Document:

Document

Exhibit 10.23

MEZZANINE LOAN AND SECURITY AGREEMENT
THIS MEZZANINE LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of May 14, 2021 (the “Effective Date”), among (a) SILICON VALLEY BANK, a California corporation, in its capacity as administrative agent and collateral agent (“Agent”), (b) SILICON VALLEY BANK, a California corporation, as a lender (“SVB”), (c) HERCULES CAPITAL, INC., a Maryland corporation, as a lender (“Hercules”) (SVB and Hercules and each of the other “Lenders” from time to time a party hereto are referred to herein collectively as the “Lenders” and each individually as a “Lender”), and (d) VELO3D, INC., a Delaware corporation (“Borrower”), provides the terms on which Agent and the Lenders shall lend to Borrower, and Borrower shall repay Agent and the Lenders.  The parties agree as follows:
1ACCOUNTING AND OTHER TERMS
Accounting terms not defined in this Agreement shall be construed following GAAP.  Calculations and determinations must be made following GAAP (except, with respect to unaudited financial statements, for the absence of footnotes and subject to year-end audit adjustments, and any calculations shall exclude stock-based compensation).  Notwithstanding the foregoing, all financial covenant and other financial calculations shall be computed with respect to Borrower only, and not on a consolidated basis.  Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 14 of this Agreement.  All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein.
2LOAN AND TERMS OF PAYMENT
2.1Promise to Pay.  Borrower hereby unconditionally promises to pay to Agent, for the ratable benefit of each Lender, the outstanding principal amount of all Credit Extensions advanced to Borrower by such Lender and accrued and unpaid interest thereon, together with any fees as and when due in accordance with this Agreement.
2.2Term Loan Advances.
(a)Availability. Subject to the terms and conditions of this Agreement, upon Borrower’s request, during the Term A Loan Draw Period, the Lenders, severally and not jointly, may, in their in their commercially reasonable discretion, make term loan advances available to Borrower in an aggregate original principal amount of up to Twenty Million Dollars ($20,000,000.00) according to each Lender’s Term A Loan Commitment as set forth on Schedule 1 hereto (each, a “Term A Loan Advance”, and collectively, the “Term A Loan Advances”), provided that Borrower shall request on the Effective Date one (1) Term A Loan Advance in the amount of Fifteen Million Dollars ($15,000,000.00) (the “Initial Term Loan Advance”) and if Borrower does not request such Term A Loan Advance, the Lenders shall be permitted to make such Term A Loan Advance in the amount of Fifteen Million Dollars ($15,000,000.00). Borrower shall be required to use the proceeds of the Initial Term Loan Advance to pay in full all obligations and liabilities of Borrower to SVB in connection with the Supplemental Term Loan and Equipment Advances (including, without limitation, the Supplemental Term Loan Final Payment) (as each such term is defined in that certain Second Amended and Restated Loan and Security Agreement between Borrower and SVB dated as of December 17, 2020), and Borrower hereby authorizes SVB to apply the proceeds of the Term A Loan Advance (internally, without actually providing such funds to Borrower) to such obligations and liabilities in connection therewith as part of the funding process. Subject to the terms and conditions of this Agreement, upon Borrower’s request, during the Term B Loan Draw Period, the Lenders, severally and not jointly, may, in their in their commercially reasonable discretion, make term loan advances available to Borrower in an aggregate original principal amount of up to Fifteen Million Dollars ($15,000,000.00) according to each Lender’s Term B Loan Commitment as set forth on Schedule 1 hereto (each, a “Term B Loan Advance”, and collectively, the “Term B Loan Advances”).  Each Term B Loan Advance shall be in a minimum amount of at least One Million Dollars ($1,000,000.00). The Term A Loan Advances and Term B Loan Advances are hereinafter referred to singly as a “Term Loan Advance” and collectively as the “Term Loan Advances”. After repayment, no Term Loan Advance (or any portion thereof) may be reborrowed.
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(b)Interest Period.  Commencing on the first (1st) Payment Date of the month following the month in which the Funding Date of the applicable Term Loan Advance occurs and continuing on the Payment Date of each month thereafter, Borrower shall make monthly payments of interest to (i) Agent, for the account of Lenders (other than Hercules) in accordance with each such Lender’s Pro Rata Share, and (ii) Hercules for its own account in accordance with its Pro Rata Share, in each case in arrears, on the outstanding principal amount of the Term Loan Advance, at the rate set forth in Section 2.3(a).  
(c)Repayment.  Commencing on the Term Loan Amortization Date, and continuing on each Payment Date thereafter, Borrower shall repay the aggregate outstanding Term Loan Advances to (x) Agent, for the account of Lenders (other than Hercules) in accordance with each such Lender’s Pro Rata Share, and (y) Hercules for its own account in accordance with its Pro Rata Share, in (i) equal monthly installments of principal over the number of months for the period commencing on the Term Loan Amortization Date and ending on the Term Loan Maturity Date, plus (ii) monthly payments of accrued interest at the rate set forth in Section 2.3(a); provided, however, the amount of each installment of principal required under this Section 2.2(c) shall be recalculated by Agent and the Lenders to account for any Term Loan Advance made after October 31, 2021 to the extent that Borrower has otherwise made payment(s) of principal under clause (i), and Lenders shall not under any circumstance disgorge or return to Borrower any payment of principal received prior to the occurrence of the Performance Milestone Event.  All outstanding principal and accrued and unpaid interest with respect to the Term Loan Advances, and all other outstanding Obligations under the Term Loan Advances are due and payable in full to each Lender in accordance with such Lender’s Pro Rata Share on the Term Loan Maturity Date.
(d)Permitted Prepayment.  Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advances advanced by the Lenders under this Agreement, provided Borrower (i) delivers written notice to Agent of its election to prepay the Term Loan Advances at least seven (7) Business Days prior to such prepayment, and (ii) pays (y) to Agent, for the account of the Lenders (other than Hercules) in accordance with each Lender’s respective Pro Rata Share and (z) Hercules for its own account in accordance with its Pro Rata Share, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (B) the Prepayment Premium, (C) the Final Payment, and (D) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.  
(e)Mandatory Prepayment Upon an Acceleration.  If the Term Loan Advances are accelerated by Agent, following the occurrence of an Event of Default, Borrower shall immediately pay to Agent, for the account of the Lenders in accordance with its respective Pro Rata Share, an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (ii) the Prepayment Premium, (iii) the Final Payment, and (iv) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.
2.3Payment of Interest on the Credit Extensions.
(a)Interest Rate.  Subject to Section 2.3(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to the greater of (i) nine percent (9.0%) and (ii) five and three-quarters of one percent (5.75%) above the Prime Rate, which interest, in each case, shall be payable monthly in accordance with Section 2.3(d) below.
(b)Default Rate.  Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is five percent (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”).  Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Lenders’ Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations.  Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Agent or any Lender.
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(c)Adjustment to Interest Rate.  Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change.
(d)Payment; Interest Computation.  Interest is payable monthly in arrears on the Payment Date of each month and shall be computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed.  In computing interest, (i) all payments received after 12:00 p.m. Pacific time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension.
2.4Fees.  Borrower shall pay (i) to Agent, for the account Lenders (other than Hercules) and (ii) Hercules for its own account:
(a)Prepayment Premium.  The Prepayment Premium, when due hereunder;
(b)Final Payment.  The Final Payment, when due hereunder, to be shared between the Lenders pursuant to their respective Term Loan Commitment Percentages; 
(c)Term Sheet Fee.  Borrower has paid to the Lenders a fully earned and non-refundable fee of Five Hundred Twenty-Five Thousand Dollars ($525,000.00) as of April, 2021 which is to be shared between the Lenders pursuant to their respective Term Loan Commitment Percentages; and
(d)Lenders’ Expenses.  All Lenders’ Expenses (including reasonable and documented attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Agent).
Unless otherwise provided in this Agreement or in a separate writing by Agent, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Agent or any Lender pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of any Lender’s obligation to make loans and advances hereunder.  Agent may deduct amounts owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(d)(ii).  Agent shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this Section 2.4.
2.5Payments; Pro Rata Treatment; Application of Payments; Debit of Accounts.
(a)All payments (including prepayments) to be made by Borrower under any Loan Document shall be made to (i) Agent for the account of Lenders (other than Hercules) in accordance with each such Lender’s Pro Rata Share, and (ii) Hercules for its own account in accordance with its Pro Rata Share, in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due.   Agent shall distribute such payments to Lenders in like funds as set forth in Section 2.6.  Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid.
(b)Each borrowing by Borrower from Lenders hereunder shall be made according to the respective Term Loan Commitment Percentages of the relevant Lenders.
(c)Except as otherwise provided herein, each payment (including each prepayment) by Borrower on account of principal or interest on the Term Loan Advances shall be applied according to each Lender’s Pro Rata Share of the outstanding principal amount of the Term Loan Advances.  The amount of each principal prepayment of the Term Loan Advances shall be applied to reduce the then remaining installments of the Term Loan Advances based upon each Pro Rata Share of Term Loan Advances.
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(d)The Lenders have the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.  Borrower shall have no right to specify the order or the accounts to which the Lenders shall allocate or apply any payments required to be made by Borrower to Agent or the Lenders or otherwise received by Agent or any Lender under this Agreement when any such allocation or application is not specified elsewhere in this Agreement.
(i)    The Lenders will initiate debit entries to Borrower’s account as authorized on the ACH Authorization (A) on each payment date of all periodic obligations payable to a Lender and (B) for Lenders’ Expenses; provided that, with respect to clause (A) above, in the event that a Lender informs Borrower that the Lender will not initiate a debit entry to Borrower’s account for a certain amount of the periodic obligations due to such Lender on a specific payment date, Borrower shall pay to the Lender such amount of periodic obligations in full in immediately available funds on such payment date; provided, further, that, with respect to clause (A) above, if a Lender notifies Borrower that the Lender will not initiate a debit entry as described above later than the date that is three (3) Business Days prior to such payment date, Borrower shall pay to the Lender such amount of periodic obligations due to such Lender in full in immediately available funds on the date that is three (3) Business Days after the date on which the Lender notifies Borrower of such; provided, further, that, with respect to clause (B) above, in the event that a Lender informs Borrower that such Lender will not initiate a debit entry to Borrower’s account for a certain amount of such Lenders’ Expenses owed to such Lender, Borrower shall pay to the Lender such amount in full in immediately available funds within three (3) Business Days.  
(ii)    At SVB’s discretion, in lieu of a debit entry to Borrower’s account as described in clause (i), SVB may elect to debit the Designated Deposit Account (or, if insufficient funds are held in the Designated Deposit Account or if an Event of Default has occurred and is continuing) any of Borrower’s deposit accounts, directly for principal and interest payments or any other amounts Borrower owes SVB when due. These debits shall not constitute a set-off.  
(e)Unless Agent shall have been notified in writing by Borrower prior to the date of any payment due to be made by Borrower hereunder that Borrower will not make such payment to Agent, Agent may assume that Borrower is making such payment, and Agent may, but shall not be required to, in reliance upon such assumption, make available to Lenders their respective Pro Rata Share of a corresponding payment amount.  If such payment is not made to Agent by Borrower within three (3) Business Days after such due date, Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate.  Nothing herein shall be deemed to limit the rights of Agent or any Lender against Borrower.
2.6Settlement Procedures.  If Agent receives any payment for the account of Lenders on or prior to 12:00 p.m. (Pacific time) on any Business Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on such Business Day. If Agent receives any payment for the account of Lenders after 12:00 p.m. (Pacific time) on any Business Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on the next Business Day.
2.7Withholding by Borrower.  Payments received by Agent or Hercules from Borrower under this Agreement will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest, additions to tax or penalties applicable thereto).  Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder to Agent or Hercules, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or deduction, Agent and/or Hercules receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority.  Borrower will, upon request, furnish Agent with proof reasonably satisfactory to 
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Agent indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower.  The agreements and obligations of Borrower contained in this Section 2.7 shall survive the termination of this Agreement.
3CONDITIONS OF LOANS
3.1Conditions Precedent to Initial Credit Extension.  Each Lender’s obligation to make the initial Credit Extension hereunder is subject to the condition precedent that Agent shall have received, in form and substance satisfactory to Agent and the Lenders, such documents, and completion of such other matters, as Agent may reasonably deem necessary or appropriate, including, without limitation:
(a)duly executed Senior Loan Documents and satisfaction of all conditions precedent therein; 
(b)duly executed signatures to the Loan Documents;
(c)duly executed signatures to the Control Agreements, if any;
(d)duly executed signatures to the IP Agreement;
(e)the Operating Documents and long-form good standing certificates of Borrower certified by the Secretary of State of Delaware and each other jurisdiction in which Borrower is qualified to conduct business, each dated as of a date no earlier than thirty (30) days prior to the Effective Date;
(f)a secretary’s corporate borrowing certificate of Borrower with respect to Borrower’s Operating Documents, incumbency and resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents;
(g)duly executed signatures to the completed Borrowing Resolutions for Borrower;
(h)certified copies, dated as of a recent date, of Lien searches (including without limitation, UCC searches), as Agent may request, accompanied by written evidence (including any UCC termination statements and other Lien releases) that the Liens indicated in any such financing statements or other filings either constitute Permitted Liens or have been or, in connection with the initial Credit Extension hereunder, will be terminated or released;
(i)the Perfection Certificate of Borrower, together with the duly executed signature thereto;
(j)Intellectual Property search results and completed exhibits to the IP Agreement;
(k)a subordination agreement with Bessemer Venture Partners IX L.P., Bessemer Venture Partners IX Institutional L.P., Khosla Ventures V, LP, Playground Ventures, L.P. and PIV Fund I, L.P.;
(l)a completed and executed logo consent form for Lenders to (i) use Borrower’s logo, (ii) use a tombstone to highlight the transaction and (iii) issue a press release (in a form acceptable to Borrower and Lenders) highlighting and summarizing the credit facilities extended by Lenders to Borrower under this Agreement for marketing purposes; 
(m)evidence satisfactory to Agent that the insurance policies and endorsements required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Agent; and
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(n)payment of the fees and Lenders’ Expenses then due as specified in Section 2.4 hereof.
3.2Conditions Precedent to all Credit Extensions.  Each Lender’s obligation to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent:
(a)timely receipt by the Lenders of (i) an executed Disbursement Letter; and (ii) an executed Payment/Advance Form;
(b)the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of the Disbursement Letter (and the Payment/Advance Form) and on the Funding Date of each Credit Extension, taking into account updates thereof subsequent to the Effective Date to the extent permitted by notice to Agent by one or more specific provisions of this Agreement; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date or time period shall be true, accurate and complete in all material respects as of such date or with respect to such time period, and no Event of Default shall have occurred and be continuing or result from the Credit Extension.  Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all material respects, taking into account updates thereof subsequent to the Effective Date to the extent permitted by notice to Agent by one or more specific provisions of this Agreement; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date or time period shall be true, accurate and complete in all material respects as of such date or with respect to such time period; and
(c)Agent and each Lender determine in its good faith business judgment that there has not been any material impairment in the general affairs, management, results of operation, financial condition or the prospect of repayment of the Obligations, nor any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Agent and the Lenders.
3.3Covenant to Deliver. Borrower agrees to deliver to Agent and each Lender each item required to be delivered to Agent and each Lender under this Agreement as a condition precedent to any Credit Extension.  Borrower expressly agrees that a Credit Extension made prior to the receipt by Agent and each Lender of any such item shall not constitute a waiver by Agent or Lenders of Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in each Lender’s sole discretion.
3.4Procedures for Borrowing.  
(a)Term Loan Advances.  Subject to the prior satisfaction of all other applicable conditions to the making of a Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Agent (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time at least five (5) Business Days before the proposed Funding Date of such Credit Extension.  Together with any such electronic or facsimile notification, Borrower shall deliver to Agent by electronic mail or facsimile a completed Disbursement Letter (and Payment/Advance Form) executed by an Authorized Signer.  Agent may rely on any telephone notice given by a person whom Agent reaosonably believes is an Authorized Signer.  On the Funding Date, Agent shall credit the Credit Extensions to the Designated Deposit Account.  Agent may make Credit Extensions under this Agreement based on instructions from an Authorized Signer or without instructions if the Credit Extensions are necessary to meet Obligations which have become due.
(b)Funding.  In determining compliance with any condition hereunder to the making of a Credit Extension that, by its terms, must be fulfilled to the satisfaction of a Lender, Agent may presume that such condition is satisfactory to such Lender unless Agent shall have received notice to the contrary from such Lender prior to the making of such Credit Extension.  Unless Agent shall have been notified in writing by any Lender prior to the date of any Credit Extension, that such Lender will not make the amount that would constitute its share of 
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such borrowing available to Agent, Agent may assume that such Lender is making such amount available to Agent, and Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount.  If such amount is not made available to Agent by the required time on the Funding Date therefor, such Lender shall pay to Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate or (ii) a rate determined by Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to Agent.  If such Lender’s share of such Credit Extension is not made available to Agent by such Lender within five (5) Business Days after such Funding Date, Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to the Term Loan Advances, on demand, from Borrower.
4CREATION OF SECURITY INTEREST
4.1Grant of Security Interest.  Borrower hereby grants Agent, for the ratable benefit of the Lenders, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the ratable benefit of the Lenders, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof.  For clarity, any reference to “Agent’s Lien” or any granting of collateral to Agent in this Agreement or any Loan Document means the Lien granted to Agent for the ratable benefit of the Lenders.
Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with SVB.  Regardless of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes SVB thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and SVB to have all such Obligations secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Agent’s Lien in this Agreement), and by any and all other security agreements, mortgages or other collateral granted to Agent by Borrower as security for the Obligations, now or in the future.
If this Agreement is terminated, Agent’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash.  Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as the Lenders’ obligation to make Credit Extensions has terminated, Agent shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower.  In the event (x) all Obligations (other than inchoate indemnity obligations), except , as determined in its good faith business judgment, if any. SVB shall use commercially reasonable efforts to inform Borrower within a commercially reasonable period of time what constitutes acceptable cash collateral with respect to each Bank Services Agreement in force and effect when this Agreement is terminated.  In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to SVB cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then  at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus, in each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by SVB in its business judgment), to secure all of the Obligations relating to such Letters of Credit.  
Agent’s Lien in the assets of Borrower securing the Obligations of Borrower to Lenders under this Agreement shall be junior and subordinated to SVB’s security interest in the assets of Borrower securing the Obligations of Borrower to SVB under the Senior Loan Agreement.
4.2Priority of Security Interest.  Borrower represents, warrants, and covenants that the security interests granted herein are and shall at all times continue to be a first priority perfected security interests in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Agent’s Lien under this Agreement).  If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Agent in a writing signed by Borrower of the general details thereof and grant to Agent, for the ratable benefit of the Lenders, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Agent.
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4.3Authorization to File Financing Statements.  Borrower hereby authorizes Agent, on behalf of the Lenders, to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Agent’s and Lenders’ interest or rights hereunder, including a notice that any disposition of the Collateral, by Borrower or any other Person, shall be deemed to violate the rights of Agent under the Code.  Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Agent’s discretion.
5REPRESENTATIONS AND WARRANTIES
Borrower represents and warrants as follows:
5.1Due Organization, Authorization; Power and Authority.  Borrower is duly existing and in good standing as a Registered Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business.  In connection with this Agreement, Borrower has delivered to Agent a completed certificate signed by Borrower, entitled “Perfection Certificate”  (the “Perfection Certificate”).  Borrower represents and warrants to Agent and each Lender that (a) Borrower’ s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’ s organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’ s place of business, or, if more than one, its chief executive office as well as Borrower’ s mailing address (if different than its chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Agent of such occurrence and provide Agent with Borrower’s organizational identification number.
The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect, filings and registrations contemplated by this Agreement), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound.  Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business.
5.2Collateral.  Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien under this Agreement and other Loan Documents, free and clear of any and all Liens except Permitted Liens.  Borrower has no Collateral Accounts at or with any bank or financial institution other than SVB or SVB’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Agent in connection herewith and which Borrower has given Agent notice and taken such actions as are necessary to give Agent, for the ratable benefit of the Lenders, a perfected security interest therein, pursuant to the terms of Section 6.6(b).  The Accounts are bona fide, existing obligations of the Account Debtors.  
The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate.  None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2.
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All Inventory is in all material respects of good and marketable quality, free from material defects.   
Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate.  Each Patent which it owns or purports to own and which is material to Borrower’s business is, to Borrower’s knowledge, valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part.  To the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business.
Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License.
5.3Litigation. There are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000.00).
5.4Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered to Agent and the Lenders by submission to the Financial Statement Repository or otherwise submitted to Agent and the Lenders fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations.  Except as set forth in writing to Agent and Lenders, there has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to the Financial Statement Repository or otherwise submitted to Agent and the Lenders.
5.5Solvency.  The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature.
5.6Regulatory Compliance.  Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended.  Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors).  Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be expected to have a material adverse effect on its business.  None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally.  Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted.
5.7Subsidiaries; Investments.  Borrower does not own any stock, partnership, or other ownership interest or other equity securities except for Permitted Investments.  
5.8Tax Returns and Payments; Pension Contributions.  Borrower has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed Fifty Thousand Dollars ($50,000.00).
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To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify Agent in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.”  Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could reasonably be expected to result in additional taxes becoming due and payable by Borrower in excess of Fifty Thousand Dollars ($50,000.00).  Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.
5.9Use of Proceeds.  Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes.
