsecured and unsubordinated indebtedness of the Company. This Note is one of the [Initial Notes] [Subsequent Notes]
referred to in the Indenture.

 

The Company may from
time to time, without the consent of existing Holders, create and issue Subsequent Notes having the same terms and conditions as
the Initial Notes in all respects, except for the Issue Date, issue price and first payment of interest thereon. Subsequent Notes
issued in this manner will be consolidated with and will form a single class with the previously outstanding Notes; provided,
that if the Subsequent Notes are not fungible with the Initial Notes for United States federal income tax purposes, the Subsequent
Notes will have a separate CUSIP number, Common Code, ISIN number and/or any other identifying number.

 

Except as otherwise
provided in the Indenture, the Initial Notes and any Subsequent Notes will be treated as a single class of securities under the
Indenture. The Indenture includes various covenants that limit the ability of the Company, among other things, to engage in any
business or transaction, acquire assets or subsidiaries, incur Indebtedness or Liens or enter into any consolidations, mergers,
amalgamations or sales of assets. In addition, the Indenture imposes certain limitations on, among other things, (i) the incurrence
of Liens by the Guarantor or any Restricted Subsidiary, (ii) Sale-Leaseback Transactions by the Guarantor or any Restricted Subsidiary
and (iii) consolidations, mergers, amalgamations and sales of assets of the Guarantor, the Company or any Subsidiary.

 

To guarantee the
due and punctual payment of the principal of and premium, if any, and interest on the Notes and all other amounts payable by
the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by
acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantor has unconditionally
guaranteed such obligations pursuant to the terms of the Indenture. The Guarantee is an unsecured and unsubordinated
obligation of the Guarantor and ranks equally with all other unsecured and unsubordinated indebtedness and obligations of the
Guarantor.

 

     

     

    

 

2.       Interest

 

The Company promises
to pay interest on the principal amount of this Note at the rate per annum shown above.

 

The Company will pay
interest semi-annually on February 17 and August 17 of each year commencing February 17, 2021. Interest on the Notes will accrue
from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from August 17, 2020.
The Company shall pay interest on overdue principal or premium, if any, plus interest on such interest to the extent lawful, at
the rate borne by the Notes to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

3.       Method of Payment

 

By at least 10:00 a.m.
(New York City time) on the date on which any principal of and premium, if any, or interest on any Note is due and payable, the
Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any,
and/or interest. The Company will pay interest (except Defaulted Interest) to the Persons who are registered Holders of Notes at
the close of business on the February 2 or August 2 next preceding the interest payment date even if Notes are cancelled, repurchased
or redeemed after the record date and on or before the interest payment date. Holders must surrender Notes to a Paying Agent to
collect principal payments. The Company will pay principal, premium, if any, and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts. Except as described in the succeeding two sentences,
the principal of and premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained
for such purpose in The City of New York, or at such other office or agency of the Company as may be maintained for such purpose
pursuant to Section 2.03 of the Indenture; provided, however, that, at the option of the Company, each installment
of interest may be paid by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note
Register. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) will be
made by wire transfer of immediately available funds to the account specified by The Depository Trust Company. Payments in respect
of Notes represented by Definitive Notes (including principal, premium, if any, and interest) held by a Holder of at least U.S.$1,000,000
aggregate principal amount of Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank
in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent
to such effect designating such account no later than 15 days immediately preceding the relevant due date for payment (or such
other date as the Trustee may accept in its discretion).

 

4.       Paying Agent
and Registrar

 

Initially, U.S. Bank
National Association (the “Trustee”), will act as Trustee, Paying Agent and Registrar. The Company may appoint
and change any Paying Agent, Registrar or co-registrar without notice to any Noteholder. The Company, the Guarantor or any Subsidiary
may act as Paying Agent, Registrar or co-registrar.

 

     

     

    

 

5.       Optional Redemption
by the Company

 

At any time prior to
July 17, 2025 (the “Par Call Date”), the Notes will be redeemable at the option of the Company, at any time
in whole or from time to time in part, on at least 15 days but not more than 60 days’ prior notice mailed to the registered
address of each Holder of Notes to be so redeemed, at a redemption price equal to (a) the greater of (i) 100% of their principal
amount to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (at
the rate in effect on the date of calculation of the redemption price) on the Notes to be redeemed that would be due if such Notes
matured on the Par Call Date (exclusive of interest accrued but unpaid to the Redemption Date) discounted to their present value
as of such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the applicable
Treasury Yield (as defined below), as determined by the Reference Treasury Dealers, plus 25 basis points (such greater amount,
the “Make-Whole Redemption Price”), plus (b) accrued and unpaid interest, if any, on the Notes to the date of
redemption.

 

On or after July 17,
2025, the Notes will be redeemable at the option of the Company, in whole at any time or in part from time to time, on at least
15 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be so
redeemed, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed (the “Par Call Redemption
Price” and, together with the Make-Whole Redemption Price, the “Redemption Price”), plus accrued and
unpaid interest on the Notes to be redeemed to the date of redemption.

 

For purposes of determining
the Redemption Price, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed calculated as if the maturity date of such Notes were the Par Call
Date (the “Remaining Life”) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of such Notes.

 

“Comparable
Treasury Price” means, with respect to any Redemption Date, (a) the bid price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) at 4:00 P.M. on the third business day preceding such Redemption Date, as set forth on
“Bloomberg page PX1” (or such other page as may replace Bloomberg page PX1), or (b) if such page (or any successor
page) is not displayed or does not contain such bid prices at such time, (i) the average of the Reference Treasury Dealer Quotations
obtained by the Company for such date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations
or (ii) if the Company is unable to obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference
Treasury Dealer Quotations obtained by the Company.

 

     

     

    

 

“Independent
Investment Banker” means any of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities
LLC or, if none of such firms are willing or able to select the applicable Comparable Treasury Issue, a leading independent investment
banking institution appointed by the Company.

 

“Primary Treasury
Dealer” shall have the meaning assigned to such term in the definition of “Reference Treasury Dealer”.

 

“Reference
Treasury Dealer” means Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC and
two other primary U.S. Government Securities dealers in New York City selected by the Independent Investment Banker (each, a “Primary
Treasury Dealer”); provided, however, that if any of the foregoing shall cease to be a Primary Treasury
Dealer, the Company will substitute another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes,
an average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed
in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 4:00
p.m., New York City time, on the third business day preceding such Redemption Date.

 

“Treasury
Yield” means, with respect to any Redemption Date applicable to the Notes, the rate per annum equal to the semi-annual
equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the applicable Comparable Treasury Price for such Redemption Date.

 

In the case of any
partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the
principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not listed, then on a pro rata
basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate, which shall
comply with the procedures of DTC, although no Notes of U.S. $2,000 in original principal amount or less will be redeemed in part.
If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal
amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name
of the Holder thereof upon cancellation of the original Note. On and after the Redemption Date, interest will cease to accrue on
Notes or portions thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction
of the applicable Redemption Price pursuant to the Indenture.

 

6.       Offers to Repurchase

 

Upon the
occurrence of a Change of Control Triggering Event, the Company shall make an offer (a “Change of Control
Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 thereof) of
each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest thereon, if any, to, but excluding, the date of purchase, subject to the right of Holders of the Notes of record on
the relevant record date to receive interest due on the relevant interest payment date (the “Change of Control
Payment”). The Change of Control Offer shall be made in accordance with Section 3.15 of the Indenture.

 

     

     

    

 

 

7.       Additional Amounts

 

The Guarantor will
pay to the Holder of any Note such additional amounts as may be necessary so that every net payment to a holder or beneficial owner
of principal of and premium, if any, and interest on such Note, after deducting or withholding for or on account of any present
or future tax, duty, fee, assessment or other similar governmental charge duly imposed by Bermuda, will not be less than the amount
provided in such Note to be then due and payable. The Guarantor will not be required, however, to make any payment of additional
amounts for or on account of any such tax imposed by reason of the holder or beneficial owner having some connection with Bermuda,
other than its participation as a holder or beneficial owner of a Note.

 

8.       Denominations;
Transfer; Exchange

 

The Notes are in registered
form without coupons in denominations of principal amount of U.S. $2,000 and whole multiples of U.S. $1,000 in excess thereof.
A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things,
to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.
The Registrar need not register the transfer of or exchange (i) any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) for a period beginning 15 days before the mailing of a notice
of Notes to be redeemed and ending on the date of such mailing or (ii) any Notes for a period beginning 15 days before an interest
payment date and ending on such interest payment date.

 

9.       Persons Deemed
Owners

 

The registered Holder
of this Note may be treated as the owner of it for all purposes.

 

10.       Unclaimed Money

 

If money for the payment
of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at
its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must
look only to the Company and not to the Trustee for payment.

 

11.       Defeasance

 

Subject to certain
conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and
the Indenture if the Company deposits with the Trustee money or U.S. Government Securities for the payment of principal and interest
on such Notes to redemption or maturity, as the case may be.

 

     

     

    

 

12.       Amendment, Waiver

 

The Indenture or the
Notes may be amended with the written consent of the Holders of at least a majority in principal amount of the then outstanding
Notes; provided, however, that the consent of each Noteholder affected is required to (i) reduce the amount of Notes
whose Holders must consent to an amendment of the Indenture, the Notes or specified provisions of the Master Trust Transaction
Documents, (ii) reduce the stated rate or extend the stated time for payment of interest on a Note, (iii) reduce the principal
of or extend the Stated Maturity of a Note, (iv) reduce the premium payable upon redemption of a Note, (v) make any Note payable
in money other than that stated herein, (vi) impair the right of a Holder to receive payment under the Note or institute suit for
the enforcement of such payment, (vii) make any change to the amendment provisions which require each Holder’s consent or
the waiver provisions, or (viii) release the Guarantor or modify the Guarantee.

 

Subject to certain
exceptions set forth in the Indenture, without the consent of any Noteholder, the Company and the Trustee may amend the Indenture
or the Notes to cure any ambiguity, omission, defect or inconsistency, or to comply with Article 4 of the Indenture, or to provide
for uncertificated Notes in addition to or in place of certificated Notes, or to add guarantees with respect to the Notes, or to
secure the Notes, or to add additional covenants of the Company, the Guarantor or any Subsidiary, or surrender rights and powers
conferred on the Company, the Guarantor or any Subsidiary, issue Subsequent Notes, or to comply with any requirement of the SEC
in connection with qualifying the Indenture under the Trust Indenture Act, or to make any change that does not adversely affect
the rights of any Noteholder.

 

Subject to certain
exceptions set forth in the Indenture, any default (other than with respect to nonpayment or in respect of a provision that cannot
be amended without the written consent of each Noteholder affected) or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount of the then outstanding Notes, on behalf of all Holders of the
Notes.

 

13.       Defaults and
Remedies

 

Under the
Indenture, Events of Default include (1) default for 30 days in payment of interest or additional interest when due on the
Notes; (2) default in payment of principal of or premium, if any, on the Notes at Stated Maturity, upon optional redemption,
upon declaration or otherwise; (3) the failure by the Company or the Guarantor to comply for 60 days after written notice
with its other agreements contained in the Indenture or under the Notes (other than those referred to in (1) or (2) above);
(4) the failure of the Company, the Guarantor, a Designated Obligor or a Material Subsidiary (a) to pay the principal of any
indebtedness for borrowed money, including obligations evidenced by any mortgage, indenture, bond, debenture, note, guarantee
or other similar instruments, on the scheduled or original date due; (b) to pay interest on any such indebtedness beyond any
provided grace period; or (c) to observe or perform any agreement or condition relating to such indebtedness, the effect of
which is to cause such indebtedness to become due prior to its stated maturity and such acceleration has not been cured
within 15 days after notice of acceleration; provided that an event described in clause (a), (b) or (c) above shall not
constitute an Event of Default unless, at such time, one or more events of the type described in clauses (a), (b) or (c)
shall have occurred or be continuing with respect to indebtedness in an amount exceeding U.S. $100,000,000; or (5) certain
events of bankruptcy, insolvency or reorganization of the Company, the Guarantor, a Designated Obligor or a Material
Subsidiary (the “bankruptcy events”). However, a default under clause (3) with respect to the Notes will
not constitute an Event of Default with respect to the Notes until the Trustee or the Holders of at least 25% in principal
amount of the outstanding Notes notify the Company or the Guarantor, as the case may be, of the default and the Company or
the Guarantor, as the case may be, does not cure such default within the time specified in clause (3) hereof after receipt of
such notice.

 

     

     

    

 

If an Event of Default
other than a bankruptcy event occurs and is continuing with respect to the Notes, the Trustee or the Holders of at least 25% in
principal amount of the Notes may declare all the Notes by written notice to the Company to be due and payable immediately. If
an Event of Default in connection with a bankruptcy event occurs and is continuing, the principal amount of the Notes, the premium,
if any, and all accrued and unpaid interest shall be immediately due and payable without any action or other act on the part of
the Trustee or the Holders.

 

Noteholders may not
enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the
Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount
of the Notes (voting as a single class) may direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Noteholders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal
or interest) if it determines that withholding notice is in their interest.

 

14.       Trustee Dealings
with the Company

 

Subject to certain
limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

 

15.       No Recourse
Against Others

 

An incorporator, director,
officer, employee, affiliate, stockholder or shareholder of each of the Company or the Guarantor, solely by reason of this status,
shall not have any liability for any obligations of the Company under the Notes, the Indenture or the Guarantee or for any claim
based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Noteholder waives and releases
all such liability. The waiver and release are part of the consideration for the issue of the Notes.