5.10Full Disclosure.  No written representation, warranty or other statement of Borrower in any report, certificate or written statement submitted to the Financial Statement Repository or otherwise submitted to Agent or any Lender, as of the date such representation, warranty, or other statement was made, taken together with all such written reports, written certificates and written statements submitted to the Financial Statement Repository or otherwise submitted to Agent or any Lender, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the reports, certificates or written statements not misleading (it being recognized by Agent and each Lender that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results).
5.11Definition of “Knowledge.”  For purposes of the Loan Documents, whenever a representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer.
6AFFIRMATIVE COVENANTS
Borrower shall do all of the following:
6.1Government Compliance.
(a)Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations.  Borrower shall comply, and have each Subsidiary comply, with all laws, ordinances and regulations to which it is subject, where the failure to so comply could reasonably be expected to have a material adverse effect on Borrower’s business or operations.
(b)Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which it is a party and the grant of a security interest to Agent, for the ratable benefit of the Lenders, in all of its property.  Borrower shall promptly provide copies of any such obtained Governmental Approvals to Agent.
6.2Financial Statements, Reports. Provide Agent and each Lender with the following by submitting to the Financial Statement Repository:
(a)Monthly Financial Statements.  As soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated and consolidating balance sheet and income 
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statement covering Borrower’s and each of Borrower’s Subsidiaries consolidated and consolidating operations for such month in a form acceptable to Agent in its reasonable discretion (the “Monthly Financial Statements”);
(b)Monthly Compliance Statement. Within thirty (30) days after the last day of each month and together with the Monthly Financial Statements, a completed Compliance Statement, confirming that, as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants (if any) set forth in this Agreement and such other information as Agent or the Lenders may reasonably request, including, without limitation, a statement that at the end of such month there were no held checks;
(c)A/R and A/P Agings. Within seven (7) days after the end of each month, (A) monthly accounts receivable agings, aged by invoice date, (B) monthly accounts payable agings, aged by invoice date, and outstanding or held check registers, if any, and (C) monthly reconciliations of accounts receivable agings (aged by invoice date), transaction reports, and general ledger, each in form reasonably acceptable to Agent;  
(d)Board Projections. Within thirty (30) days after the earlier to occur of (i) Board approval or (ii) the end of each fiscal year of Borrower, and contemporaneously with any updates or amendments thereto, (A) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and (B) annual financial projections for the following fiscal year (on a quarterly basis), in each case, as approved by the Board and commensurate in form and substance with those provided to Borrower’s venture capital investors, together with any related business forecasts used in the preparation of such annual financial projections;
(e)Annual Audited Financial Statements.  As soon as available, and in any event within one hundred eighty (180) days following the end of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (provided, however, Borrower’s unqualified opinion on the financial statements may contain a qualification as to going concern (and, solely with respect to Borrower’s fiscal year ended December 31, 2020, material weakness) typical for venture backed companies similar to Borrower) on the financial statements from an independent certified public accounting firm reasonably acceptable to Agent;
(f)Other Statements.  Within ten (10) days of delivery, copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt;
(g)SEC Filings.  In the event that Borrower becomes subject to the reporting requirements under the Exchange Act, within ten (10) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be.  Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the internet at Borrower’s website address; provided, however, Borrower shall promptly notify Agent and the Lenders in writing (which may be by electronic mail) of the posting of any such documents;
(h)Legal Action Notice.  A prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000.00) or more; 
(i)Governmental Approvals. Within five (5) days after the same are sent or received, copies of all correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law that could reasonably be expected to have a material effect on any of the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries;
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(j)Beneficial Ownership Information.  Prompt written notice of any changes to the beneficial ownership information set out in Section 14 of the Perfection Certificate.  Borrower understands and acknowledges that each Lender relies on such true, accurate and up-to-date beneficial ownership information to meet such Lender’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity customers; and
(k)Other Financial Information.  Other financial information reasonably requested by Agent or any Lender. 
Any submission by Borrower of a Compliance Statement, or any other financial statement submitted to the Financial Statement Repository pursuant to this Section 6.2 or otherwise submitted to Agent and the Lenders shall be deemed to be a representation by Borrower that (a) as of the date of such Compliance Statement, or other financial statement, the information and calculations set forth therein are true, accurate and correct, (b) as of the end of the compliance period set forth in such submission, Borrower is in complete compliance with all required covenants except as noted in such Compliance Statement or other financial statement, as applicable; (c) as of the date of such submission, no Events of Default have occurred or are continuing; (d) all representations and warranties other than any representations or warranties that are made as of a specific date or time period in Section 5 remain true and correct in all material respects as of the date of such submission except as noted in such Compliance Statement, or other financial statement, as applicable; (e) as of the date of such submission, Borrower and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.8; and (f) as of the date of such submission, no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Agent and the Lenders.
6.3.Taxes; Pensions. Timely file and require each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.8 hereof, and taxes, assessments, deposits and contributions which do not, individually or in the aggregate, exceed Fifty Thousand Dollars ($50,000.00).  Borrower, and shall deliver to Agent, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms.
6.4.Inventory; Returns.  Keep all Inventory in good and marketable condition, free from material defects.  Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date.  Borrower must promptly notify Agent and the Lenders of all returns, recoveries, disputes and claims that involve more than Fifty Thousand Dollars ($50,000.00).
6.5.Insurance.
(a)Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and as Agent may reasonably request.  Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to Agent in Agent’s reasonable discretion.  All property policies shall have a lender’s loss payable endorsement showing Agent as the sole lender loss payee.  All liability policies shall show, or have endorsements showing, Agent as an additional insured.  Agent shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral.
(b)Ensure that proceeds payable under any property policy are, at Agent’s option, payable to Agent for the ratable benefit of the Lenders on account of the Obligations. 
(c)At Agent’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments.  Each provider of any such insurance required under this Section 6.5 shall agree, 
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by endorsement upon the policy or policies issued by it or by independent instruments furnished to Agent, that it will give Agent twenty (20) days prior written notice (ten (10) days prior written notice for non-payment of premium) before any such policy or policies shall be materially altered or canceled.  If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Agent, Agent may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Agent deems prudent.
6.6Operating Accounts.
(a)Maintain all of Borrower’s, any of its Subsidiaries’, and any Guarantor’s operating accounts, depository accounts and excess cash with SVB or SVB’s Affiliates. 
(b)Borrower and any Subsidiary of Borrower shall obtain any business credit cards, letters of credit, cash management services and merchant processing services exclusively from SVB.
(c)In addition to and without limiting the restrictions in (a), Borrower shall provide Agent five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than SVB or SVB’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than SVB) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Agent’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of the Lenders.  The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Agent and the Lenders by Borrower as such.
6.7Protection and Registration of Intellectual Property Rights.
(a)(i) Use all commercially reasonable efforts necessary to protect, defend and maintain the validity and enforceability of its Intellectual Property which is material for the conduct of Borrower’s business; (ii) promptly advise Agent in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property which is material for the conduct of Borrower’s business; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Agent’s written consent.
(b)If Borrower (i) obtains any Patent, registered Trademark, registered Copyright, registered mask work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark, then Borrower shall promptly (and in any event within ten (10) Business Days of such application or registration) provide written notice thereof to Agent and shall execute such intellectual property security agreements and other documents and take such other actions as Agent may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Agent, for the ratable benefit of the Lenders, in such property.  If Borrower decides to register any Copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide Agent with at least fifteen (15) days prior written notice of Borrower’s intent to register such Copyrights or mask works together with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an intellectual property security agreement and such other documents and take such other actions as Agent may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Agent, for the ratable benefit of the Lenders, in the Copyrights or mask works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the Copyright or mask work application(s) with the United States Copyright Office.  Borrower shall promptly provide to Agent copies of all applications that it files for Patents or for the registration of Trademarks, Copyrights or mask works, together with evidence of the recording of the intellectual property security agreement required for Agent to perfect and maintain a first priority perfected security interest in such property for the ratable benefit of the Lenders.
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(c)Provide written notice to Agent within thirty (30) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is commercially available to the public).  Borrower shall take such commercially reasonable steps as Agent requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Agent to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Agent’s and the Lenders’ rights and remedies under this Agreement and the other Loan Documents.
6.8Litigation Cooperation.  From the date hereof and continuing through the termination of this Agreement, make available to Agent, without expense to Agent or any Lender, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Agent and/or the Lenders may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Agent and/or any Lender with respect to any Collateral or relating to Borrower.
6.9Access to Collateral; Books and Records. Allow Agent, or its agents, at reasonable times, on one (1) Business Day’s notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. The foregoing inspections and audits shall be conducted no more often than twice every twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Agent shall determine is necessary.  The foregoing inspections and audits shall be at Borrower’ expense and the charge therefor shall be One Thousand Dollars ($1,000.00) per person per day (or such higher amount as shall represent Agent’s then-current standard charge for the same), plus reasonable out-of-pocket expenses.  In the event Borrower and Agent schedule an audit more than eight (8) days in advance, and Borrower cancels or seeks to reschedule the audit with less than eight (8) days written notice to Agent, then (without limiting any of Agent’s or any Lender’s rights or remedies) Borrower shall pay Agent a fee of Two Thousand Dollars ($2,000.00) plus any out-of-pocket expenses incurred by Agent to compensate Agent for the anticipated costs and expenses of the cancellation or rescheduling.
6.10Further Assurances.  Execute any further instruments and take further action as Agent reasonably request to perfect or continue Agent’s Lien in the Collateral or to effect the purposes of this Agreement. 
6.11Post-Closing Requirements. Within thirty (30) days of the Effective Date, deliver to Agent, in a form acceptable to Agent, a landlord’s consent in favor of Agent for Borrower’s leased location located at  456 E McGlincy Lane, Campbell, California 95008, by the landlord thereof, together with the duly executed signature thereto.
7NEGATIVE COVENANTS
Borrower shall not do any of the following without the prior written consent of the Lenders:
7.1Dispositions.  Convey, sell, lease, transfer, assign, or otherwise dispose of (including, without limitation, pursuant to a Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out, surplus or obsolete Equipment that does not constitute Financed Printers (as defined in the Senior Loan Agreement) and that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; and (f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business. Notwithstanding anything to the contrary contained in this Agreement, Borrower shall not make any payments with respect to Indebtedness secured by Liens permitted under clause (c) of the definition of “Permitted Liens” other than an initial security deposit, an initial closing fee, an end-of-lease return fee and non-accelerated, regularly scheduled monthly loan or lease payments (for 
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the avoidance of doubt, no prepayments shall be permitted to be paid without Agent’s and the Lenders’ prior written consent).
7.2Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Agent and Lenders of any Key Person departing from or ceasing to be employed by Borrower within five (5) days after his or her departure from Borrower; or (d) permit or suffer any Change in Control, other than the Permitted SPAC Transaction.
Borrower shall not, without at least twenty (20) days prior written notice to Agent: (1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Two Hundred Fifty Thousand Dollars ($250,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization.  If Borrower intends to add any new offices or business locations, including warehouses, containing in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) of Borrower’s assets or property, then Borrower will first receive the written consent of Agent, and the landlord of any such new offices or business locations, including warehouses, shall execute and deliver a landlord consent in form and substance satisfactory to Agent in its reasonable discretion.  If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee, and Agent and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Agent, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Agent in its reasonable discretion.  
7.3Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, other than the Permitted SPAC Transaction (including, without limitation, by the formation of any Subsidiary or pursuant to a Division). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 
7.4Indebtedness.  Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness.
7.5Encumbrance.  Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Agent, for the ratable benefit of the Lenders or pursuant to the Senior Loan Documents) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except (i) customary restrictions on assignment in any license agreement where Borrower or Subsidiary is the licensee (and not the licensor) and (ii) as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein.
7.6Maintenance of Collateral Accounts.  Maintain any Collateral Account except pursuant to the terms of Section 6.6(c) hereof.
7.7Distributions; Investments.  (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock, provided that Borrower may (i) convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) pay dividends solely in common stock, and (iii) repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of any such repurchase and 
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would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) per fiscal year; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so.
7.8Transactions with Affiliates.  Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower, except for (i) sales of equity securities in bona fide venture financing transactions not prohibited by Section 7.2, (ii) the incurrence of Subordinated Debt, (iii) transactions of the type described in and permitted pursuant to Section 7.7 hereof, (iv) Investments permitted under sub-clauses (g) and (h) of the definition of Permitted Investments, (v) commercially reasonable and customary compensation or severance arrangements approved by the Board, and (vi) other transactions that are in the ordinary course of Borrower’s business or as otherwise specifically permitted by this Agreement, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person.
7.9Subordinated Debt.  (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Agent and the Lenders.
7.10Compliance.  Become an “investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.
8EVENTS OF DEFAULT
Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:
8.1Payment Default.  Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Term Loan Maturity Date).  During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);
8.2Covenant Default.  Borrower (a) fails or neglects to perform any obligation in Section 6 of this Agreement or violates any covenant in Section 7 of this Agreement or (b) fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents and as to any default (other than those specified in clause (a)) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, grace and cure periods provided under this Section 8.2 shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain or any covenants set forth in clause (a);
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8.3Material Adverse Change; Priority of Security Interest. A Material Adverse Change occurs; or there is a material impairment in the perfection or priority of Agent’s security interest in the Collateral;
8.4Attachment; Levy; Restraint on Business.
(a)(i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 
(b)(i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business;
8.5Insolvency.  (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed);
8.6Other Agreements.  There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty Thousand Dollars ($250,000.00); or (b) any breach or default by Borrower or Guarantor, the result of which could reasonably be expected to have a material adverse effect on Borrower’s or any Guarantor’s business; 
8.7Judgments; Penalties.  One or more fines, penalties or final judgments, orders or decrees for the payment of money in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree);
8.8Misrepresentations.  Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Agent or any Lender or to induce Agent or any Lender to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made;
8.9Subordinated Debt.  Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor agreement; or
8.10Governmental Approvals.  Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that could reasonably be expected to result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) causes, or could reasonably be expected to cause, a Material Adverse Change, or (ii) 
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adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction.
8.11    Senior Loan Agreement.  The occurrence of an Event of Default (as defined in the Senior Loan Agreement) under the Senior Loan Agreement, except for an Event of Default solely with respect to Section 6.9 of the Senior Loan Agreement.
9RIGHTS AND REMEDIES
9.1Rights and Remedies.  Upon the occurrence and during the continuance of an Event of Default, Agent, in accordance with the Lender Intercreditor Agreement or, if such rights and remedies are not addressed in the Lender Intercreditor Agreement, as directed by the Required Lenders, may, without notice or demand, do any or all of the following:
(a)declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Agent or any Lender);
(b)stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement among Borrower, Agent, and/or any Lenders;
(c)demand that Borrower (i) deposit cash with SVB in an amount equal to at least (A) one hundred five percent (105.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (B) one hundred ten percent (110.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by SVB in its good faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit, provided that Bank shall promptly return to Borrower each such cash deposit when the related Letter of Credit terminates without being drawn upon, less any fees, expenses, or other amounts owing with respect to such Letter of Credit;
(d)terminate any FX Contracts;
(e)verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Agent and/or the Lenders consider advisable, and notify any Person owing Borrower money of Agent’s security interest in such funds.  Borrower shall collect all payments in trust for Agent, for the ratable benefit of the Lenders and, if requested by Agent, immediately deliver the payments to Agent, for the ratable benefit of the Lenders in the form received from the Account Debtor, with proper endorsements for deposit;
(f)make any payments and do any acts Agent or any Lender considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral.  Borrower shall assemble the Collateral if Agent requests and make it available as Agent designates.  Agent may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred.  Borrower grants Agent a license to enter and occupy any of its premises, without charge, to exercise any of Agent’s rights or remedies;
(g)apply to the Obligations (i) any balances and deposits of Borrower it holds, or (ii) any amount held by Agent owing to or for the credit or the account of Borrower;
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(h)ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral.  Agent, for the benefit of the Lenders is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Agent’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Agent, for the ratable benefit of the Lenders;
(i)place a “hold” on any account maintained with Agent or Lenders and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral;
(j)demand and receive possession of Borrower’s Books; and
(k)exercise all rights and remedies available to Agent and the Lenders under the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof).
SVB’s right of payment, lien priority and ability to exercise rights and remedies, in each case under this Agreement, shall be subordinate to its right of payment, lien priority and ability to exercise rights and remedies, in each case under the Senior Loan Agreement.
9.2Power of Attorney.  Borrower hereby irrevocably appoints Agent, for the benefit of the Lenders, as its lawful attorney-in-fact to:  (a) exercisable following the occurrence and during the continuance of an Event of Default, (i) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (ii) demand, collect, sue, and give releases to any Account Debtor for monies due, settle and adjust disputes and claims about the Accounts directly with Account Debtors, and compromise, prosecute, or defend any action, claim, case, or proceeding about any Collateral (including filing a claim or voting a claim in any bankruptcy case in Agent’s or Borrower’s name, as Agent chooses); (iii) make, settle, and adjust all claims under Borrower’s insurance policies; (iv) pay, contest or settle any Lien, charge, encumbrance, security interest, or other claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; (v) transfer the Collateral into the name of Agent, for the ratable benefit of the Lenders, or a third party as the Code permits; and (vi) receive, open and dispose of mail addressed to Borrower; and (b) regardless of whether an Event of Default has occurred, (i) endorse Borrower’s name on any checks, payment instruments, or other forms of payment or security; and (ii) notify all Account Debtors to pay Agent directly.  Borrower hereby appoints Agent, for the benefit of the Lenders, as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Agent’s, for the benefit of the Lenders, security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and the Loan Documents have been terminated.  Agent’s foregoing appointment as Borrower’s attorney in fact, and all of Agent’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and the Loan Documents have been terminated.
9.3Protective Payments.  If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Agent may obtain such insurance or make such payment, and all amounts so paid by Agent are Lenders’ Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Agent will make reasonable efforts to provide Borrower with notice of Agent obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Agent are deemed an agreement to make similar payments in the future or Agent’s or and Lenders’ waiver of any Event of Default.
9.4Application of Payments and Proceeds.  Agent shall have the right to apply in any order any funds in its possession, whether from Borrower’s account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations.  Agent shall pay any 
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surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Agent and the Lenders for any deficiency.  If Agent, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Agent shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Agent of cash therefor.
9.5Liability for Collateral.  So long as Agent and Lenders comply with reasonable banking practices regarding the safekeeping of the Collateral in their possession or under the control of Agent and/or Lenders, Agent and Lenders shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person.  Borrower bears all risk of loss, damage or destruction of the Collateral.
9.6No Waiver; Remedies Cumulative.  Agent’s and any Lender’s failure, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Agent or any Lender thereafter to demand strict performance and compliance herewith or therewith.  No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given.  Agent’s and each Lender’s rights and remedies under this Agreement and the other Loan Documents are cumulative.  Agent and each Lender have all rights and remedies provided under the Code, by law, or in equity.  Agent’s or any Lender’s exercise of one right or remedy is not an election and shall not preclude Agent or any Lender from exercising any other remedy under this Agreement or any other Loan Document or other remedy available at law or in equity, and Agent’s or any Lender’s waiver of any Event of Default is not a continuing waiver.  Agent’s or any Lender’s delay in exercising any remedy is not a waiver, election, or acquiescence.  
9.7Demand Waiver.  Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Agent on which Borrower is liable.
10AGENT
10.1Appointment and Authority.
(a)Each Lender hereby irrevocably appoints SVB to act on its behalf as Agent hereunder and under the other Loan Documents and authorizes Agent to take such actions on its behalf and to exercise such powers as are delegated to Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.
(b)The provisions of this Section 10 are solely for the benefit of Agent and Lenders, and Borrower shall not have rights as a third party beneficiary of any of such provisions.  Notwithstanding any provision to the contrary elsewhere in this Agreement, Agent shall not have any duties or responsibilities to any Lender or any other Person, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent.
10.2Delegation of Duties.  Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by Agent.  Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Indemnified Persons.  The exculpatory provisions of this Section 10.2 shall apply to any such sub-agent and to the Indemnified Persons of Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent.
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10.3Exculpatory Provisions.  Agent shall have no duties or obligations except those expressly set forth herein and in the other Loan Documents.  Without limiting the generality of the foregoing, Agent shall not:
(a)be subject to any fiduciary, trust, agency or other similar duties, regardless of whether any Event of Default has occurred and is continuing;
(b)have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Agent is required to exercise as directed in writing by the Lenders, as applicable; provided that Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Agent to liability or that is contrary to any Loan Document or applicable law; and
(c)except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and Agent shall not be liable for the failure to disclose, any information relating to Borrower or any of its Affiliates that is communicated to or obtained by any Person serving as Agent or any of its Affiliates in any capacity.
Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Lenders (or as Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 13.7) or (ii) in the absence of its own gross negligence or willful misconduct.
Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 3 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Agent.
10.4Reliance by Agent.  Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.  In determining compliance with any condition hereunder to the making of a Credit Extension that, by its terms, must be fulfilled to the satisfaction of a Lender, Agent may presume that such condition is satisfactory to such Lender unless Agent shall have received notice to the contrary from such Lender prior to the making of such Credit Extension.  Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon Lenders and all future holders of the Credit Extensions.
10.5Notice of Default.  Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default (except with respect to defaults in the payment of principal, interest or fees required to be paid to Agent for the account of Lenders), unless Agent has received notice from a Lender or Borrower referring to this Agreement, describing such Event of Default and stating that such notice is a “notice of default”.  In the event that Agent receives such a notice, Agent shall give notice thereof to Lenders.  Agent shall take such action with respect to such Event of Default as shall be reasonably directed by the Lenders.
10.6Non-Reliance on Agent and Other Lenders.  Each Lender expressly acknowledges that neither Agent nor any of its officers, directors, employees, agents, attorneys in fact or affiliates has made any 
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representations or warranties to it and that no act by Agent hereafter taken, including any review of the affairs of a Group Member or any Affiliate of a Group Member, shall be deemed to constitute any representation or warranty by Agent to any Lender.  Each Lender represents to Agent that it has, independently and without reliance upon Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial and other condition and creditworthiness of the Group Members and their Affiliates and made its own decision to make its Credit Extensions hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and without reliance upon Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Group Members and their Affiliates.  Except for notices, reports and other documents expressly required to be furnished to Lenders by Agent hereunder, Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Group Member or any Affiliate of a Group Member that may come into the possession of Agent or any of its officers, directors, employees, agents, attorneys in fact or Affiliates.
10.7Indemnification.  Each Lender agrees to indemnify Agent in its capacity as such (to the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so in accordance with the terms hereof, according to its Term Loan Commitment Percentage in effect on the date on which indemnification is sought under this Section 10.7 (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Obligations shall have been paid in full, in accordance with its Term Loan Commitment Percentage immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Credit Extensions) be imposed on, incurred by or asserted against Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from Agent’s gross negligence or willful misconduct.  The agreements in this Section shall survive the payment of the Credit Extensions and all other amounts payable hereunder.
10.8Agent in Its Individual Capacity.  The Person serving as Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person serving as Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Borrower, any Guarantor or any Subsidiary or other Affiliate thereof as if such Person were not Agent hereunder and without any duty to account therefor to Lenders.
10.9Successor Agent.  Agent may at any time give notice of its resignation to Lenders and Borrower, which resignation shall not be effective until the time at which the Required Lenders have delivered to Agent their written consent to such resignation.  Upon receipt of any such notice of resignation, the Lenders shall have the right, in consultation with Borrower, to appoint a successor, which shall be a financial institution with an office in the State of California, or an Affiliate of any such bank with an office in the State of California.  If no such successor shall have been so appointed by the Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent has received the written consent of the Required Lenders to such resignation, then the retiring Agent may on behalf of Lenders, appoint a successor Agent meeting the qualifications set forth above; provided that in no event shall any such successor Agent be a Defaulting Lender and provided further that if the retiring Agent shall notify Borrower and Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any 
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collateral security held by Agent on behalf of the Lenders under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor Agent is appointed and such collateral security is assigned to such successor Agent) and (2) all payments, communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly, until such time as the Lenders appoint a successor Agent as provided for above in this Section 10.9.  Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 10.9).  The fees payable by Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor.  After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section 10 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Indemnified Persons in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent.
10.10Defaulting Lender.
(a)Defaulting Lender Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:
(i)Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as long as said Lender is a Defaulting Lender.
(ii)Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise, and including any amounts made available to the Agent by such Defaulting Lender pursuant to Section 13.10), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, as Borrower may request (so long as no Event of Default exists), to the funding of any Term Loan Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third, if so determined by the Agent and Borrower, to be held in a Deposit Account and released pro rata to satisfy such Defaulting Lender’s potential future funding obligations with respect to Term Loan Advances under this Agreement; fourth, so long as no Event of Default has occurred and is continuing, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (A) such payment is a payment of the principal amount of any Term Loan Advances in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such Term Loan Advances were made at a time when the conditions set forth in Section 3.1 were satisfied or waived, such payment shall be applied solely to pay the Term Loan Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Term Loan Advances of such Defaulting Lender until such time as all Term Loan Advances are held by the Lenders pro rata in accordance with the Term Loan Commitments under this Agreement.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 10.10(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
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(iii)Certain Fees.  No Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.4(a) or Section 2.4(b) for any period during which such Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender).
(b)Defaulting Lender Cure.  If Borrower and Agent agree in writing that a Lender is no longer a Defaulting Lender, Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Term Loan Advances of the other Lenders or take such other actions as Agent may determine to be necessary to cause the Term Loan Advances to be held on a pro rata basis by the Lenders in accordance with their respective Term Loan Commitment Percentages, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while such Lender was a Defaulting Lender; and provided further that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender having been a Defaulting Lender.
(c)Termination of Defaulting Lender.  Borrower may terminate the unused amount of the Term Loan Commitment of any Lender that is a Defaulting Lender upon not less than ten (10) Business Days’ prior notice to Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 10.10(a)(ii) will apply to all amounts thereafter paid by Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim Borrower, Agent or any Lender may have against such Defaulting Lender.
(d)If the Person serving as Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the non-Defaulting Lenders may, to the extent permitted by applicable law, by notice in writing to Borrower and such Person, remove such Person as Agent and, in consultation with Borrower, appoint a successor.  If no such successor shall have been so appointed by the non-Defaulting Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the non-Defaulting Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
11NOTICES
All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below.  Agent or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 11.
If to Borrower:                                 Velo3D, Inc.
511 Division Street
Campbell, CA 95008
Attn:   Benny Buller, CEO
Fax:  ________________________________
Email:   [***]
Website URL:  www.velo3d.com
With a copy (which shall not
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constitute notice) to:                         Fenwick & West LLP
Attn: Steven Levine, Esq.
801 California Street
Mountain View, CA 94041
Tel: [***]
Email: [***]
If to Agent or SVB:                          Silicon Valley Bank 
505 Howard Street, 3rd Floor
San Francisco, CA 94105
Attn:  Chelsea Hakso
Fax: [***]
Email: [***]
with a copy to:                                  Morrison & Foerster LLP
200 Clarendon Street, 20th Floor
Boston, Massachusetts 02116
Attn:  David A. Ephraim, Esquire
Email: [***]
If to Hercules:                                  Hercules Capital, Inc.
400 Hamilton Avenue, Suite 310
Palo Alto, California 94301
Attn: Chief Legal Officer and Charlie Wehr
Email: [***] and [***]
with a copy to:                                  Latham & Watkins LLP
505 Montgomery Street, #2000
San Francisco, California 94111
Attn:  Haim Zaltzman
Email: [***]
12CHOICE OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE
Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard to principles of conflicts of law.  Borrower, Agent, and Lenders each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Agent or Lenders from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Agent or any Lender.  Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court.  Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 11 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.
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TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, AGENT AND EACH LENDER EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS AGREEMENT.  EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.
WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such court.  The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive.  The private judge shall have the power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers.  All such proceedings shall be closed to the public and confidential and all records relating thereto shall be permanently sealed.  If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief.  The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings.  The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings.  The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge.  The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure Section 644(a).  Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain provisional remedies.  The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph.
This Section 12 shall survive the termination of this Agreement.
13GENERAL PROVISIONS
13.1Termination Prior to Term Loan Maturity Date; Survival.  All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied.  So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be terminated prior to the Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Agent.  Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination.  No termination of this Agreement shall in any way affect or impair any right or remedy of Agent or any Lender, nor shall any such termination relieve Borrower of any Obligation to any Lender, until all of the Obligations have been paid and performed in full. Those Obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination and payment in full of the Obligations then outstanding. 
13.2Successors and Assigns.  This Agreement binds and is for the benefit of the successors and permitted assigns of each party.  Borrower may not assign this Agreement or any rights or obligations under it without Agent’ s and each Lender’ s prior written consent (which may be granted or withheld in Agent’ s and each 
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Lender’ s discretion).  Each Lender has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, such Lender’ s obligations, rights, and benefits under this Agreement and the other Loan Documents.
13.3Indemnification.  Borrower agrees to indemnify, defend and hold Agent, each Lender and their respective directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Agent or any Lender (each, an “Indemnified Person”) harmless against:  (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Lenders’ Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Agent, Lenders and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or willful misconduct.
This Section 13.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run.
13.4Time of Essence.  Time is of the essence for the performance of all Obligations in this Agreement.
13.5Severability of Provisions.  Each provision of this Agreement is severable from every other provision in determining the enforceability of any provision.
13.6Correction of Loan Documents.  Agent may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties.
13.7Amendments in Writing; Waiver; Integration.  No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, or release, or subordinate Agent’s and/or Lenders’ security interest in, or consent to the transfer of, any Collateral shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by Agent, with the consent of the Lenders in accordance with the Lender Intercreditor Agreement or, if such item is not addressed in the Lender Intercreditor Agreement, as consented to by the Required Lenders, and Borrower.  Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document.  Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver.  The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents.  In the event any provision of any other Loan Document is inconsistent with the provisions of this Agreement, the provisions of this Agreement shall exclusively control.
13.8Counterparts.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement.
13.9Confidentiality. Agent and each Lender agrees to maintain the confidentiality of Information (as defined below), except that Information may be disclosed (a) to Agent and/or any Lender’s subsidiaries or Affiliates, and their respective employees, directors, investors or potential investors (and each of their respective affiliates or clients), agents, attorneys, accountants and other professional advisors (collectively, “Representatives” and, together with Agent and the Lenders, collectively, “Lender Entities”); (b) to prospective transferees, assignees, credit providers or purchasers of any of Agent’s or Lenders’ interests under or in connection with this Agreement and their Representatives (provided, however, Agent and the Lenders shall use their best efforts to obtain any such prospective transferee’s, assignee’s, credit provider’s, or purchaser’s or their Representatives’ agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Agent’s or any Lender’s regulators or as otherwise required in connection with Agent’s or any Lender’s examination or audit; (e) as Agent or 
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any Lender considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Agent and/or any Lender so long as such service providers have executed a confidentiality agreement with Agent or the Lenders, as applicable, with terms no less restrictive than those contained herein.  The term “Information” means all information received from Borrower regarding Borrower or its business, in each case other than information that is either: (i) in the public domain or in Agent’s or any Lender’s possession when disclosed to Agent or such Lender, or becomes part of the public domain (other than as a result of its disclosure by Agent or a Lender in violation of this Agreement) after disclosure to Agent and/or the Lenders; or (ii) disclosed to Agent and/or a Lender by a third party, if Agent or such Lender, as applicable, does not know that the third party is prohibited from disclosing the information.
Lender Entities may use anonymous forms of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement.
13.10Right of Setoff.  Borrower hereby grants to Agent, for the ratable benefit of the Lenders, a Lien, security interest, and a right of setoff as security for all Obligations to Agent and the Lenders, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Agent or any entity under the control of Agent (including a subsidiary of Agent) or in transit to any of them.  At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Agent or any Lender may setoff the same or any part thereof and apply the same to any Obligation of Borrower then due regardless of the adequacy of any other collateral securing the Obligations.  ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.
13.11Electronic Execution of Documents.  The words “execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act.
13.12Attorneys’ Fees, Costs and Expenses.  In any action or proceeding among Borrower, Agent, and the Lenders arising out of or relating to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled.
13.13Captions.  The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.
13.14Construction of Agreement.  The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement.  In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist.
13.15Relationship.  The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.  The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.
13.16Third Parties.  Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement.
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13.17Patriot Act.  Each Lender hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies Borrower and each of its Subsidiaries, which information includes the names and addresses of Borrower and each of its Subsidiaries and other information that will allow Lender, as applicable, to identify Borrower and each of its Subsidiaries in accordance with the USA PATRIOT Act.
14DEFINITIONS
14.1Definitions.  As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative.  As used in this Agreement, the following capitalized terms have the following meanings:
“Account” is, as to any Person, any “account” of such Person as “account” is defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such Person. 
“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter be made.
“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit E.
“Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers and members.
“Agent” is defined in the preamble hereof.
“Agreement” is defined in the preamble hereof.
“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of Borrower.
“Bank Services”  are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by SVB or any SVB Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in SVB’s various agreements related thereto (each, a “Bank Services Agreement”).
“Bank Services Agreement” is defined in the definition of Bank Services.
“Board” is Borrower’s board of directors or other equivalent governing body.
“Bookings” is, as of any period of measurement, Borrower’s committed contract value associated with new contracts entered into during such period, less discounts and refunds.
“Borrower” is defined in the preamble hereof.
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“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information.
“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s board of directors (and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Agent approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Agent and the Lenders may conclusively rely on such certificate unless and until such Person shall have delivered to Agent and the Lenders a further certificate canceling or amending such prior certificate.
“Business Day” is any day that is not a Saturday, Sunday or a day on which Agent is closed, except that if any determination of a “Business Day” shall relate to an FX Contract, the term “Business Day” shall mean a day on which dealings are carried on in the country of settlement of the Foreign Currency.
“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) SVB’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition.
“Change in Control” means (a) at any time, any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)5 under the Exchange Act), directly or indirectly, of forty-nine percent (49.0%) or more of the ordinary voting power for the election of directors of Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to the Agent and the Lenders the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Agent and the Lenders a description of the material terms of the transaction; (b) during any period of twelve (12) consecutive months, a majority of the members of the Board cease to be composed of individuals (i) who were members of the Board on the first day of such period, (ii) whose election or nomination to the Board was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of the Board or (iii) whose election or nomination to the Board was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of the Board; or (c) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100.0%) of each class of outstanding capital stock of each subsidiary of Borrower (other than directors’ qualifying shares or other similar shares as required by applicable law) free and clear of all Liens (except Liens created by this Agreement).
“Claims” is defined in Section 13.3.
“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of 
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California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.
“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A.
“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account.
“Commitment” and “Commitments” means the Term Loan Commitment(s).
“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may hereafter be made.
“Compliance Statement” is that certain statement in the form attached hereto as Exhibit B.
“Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business.  The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement.
“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Agent pursuant to which Agent obtains control (within the meaning of the Code) for the benefit of the Lenders over such Deposit Account, Securities Account, or Commodity Account.
“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.
“Credit Extension” is any Term Loan Advance, or any other extension of credit by any Lender for Borrower’s benefit.
“Default Rate” is defined in Section 2.3(b).
“Defaulting Lender” is, subject to Section 10.10(b), any Lender that (a) has failed to (i) fund all or any portion of its Term Loan Advances within two (2) Business Days of the date such Term Loan Advances were required to be funded hereunder unless such Lender notifies Agent and Borrower in writing that such failure is the result of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified Borrower or Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Term Loan Advance hereunder and states that such position is based on such Lender’s reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by Agent or Borrower, to 
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confirm in writing to Agent and Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of an Insolvency Proceeding, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 10.10(b)) upon delivery of written notice of such determination to Borrower and each Lender.
“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.
“Designated Deposit Account” is the account, number ending 785 (last three digits) maintained by Borrower with SVB (provided, however, if no such account number is included, then the Designated Deposit Account shall be any deposit account of Borrower maintained with SVB as chosen by the Lenders).
“Disbursement Letter” is that certain form attached hereto as Exhibit D.
“Division” means, in reference to any Person which is an entity, the division of such Person into two (2) or more separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under Section 18-217 of the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other entity.
“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Agent at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency.
“Dollars,” “dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States.
“Effective Date” is defined in the preamble hereof.
“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.
“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations.
“Event of Default” is defined in Section 8.
“Exchange Act” is the Securities Exchange Act of 1934, as amended.
“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as 
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published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by SVB from three federal funds brokers of recognized standing selected by it.
“Final Payment”  is a payment (in addition to and not in substitution for the regular monthly payments of principal plus accrued interest) equal to the aggregate original principal amount of the Term Loan Advances extended by the Lenders to Borrower hereunder multiplied by the Final Payment Percentage due on the earliest to occur of (a) the Term Loan Maturity Date, (b) the payment in full of the Term Loan Advances, (c) as required by Section 2.2(d) or Section 2.2(e), or (d) the termination of this Agreement.
“Final Payment Percentage” is (a) for a payment in full of all Term Loan Advances, on or prior to October 31, 2021, three percent (3.0%), (b) for a payment in full of all Term Loan Advances, on or after November 1, 2021 but prior to April 30, 2023, seven percent (7.0%) and (c) for a payment in full of all Term Loan Advances, on or after April 30, 2023, ten percent (10.0%).
“Financial Statement Repository” is (i) [***], (ii) [***], or (iii) such other means of collecting information approved and designated by Agent and each Lender after providing notice thereof to Borrower from time to time.
“Foreign Currency” means lawful money of a country other than the United States.
“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.
“FX Contract” is any foreign exchange contract by and between Borrower and SVB under which Borrower commits to purchase from or sell to SVB a specific amount of Foreign Currency on a specified date.
“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination.
“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind.
“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.
“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory organization.
“Group Member” means Borrower and its Subsidiaries.
“Hercules” is defined in the preamble hereof.
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“Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital and operating lease obligations, and (d) Contingent Obligations.
“Indemnified Person” is defined in Section 13.3.
“Information” is defined in Section 13.9.
“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.
“Intellectual Property” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:
(a)its Copyrights, Trademarks and Patents; 
(b)any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and operating manuals;
(c)any and all source code;
(d)any and all design rights which may be available to such Person;
(e)any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and
(f)all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.
“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.
“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person.
“IP Agreement” is that certain Intellectual Property Security Agreement between Borrower and Agent dated as of the Effective Date, as may be amended, modified or restated from time to time.
“Key Person” is Borrower’s Chief Executive Officer.
“Lender” and “Lenders” is defined in the preamble.
“Lender Entities” is defined in Section 13.9. 
“Lender Intercreditor Agreement” is that certain Intercreditor Agreement dated as of the Effective Date by and between Hercules and SVB, as may be amended from time to time in accordance with the provisions thereof.
“Lenders’ Expenses” are all of Agent’s and the Lenders’ audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending 
34