 

16.       No Petition

 

By its
acquisition of this Note, each Holder hereof agrees that neither it nor the Trustee on its behalf may commence, or join with
any other person in the commencement of, a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding with
respect to the Company under any applicable insolvency laws until one year and one date after the Notes and all other
Indebtedness of the Company ranking equal with or junior to the Notes in right of payment, including all interest and premium
thereon, if any, are paid in full.

 

     

     

    

 

17.       Authentication

 

This Note shall not
be valid for any purposes until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) has manually
signed the certificate of authentication appearing on this Note.

 

18.       Abbreviations

 

Customary abbreviations
may be used in the name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entirety),
JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift
to Minors Act).

 

19.       CUSIP Numbers

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the Company has caused CUSIP numbers to be printed on
the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Noteholders. No representation
is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon.

 

20.       Governing Law

 

This Note shall be
governed by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of law principles
thereof.

 

The Company will furnish
to any Noteholder upon written request and without charge to the Noteholder a copy of the Indenture. Requests may be made to:

 

Bunge Limited Finance Corp.

1391 Timberlake Manor Parkway

Chesterfield, Missouri
63017

Attention:
Treasurer

Telephone No: (636) 292-3029

Telecopy: (636) 292-4029

 

     

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

_____________________________________________________

(Print or type assignee’s name, address
and zip code)

 

__________________________________________

(Insert assignee’s soc. sec. or tax
I.D. No.)

 

and irrevocably appoint ____________ agent to transfer this
Note on the books of the Company. The agent may substitute another to act for him. 

 

 

	Date:	 	 	Your Signature	 

 

	Signature Guarantee:	 
	 	(Signature must be guaranteed) 

 

Sign
exactly as your name appears on the other side of this Note.

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

     

     

    

 

[TO BE ATTACHED TO NOTES]

SCHEDULE OF INCREASES OR DECREASES IN NOTE

 

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

 

	Date of Exchange	 	Amount of decrease in

 Principal Amount of this

 Note	 	Amount of increase in

 Principal Amount of this

 Note	 	Principal Amount of this

 Note following such

 decrease or increase	 	Signature of authorized signatory of Trustee or Securities Custodian
		 		 		 		 	

 

     

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased by the Company
pursuant to Section 3.15 of the Indenture, check the box below:

 

[ ] Section 3.15

 

If you want to elect to have only part of this Note purchased
by the Company pursuant to Section 3.15 of the Indenture, state the amount you elect to have purchased:

 

$_______________

 

Date: _____________________

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on 

the face of this Note)

 

	 	Tax Identification No.:	                      

 

Signature Guarantee*: __________________________________

 

* Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

     

     

    

 

SCHEDULE 1.1

 

Designated Obligors
and Material Subsidiaries

 

The following Subsidiaries constitute all
of the Designated Obligors as of the date hereof:

 

		·	Bunge Global Markets Inc.

 

		·	Bunge N.A. Holdings, Inc.

 

		·	Bunge North America, Inc.

 

		·	Koninklijke Bunge B.V.

 

		·	Bunge Alimentos S.A.

 

		·	Bunge Argentina S.A.

 

		·	Bunge Trade Limited (successor to Bunge Fertilizantes International Limited)

 

		·	Bunge Fertilizantes S.A. (Brazil)

 

		·	Bunge International Commerce Ltd.

 

		·	Bunge S.A.

 

The following Subsidiaries
constitute all of the Material Subsidiaries as of the date hereof:

 

		·	Bunge Alimentos S.A.

 

		·	Bunge North America, Inc.

 

		·	Bunge Brazil Holdings B.V.

 

		·	Bunge Cooperatief UA

 

		·	Bunge Asia Pty Limited

 

		·	Bunge Canada Investments, Inc.

 

		·	Bunge N.A. Holdings, Inc.

 

		·	Bunge Holdings North America, Inc.

 

		·	Bunge Corporation Ltd.

 

		·	Koninklijke Bunge B.V.

 

     

     

    

 

SCHEDULE 3.4

 

Existing Liens

 

	Subsidiary/Joint 

Ventures	Facility	Amount 

Outstanding	Description of Collateral
	EGT LLC (consolidated JV)	JV loan agreement	$5.1 million	Property, plant, and equipmentExhibit

Exhibit 4.1

FEDERAL HOME LOAN BANK
OF INDIANAPOLIS
CAPITAL PLAN
Revised, Effective September 26, 2020

		
	•
	First Approved by the Board of Directors June 28, 2002, as amended July 24, 2008, March 13, 2009, May 19, 2011, June 28, 2019, January 7, 2020 and April 8, 2020

		
	•
	First Approved by the Federal Housing Finance Board on July 10, 2002, with Amendments Approved by the Federal Housing Finance Board on October 9, 2002, and with Amendments Approved by the Federal Housing Finance Agency on March 6, 2009, May 18, 2009, August 5, 2011, December 13, 2019, and July 29, 2020

Exhibit 4.1

TABLE OF CONTENTS
	
				
	I.
	Introduction
	1
	

	 
	A.  Capital Overview
	1
	

	 
	B.  Plan Summary
	1
	

	 
	C. Transition Provisions
	2
	

	 
	D.  General
	2
	

	 
	 
	 

	II.
	Definitions
	2
	

	 
	 
	 

	III.
	Capital Requirements
	5
	

	 
	 
	 

	IV.
	Class of Stock; Rights and Dividends
	7
	

	 
	A.  Class A Stock
	7
	

	 
	B.  Class B Stock
	7
	

	 
	C.  Dividends
	8
	

	 
	D.  Additional Offerings
	8
	

	 
	E.  Conversion of Stock Between Classes
	9
	

	 
	F.  Liquidation, Consolidation or Merger of the FHLBI
	10
	

	 
	 
	 

	V.
	Investment by Members
	10
	

	 
	A.  Stock Requirement
	10
	

	 
	B.  Stock Requirement Calculation
	12
	

	 
	C.  Adjustment or Amendments to Stock Requirement Percentages
	13
	

	 
	 
	 

	VI.
	Transfer, Redemption or Repurchase of Stock
	13
	

	 
	A.  Transfer of Other Members
	13
	

	 
	B.  Redemption of Stock by Member
	14
	

	 
	C.  Repurchase of Stock by FHLBI
	15
	

	 
	D.  Additional Limitations to Redemption of Stock
	16
	

	 
	 
	 

	VII.
	Termination of or Withdrawal from Membership
	17
	

	 
	A.  Effective Date of Termination
	17
	

	 
	B.  Member Rights During Redemption Period
	18
	

	 
	C.  Cancellation of Withdrawal Notice
	20
	

	 
	D.  Readmission to Membership
	20
	

	 
	 
	 

	VIII.
	Adoption of Changes to Capital Plan
	20
	

	 
	 
	 

	IX.
	Transition Provisions
	21
	

	 
	A.  Activity-based Stock Requirement
	21
	

	 
	B.  Stock Repurchase - Capital Ratio
	21
	

	 
	C.  Reclassifications of Class B Stock
	21
	

	 
	D.  Membership Stock Requirement
	21
	

	 
	 
	 

	X.
	Retained Earnings Enhancement Implementation and Definitions
	22
	

Exhibit 4.1

	
				
	 
	A.  Implementation
	22
	

	 
	B.  Definitions applicable to Sections X-XIII of this Capital Plan
	22
	

	 
	 
	 

	XI.
	Establishment of Restricted Retained Earnings
	25
	

	 
	A.  Segregation of Account
	25
	

	 
	B.  Funding of Account
	25
	

	 
	 
	 

	XII.
	Limitations on Dividends, Stock Purchase and Stock Redemption
	26
	

	 
	A.  General Rule on Dividends
	26
	

	 
	B.  Limitations on Repurchase and Redemption
	26
	

	 
	 
	 

	XIII.
	Termination of Retained Earnings Capital Plan Amendment Obligations
	27
	

	 
	A.  Notice of Automatic Termination Event
	27
	

	 
	B.  Notice of Voluntary Termination
	28
	

	 
	C.  Consequences of an Automatic Termination Event or Vote to Terminate the Agreement
	28
	

	 
	 
	 

    

Exhibit 4.1

Capital Plan

I.    Introduction

		
	A.
	Capital Overview

                
The Gramm-Leach-Bliley Act of 1999 specified that the Federal Home Loan Banks (“FHLBanks”) transition from a “subscription” capital form to a permanent capital form. The Act also imposes certain risk-based capital requirements on the FHLBanks. The Federal Home Loan Bank of Indianapolis (“FHLBI”) initially adopted its capital plan in 2002 in accordance with the implementing regulations (as amended, the “Capital Regulations”) issued by the Federal Housing Finance Board (“Finance Board”), predecessor to the Federal Housing Finance Agency (“Finance Agency”). Subsequent amendments to the FHLBI capital plan were approved by the Finance Board on October 9, 2002 and by the Finance Agency on March 6, 2009, May 18, 2009, August 5, 2011 and December 13, 2019. The FHLBI is now amending and restating this capital plan (as amended and restated herein, “Capital Plan” or “Plan”) to: (i) provide the FHLBI with greater flexibility in the administration of the Plan while maintaining conformance with FHLBI’s capital requirements, (ii) provide members with additional alternatives for managing their FHLBI stock requirements, and (iii) make other conforming and technical changes. Terms used but not defined herein shall be used as defined in the Act or the Capital Regulations. 

		
	B.
	Plan Summary

		
	•
	The Plan provides for the issuance of Class B Stock based upon the greater of a percentage of a member’s Total Assets (its Membership Stock Requirement) or its Activity-based Stock Requirement with the FHLBI, with a minimum investment of $7,500. Class B Stock is redeemable upon five (5) years’ prior written notice, subject to certain restrictions and limitations.

		
	•
	The Plan permits the Board to authorize the issuance of Class A Stock, which may be purchased to satisfy a member’s Activity-based Stock Requirement to the extent such requirement exceeds the member’s Class B Stock holdings, subject to certain limitations.  Class A Stock is redeemable upon six (6) months’ prior written notice, subject to certain restrictions and limitations.

		
	•
	The Plan, as amended, changes the formula for calculating the Membership Stock Requirement, by utilizing a percentage of a member’s Total Assets rather than a percentage of Total Mortgage Assets. The initial Total Assets percentage shall be established by the Board of Directors within a range of 0.01% to 0.5%, and the Membership Stock Requirement is subject to a maximum stock purchase in an amount established by the Board of Directors within a specified range.

		
	•
	The ranges for each type of Activity-based Asset shall be as follows: a. Credit Products: (i) Advances - 1.0% - 6.0%, (ii) Lines of Credit - 1.0% - 6.0%, and (iii) Standby Letters of Credit - 0.1% - 6.0%; b. Derivative Contracts - 1.0% - 6.0%; and c. Acquired Member Assets - 0.0% - 6.0%. The Activity-based Stock Requirement is calculated as a percentage of the underlying activity and does not have a minimum or maximum dollar amount. The applicable percentages within such ranges are established by the Board of Directors.

		
	•
	The Plan permits the Board of Directors to establish terms and conditions under which holders of Class B Excess Stock or Class A Excess Stock may convert shares of such stock to Class A Stock or Class B Stock, respectively.

		
	•
	The Plan authorizes the Board of Directors to grant members the option, from time to time and under certain circumstances, to elect an Activity-based Stock Requirement for their sales of Acquired Member Assets to the FHLBI.

		
	•
	The Plan provides for FHLBI discretionary repurchases of Excess Stock, subject to certain limitations.

		
	•
	The Plan provides that the FHLBI may make offerings of additional shares of Capital Stock from time to time.

		
	•
	The Stock Requirement for a Former Member that has had its membership terminated by the Board of Directors shall equal its Activity-based Stock Requirement.

		
	•
	The Plan acknowledges that the FHLBI must maintain certain capital requirements under the Act and Finance Agency regulations, and provides that required investments in Capital Stock may be adjusted by the Board of Directors, as needed, to enable FHLBI to continue to meet those capital requirements.

This Summary is not intended to be a complete description of all Plan provisions and is qualified in its entirety by reference to the specific provisions of the Plan.

C.    Transition Provisions

The Capital Plan, as amended and restated, will be effective on a date selected by the Board of Directors (“Effective Date”), which shall be not later than twelve months after approval of the Plan is received from the Finance Agency.  The transition provisions for this amended and restated Capital Plan are set forth in Section IX.

		
	D.
	General

In certain sections of this Capital Plan, the terms “in its discretion” or “in its sole discretion” are used when describing the FHLBI’s decision-making authority. The FHLBI acknowledges that the Finance Agency, in its role as safety and soundness regulator, may limit the FHLBI’s discretion in certain circumstances.

The Capital Plan takes into account the applicable provisions of the Act and the Capital Regulations and it is not intended to contradict such provisions. If any provisions of the Capital Plan conflict with the actual provisions of the Act or the Capital Regulations, as amended from time to time, the provisions of the Act or the Capital Regulations, as then in effect, will control. 

II.   Definitions

In this Capital Plan, unless the context otherwise requires, (a) words describing the singular number shall include the plural and vice versa and (b) any requirement of written notice by any entity may be satisfied by electronic mail delivery. The following are defined terms used in this Plan.

“Acquired Member Assets” or “AMA” means those assets acquired from a member that meet the requirements of 12 C.F.R. Part 1268 or successor Finance Agency regulations. This term includes Mortgage Purchase Program (“MPP”) assets.

“Act” means the Federal Home Loan Bank Act, as amended.