and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower.
“Letter of Credit” is a standby or commercial letter of credit issued by SVB upon request of Borrower based upon an application, guarantee, indemnity, or similar agreement.
“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property.
“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, the Senior Loan Agreement, the Perfection Certificate, each Disbursement Letter, the IP Agreement, the Lender Intercreditor Agreement, the Subordination Agreement, the ACH Authorization, any Bank Services Agreement, any Control Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower, and any other present or future agreement by Borrower with or for the benefit of Agent and the Lenders in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified.
“Material Adverse Change” is (a) a material impairment in the perfection or priority of Agent’s, for the ratable benefit of the Lenders, Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the Obligations.
“Monthly Financial Statements” is defined in Section 6.2(a).
“Non-U.S. Lender” is defined in Section 2.7(b).
 “Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Lenders’ Expenses, the Prepayment Premium, the Final Payment, and other amounts Borrower owes Agent or any Lender now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, all obligations relating to Bank Services, if any, and interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Agent and/or the Lenders, and to perform Borrower’s duties under the Loan Documents.
“Operating Documents” are, for any Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto.
“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same.
“Payment/Advance Form” is that certain form attached hereto as Exhibit C.
“Payment Date” is the first (1st) calendar day of each month.
“Perfection Certificate” is defined in Section 5.1.
“Performance Milestone Event” occurs if and when (if ever) Agent and each Lender confirms in writing that it has received evidence satisfactory to Agent and each Lender in its reasonable discretion on or prior to January 1, 2022, that Borrower has both (a) achieved each of the following, in each case, as measured cumulatively from January 31, 2021 for a period ending on or before December 31, 2021:  (i) Borrower had Bookings for such period of at least Twenty-Five Million Dollars ($25,000,000.00), (ii) Borrower had revenue (calculated in accordance with 
35