“Activity-based Assets” means the total of a member's outstanding Credit Products, Derivative Contracts and Acquired Member Assets, which shall be calculated using the following balances: (a) for lines of credit, the commitment amount; (b) for standby letters of credit, the maximum available credit under the standby letter of credit; (c) for all other Advances or Credit Products, the principal balance on the FHLBI's books; (d) for Derivative Contracts, the amount of collateral required for the transaction; and (e) for Acquired Member Assets that were (before, on or after the Plan’s Effective Date) subject to an Activity-based Stock Requirement as of the date of the applicable MDC, the outstanding principal balance as adjusted from time to time on the FHLBI's books.

“Activity-based Stock” means Capital Stock purchased, classified or converted pursuant to Section V or Section IX to satisfy a member’s Activity-based Stock Requirement. 

“Activity-based Stock Requirement” means the amount of Capital Stock that a member is required to hold, calculated as the sum of the outstanding Activity-based Assets of a member multiplied by the applicable percentage for each type of Activity-based Asset, in effect from time to time pursuant to Section V.
 
“Advances” means loans to a member that are: (a) provided pursuant to a written agreement; (b) supported by a note or other written evidence of the member's obligations; and (c) secured by collateral in accordance with the Act, Finance Agency regulations and the FHLBI’s Credit Policy, each as in effect at the time an Advance is made. 

“Board” or “Board of Directors” means the board of directors of the FHLBI.

“Business Day” means a day which is not (a) a Saturday, Sunday or legal holiday on which FHLBI is authorized to remain closed or (b) a day on which the Federal Reserve Bank of New York is closed.

“Capital Ratio” means Total Capital divided by Total Assets.

“Capital Regulations” means 12 C.F.R. Part 1277 of the Finance Agency regulations, as in effect from time to time.

“Capital Stock” means, collectively, all capital stock issued and outstanding under this Capital Plan.

“Cash Management Services Account” or “CMS Account” means a demand deposit account held by a member at the FHLBI.

“Class A Stock” means Capital Stock with a six-month Redemption Period that is authorized to be issued under this Capital Plan.

“Class B Stock” means Capital Stock with a five-year Redemption Period that is authorized to be issued under this Capital Plan, and includes Subseries B-1 Stock and Subseries B-2 Stock. 

“Conversion-eligible Stock” means shares of Class A Excess Stock or Class B Excess Stock that the Board of Directors determines may be converted to a different class pursuant to Section IV.E.

“Credit Products” means Advances, lines of credit, standby letters of credit, Affordable Housing Program advances, and Community Investment Program advances offered by the FHLBI.

“Credit Risk Capital” means an amount of Permanent Capital equal to the sum of the credit risk capital charges for FHLBI's assets, off-balance sheet items and Derivative Contracts.  These charges are calculated using the methodology and credit risk percentage assigned to each such asset, item or contract in the Capital Regulations.  Assets will be rated in the manner provided by the Capital Regulations, as in effect at the time the rating is performed. 

“Derivative Contract” means generally a financial contract, the value of which is derived from the values of one or more underlying assets, reference rates, or indices of asset values, or credit-related events.  Derivative Contracts include interest rate, foreign exchange rate, equity, precious metals, commodity and credit contracts and any other instruments that pose similar risks. 

“Determination Date” means the dates on which a member's Stock Requirement is recalculated due to the addition of new Activity-based Assets.  The Determination Date shall be: (a) for lines of credit, the date of commitment; (b) for Derivative Contracts, the date of the FHLBI confirmation; (c) for standby letters of credit, the date of issuance; (d) for other Advances and other Credit Products, the date of disbursement; and (e) for Acquired Member Assets, the Settlement Date.
 
“Effective Date,” when used with respect to termination of FHLBI membership, means those dates described in Section VII, and, when used with respect to the effective date of this Capital Plan, means the date selected by the Board of Directors pursuant to Section IX as the effective date of the Plan.

“Enterprise Risk Management Policy” means the policy, as approved by the Board of Directors, regarding the FHLBI’s risk management program, practices and procedures established pursuant to regulations or other guidance promulgated by the Finance Agency, as such policy may be amended from time to time.

“Excess Stock” means any shares of Capital Stock held by a member (or its successor) in excess of the member's Stock Requirement. 
    
“FHLBI Management” means the President - Chief Executive Officer and the Chief Financial Officer, acting jointly, and such other FHLBI officer positions (acting jointly) as the Board of Directors may designate from time to time.

“Finance Agency” means the Federal Housing Finance Agency or any successor thereto.

“Financial Statements” means a member's annual regulatory Call Report, or similar annual regulatory filing for members that do not file Call Reports, provided that the FHLBI may, if such annual Call Reports or other regulatory filings are unavailable, or if the context otherwise requires, rely upon annual audited financial statements or upon quarterly Call Reports or similar quarterly regulatory filings.

“First Recalculation Date” means the date on or about the first April 1 to occur following the Plan’s Effective Date, in relation to the re-calculation of a member’s Membership Stock Requirement.

“Former Member” means an institution for which membership in the FHLBI has been terminated but which continues to hold Capital Stock pursuant to the Capital Plan, and includes any successor to such institution that continues to hold Capital Stock that was issued to the acquired institution.

“GAAP” means generally accepted accounting principles in the United States as in effect from time to time.
    
“Mandatory Delivery Contract” or “MDC” means an Acquired Member Assets transaction in which a member is obligated to sell a specific dollar amount of mortgage loans with specific characteristics to the FHLBI at a specified purchase price on a specified Settlement Date.

“Market Risk Capital" means an amount of Permanent Capital required by the Capital Regulations to support the market risk to which the Bank is exposed. 

“Membership Stock Requirement” means the amount of Class B Stock that a member is required to hold, calculated as a percentage of the member’s Total Assets, as such percentage is established from time to time pursuant to Section V.  Before the First Recalculation Date, the Membership Stock Requirement shall be calculated as a percentage of the member’s Total Mortgage Assets, in accordance with the immediately preceding version of this Capital Plan; provided, however, that for entities admitted to membership after the Effective Date but before the First Recalculation Date, the Membership Stock Requirement shall be calculated as a percentage of the member’s Total Assets pursuant to Section V.

“Operational Risk Capital” means an amount of Permanent Capital required by the Capital Regulations to support the operational risk to which the FHLBI is exposed. 

“Permanent Capital” means retained earnings under GAAP plus the amount paid in for Class B Stock. 

“Recalculation Date” means: (a) on or about April 1 of each year for re-calculating a member's Total Assets (or Total Mortgage Assets, as applicable); (b) each Determination Date for re-calculating a member's Activity-based Stock Requirement due to the acquisition of Activity-based Assets; (c) the effective date of any adjustment or amendment to the Stock Requirement percentages under Section V.C; (d) the date of any recalculation performed by the FHLBI due to reductions in the member’s Activity-based Assets as a result of payments or changes in value; (e) the Effective Date (for purposes of reclassifying Class B Stock pursuant to Section IX.C.2); or (f) the date of any other Stock Requirement recalculation provided for in this Plan. 

“Record Date” means December 31 of the calendar year immediately preceding the election year.  

“Redemption Cancellation Fee” means the fee that may be imposed by the FHLBI on a member that cancels a redemption notice, which shall be $500. 

“Redemption Period” means the six-month period for Class A Stock, or the five-year period for Class B Stock, that begins (a) on the date the member’s notice of request for redemption of Capital Stock is received by the FHLBI or (b) as set forth in Section VII, until the stock can be redeemed.

“Regulatory Capital Requirements” means the minimum amount of Permanent Capital and Total Capital that the FHLBI is required to maintain under the Bank Act and any related regulations, or any similar requirement established for the FHLBI by order, written agreement or other regulatory actions.

“Risk-based Capital Requirement” means an amount of Permanent Capital equal to the sum of the Credit Risk Capital, Market Risk Capital and Operational Risk Capital requirements. 

“Settlement Date” means the date Acquired Member Assets are purchased by the FHLBI and proceeds are actually paid to or on behalf of the member.

“Stock Requirement” means the amount of Capital Stock the member is required to hold based upon the greater of its Membership Stock Requirement or its Activity-based Stock Requirement, as described in Section V.     

“Subseries B-1 Stock” means that Subseries of Class B Stock that is issued as, converted to or reclassified as Subseries B-1 Stock in accordance with this Plan.

“Subseries B-2 Stock” means: (a) before the Effective Date, that Subseries of Class B Stock into which Subseries B-1 Stock was converted if the stock became subject to a voluntary or automatic redemption request while the stock is still needed by a member to meet its Stock Requirement; and (b) as of the Effective Date, that Subseries of Class B Stock that is issued as, converted to or reclassified as Subseries B-2 in accordance with this Plan.

“Time Account” means an investment deposit account maintained by a member with the FHLBI.

“Total Assets,” when used with respect to either the FHLBI or one of its members, means the entity’s total assets as determined in accordance with the accounting principles or standards that are applicable to the entity.

“Total Capital” means the sum of Permanent Capital, the paid-in value of all Class A stock (if any), general loan loss reserves, and other instruments as may be identified in the Plan from time to time and accepted as components of Total Capital by the Finance Agency.

“Total Mortgage Assets” of the member means the aggregate unpaid principal balance of the member’s “home mortgage loans” as defined in 12 C.F.R. § 1263.1 or successor Finance Agency regulation.

“Withdrawal Cancellation Fee” means the fee that may be imposed by the FHLBI on the member for canceling a notice of withdrawal from membership, which shall be $500. 

III.   Capital Requirements

The FHLBI shall maintain its Regulatory Capital Requirements.

The Finance Agency has the authority to require the FHLBI to hold additional capital, which could require the FHLBI to amend this Capital Plan or the Enterprise Risk Management Policy from time to time.

IV.   Class of Stock; Rights and Dividends

The Board of Directors of the FHLBI hereby confirms its approval of the issuance of a class of stock, to be known as “Class A Stock,” with the rights, privileges and preferences, and subject to the limitations, set forth below.  In addition, the Board of Directors hereby confirms its approval of the issuance of a class of stock, to be known as “Class B Stock,” consisting of Subseries B-1 and Subseries B-2, with the rights, privileges and preferences, and subject to the limitations, set forth below. The FHLBI shall issue no other classes or subseries of stock except by amendment to this Capital Plan and approval by the Finance Agency, and shall not issue stock other than in accordance with Finance Agency regulations in effect at the time the stock is to be issued. Capital Stock may only be issued to and held by members (or their successors upon consolidation or merger, with respect to holding existing Capital Stock).

Capital Stock will be issued and held in book entry form only and shall be tradable only between the FHLBI, its members, and Former Members; provided, however, that Capital Stock may only be transferred between members as set forth in Section VI.

In accordance with 12 C.F.R. Part 1261 (as amended from time to time) and subject to Sections V and VII, each member (or successor by merger or consolidation that occurs after the Record Date) holding Capital Stock shall be entitled to vote in the election of directors based upon one vote for each share of Capital Stock required to be held by the member as of the Record Date, provided that the number of votes that any member may cast for any one directorship based upon the member’s Capital Stock holdings shall not exceed the average number of shares of Capital Stock that were required to be held by all members located in that state as of the Record Date. For purposes of applying 12 C.F.R. Part 1261, the Capital Stock that a member was “required to hold” shall be the member’s Stock Requirement as of the Record Date.  With respect to an institution whose membership is terminated after the Record Date but before the Recalculation Date (pertaining to the calculations required under 12 C.F.R. Part 1261), the number of shares of Capital Stock required to be held by such institution as of the Record Date shall be included in calculating the average number of shares required to be held by all members as of the Record Date, notwithstanding that such institution may not be entitled to vote such shares.

The FHLBI shall calculate separately for Class A Stock and Class B Stock the average number of shares required to be held by all members in each state, using the total number of members in the state as the denominator, and shall apply those averages separately in determining the maximum number of votes that any member in the state may cast.  In no event shall a member vote any of its Excess Stock, determined as of the Record Date.

For purposes of this Section IV, a member (i) that has notified the FHLBI of its intent to withdraw from membership or (ii) whose membership is to be terminated by consolidation or merger as described in Section VII, shall continue to have voting rights with respect to its Stock Requirement, subject to the limitation described in the second preceding paragraph, until the Effective Date of its membership termination. Thereafter, a Former Member that has withdrawn from membership or has had its membership terminated by consolidation or merger occurring after the Record Date will retain the right to vote in the first election occurring subsequent to the last Record Date on which it was a member. A Former Member that has withdrawn from membership or has had its membership terminated by consolidation or merger occurring prior to the Record Date, but still holds Capital Stock to support outstanding obligations, is not considered a member hereunder and has no voting rights with respect to such stock. An institution whose membership is terminated involuntarily under Section VII ceases to be a member as of the date on which the Board acts to terminate the membership, and the institution therefore has no voting rights with respect to its Capital Stock as of such date. Further, as described in Section VII, an institution whose membership is terminated due to relocation of its principal place of business ceases to be a member as of the date on which the transfer of membership becomes effective, and the institution therefore has no voting rights with respect to its Capital Stock as of such date, unless the membership terminated subsequent to a Record Date. In such case, the institution will retain the right to vote in the first election occurring subsequent to the last Record Date on which it was a member.

		
	A.
	Class A Stock

		
	1.
	Class A Stock shall have a par value of one hundred dollars ($100) and shall be issued, redeemed and repurchased only at such par value.  No Class A Stock shall be issued under this Capital Plan unless the Board of Directors shall have expressly authorized such issuance by one or more resolutions to take effect on or after the Effective Date.

		
	2.
	Subject to such limitations as the Board may establish or modify (including limitations on the number of shares of Class A Stock that may be issued and outstanding at any time), Class A Stock may be purchased in lieu of Class B Stock, at the election of the member, in an amount necessary to satisfy an Activity-based Stock Requirement, provided that: (i) a member may purchase Class A Stock for this purpose only to the extent that its Activity-based Stock Requirement cannot be met by the shares of Class B Stock and Class A Excess Stock that it then holds, as described in Section V; and (ii) no Class A Stock may be issued, applied or deemed at any time to satisfy any portion of the member’s Membership Stock Requirement.  FHLBI Management is authorized in its discretion to: (i) place limits on (a) the total number of shares of Class A Stock that may be issued and outstanding at any time by establishing a cap that is less than the cap most recently established by the Board and (b) the amount of Class A Stock that may be acquired by a member (through purchase, conversion or other method); and (ii) require that a member satisfy all or a portion of an incremental Activity-based Stock Requirement by purchasing Class B Stock.  FHLBI Management shall inform the Board of any action taken by FHLBI Management pursuant to part (i)(a) of the preceding sentence.  Class A Stock may also be issued as provided in Subsections D and E.

		
	3.
	Class A Stock may be redeemed upon six (6) months’ prior written notice from the member in accordance with Section VI.B. Class A Stock is not subject to conversion to any other class or subseries of Capital Stock pursuant to Subsection IV.E if the member (i) has notified the FHLBI that it intends to withdraw from membership, (ii) has its membership terminated, or (iii) files a notice to redeem Class A Stock, regardless of whether such stock is needed by the member to meet its Activity-based Stock Requirement.  Class A Excess Stock is also subject to repurchase by the FHLBI, in its discretion, whether or not requested by the member, in accordance with Section VI.C.

		
	4.
	Holders of Class A Stock shall not be deemed the owners of, and shall have no rights with respect to, any portion of the FHLBI’s retained earnings, surplus, undivided profits or equity reserves solely by virtue of holding Class A Stock. To the extent such members also hold Class B Stock, their rights with respect to such earnings, surplus, profits or reserves as holders of Class B Stock shall be governed by Section IV.B.3.

 
		
	B.
	Class B Stock

		
	1.
	Class B Stock shall have a par value of one hundred dollars ($100) and shall be issued, redeemed and repurchased only at such par value. Except as provided under Subsection IV.A regarding the purchase of Class A Stock, Class B Stock shall be issued in an amount necessary to at least meet each member's Stock Requirement as described herein, and may be issued in additional amounts as provided in Subsections D and E below.

		
	2.
	Class B Stock shall consist of two subseries, B-1 and B-2. Class B Stock will be the stock utilized as needed to meet a member’s Membership Stock Requirement.

		
	a)
	Before the Effective Date: (i) Subseries B-1 Stock will be converted to Subseries B-2 Stock if the member withdraws from membership, or if its membership is terminated, or if it files a notice to redeem stock that is needed to meet the member's Stock Requirement; and (ii) Subseries B-1 Excess Stock, if any, will not be converted to Subseries B-2 Stock, as long as such stock remains Excess Stock.

		
	b)
	As of the Effective Date, pursuant to Section IX.C, all Class B Activity-based Stock that is not Excess Stock shall be classified as Subseries B-2.  Thereafter: (i) all Capital Stock purchases made to satisfy a member’s incremental Activity-based Stock Requirement under Section V shall be of Class B Stock (classified as Subseries B-2) or Class A Stock, subject in all cases to Section IV.A.2; and (ii) all Class B Stock purchases made to meet a member’s Membership Stock Requirement under Section V shall be classified as Subseries B-1. However, such Subseries B-1 Stock shall be automatically reclassified as Subseries B-2, in an amount needed to satisfy a member’s increased Activity-based Stock Requirement, if available, and before the member is required to purchase any additional shares of Capital Stock.  Similarly, any Subseries B-2 Stock that is not needed to satisfy an Activity-based Stock Requirement shall be automatically reclassified as Subseries B-1.

		
	3.
	Holders of Class B Stock (without regard to their ownership of Class A Stock, if any) shall be deemed the owners of the FHLBI’s retained earnings, surplus, undivided profits and equity reserves, but shall have no right to receive any portion of those amounts, except through a declared dividend or distribution approved by the Board of Directors or upon the liquidation of the FHLBI.

		
	4.
	Class B Stock may be redeemed upon five (5) years’ prior written notice from the member in accordance with Section VI.B.  Class B Excess Stock is also subject to repurchase by the FHLBI, in its discretion, whether or not requested by the member, in accordance with Section VI.C.

		
	C.
	Dividends

		
	1.
	The Board of Directors, in its discretion and subject to the provisions of this Section IV and Section XII.A, shall establish and declare the amount and type, whether in cash, Capital Stock, or a combination thereof, of the dividend, if any, to be paid on each class and subseries of Capital Stock on a quarterly basis or as otherwise determined by the Board.  The amount of dividends to be paid shall be based upon the average number of shares of each class or subseries held by the member during the quarter.  Dividends are non-cumulative with respect to payment obligations.  Before the Effective Date, the dividend on the Subseries B-2 Stock shall be equal to eighty percent (80%) of the dividend on the Subseries B-1 Stock.  As of the Effective Date: (i) the dividend on Class A Stock for any period shall be less than or equal to the dividend on Subseries B-2 Stock for the same period; and (ii) the dividend on Subseries B-2 Stock shall be greater than or equal to the dividend on Subseries B-1 Stock for the same period.

		
	2.
	The FHLBI shall not declare or pay any dividends on Capital Stock if it is not in compliance with any of its minimum capital requirements, or pay a dividend that would cause it to fail to meet any of its minimum capital requirements.  The FHLBI shall not declare or pay a dividend if the par value of the Bank’s Capital Stock is impaired or is projected to become impaired after paying such dividend.  Dividends, if declared, will only be paid from current net earnings or from retained earnings, subject to Section XII.A.

		
	D.
	Additional Offerings

Subject to Finance Agency regulations, the FHLBI is authorized to issue additional Capital Stock, at par value, to its members from time to time.  Participation in such offerings shall be voluntary on the part of the members, on terms and conditions to be determined by the Board of Directors, but within a particular class or subseries of Capital Stock, such offerings shall not discriminate in favor or against any member.

		
	E.
	Conversion of Stock Between Classes

		
	1.
	Beginning on the Effective Date of the Capital Plan, the Board of Directors, by resolution, may from time to time authorize optional conversions of shares of Conversion-eligible Stock to shares of a different class (each such authorized option, a “Conversion Option”).  In the Board’s discretion, Conversion-eligible Stock for purposes of any Conversion Option may consist of Class B Excess Stock or Class A Excess Stock.  In addition, the Board may adopt a continuing resolution authorizing FHLBI Management to offer and implement Conversion Options whereby Class A Excess Stock may be converted to Class B Stock (and subject in any case to this Subsection IV.E).

		
	2.
	In connection with each Conversion Option, the Board of Directors or FHLBI Management, as applicable, shall determine the maximum number of shares that may be converted and shall establish the date upon which the conversion shall occur (each, a “Conversion Date”). The FHLBI shall provide notice to members of the process for exercising the Conversion Option.

		
	3.
	Members that wish to exercise the Conversion Option will be required to advise the FHLBI in writing, by the deadline identified in the notice, of the amount of Conversion-eligible Stock they wish to have converted.  If a Conversion Option is oversubscribed (i.e., the number of shares of Conversion-eligible Stock sought by members to be converted exceeds the maximum number of shares that may be converted, as established by the Board or FHLBI Management, as applicable), the FHLBI will convert such shares on a pro rata basis.

		
	a)
	Notwithstanding any other provision of this Section IV.E, so long as any member is in receivership, conservatorship or other legal custodianship, or is in material default of any obligations to the FHLBI as determined by the FHLBI in its sole discretion, such member shall be ineligible to exercise a Conversion Option.

		
	b)
	A Former Member or member that (i) has given notice of membership withdrawal, (ii) is by operation of law no longer eligible for FHLBI membership, or (iii) has been terminated as a member by the Board of Directors is ineligible to exercise a Conversion Option.

		
	4.
	Notwithstanding any other provision of this Section IV.E, no Capital Stock that is the subject of (i) an Excess Stock repurchase notice given pursuant to Section VI.C.1, (ii) an Excess Stock repurchase request made pursuant to Section VI.C.4, or (iii) a redemption notice given pursuant to Section VI.B, shall be eligible for conversion to another class.

		
	5.
	Notwithstanding any other provision of this Subsection IV.E:

		
	a)
	No conversion of Capital Stock from one class to another class will be permitted if, following the conversion, the FHLBI would fail to meet any of its minimum capital requirements. 

		
	b)
	The FHLBI retains the right and discretion to suspend all previously-authorized conversions of Capital Stock if the FHLBI reasonably determines that conversions may (i) cause the FHLBI to fail to meet its minimum capital requirements, (ii) prevent the FHLBI from maintaining adequate capital against potential risks that may not be adequately reflected in its minimum capital requirements, or (iii) otherwise prevent the FHLBI from operating in a safe and sound manner.

		
	6.
	The authorization, implementation and utilization of any Conversion Option are subject to the conditions and limitations set forth in Subsection IV.A and IV.B.

		
	F.
	Liquidation, Consolidation or Merger of the FHLBI

		
	1.
	Subject to the Finance Agency’s authority to prescribe rules, regulations or orders governing the liquidation of a Federal Home Loan Bank, upon the liquidation of the FHLBI, following the retirement of all outstanding liabilities of the FHLBI to its creditors, all shares of Class B Stock are to be repurchased at par value, provided that if sufficient funds are not available to accomplish the repurchase in full of the Class B Stock at par value, then such repurchase shall occur on a pro rata basis among all holders of Class B Stock. Following the repurchase in full of all Class B Stock, all shares of Class A Stock are to be repurchased at par value, provided that if sufficient funds are not available to accomplish the repurchase in full of all Class A Stock at par value, then such repurchase shall occur on a pro rata basis among all holders of Class A Stock. Following the repurchase in full of all Class A Stock, any remaining assets will be distributed to the holders of Class B Stock in the proportion that each stockholder’s Class B Stock bears to the total Class B Stock outstanding immediately prior to the initial repurchase of Class B Stock pursuant to such liquidation.

		
	2.
	In the event of the merger or consolidation of the FHLBI into another FHLBank, the FHLBI members shall immediately become members of the successor FHLBank, and their existing Capital Stock shall be converted to equivalent stock in the successor FHLBank or as otherwise provided in any plan of merger between the FHLBanks or in any lawful order of the Finance Agency.

		
	3.
	In the event of the merger or consolidation of another FHLBank into the FHLBI, members of the merged FHLBank shall immediately become members of the FHLBI, and the outstanding stock of the merged FHLBank shall be converted to equivalent Capital Stock in the FHLBI or as otherwise provided in any plan of merger between the FHLBanks or in any lawful order of the Finance Agency.  

V.    Investment by Members

All members of the FHLBI or institutions applying for membership shall be required to maintain a minimum investment in the FHLBI by purchasing shares of its Capital Stock as follows.

		
	A.
	 Stock Requirement

		
	1.
	Each member or institution applying for membership, as a condition of continuing or initial membership, shall purchase and hold shares of Class B Stock in an amount equal to its Membership Stock Requirement. The initial purchase of stock must occur in a single transaction before the institution's membership will be effective. Thereafter, the Stock Requirement shall be the greater of (i) the member’s Membership Stock Requirement, with a minimum investment of $7,500 and subject to the maximum amount established pursuant to Subsection A.2 below, or (ii) the member’s Activity-based Stock Requirement. Where a member has been placed into receivership, conservatorship or other legal custodianship and the FHLBI’s Board of Directors has terminated such entity’s membership, the entity’s Stock Requirement will be equal to the entity’s Activity-based Stock Requirement.

 
		
	2.
	a)    Except as provided in Subsection A.7 and Section IX.D, each member’s Membership Stock Requirement shall be calculated as a percentage of the member’s Total Assets. The Membership Stock Requirement percentage may be adjusted from time to time, within a range of 0.01% to 0.5% of Total Assets, as described in Subsection C.

b)    The Board of Directors, by resolution, shall establish, and may adjust from time to time, the maximum amount of Class B Stock that any member may be required to purchase or hold based upon the member’s Total Assets, provided that such maximum amount shall not be less than $5,000,000 par value (50,000 shares) nor greater than $35,000,000 par value (350,000 shares). The FHLBI shall provide written notice to members of the establishment or adjustment of such maximum amount, which shall be effective not less than fifteen (15) days after such notice. All Class B Stock purchased to satisfy a member’s Membership Stock Requirement shall be initially classified as Subseries B-1 Stock.
 
		
	3.
	The ranges for the Activity-based Stock Requirement for each type of Activity-based Asset are as follows:

	
		
	Type
	Range

	Credit Products:
	 

	Advances
	1.0% - 6.0%

	Lines of Credit
	1.0% - 6.0%

	Standby Letters of Credit
	0.1% - 6.0%

	Derivative Contracts
	1.0% - 6.0%

	Acquired Member Assets
	0.0% - 6.0%

The specific Activity-based Stock Requirement percentage for each type of Activity-based Asset shall be established (i.e., adjusted or affirmed) by the Board of Directors by resolution to take effect on the Plan’s Effective Date pursuant to Section IX.A. The Board, in its discretion, may apply any percentages that it revises pursuant to the preceding sentence and Section IX.A prospectively or may apply them retroactively to any Activity-based Assets outstanding as of the Effective Date, and may apply the revised percentages differently to different products within each category of the Bank’s outstanding Activity-based Assets. Nothing in this paragraph shall be construed to limit the Board’s authority to adjust the applicable percentages for the Activity-based Stock Requirement before the Effective Date (within the ranges then in effect). Following the Effective Date, such percentages may be changed from time to time as described in Subsection C.2.  The FHLBI shall provide prompt notice to the Finance Agency of the percentages established or revised pursuant to this Subsection A.3, Subsection C.2 below and Section IX.A.