GAAP) for such period of at least Twenty Million Dollars ($20,000,000.00) and (iii) Borrower has shipped at least twenty (20) Sapphire Metal AM Printers to customers pursuant to a binding purchase agreement on arms’ length terms during such period and (b) complied with all terms and conditions of the Senior Loan Agreement as of the date that Borrower achieves each of the conditions set forth in (a). 
“Permitted Indebtedness” is:
(a)Borrower’s Indebtedness to Agent and the Lenders under this Agreement and the other Loan Documents;
(b)Indebtedness existing on the Effective Date which is shown on the Perfection Certificate;
(c)Subordinated Debt;
(d)unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
(e)Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;
(f)Indebtedness consisting of capital and operating lease obligations and Indebtedness secured by Liens permitted under clause (c) of the definition of “Permitted Liens” hereunder; provided, however, all of such Indebtedness under this clause (f), plus all Indebtedness secured by Liens permitted under clause (c) of the definition of “Permitted Liens” (without duplication) shall not exceed One Million Four Hundred Thousand Dollars ($1,400,000.00) in the aggregate; 
(g)Contingent Obligations of any Subsidiary with respect to obligations of Borrower (provided that the primary obligations are not prohibited hereby), and Indebtedness of any Subsidiary to Borrower (to the extent permitted under clause (h) of the definition of “Permitted Investments” hereunder) or any other Subsidiary and Contingent Obligations of any Subsidiary with respect to obligations of any other Subsidiary (provided that the primary obligations are not prohibited hereby); 
(h)Indebtedness in connection with the Senior Loan Agreement;
(i)other unsecured Indebtedness not otherwise permitted by Section 7.4 (specifically excluding Indebtedness in connection with credit cards and letters of credit), not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate outstanding at any time; and
(j)extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (i) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be.
“Permitted Investments” are:
(a)Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown on the Perfection Certificate;
(b)(i) Investments consisting of Cash Equivalents and (ii) any Investments permitted by Borrower’s investment policy, as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Bank;
(c)Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of Borrower;
36

(d)Investments consisting of deposit accounts (but only to the extent that Borrower is permitted to maintain such accounts pursuant to Section 6.8 of this Agreement) in which Agent has a first priority perfected security interest;
(e)Investments accepted in connection with Transfers permitted by Section 7.1;
(f)Investments consisting of the creation of a Subsidiary for the purpose of consummating a merger transaction permitted by Section 7.3 of this Agreement, which is otherwise a Permitted Investment;
(g)Investments (i) by Borrower in Subsidiaries not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate in any fiscal year and (ii) by Subsidiaries in other Subsidiaries not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate in any fiscal year or in Borrower;
(h)Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by the Board;
(i)Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 
(j)joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash investments by Borrower do not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate in any fiscal year; and
(k)Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (k) shall not apply to Investments of Borrower in any Subsidiary.
 “Permitted Liens” are:
(a)Liens arising under this Agreement or the other Loan Documents;
(b)Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on Borrower’s Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder;
(c)purchase money Liens, or Liens in respect of Equipment leases, (i) on Equipment (other than Financed Printers (as defined in the Senior Loan Agreement)) acquired or held by Borrower incurred for financing the acquisition or lease of the Equipment (other than Financed Printers (as defined in the Senior Loan Agreement)) securing no more than One Million Four Hundred Thousand Dollars ($1,400,000.00) in the aggregate amount outstanding; provided, however, all of the Indebtedness securing the Liens permitted under this clause (c), plus all Indebtedness permitted under clause (f) of the definition of “Permitted Indebtedness” (without duplication) shall not exceed One Million Four Hundred Thousand Dollars ($1,400,000.00) in the aggregate, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment;
(d)Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Fifty Thousand Dollars ($50,000.00) and which are not delinquent or remain 
37

payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;
(e)Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA);
(f)Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase;
(g)leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Agent a security interest therein;
(h)non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of business;
(i)Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7; 
(j)Liens in connection with the Senior Loan Agreement; and
(c)Liens in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at such institutions, provided that (i) Agent has a first priority perfected security interest in the amounts held in such deposit and/or securities accounts and (ii) such accounts are permitted to be maintained pursuant to Section 6.8 of this Agreement.
“Permitted SPAC Transaction” means that certain acquisition of Borrower by the special purpose acquisition company JAWS Spitfire Acquisition Corporation, a Cayman Islands exempted company, to be reorganized under the laws of Delaware (“JAWS”), pursuant to that certain Business Combination Agreement in effect as of the Effective Date, pursuant to which Borrower will merge with Spitfire Merger Sub, Inc., a Delaware corporation and become a wholly owned subsidiary of Jaws, subject to the following conditions:
a.Borrower is a surviving legal entity after completion of the contemplated transaction;
b.the acquisition is approved by the board of directors (or equivalent control group) of all parties to the transaction;
c.no Indebtedness will be incurred, assumed, or would exist with respect to Borrower or its Subsidiaries as a result of the contemplated transaction, other than Permitted Indebtedness, and no Liens will be incurred, assumed, or would exist with respect to the assets of Borrower or its Subsidiaries as a result of the contemplated transaction, other than Permitted Liens, and any Person whose capital stock is acquired shall not have any Indebtedness following the contemplated transaction; 
d.JAWS shall, contemporaneous with the consummation of the transaction, become a co-borrower or guarantor (as determined by Agent in its sole discretion) hereunder and shall grant a first priority Lien in all of its assets to Agent, for the ratable benefit of the Lenders, all on documentation acceptable to Agent in its sole discretion; and
e.no Event of Default has occurred and is continuing or would result from the contemplated transaction.
38

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.
“Prepayment Premium” shall be an additional fee, payable (i) to Agent, for the account Lenders (other than Hercules) and (ii) Hercules for its own account, based on each Lender’s Pro Rata Share, with respect to the Term Loan Advances, in an amount equal to:
(a)for a prepayment of the Term Loan Advances made on or prior to October 31, 2021, zero percent (0.0%) of the then outstanding principal amount of the Term Loan Advances immediately prior to the date of such prepayment; 
(b)for a prepayment of the Term Loan Advances made on or after November 1, 2021, but on or prior to April 30, 2023, two percent (2.0%) of the then outstanding principal amount of the Term Loan Advances immediately prior to the date of such prepayment; and
(c)for a prepayment of the Term Loan Advances made on or after May 1, 2023, one percent (1.0%) of the then outstanding principal amount of the Term Loan Advances immediately prior to the date of such prepayment.
Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing, the Prepayment Premium shall be waived by the Lenders if each Lender close on the refinance and redocumentation of this Agreement (in each Lenders’ sole and absolute discretion) prior to the Term Loan Maturity Date.
“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and provided further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Agent, the “Prime Rate” shall mean the rate of interest per annum announced by SVB as its prime rate in effect at its principal office in the State of California (such SVB announced Prime Rate not being intended to be the lowest rate of interest charged by SVB in connection with extensions of credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Pro Rata Share” is, as of any date of determination, with respect to each Lender, a percentage (expressed as a decimal, rounded to the ninth decimal place) determined by dividing the outstanding principal amount of Term Loan Advances held by such Lender by the aggregate outstanding principal amount of all Term Loan Advances.
“Registered Organization” is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made.
“Removal Effective Date” is defined in Section 10.10(d).
“Representatives” is defined in Section 13.9.
“Required Lenders” means, at any time, (a) if only one Lender holds the outstanding Term Loan Advances, such Lender; and (b) if more than one Lender holds the outstanding Term Loan Advance, then at least two Lenders who hold more than fifty percent (50.0%) of the sum of the aggregate unpaid principal amount of the Term Loan Advances then outstanding; provided that: (i) for the purposes of this clause (b), the outstanding principal amount of the Term Loan Advances held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; (ii) a Lender and its Affiliates shall be deemed one Lender;  (iii) SVB and any of its Affiliates to whom SVB has assigned one hundred percent (100.0%) of its interest, shall be a Required Lender so long as it is a Lender under this Agreement; and (iv) Hercules and any of its Affiliates to whom Hercules 
39

has assigned one hundred percent (100.0%) of its interest, shall be a Required Lender so long as it is a Lender under this Agreement.
“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
“Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial Officer, and Controller of Borrower.
“Restricted License” is any material license or other material agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination of could reasonably be expected to interfere with the Agent’s right to sell any Collateral.
“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.
“Securities Account” is any “securities account” as defined in the Code with such additions to such term as may hereafter be made.
“Senior Loan Agreement” is that certain Third Amended and Restated Loan and Security Agreement by and between Borrower and SVB dated as of May 14, 2021 (as the same may from time to time be amended, modified, supplemented and/or restated).
 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Agent and the Lenders (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Agent and the Lenders entered into between Agent, the Lenders and the other creditor), on terms acceptable to Agent and the Lenders.
“Subordination Agreement” is that certain Intercreditor and Subordination Agreement by and among SVB and Bank (as such term is defined in the Senior Loan Agreement), and the Lenders dated as of May 14, 2021 (as from time to time be amended, modified, supplemented and/or restated).
“Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.  Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower.
“SVB” is defined in the preamble hereof.
“Term A Loan Advance” and “Term A Loan Advances” are each defined in Section 2.2(a).
“Term A Loan Commitment” means, for any Lender, the obligation of such Lender to make the Term A Loan Advance as and when available, up to the principal amount shown on Schedule 1.  
 “Term A Loan Draw Period” is the period of time commencing upon the Effective Date and continuing through the earlier to occur of (a) October 31, 2021 (or, if the Performance Milestone Event has occurred, April 30, 2022), and (b) an Event of Default.
40

“Term B Loan Advance” and “Term B Loan Advances” are each defined in Section 2.2(a).
“Term B Loan Commitment” means, for any Lender, the obligation of such Lender to make the Term B Loan Advance as and when available, up to the principal amount shown on Schedule 1. “Term B Loan Draw Period” is the period of time commencing upon the occurrence of Performance Milestone Event and continuing through the earlier to occur of (a) April 30, 2022, and (b) an Event of Default.
“Term Loan Advance” and “Term Loan Advances” are each defined in Section 2.2(a).
“Term Loan Amortization Date”  is November 1, 2021; provided that if the Performance Milestone Event has occurred, the Term Loan Amortization Date will be May 1, 2022.
“Term Loan Commitments” means the aggregate amount of the Term A Loan Commitment and the Term B Loan Commitment of all Lenders.
“Term Loan Commitment Percentage” means, as to any Lender at any time, the percentage (carried out to the fourth decimal place) of the Term Loan Commitments represented by such Lender’s Term Loan Commitment at such time.  The initial Term Loan Commitment Percentage of each Lender is set forth opposite the name of such Lender on Schedule 1.
“Term Loan Maturity Date” is October 1, 2023; provided that if the Performance Milestone Event has occurred, the Term Loan Maturity Date will be October 1, 2024.
“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.
“Transfer” is defined in Section 7.1.
[Signature Page Follows.]
41

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date.
						
	BORROWER:
		
	VELO3D, INC.
		
	By:	/s/ William D. McCombe
		
	Name:	William D. McCombe
		
	Title:	Chief Financial Officer
		
		
	AGENT:
		
	SILICON VALLEY BANK, as Agent
		
	By:	/s/ Chelsea Hakso
		
	Name:	Chelsea Hakso
		
	Title:	Vice President
		
		
	LENDERS:
		
	SILICON VALLEY BANK
		
	By:	/s/ Chelsea Hakso
		
	Name:	Chelsea Hakso
		
	Title:	Vice President
		
		
	HERCULES CAPITAL, INC.
		
	By:	/s/ Zhuo Huang
		
	Name:	Zhuo Huang
		
	Title:	Associate General Counsel

[Signature Page to Mezzanine Loan and Security Agreement]

SCHEDULE 1
LENDERS AND COMMITMENTS
TERM A LOAN COMMITMENTS
									
	Lender	Term A Loan Commitment	Term A Loan Commitment Percentage
	Silicon Valley Bank	$12,857,142.86
	64.29%

	Hercules Capital, Inc.
	$7,142,857.14
	35.71%

	TOTAL	$20,000,000.00	100.0000%

TERM B LOAN COMMITMENTS
									
	Lender	Term B Loan Commitment	Term B Loan Commitment Percentage
	Silicon Valley Bank	$9,642,857.14
	64.29%

	Hercules Capital, Inc.
	$5,357,142.86
	

35.71%

	TOTAL	$15,000,000.00	100.0000%Exhibit 4.7

 

AMALGAMATED FINANCIAL
CORP.