		
	4.
	The member’s Stock Requirement will be recalculated from time to time in accordance with the procedures set forth in Subsections B and C. Any additional stock purchases necessary to meet a new Stock Requirement shall be made from the member by wire transfer or by debiting the member’s CMS Account or the member’s Time Account, as designated by the member.

		
	5.
	If a member fails on any Recalculation Date to comply with a recalculated Stock Requirement, the member’s access to products and services of the FHLBI shall be suspended until such requirement is met, and any failure to comply within ten (10) Business Days of the Recalculation Date may result in involuntary termination of membership.

		
	6.
	The FHLBI reserves the right to recalculate a member’s Stock Requirement at any time using the member’s most current Financial Statements and the FHLBI’s current records at the time of such recalculation.

		
	7.
	As of the Effective Date, a member that has filed a notice of withdrawal of FHLBI membership, or whose membership has been otherwise terminated in accordance with Section VII, shall not (a) be required to meet any increases or (b) benefit from any decreases based upon changes in the Total Assets (or Total Mortgage Assets, as applicable) percentage or the Activity-based Stock Requirement percentages while the notice of withdrawal is pending or subsequent to such membership termination, unless during such notice period a withdrawing member enters into new Activity-based Assets, in which case changes in the Activity-based Stock Requirement percentages will be applied to the member’s outstanding and new Activity-based Assets (or if the changes were determined to apply prospectively only, then only to new Activity-based Assets) upon or following the effective date of such adjustment or amendment. The Membership Stock Requirement for any such members shall be the amount of Class B Stock required as of the date of the notice of withdrawal or the date of membership termination; therefore, no calculation or recalculation of the Membership Stock Requirement shall be made with respect to any institution that has filed a notice of withdrawal of FHLBI membership, or whose FHLBI membership terminates, on or before the First Recalculation Date or any Recalculation Date thereafter.

		
	8.
	a)    The Board of Directors, by resolution, may authorize members to elect an Activity-based Stock Requirement in connection with sales of Acquired Member Assets to the FHLBI.

b)    The Activity-based Stock Requirement under this Subsection A.8 shall be expressed in the Board resolution as a percentage of the principal amount of mortgages that the member delivers to the FHLBI pursuant to a Mandatory Delivery Contract (or comparable contractual obligation) created on or after the date specified in the resolution, as calculated on each Settlement Date (the “Opt-in AMA Percentage”).

c)    For so long as the authorizing resolution is in effect, a member may elect to be subject to such Activity-based Stock Requirement at the time each MDC is executed.  Each such election is irrevocable as to that MDC.

d)    The Opt-in AMA Percentage shall be within the range listed in Subsection A.3 for AMA and may be adjusted within such range pursuant to Subsection C. The Opt-in AMA Percentage may be different from the percentage established with respect to Activity-based Stock for AMA that may be required to be purchased pursuant to Subsection A.3.

e)    The Board of Directors may eliminate, suspend or limit the duration of Activity-based Stock purchases authorized pursuant to this Subsection A.8.

f)    At the time a member creates an MDC, if the member elects an Activity-based Stock Requirement for such MDC pursuant to this Subsection A.8, the Opt-in AMA Percentage shall apply to such MDC in accordance with Subsection (b), without regard to whether the FHLBI also has in place at such time a mandatory Activity-based Stock Requirement established pursuant to Subsection A.3.

g)    Capital Stock purchased and held pursuant to this Subsection A.8 shall have the same rights, privileges and preferences, and shall be subject to the same limitations, as other Capital Stock of the same class or subseries.

B.     Stock Requirement Calculation

		
	1.
	Except as provided in Subsection A.7 and Section IX, a member’s Total Assets will be determined on or about April 1 of each year, based upon the member’s Financial Statements as of December 31 of the prior year.

		
	2.
	A member that enters into a new Activity-based Asset must comply with any associated Activity-based Stock Requirement at the time the new Activity-based Asset is entered into and for as long as the Activity-based Asset is outstanding. Subseries B-1 Stock then held by the member shall be automatically reclassified as Subseries B-2 Stock, in an amount needed to satisfy the Activity-based Stock Requirement relating to such asset, if available. Subject to Section IV.A, a member may elect to satisfy an incremental Activity-based Stock Requirement for such asset that remains after having reclassified its available Subseries B-1 Stock and then applying its Class A Excess Stock holdings, by purchasing Class B Stock or Class A Stock.  Class B Stock purchased pursuant to the preceding sentence shall be classified initially as Subseries B-2.  Conversely, Subseries B-2 Stock that is no longer required to satisfy a member’s Activity-based Stock Requirement shall be automatically reclassified as Subseries B-1.

		
	3.
	If (i) an Advance or other Credit Product is paid or canceled (or deemed paid or canceled) in whole or in part, prior to or at maturity, or (ii) liabilities under an MDC (that is subject to an Opt-in AMA Percentage under Subsection A.8 or a mandatory Activity-based Stock Requirement for AMA under Subsection A.3) are released or reduced (or deemed released or reduced) in whole or in part, by or in favor of a member or Former Member that then holds both Class B Stock and Class A Stock to meet the Activity-based Stock Requirements for those activities, the FHLBI shall deem all such Class A Stock to be Excess Stock before deeming any such Class B Stock to be Excess Stock.

		
	4.
	Except as provided in Subsection A.7 above, a member’s Stock Requirement will be recalculated on each Recalculation Date.

		
	C.
	Adjustment or Amendments to Stock Requirement Percentages

		
	1.
	The Board of Directors has a continuing obligation to review and adjust the Stock Requirement, as necessary, to maintain the FHLBI’s compliance with its minimum capital requirements.

		
	2.
	The Board of Directors may adjust the percentages used in determining the Membership Stock Requirement or the Activity-based Stock Requirement from time to time within the ranges set forth in Subsection A above. Percentage adjustments may be applied: (i) to any one or more classes or subseries of Capital Stock; (ii) only to Activity-based Assets having certain terms, provisions or characteristics; (iii) prospectively; and (iv) retroactively to Activity-based Assets acquired before the effective date of the adjustments. The FHLBI shall provide prompt notice to the Finance Agency of any adjustments to the percentages used in determining the Stock Requirement made pursuant to this Subsection C.2.

		
	3.
	The Board of Directors may adjust such percentages outside the ranges set forth in Subsection A by amendment of the Capital Plan and with prior approval from the Finance Agency, in accordance with the Act and Finance Agency regulations, as amended from time to time. 

 
		
	4.
	Except as provided below, any adjustments or Finance Agency-approved amendments to the Stock Requirement percentages after the Effective Date shall take effect not less than fifteen (15) days after notice to the members, which effective date shall be a Recalculation Date, and (for purposes of the Membership Stock Requirement (except as provided in Subsection A.7)) shall be based upon a member’s current Total Assets as reflected in its most recent Financial Statements and (for purposes of the Activity-based Stock Requirement) the amounts described in the definition of Activity-based Assets. Notwithstanding the foregoing, adjustments to the Stock Requirement percentages may be given immediate effect if the Board of Directors determines that failure to give immediate effect could reduce the FHLBI’s Capital Ratio below the minimum Regulatory Capital Requirements. The FHLBI shall provide prompt notice to members of any adjustment that is given immediate effect, and the effective date of each such adjustment shall be a Recalculation Date. The FHLBI shall provide prompt notice to the Finance Agency of any adjustments to the percentages used in determining the Stock Requirement made pursuant to this Subsection C.4.

     
VI.      Transfer, Redemption or Repurchase of Stock

A.    Transfer to Other Members

With the written approval of the FHLBI, which may be withheld in its sole discretion, a member may transfer Excess Stock to another FHLBI member.  Any such transfers shall be at par value and shall be effective upon being recorded on the appropriate books and records of the FHLBI. All transfers shall be undertaken in accordance with 12 C.F.R. § 1277.25 (or successor Finance Agency regulations). The shares subject to the transfer shall be identified by the member in the written notice requesting the transfer. Transferred shares that were subject to a prior notice of redemption shall have such redemption notice automatically canceled upon the transfer, but no cancellation fee will be charged.

B.    Redemption of Stock by Member

		
	1.
	A member may have its Class B Stock redeemed by providing five (5) years’ prior written notice of redemption to the FHLBI. The Redemption Period will commence on the date of the FHLBI’s receipt of the written notice. The redemption notice shall identify by date of acquisition and quantity the particular shares of Class B Stock to be redeemed. If the redemption notice fails to identify the particular shares to be redeemed, the member shall be deemed to have requested redemption of the most recently acquired shares that are not already subject to a pending redemption request. At the end of the Redemption Period, only Class B Stock that has been held for at least five years and that is then Excess Stock can be used to fill the redemption request. The conversion or reclassification of Subseries B-1 Stock to Subseries B-2 Stock or the reverse in accordance with Section IV, Section V or Section IX does not change the acquisition date of the Class B Stock. A member shall not have more than one notice of redemption outstanding at one time for the same shares of Class B Stock.

		
	2.
	Before the Effective Date:

		
	a)
	Class B Stock that is part of a member’s Stock Requirement at the time a redemption request is filed with respect to such stock shall be immediately converted from Subseries B-1 to Subseries B-2, and shall receive the lower dividend, until the stock is redeemed, the redemption notice is canceled or the stock becomes Excess Stock pursuant to the provisions of the Capital Plan in effect at such time.  

		
	b)
	If during the Redemption Period the Subseries B-2 Stock becomes Excess Stock, the Subseries B-2 Stock will be re-converted to Subseries B-1 Stock at the next Recalculation Date determined under Section V.B. for the remainder of the Redemption Period or until such stock is again needed by the member to meet its Stock Requirement.  If during the Redemption Period, such stock becomes needed by the member to meet its Stock Requirement, such stock shall be re-converted to Subseries B-2 Stock at the next Recalculation Date determined under Section V.B.

		
	c)
	This pattern of conversion between Subseries B-1 Stock and Subseries B-2 Stock shall continue during the Redemption Period to the extent that the status of the Class B Stock that is subject to the notice of redemption changes (between Excess Stock and stock that is needed by the member to satisfy its Stock Requirement).

 
		
	3.
	 A member may have its Class A Stock redeemed by providing six (6) months’ prior written notice of redemption to the FHLBI. The Redemption Period will commence on the date of the FHLBI’s receipt of the written notice. The redemption notice shall identify by date of acquisition and quantity the particular shares of Class A Stock to be redeemed. If the redemption notice fails to identify the particular shares to be redeemed, the member shall be deemed to have requested redemption of the most recently acquired shares that are not already subject to a pending redemption request. At the end of the Redemption Period, only Class A Stock that has been held for at least six months and that is then Excess Stock can be used to fill the redemption request. A member shall not have more than one notice of redemption outstanding at one time for the same shares of Class A Stock.

		
	4.
	A member may cancel a notice of redemption by notifying the FHLBI in writing. Cancellations shall be applied first against Capital Stock needed to meet a member's Stock Requirement and then against Excess Stock. The redemption cancellation notice shall identify, as to both the Stock Requirement and Excess Stock (if any), the shares to which the cancellation notice applies. In the absence of specific direction, redemption cancellations shall be applied first to the member’s Class B Excess Stock, then to the member’s Class A Excess Stock. Further, a redemption notice shall be automatically canceled if the FHLBI is unable to redeem the Capital Stock within five (5) Business Days of the end of the Redemption Period because the shares are still needed to meet the member’s Stock Requirement. The FHLBI may impose a Redemption Cancellation Fee in consideration for canceling a redemption notice, whether the member cancels the notice or the notice is automatically canceled as provided above.

 
		
	5.
	Redemptions conducted pursuant to this Subsection B shall be subject in all respects to Subsection D.    

 
C. Repurchase of Stock

		
	1.
	The FHLBI may, at its sole discretion, upon not less than fifteen (15) days’ notice to affected shareholders, repurchase any outstanding Capital Stock that is Excess Stock. The Board of Directors shall determine in its discretion the amount of Class A Excess Stock and/or Class B Excess Stock to be repurchased. If the Board determines that more than one class or subseries of Excess Stock shall be repurchased, then the Board shall further determine, by class or subseries, the order in which the repurchases shall occur, subject to Subsection D.2. In addition, subject to the limitations of Subsection D, the Board, by resolution, may authorize FHLBI Management to repurchase Class A Excess Stock on a continuing basis in its discretion. Such discretionary repurchases shall be conducted on a pro rata basis among all holders of Class A Excess Stock. The FHLBI shall provide not less than fifteen (15) days’ notice of each such repurchase to affected shareholders. Notices to shareholders pursuant to this Subsection C.1 shall provide that (i) the shareholder may identify shares of the Excess Stock to be repurchased by date of acquisition, and (ii) if the shareholder does not identify particular shares to be repurchased in each affected class or subseries by the date specified in the notice, the FHLBI shall first repurchase the most recently acquired shares of the shareholder’s Excess Stock in each affected class or subseries. A member’s submission of a notice of intent to voluntarily withdraw from membership, or a termination of its membership in any other manner, shall not, in and of itself, cause any Capital Stock to be deemed Excess Stock.

		
	2.
	Further, the FHLBI shall repurchase Excess Stock as described in this Subsection C.2 if the FHLBI’s Regulatory Capital Ratio as of the last day of any month exceeds, by at least twenty-five (25) basis points, a specific ratio that the Board shall have established (and may adjust).  Excess Stock shall be repurchased pursuant to this Subsection C.2 only to the extent required to reduce the FHLBI’s Regulatory Capital Ratio to such specified ratio. Subject to the foregoing, in the event of a repurchase under this Subsection C.2, the FHLBI shall repurchase Excess Stock in the following order: first, outstanding Class A Excess Stock; and second, outstanding Class B Excess Stock. If a repurchase under this Subsection C.2 results in a repurchase of less than all outstanding shares of Excess Stock of a particular class or subseries, the FHLBI shall pro-rate such repurchase among all holders of Excess Stock of such class or subseries. Repurchases of Excess Stock under this Subsection C.2 shall be made upon not less than five (5) days’ notice to affected shareholders. Such notice shall provide that the shareholder may identify shares of Excess Stock in each affected class or subseries to be repurchased by the date of acquisition, and that if the shareholder does not identify particular shares to be repurchased by the date specified in the notice, the FHLBI shall first repurchase the most recently acquired shares of Excess Stock (subject in all cases to the ordering described above).

		
	3.
	If a member has one or more redemption requests outstanding as of the date of repurchase of shares of Capital Stock under redemption and has not identified specific shares to be repurchased, the FHLBI shall first repurchase the most recently acquired shares of Capital Stock in each relevant class or subseries that are Excess Stock, that are subject to a redemption request, and that have been outstanding the shortest period of time, and then, to the extent necessary, by repurchasing shares of Excess Stock of such class or subseries that are subject to a redemption request that has been outstanding for the next shortest period of time, and continuing in that order to the extent necessary until the member no longer has any Excess Stock of such class or subseries or the FHLBI has repurchased all of the member’s Excess Stock of such class or subseries that the FHLBI intended to repurchase. 

		
	4.
	The Board of Directors authorizes FHLBI Management to grant or deny, in whole or in part, in FHLBI Management’s absolute discretion, a written request to repurchase Excess Stock submitted by an individual member or Former Member. 

		
	5.
	Repurchases conducted pursuant to this Subsection C shall be subject in all respects to Subsection D below.

D. Additional Limitations to Redemption or Repurchase of Stock

		
	1.
	The FHLBI may not redeem or repurchase any stock if, following the redemption or repurchase, the FHLBI would fail to meet any of its minimum capital requirements or the member would fail to maintain its Stock Requirement. If at any time more than one member has outstanding a redemption notice pursuant to Section VI.B, or a redemption of Capital Stock in connection with a termination of membership in accordance with Section VII as to which the applicable Redemption Period has expired, and if the redemption of all of the shares of Capital Stock subject to such redemption notices or terminations of membership would cause the FHLBI to fail to be in compliance with any of its minimum capital requirements, then the FHLBI shall fulfill such redemptions as it is able to do so from time to time, beginning with such redemptions as to which the Redemption Period expired on the earliest date and fulfilling such redemptions relating to that date on a pro rata basis from time to time until fully satisfied, and then fulfilling such redemptions as to which the Redemption Period expired on the next earliest date in the same manner, and continuing in that order until all of such redemptions as to which the Redemption Period has expired have been fulfilled.

		
	2.
	Pursuant to Section 6(e)(3) of the Bank Act (12 U.S.C. § 1426(e)(3)), the FHLBI shall not redeem or repurchase any Class B Excess Stock prior to the end of such stock Redemption Period unless the member holds no Class A Excess Stock that could be redeemed (subject to the applicable Class A Stock Redemption Period).

		
	3.
	The FHLBI may not redeem or repurchase any Capital Stock without the prior written approval of the Finance Agency if the Finance Agency or the Board of Directors shall have determined that the FHLBI has incurred or is likely to incur losses that result in or are likely to result in charges against the capital of the FHLBI.  This prohibition shall apply even if the FHLBI is in compliance with its minimum capital requirements, and shall remain in effect for as long as the FHLBI continues to incur (or remains likely to incur) such charges or until the Finance Agency or the Board determines that such charges are not expected to continue. 

		
	4.
	The FHLBI may retain the proceeds of redeemed or repurchased Capital Stock as additional collateral if the FHLBI reasonably determines that there is an existing or anticipated collateral deficiency related to any obligation owed by the member to the FHLBI and the member has failed to deliver additional collateral to resolve such deficiency to the FHLBI's satisfaction, until all such obligations have been satisfied or the existing or anticipated deficiency is resolved to the FHLBI's satisfaction. 

		
	5.
	The FHLBI reserves the right under 12 C.F.R. § 1277.27(b) (or successor Finance Agency regulation) and this Capital Plan to suspend all redemptions of Capital Stock if the FHLBI reasonably believes that continued redemptions would cause the FHLBI to fail to meet its minimum capital requirements, would prevent the FHLBI from maintaining adequate capital against potential risk that may not be adequately reflected in its minimum capital requirements, or would otherwise prevent the FHLBI from operating in a safe and sound manner. The FHLBI will provide notice of such suspension to the Finance Agency within two Business Days. The FHLBI acknowledges that the Finance Agency may require the FHLBI to re-institute redemptions of Capital Stock. During any period in which the FHLBI has suspended redemptions of Capital Stock, the FHLBI shall not repurchase any Capital Stock without the written permission of the Finance Agency.

		
	6.
	With respect to stock redemptions and repurchases described in Subsections B and C: (i) the FHLBI shall pay to the member the par value of each redeemed or repurchased share, and such amount will be credited to the member’s CMS Account or the member’s Time Account, as designated by the member, on the date of redemption or repurchase; and (ii) the FHLBI shall pay the appropriate amount to a Former Member by wire transfer or check.

		
	7.
	Any Capital Stock that is redeemed or repurchased will be retired and will no longer be deemed outstanding stock.

VII.  Termination of or Withdrawal from Membership

Any member may voluntarily withdraw from membership in the FHLBI upon written notice to the FHLBI. Further, membership may be terminated by operation of law as the result of a consolidation or merger of a member into a non-member that does not wish to be, or is not eligible to be, a member of the FHLBI, or into a member of another FHLBank or into another member of the FHLBI. The FHLBI’s Board of Directors may, in its sole discretion at any time, take action to unilaterally terminate the membership of any member (involuntarily) that (i) fails to comply with any requirement of the Act, Finance Agency regulations or this Plan, (ii) becomes insolvent or is otherwise subject to the appointment of a conservator, receiver or other custodian under federal or state law, or (iii) would jeopardize the safety or soundness of the FHLBI if it were to remain a member. The effect of any termination of membership on a member’s Capital Stock ownership shall be as follows:

		
	A.
	Effective Date of Termination

		
	1.
	The Effective Date of termination for a voluntary withdrawal by a member shall be on the last day of the latest Redemption Period for the Capital Stock held by the member as a condition of membership, as of the date the FHLBI received the written notice of withdrawal. The Redemption Period for all Capital Stock held by the member and not already subject to a notice of redemption will commence on the date the FHLBI receives the member’s written notice of withdrawal.

		
	2.
	The Effective Date for an involuntary termination shall be the date the Board of Directors acts to terminate the membership, which shall commence the Redemption Period for all Capital Stock held by the institution on that date and not already subject to a notice of redemption.

		
	3.
	The Effective Date for a termination of membership resulting from the consolidation or merger of a member into a non-member that is not seeking membership in the FHLBI, or into a member of another FHLBank, shall be the date of cancellation of the member’s charter, which shall commence the Redemption Period for all Capital Stock held by the member (or its successor) as of such cancellation date that is not already subject to a notice of redemption. On the date of such termination of membership, the Capital Stock held by the disappearing member will be transferred on the books of the FHLBI into the name of the surviving institution.

		
	4.
	The Effective Date for a termination of membership resulting from the consolidation or merger of a member into another member of the FHLBI shall be the date of the cancellation of the disappearing member's charter. At such time, the Capital Stock held by the disappearing member will be transferred on the books of the FHLBI into the name of the surviving member. The cancellation of the disappearing member's charter shall not commence the Redemption Period for the Capital Stock previously held by the disappearing member. The Redemption Period for such Capital Stock shall commence only upon the filing of an appropriate redemption notice by the surviving member or otherwise in accordance with the terms of this Capital Plan.

		
	5.
	The Effective Date for a termination of membership resulting from the relocation of a member’s principal place of business shall be the date on which the transfer of membership under the applicable Finance Agency regulation becomes effective, which shall commence the Redemption Period for the member’s Capital Stock held on that date and not already subject to a notice of redemption.

		
	B.
	Member Rights During Redemption Period

		
	1.
	All holders of Capital Stock shall be entitled to receive all declared dividends on such stock during the Redemption Period.

		
	2.
	A member's submission of a notice of intent to voluntarily withdraw from membership or its termination of membership in any other manner shall not, in and of itself, cause any Capital Stock to be deemed Excess Stock.

		
	3.
	Except as set forth in Section VI.D, and unless the withdrawing or terminated member must continue to comply with a Stock Requirement related to its Activity-based Stock Requirement, the FHLBI shall redeem the member's Capital Stock upon expiration of the Redemption Period. In accordance with 12 C.F.R. § 1263.29 (or successor Finance Agency regulation), all indebtedness or other obligations of the member to the FHLBI (including, without limitation, prepayment fees and grants) must be repaid or otherwise settled before the FHLBI shall redeem or repurchase the member's Capital Stock (or release the proceeds of any redeemed or repurchased Capital Stock) that was required to support the indebtedness or other obligation.

		
	4.
	A member that files a notice to voluntarily withdraw from membership may continue to enter into Activity-based Assets with the FHLBI, subject to the following provisions:

		
	a)
	Without the consent of the FHLBI, no such transaction may mature or otherwise terminate after the Effective Date of the member’s termination.

		
	b)
	Before the Effective Date: (i) a member’s Class B Stock that is part of the member’s Stock Requirement at the time the notice of withdrawal is filed shall be immediately converted from Subseries B-1 Stock to Subseries B-2 Stock, and (pursuant to Section IV.C) shall receive the lower dividend, until the stock is redeemed or the withdrawal notice is canceled; and (ii) a member’s stock that is or becomes Excess Stock during the Redemption Period will continue to be Subseries B-1 Stock or will re-convert to Subseries B-1 Stock at the next Recalculation Date determined under Section V.B.

		
	c)
	On or after the date of the notice of withdrawal, in the event a withdrawing member engages in additional Activity-based Assets that require the member to purchase additional Capital Stock, such stock shall be deemed to be automatically subject to a notice of redemption with the Redemption Periods to commence on the dates of purchases of the stock. While a withdrawal notice is pending, a withdrawing member shall not be required to purchase additional Capital Stock based upon changes in its Membership Stock Requirement. A member shall have no further right to enter into Activity-based Assets with the FHLBI on or after the date that membership terminates in accordance with 12 C.F.R. § 1263.26(b) (or successor Finance Agency regulation), notwithstanding that the member may hold additional Capital Stock that was purchased after the date of the notice of withdrawal and for which the Redemption Period has not ended.

		
	d)
	Except as authorized by the preceding Subsection (c), a withdrawing member shall continue to maintain Capital Stock sufficient to meet its Stock Requirement in accordance with the provisions of this Capital Plan until the date on which its membership terminates. Prior to such termination date, any Capital Stock that is not required to meet the member's Stock Requirement shall be Excess Stock and subject to repurchase. On or after such termination date, any Capital Stock that is not required to meet the member's Stock Requirement related to its Activity-based Stock Requirement shall be Excess Stock and subject to repurchase.

 
		
	5.
	A member that is involuntarily terminated by the Board of Directors may not enter into any further Activity-based Assets, but shall make arrangements for an orderly liquidation of all outstanding indebtedness or other obligations of the member to the FHLBI (including, without limitation, prepayment fees and grants).

		
	a)
	Before the Effective Date: (i) a member’s Class B Stock that is part of the member’s Stock Requirement at the time of the involuntary termination shall be immediately converted from Subseries B-1 Stock to Subseries B-2 Stock and (pursuant to Section IV.C) shall receive the lower dividend until the stock is redeemed; and (ii) a member’s stock that is or becomes Excess Stock during the Redemption Period will continue to be Subseries B-1 Stock or will convert back to Subseries B-1 stock at the next Recalculation Date.

		
	b)
	No Capital Stock that is part of a member’s Stock Requirement related to its Activity-based Stock Requirement on the date of such involuntary termination shall be redeemed or repurchased by the FHLBI until the indebtedness or other obligations are repaid or otherwise settled.

		
	c)
	Subject to Section VI.D, Excess Stock held by such member may be repurchased, at the sole discretion of FHLBI Management, before such indebtedness or other obligations are repaid or otherwise settled.

		
	6.
	A member that is terminated due to a consolidation or merger with a non-member or with a member of another FHLBank shall not enter into any further Activity-based Assets, but shall make arrangements for an orderly liquidation of all of the member’s outstanding indebtedness or other obligations to the FHLBI (including, without limitation, prepayment fees and grants).

		
	a)
	If the non-member institution into which the member has been consolidated or merged has given notice to the FHLBI of its intention to apply for FHLBI membership, liquidation shall not be required unless the non-member abandons the application process or the FHLBI denies the application for membership. 

		
	b)
	Before the Effective Date: (i) a member’s Class B Stock that is part of the member’s Stock Requirement at the time of the termination shall be immediately converted from Subseries B-1 Stock to Subseries B-2 Stock and (pursuant to Section IV.C) shall receive the lower dividend until the stock is redeemed; and (ii) a member’s stock that is or becomes Excess Stock during the Redemption Period will continue to be Subseries B-1 Stock or will convert back to Subseries B-1 Stock at the next Recalculation Date.

		
	c)
	No Capital Stock that is part of a member’s Stock Requirement related to its Activity-based Stock Requirement on the effective date of such consolidation or merger, whether held by the member or its successor, shall be redeemed or repurchased until the indebtedness or other obligations are repaid or otherwise settled.

		
	d)
	Subject to Section VI.D, Excess Stock held by such member may be repurchased, at the sole discretion of FHLBI Management, before the outstanding indebtedness or other obligations are repaid or otherwise settled.

		
	7.
	A member that is terminated due to a relocation of its principal place of business to another FHLBank district shall not enter into any further Activity-based Assets, but shall make arrangements for an orderly liquidation of all of the member’s outstanding indebtedness or other obligations to the FHLBI (including, without limitation, prepayment fees and grants).

		
	a)
	Before the Effective Date: (i) a member’s Class B stock that is part of the member’s Stock Requirement at the time of the termination shall be immediately converted from Subseries B-1 Stock to Subseries B-2 Stock and (pursuant to Section IV.C) shall receive the lower dividend until the stock is redeemed; and (ii) a member’s stock that is or becomes Excess Stock during the Redemption Period will continue to be Subseries B-1 Stock or will convert back to Subseries B-1 Stock at the next Recalculation Date.

		
	b)
	No Capital Stock that is part of a member’s Stock Requirement related to its Activity-based Stock Requirement on the effective date of such relocation shall be redeemed or repurchased until the indebtedness or other obligations are repaid or otherwise settled.

		
	c)
	Subject to Section VI.D, Excess Stock held by such member may be repurchased at the sole discretion of FHLBI Management before such indebtedness or other obligations are repaid or otherwise settled.

		
	8.
	All prepayments of obligations maturing after the Effective Date of termination of membership shall be subject to any applicable prepayment fees normally imposed.

		
	C.
	Cancellation of Withdrawal Notice

		
	1.
	A member that has filed a notice of voluntary membership withdrawal may cancel that notice at any time prior to the Effective Date of termination by a further written notice to the FHLBI. The FHLBI may impose a Withdrawal Cancellation Fee on the member in consideration for such cancellation. If such cancellation occurs before the Effective Date of this Capital Plan, a member’s Subseries B-2 Stock will then immediately be re-converted to Subseries B-1 Stock.

		
	2.
	A member that cancels a notice of voluntary membership withdrawal shall also be required to immediately purchase Capital Stock as needed to meet the member’s then current minimum Stock Requirement, including any additional stock required due to amendments or adjustments made by the Board of Directors pursuant to Section V.C that occurred during the period while the member’s notice of withdrawal was pending.

D.    Readmission to Membership

An institution that has withdrawn from membership or otherwise has had its membership terminated and that has divested all of its shares of Capital Stock may not be readmitted to membership in any FHLBank or acquire any Capital Stock of any FHLBank for a period of five (5) years from the date membership was terminated and all of the Capital Stock was redeemed or repurchased.

VIII. Adoption of Changes to Capital Plan

The Board of Directors shall review the Capital Plan at least annually. The Board of Directors may, from time to time, consider and approve amendments to this Capital Plan. This consideration and approval may include but would not be limited to the issuance of subordinated debt as authorized by Section 11 of the Act (12 U.S.C. § 1431), as amended from time to time, provided that the Finance Agency has determined that subordinated debt can be counted toward the FHLBI’s Total Capital. Except as provided in Section XIII.C, all amendments must be submitted to and approved by the Finance Agency before such amendments will be effective. After receipt of approval, such amendments will be effective fifteen (15) days after the mailing or electronic posting of notice to members, unless another date is specified in such notice.

IX. Transition Provisions

The Effective Date of this amended and restated Capital Plan shall be established by a Board of Directors resolution and shall occur within twelve (12) months after the FHLBI’s receipt of the Finance Agency’s approval of the amended and restated Plan. The FHLBI has made a good faith determination that it will be able to implement this Capital Plan as submitted to the Finance Agency and that it will be in full compliance with the Risk-based Capital Requirement and Total Capital requirement set forth in the Capital Regulations as of the Effective Date. The following actions are to be taken in order to implement certain changes to the Capital Plan.

		
	A.
	Activity-based Stock Requirement

Not less than thirty (30) days prior to the Effective Date of the amended Capital Plan, the Board of Directors, by resolution, shall establish (or confirm) the percentages to be used in determining the Activity-based Stock Requirement for each type of Activity-based Asset within the ranges set forth in Section V.A.3, with such percentages taking effect on the Effective Date. Thereafter, such percentages may be adjusted pursuant to Section V.C. The FHLBI shall provide notice of such percentages to shareholders not less than fifteen (15) days prior to the Effective Date.

		
	B.
	Stock Repurchase - Capital Ratio

Not less than thirty (30) days before the Effective Date, the Board of Directors, by resolution, shall establish the Capital Ratio to be utilized in making the calculation described in Section VI.C.2 for certain repurchases of Excess Stock.

		
	C.
	Reclassifications of Class B Stock

		
	1.
	All Class B Stock that (i) was converted to Subseries B-2 Stock before the Effective Date as a result of a notice of redemption, a notice of voluntary withdrawal of membership or a merger with a non-member, (ii) remains outstanding as Subseries B-2 as of the Effective Date and (iii) is needed at such time to meet the member’s Activity-based Stock Requirement, shall remain classified as Subseries B-2 (Activity-based) Stock as of the Effective Date.

		
	2.
	On the Effective Date: (i) all members’ Activity-based Stock Requirements shall be recalculated using the percentages that take effect (or remain in effect) on such date in accordance with Section V; and (ii) outstanding Subseries B-1 Stock in an amount equal to such Activity-based Stock Requirements shall be reclassified as Subseries B-2 (Activity-based) Stock. Such reclassification shall apply to, without limitation, all Class B Stock that was purchased before the Effective Date in connection with any AMA Activity-based Stock Requirement. Further, all outstanding Class B Stock that had been purchased to meet a Membership Stock Requirement (and that has not been reclassified on the Effective Date to meet an Activity-based Stock Requirement) shall remain classified as Subseries B-1 Stock.

D.    Membership Stock Requirement

Subject to the limitations set forth in Section V.A:

		
	1.
	Before the Effective Date, the Membership Stock Requirement shall be calculated within a range of 0.75% to 1.25% of a member’s Total Mortgage Assets.

		
	2.
	Not less than thirty (30) days prior to the Effective Date of this amended Capital Plan, the Board of Directors, by resolution, shall establish the percentage of Total Assets to be used in determining the Membership Stock Requirement within the range of 0.01% to 0.50% pursuant to Section V.A, and such percentage shall take effect on the Effective Date. Thereafter, such percentage may be adjusted pursuant to Section V.C. The FHLBI shall provide notice of such percentage to shareholders not less than fifteen (15) days prior to the Effective Date.

		
	3.
	The Membership Stock Requirement calculation for members admitted to FHLBI membership between the Effective Date and the First Recalculation Date shall be based on the percentage of the member’s Total Assets established by the Board under the preceding subsection.

		
	4.
	Beginning on the First Recalculation Date, Membership Stock Requirement calculation for all members shall be based on a percentage of a member’s Total Assets.

X. Retained Earnings Enhancement Implementation and Definitions.

		
	A.
	Implementation

The provisions of sections X through XIII shall become effective upon, and only upon, the occurrence of the Interim Capital Plan Amendment Implementation Date. Until the Restriction Termination Date, in the event of any conflict between sections X through XIII and the remainder of this Capital Plan, the applicable terms of sections X through XIII shall govern, and shall be interpreted in a manner such that the restrictions set forth therein are supplementary to, and not in lieu of, the requirements of the remainder of this Capital Plan.

		
	B.
	Definitions applicable to Sections X through XIII of this Capital Plan.

As used in these sections X through XIII, the following capitalized terms shall have the following meanings.  Other capitalized terms used but not defined in these sections X through XIII shall have the meanings set forth in section II of this Capital Plan.

“Act” means the Federal Home Loan Bank Act, as amended as of the Effective Date.

“Adjustment to Prior Net Income” means either an increase, or a decrease, to a prior calendar quarter’s Quarterly Net Income subsequent to the date on which any allocation to Restricted Retained Earnings for such calendar quarter was made. 

“Agreement” means the Joint Capital Enhancement Agreement adopted by the FHLBanks on the Effective Date and amended on the date on which the FHFA has approved the Retained Earnings Capital Plan Amendments for all of the FHLBanks that have issued capital stock pursuant to a capital plan as of the Effective Date. 

“Allocation Termination Date” means the date the FHLBI’s obligation to make allocations to the Restricted Retained Earnings account is terminated permanently.  That date is determined pursuant to section XIII of this Capital Plan.

“Automatic Termination Event” means (i) a change in the Act, or another applicable statute, occurring subsequent to the Effective Date, that will have the effect of creating a new, or higher, assessment or taxation on net income or capital of the FHLBanks, or (ii) a change in the Act, another applicable statute, or the Regulations, occurring subsequent to the Effective Date, that will result in a higher mandatory allocation of an FHLBank’s Quarterly Net Income to any Retained Earnings account than the annual amount, or total amount, specified in an FHLBank’s capital plan as in effect immediately prior to the Automatic Termination Event.  

“Automatic Termination Event Declaration Date” means the date specified in section XIII.A.1 or XIII.A.2 of this Capital Plan.

“Declaration of Automatic Termination” means a signed statement, executed by officers authorized to sign on behalf of each FHLBank that is a signatory to the Agreement, in which at least 2/3 of the then existing FHLBanks declare their concurrence that a specific statutory or regulatory change meets the definition of an Automatic Termination Event.

“Dividend” means a distribution of cash, other property, or stock to a Stockholder with respect to its holdings of Capital Stock.

“Dividend Restriction Period” means any calendar quarter: (i) that includes the REFCORP Termination Date, or occurs subsequent to the REFCORP Termination Date; (ii) that occurs prior to an Allocation Termination Date; and (iii) during which the amount of the FHLBI’s Restricted Retained Earnings is less than the amount of the FHLBI’s RREM.  If the amount of the FHLBI’s Restricted Retained Earnings is at least equal to the amount of the FHLBI’s RREM, and subsequently the FHLBI’s Restricted Retained Earnings becomes less than its RREM, the FHLBI shall be deemed to be in a Dividend Restriction Period (unless an Allocation Termination Date has occurred).

“Effective Date” means February 28, 2011.  

“FHFA” means the Federal Housing Finance Agency, or any successor thereto.

“FHLBank” means a Federal Home Loan Bank chartered under the Act.

“FHLBI’s Total Consolidated Obligations” means the daily average carrying value for the calendar quarter, excluding the impact of fair value adjustments (i.e., fair value option and hedging adjustments), of the FHLBI’s portion of outstanding System Consolidated Obligations for which it is the primary obligor.

“GAAP” means accounting principles generally accepted in the United States as in effect from time to time.

“Interim Capital Plan Amendment Implementation Date” means 31 days after the date by which the FHFA has approved a capital plan amendment substantially the same as the Retained Earnings Capital Plan Amendment for all of the FHLBanks that have issued capital stock pursuant to a capital plan as of the Effective Date. 

“Net Loss” means that the Quarterly Net Income of the FHLBI is negative, or that the annual net income of the FHLBI calculated on the same basis is negative.

“Quarterly Net Income” means the amount of net income of an FHLBank for a calendar quarter calculated in accordance with GAAP, after deducting the FHLBank’s required contributions for that quarter to the Affordable Housing Program under section 10(j) of the Act, as reported in the FHLBank’s quarterly and annual financial statements filed with the Securities and Exchange Commission. 

“REFCORP Termination Date” means the last day of the calendar quarter in which the FHLBanks’ final regular payments are made on obligations to REFCORP in accordance with Section 997.5 of the Regulations and section 21B(f) of the Act.

“Regular Allocation Amount” means the result of (i) 20 percent of Quarterly Net Income; plus (ii) 20 percent of a positive Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made in the current calendar quarter; minus (iii) 20 percent of the absolute value of a negative Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made in the current calendar quarter. 

“Regulations” mean: (i) the rules and regulations of the Federal Housing Finance Board (except to the extent that they may be modified, terminated, set aside or superseded by the Director of the FHFA) in effect on the Effective Date; (ii) the rules and regulations of the FHFA, as amended from time to time.

“Restricted Retained Earnings” means the cumulative amount of Quarterly Net Income and Adjustments to Prior Net Income allocated to the FHLBI’s Retained Earnings account restricted pursuant to the Retained Earnings Capital Plan Amendment, and does not include amounts retained in: (i) any accounts in existence at the FHLBI on the Effective Date; or (ii) any other Retained Earnings accounts subject to restrictions that are not part of the terms of the Retained Earnings Capital Plan Amendment.

“Restricted Retained Earnings Minimum” (“RREM”) means a level of Restricted Retained Earnings calculated as of the last day of each calendar quarter equal to one percent of the FHLBI’s Total Consolidated Obligations.

“Restriction Termination Date” means the date the restriction on the FHLBI paying Dividends out of the Restricted Retained Earnings account, or otherwise reallocating funds from the Restricted Retained Earnings account, is terminated permanently.  That date is determined pursuant to section XIII of this Capital Plan.
  
“Retained Earnings” means the retained earnings of an FHLBank calculated pursuant to GAAP.

“Retained Earnings Capital Plan Amendment” means the amendment to this Capital Plan, made a part thereof, adopted effective on the Interim Capital Plan Amendment Implementation Date adding sections X through XIII to this Capital Plan.

“Special Allocation Amount” means the result of: (i) 50 percent of Quarterly Net Income; plus (ii) 50 percent of a positive Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made in the current calendar quarter; minus (iii) 50 percent of the absolute value of a negative Adjustment to Prior Net Income for any prior calendar quarter that includes the REFCORP Termination Date, or occurred subsequent to the REFCORP Termination Date, to the extent such adjustment has not yet been made by the current calendar quarter. 

“Stockholder” means: (i) an institution that has been approved for membership in the FHLBI, and has purchased Capital Stock in accordance with the Regulations; (ii) a former member of the FHLBI that continues to own Capital Stock; or (iii) a successor to an entity that was a member of the FHLBI that continues to own Capital Stock.

“System Consolidated Obligation” means any bond, debenture, or note authorized under the Regulations to be issued jointly by the FHLBanks pursuant to Section 11(a) of the Act, as amended, or any bond or note previously issued by the Federal Housing Finance Board on behalf of all FHLBanks pursuant to Section 11(c) of the Act, on which the FHLBanks are jointly and severally liable, or any other instrument issued through the Office of Finance, or any successor thereto, under the Act, that is a joint and several liability of all the FHLBanks. 

“Total Capital” means Retained Earnings, the amount paid-in for Class B Stock, the amount of any general allowance for losses, and the amount of other instruments that the FHFA has determined to be available to absorb losses incurred by the FHLBI.

XI. Establishment of Restricted Retained Earnings

A.  Segregation of Account.  

No later than the REFCORP Termination Date, the FHLBI shall establish an account in its official books and records in which to allocate its Restricted Retained Earnings, with such account being segregated on its books and records from the FHLBI’s Retained Earnings that are not Restricted Retained Earnings for purposes of tracking the accumulation of Restricted Retained Earnings and enforcing the restrictions on the use of the Restricted Retained Earnings imposed in the Retained Earnings Capital Plan Amendment.

B.  Funding of Account.

		
	1.
	 Date on which Allocation Begins

The FHLBI shall allocate to its Restricted Retained Earnings account an amount at least equal to the Regular Allocation Amount beginning on the REFCORP Termination Date.  The FHLBI shall allocate amounts to the Restricted Retained Earnings account only through allocations from its Quarterly Net Income or Adjustments to Prior Net Income occurring on or after the REFCORP Termination Date, but nothing in the Retained Earnings Capital Plan Amendment shall prevent the FHLBI from allocating a greater percentage of its Quarterly Net Income or positive Adjustment to Prior Net Income to its Restricted Retained Earnings account than the percentages set forth in the Retained Earning Capital Plan Amendment.

		
	2.
	Ongoing Allocation

During any Dividend Restriction Period that occurs before the Allocation Termination Date, the FHLBI shall continue to allocate its Regular Allocation Amount (or when and if required under subsection XI.B.4 below, its Special Allocation Amount) to its Restricted Retained Earnings account.  

		
	3.
	Treatment of Quarterly Net Losses and Annual Net Losses

In the event the FHLBI sustains a Net Loss for a calendar quarter, the following shall apply: (i) to the extent that its cumulative calendar year-to-date net income is positive at the end of such quarter, the FHLBI may decrease the amount of its Restricted Retained Earnings such that the cumulative addition to the Restricted Retained Earnings account calendar year-to-date at the end of such quarter is equal to 20 percent of the amount of such cumulative calendar year-to-date net income; (ii) to the extent that its cumulative calendar year-to-date net income is negative at the end of such quarter (a) the FHLBI may decrease the amount of its Restricted Retained Earnings account such that the cumulative addition calendar year-to-date to the Restricted Retained Earnings at the end of such quarter is zero, and (b) the FHLBI shall apply any remaining portion of the Net Loss for the calendar quarter first to reduce Retained Earnings that are not Restricted Retained Earnings until such Retained Earnings are reduced to zero, and thereafter may apply any remaining portion of the Net Loss for the calendar quarter to reduce Restricted Retained Earnings; and (iii) for any subsequent calendar quarter in the same calendar year, the FHLBI may decrease the amount of its quarterly allocation to its Restricted Retained Earnings account in that subsequent calendar quarter such that the cumulative addition to the Restricted Retained Earnings account calendar year-to-date is equal to 20 percent of the amount of such cumulative calendar year-to-date net income.

In the event the FHLBI sustains a Net Loss for a calendar year, any such Net Loss first shall be applied to reduce Retained Earnings that are not Restricted Retained Earnings until such Retained Earnings are reduced to zero, and thereafter any remaining portion of the Net Loss for the calendar year may be applied to reduce Restricted Retained Earnings.

		
	4.
	Funding at the Special Allocation Amount  

If during a Dividend Restriction Period, the amount of the FHLBI’s Restricted Retained Earnings decreases in any calendar quarter, except as provided in subsections XI.B.3(i) and (ii)(a) above, the FHLBI shall allocate the Special Allocation Amount to its Restricted Retained Earnings account beginning at the following calendar quarter-end (except as provided in the last sentence of this subsection). Thereafter, the FHLBI shall continue to allocate the Special Allocation Amount to its Restricted Retained Earnings account until the cumulative difference between: (i) the allocations made using the Special Allocation Amount; and (ii) the allocations that would have been made if the Regular Allocation Amount applied, is equal to the amount of the prior decrease in the amount of its Restricted Retained Earnings account arising from the application of subsection XI.B.3(ii)(b). If at any calendar quarter-end the allocation of the Special Allocation Amount would result in a cumulative allocation in excess of such prior decrease in the amount of Restricted Retained Earnings: (i) the FHLBI may allocate such percentage of Quarterly Net Income to the Restricted Retained Earnings account that shall exactly restore the amount of the prior decrease, plus the amount of the Regular Allocation Amount for that quarter; and (ii) the FHLBI in subsequent quarters shall revert to allocating at least the Regular Allocation Amount.

		
	5.
	Release of Restricted Retained Earnings

If the FHLBI’s RREM decreases from time to time due to fluctuations in the FHLBI’s Total Consolidated Obligations, amounts in the Restricted Retained Earnings account in excess of 150 percent of the RREM may be released by the FHLBI from the restrictions otherwise imposed on such amounts pursuant to the provisions of the Retained Earnings Capital Plan Amendment, and reallocated to its Retained Earnings that are not Restricted Retained Earnings. Until the Restriction Termination Date, the FHLBI may not otherwise reallocate amounts in its Restricted Retained Earnings account (provided that a reduction in the Restricted Retained Earnings account following a Net Loss pursuant to subsection XI.B.3 is not a reallocation).  

		
	6.
	No Effect on Rights of Shareholders as Owners of Retained Earnings

In the event of the liquidation of the FHLBI, or a taking of the FHLBI’s Retained Earnings by any future federal action, nothing in the Retained Earnings Capital Plan Amendment shall change the rights of the holders of the FHLBI’s Class B Stock that confer ownership of Retained Earnings, including Restricted Retained Earnings, as granted under section 6(h) of the Act.

XII. Limitation on Dividends, Stock Purchase and Stock Redemption

		
	A.
	General Rule on Dividends.

From the REFCORP Termination Date through the Restriction Termination Date, the FHLBI may not pay Dividends, or otherwise reallocate funds (except as expressly provided in subsection XI.B. 5, and further provided that a reduction in the Restricted Retained Earnings account following a Net Loss pursuant to subsection XI.B.3 is not a reallocation), out of Restricted Retained Earnings. During a Dividend Restriction Period, the FHLBI may not pay Dividends out of the amount of Quarterly Net Income required to be allocated to Restricted Retained Earnings.

		
	B.
	Limitations on Repurchase and Redemption.

From the REFCORP Termination Date through the Restriction Termination Date, the FHLBI shall not engage in a repurchase or redemption transaction if following such transaction the FHLBI’s Total Capital as reported to the FHFA falls below the FHLBI’s aggregate paid-in amount of Class B Stock.

XIII. Termination of Retained Earnings Capital Plan Amendment Obligations

		
	A.
	Notice of Automatic Termination Event.

		
	1.
	Action by FHLBanks

If the FHLBI desires to assert that an Automatic Termination Event has occurred (or will occur on the effective date of a change in a statute or the Regulations), the FHLBI shall provide prompt written notice to all of the other FHLBanks (and provide a copy to the FHFA) identifying the specific statutory or regulatory change that is the basis for the assertion.  For the purposes of this section, ‘prompt written notice’ means notice delivered no later than 90 calendar days subsequent to: (1) the date the specific statutory change takes effect; or (2) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register.  

If within 60 calendar days of transmission of such written notice to all of the other FHLBanks, at least 2/3 of the then existing FHLBanks (including the FHLBI) execute a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event, then the Declaration of Automatic Termination shall be delivered by the FHLBI to the FHFA within 10 calendar days of the date that the Declaration of Automatic Termination is executed.  After the expiration of a 60 calendar day period that begins when the Declaration of Automatic Termination is delivered to the FHFA, or is delivered to the FHFA by another FHLBank pursuant to the terms of its capital plan, an Automatic Termination Event Declaration Date shall be deemed to occur (except as provided in subsection XIII.A.3).

If a Declaration of Automatic Termination concurring that the specific statutory or regulatory change identified in the written notice constitutes an Automatic Termination Event has not been executed by at least the required 2/3 of the then existing FHLBanks within 60 calendar days of transmission of such notice to all of the other FHLBanks, the FHLBI may request a determination from the FHFA that the specific statutory or regulatory change constitutes an Automatic Termination Event.  Such request must be filed with the FHFA within 10 calendar days after the expiration of the 60 calendar day period that begins upon transmission of the written notice of the basis of the assertion to all of the other FHLBanks.  

		
	2.
	Action by FHFA

The FHLBI may request a determination from the FHFA that a specific statutory or regulatory change constitutes an Automatic Termination Event, and may claim that an Automatic Termination Event has occurred, or will occur, with respect to a specific statutory or regulatory change only if the FHLBI has complied with the time limitations and procedures of subsection XIII.A.1.    

If within 60 calendar days after the Bank delivers such a request to the FHFA, or another FHLBank delivers such a request pursuant to its capital plan, the FHFA provides the requesting FHLBank with a written determination that a specific statutory or regulatory change is an Automatic Termination Event, then an Automatic Termination Event Declaration Date shall be deemed to occur as of the expiration of such 60 calendar day period (except as provided in subsection XIII.A.3).  The date of the Automatic Termination Event Declaration Date shall be as of the expiration of such 60 calendar day period (except as provided in subsection XIII.A.3) no matter on which day prior to the expiration of the 60 calendar day period the FHFA has provided its written determination.  

If the FHFA fails to make a determination within 60 calendar days after an FHLBank delivers such request to the FHFA, then an Automatic Termination Event Declaration Date shall be deemed to occur as of the date of the expiration of such 60 calendar day period (except as provided in subsection XIII.A.3); provided, however, that the FHFA may make a written request for information from the requesting FHLBank, and toll such 60 calendar day period from the date that the FHFA transmits its request until that FHLBank delivers to the FHFA information responsive to its request.  

If within 60 calendar days after an FHLBank delivers to the FHFA a request for determination that a specific statutory or regulatory change constitutes an Automatic Termination Event (or such longer period if the 60 calendar day period is tolled pursuant to the preceding sentence), the FHFA provides that FHLBank with a written determination that a specific statutory or regulatory change is not an Automatic Termination Event, then an Automatic Termination Event shall not have occurred with respect to such change.

		
	3.
	Proviso as to Occurrence of Automatic Termination Event Declaration Date

In no case under this subsection XIII.A may an Automatic Termination Event Declaration Date be deemed to occur prior to: (1) the date the specific statutory change takes effect; or (2) the date an interim final rule or final rule effecting the specific regulatory change is published in the Federal Register.

		
	B.
	Notice of Voluntary Termination.

If the FHLBanks terminate the Agreement, then the FHLBanks shall provide written notice to the FHFA that the FHLBanks have voted to terminate the Agreement. 

		
	C.
	Consequences of an Automatic Termination Event or Vote to Terminate the Agreement.

		
	1.
	Consequences of Voluntary Termination

In the event the FHLBanks deliver written notice to the FHFA that the FHLBanks have voted to terminate the Agreement, then without any further action by the FHLBI or the FHFA: (i) the date of delivery of such notice shall be an Allocation Termination Date; and (ii) one year from the date of delivery of such notice shall be a Restriction Termination Date.  

		
	2.
	Consequences of an Automatic Termination Event Declaration Date

If an Automatic Termination Event Declaration Date has occurred, then without further action by the FHLBI or the FHFA: (i) the date of the Automatic Termination Event Declaration Date shall be an Allocation Termination Date; and (ii) one year from the date of the Automatic Termination Event Declaration Date shall be a Restriction Termination Date.  

		
	3.
	Deletion of Operative Provisions of Retained Earnings Capital Plan Amendment

Without any further action by the FHLBI or the FHFA, on the Restriction Termination Date, sections X through XIII of this Capital Plan shall be deleted.

Approved by the Board of Directors of the Federal Home Loan Bank of Indianapolis on June 28, 2002, as amended July 24, 2008, March 13, 2009, May 19, 2011, June 28, 2019, January 7, 2020 and April 8, 2020; and as approved by the Federal Housing Finance Board on July 10, 2002, with amendments approved by the Federal Housing Finance Board on October 9, 2002, and with amendments approved by the Federal Housing Finance Agency on March 6, 2009, May 18, 2009, August 5, 2011, December 13, 2019 and July 29, 2020.

 1

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