 

Issuer

 

to

 

[      ]

 

Trustee

 

SENIOR INDENTURE

 

Dated as of __________,
20__

 

Senior Debt Securities

    	 

    	 

    

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE ONE	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	2
	 	 	 
	Section 101.  	Definitions	2
	Section 102.	Compliance Certificate and Opinions	8
	Section 103.	Form of Documents Delivered to Trustee	8
	Section 104.	Acts of Holders	9
	Section 105.	Notices, Etc., to Trustee and Company	10
	Section 106.	Notice to Holders	11
	Section 107.	Language of Notices	11
	Section 108.	Conflict With Trust Indenture Act	11
	Section 109.	Effect of Headings and Table of Contents	11
	Section 110.	Successors and Assigns	12
	Section 111.	Separability Clause	12
	Section 112.	Benefits of Indenture	12
	Section 113.	Governing Law	12
	Section 114.	Legal Holidays	12
	 	 	 
	ARTICLE TWO	SECURITIES FORMS	12
	 	 	 
	Section 201.	Forms Generally	12
	Section 202.	Form of Trustee’s Certificate of Authentication	13
	Section 203.	Securities in Global Form	13
	 	 	 
	ARTICLE THREE	THE SECURITIES	13
	 	 	 
	Section 301.	Amount Unlimited; Issuable in Series	13
	Section 302.	Denominations	16
	Section 303.	Securities in Foreign Countries	16
	Section 304.	Execution, Authentication, Delivery and Dating	16
	Section 305.	Temporary Securities	18
	Section 306.	Registration, Transfer and Exchange	18
	Section 307.	Mutilated, Destroyed, Lost and Stolen Securities	20
	Section 308.	Payment of Interest; Interest Rights Preserved	21
	Section 309.	Persons Deemed Owners	22
	Section 310.	Cancellations	23
	Section 311.	Computation of Interest	23
	Section 312.	Cusip Numbers	23
	 	 	 
	ARTICLE FOUR	SATISFACTION AND DISCHARGE	23
	 	 	 
	Section 401.	Satisfaction and Discharge of Indenture	23
	Section 402.	Application of Trust Money	24
	Section 403.	Definitions	24
	 	 	 
	ARTICLE FIVE	REMEDIES	26
	 	 	 
	Section 501.	Events of Default	26
	Section 502.	Acceleration of Maturity; Rescission and Annulment	27
	Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	28

    	i

    	 

    

	Section 504.	Trustee May File Proofs of Claim	28
	Section 505.	Trustee May Enforce Claims Without Possession of Securities or Coupons	29
	Section 506.	Application of Money Collected	29
	Section 507.	Limitations on Suits	29
	Section 508.	Unconditional Right of Holders to Receive Principal, Premium, Interest and Additional Amounts	30
	Section 509.	Restoration of Rights and Remedies	30
	Section 510.	Rights and Remedies Cumulative	30
	Section 511.	Delay or Omission Not Waiver	30
	Section 512.	Control of Holders	30
	Section 513.	Waiver of Past Defaults	31
	Section 514.	Waiver of Stay or Extension Laws	31
	 	 	 
	ARTICLE SIX	THE TRUSTEE	31
	 	 	 
	Section 601.	Notice of Defaults	31
	Section 602.	Certain Rights of Trustee	31
	Section 603.	Not Responsible for Recitals or Issuance Securities	32
	Section 604.	May Hold Securities	33
	Section 605.	Money Held in Trust	33
	Section 606.	Compensation and Reimbursement	33
	Section 607.	Corporate Trustee Required; Eligibility; Conflicting Interests	33
	Section 608.	Resignation and Removal; Appointment of Successor	34
	Section 609.	Acceptance of Appointment by Successor	35
	Section 610.	Merger, Conversion, Consolidation or Succession to Business	36
	Section 611.	Appointment of Authenticating Agent	36
	 	 	 
	ARTICLE SEVEN	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	37
	 	 	 
	Section 701.	Company to Furnish Trustee Names and Addresses of Holders	37
	Section 702.	Preservation of Information; Communications to Holders	38
	Section 703.	Reports by Trustee	38
	Section 704.	Reports by Company	38
	 	 	 
	ARTICLE EIGHT	CONSOLIDATION, MERGER AND SALES	39
	 	 	 
	Section 801.	Company May Consolidate etc., Only on Certain Terms	39
	Section 802.	Successor Corporation Substituted for Company	39
	 	 	 
	ARTICLE NINE	SUPPLEMENTAL INDENTURES	40
	 	 	 
	Section 901.	Supplemental Indentures Without Consent of Holders	40
	Section 902.	Supplemental Indentures with Consent of Holders	41
	Section 903.	Execution of Supplemental Indentures	41
	Section 904.	Effect of Supplemental Indentures	42
	Section 905.	Conformity with Trust Indenture Act	42
	Section 906.	Reference in Securities to Supplemental Indentures	42
	 	 	 
	ARTICLE TEN	COVENANTS	42
	 	 	 
	Section 1001.	Payment of Principal, Premium, if any, and Interest	42
	Section 1002.	Maintenance of Office or Agency	42
	Section 1003.	Money for Securities Payments to be Held in Trust	43
	Section 1004.	Additional Amounts	44

    	ii

    	 

    

	Section 1005.	Statement as to Compliance; Notice of Certain Defaults	45
	Section 1006.	Limitation on Liens	45
	Section 1007.	Limitation on Certain Acquisitions	45
	Section 1008.	Payment of Taxes and Other Claim	45
	Section 1009.	Corporate Existence	46
	Section 1010.	Waiver of Certain Covenants	46
	Section 1011.	Calculation of Original Issue Discount	46
	 	 	 
	ARTICLE ELEVEN	REDEMPTION OF SECURITIES	46
	 	 	 
	Section 1101.	Applicability of Article	46
	Section 1102.	Election to Redeem; Notice to Trustee	46
	Section 1103.	Selection by Trustee of Securities to be Redeemed	46
	Section 1104.	Notice of Redemption	47
	Section 1105.	Deposit of Redemption Price	48
	Section 1106.	Securities Payable on Redemption Date	48
	Section 1107.	Securities Redeemed in Part	49
	Section 1108.	Conversion Arrangements on Call for Redemption	49
	 	 	 
	ARTICLE TWELVE	SINKING FUNDS	50
	 	 	 
	Section 1201.	Applicability of Article	50
	Section 1202.	Satisfaction of Sinking Fund Payments with Securities	50
	Section 1203.	Redemption of Securities for Sinking Fund	50
	 	 	 
	ARTICLE THIRTEEN	REPAYMENT AT THE OPTION OF HOLDERS	51
	 	 	 
	Section 1301.	Applicability of Article	51
	 	 	 
	ARTICLE FOURTEEN  	MEETINGS OF HOLDERS	51
	 	 	 
	Section 1401.	Purposes for Which Meetings May Be Called	51
	Section 1402.	Call, Notice and Place of Meetings	51
	Section 1403.	Persons Entitled to Vote at Meetings	51
	Section 1404.	Quorum; Action	52
	Section 1405.	Determination of Voting Rights; Conduct and Adjournment of Meetings	52
	Section 1406.	Counting Votes and Recording Action of Meeting	53
	 	 	 
	ARTICLE FIFTEEN	CONVERSION	53
	 	 	 
	Section 1501.	Conversion Privilege	53
	Section 1502.	Manner of Exercise of Convertible Privilege	53
	Section 1503.	Cash Adjustment Upon Conversion	54
	Section 1504.	Conversion Price	54
	Section 1505.	Adjustment of Conversion Price	54
	Section 1506.	Effect of Reclassifications, Consolidations, Mergers or Sales on Conversion Privilege	56
	Section 1507.	Taxes on Conversions	57
	Section 1508.	Company to Reserve Common Stock	57
	Section 1509.	Disclaimer by Trustee of Responsibility for Certain Matters	57
	Section 1510.	Company to Give Notice of Certain Events	57

    	iii

    	 

    

AMALGAMATED FINANCIAL
CORP.

 

Reconciliation
and tie between Trust Indenture Act of 1939, as amended, and Senior Indenture, dated as of , 20 .

	 	 	 	 	 
	Trust
    Indenture Act Section	             	Indenture
    Section
	 	 	 	 	 
	Section
    310	 	(a)
    (1)	 	607
	 	 	(a)
    (2)	 	607
	 	 	(a)
    (5)	 	607
	 	 	(b)	 	607
	Section
    311	 	(a)	 	604
	 	 	(b)	 	604
	 	 	(b)
    (2)	 	108
	Section
    312	 	(a)	 	701,
    702 (a)
	 	 	(b)	 	702
    (a)
	 	 	(c)	 	702
    (b)
	Section
    313	 	(a)	 	703
    (a), 703 (b)
	 	 	(b)
    (2)        	 	108
	 	 	(c)	 	703
    (c)
	 	 	(d)	 	703
    (c)
	Section
    314	 	(a)	 	704
	 	 	(c)
    (1)	 	102
	 	 	(c)
    (2)	 	102
	 	 	(c)
    (3)	 	108
	 	 	(e)	 	102
	Section
    315	 	(a)	 	108
	 	 	(b)	 	601
	 	 	(c)	 	108
	 	 	(d)	 	108
	 	 	(d)
    (1)	 	108
	 	 	(d)
    (2)	 	108
	 	 	(d)
    (3)	 	108
	 	 	(e)	 	108
	Section
    316	 	(a)	 	104
	 	 	(a)
    (1) (A)	 	512
	 	 	(a)
    (1) (B)	 	513
	 	 	(b)	 	508
	 	 	(c)	 	104
	Section
    317	 	(a)
    (1)	 	505
	 	 	(a)
    (2)	 	504
	 	 	(b)	 	1003
	Section
    318	 	(a)	 	108

 

Note: This reconciliation
and tie shall not, for any purpose, be deemed to be a part of this Senior Indenture.

    	1

    	 

    

SENIOR INDENTURE,
dated as of __________, 20__, is made by and between Amalgamated Financial Corp., a corporation duly organized and existing under
the laws of the State of Delaware (the “Company”), having its principal office at 275 Seventh Avenue, New York, NY
10001, and [          ], having its principal office at [               ], not in its individual capacity but solely as Trustee (the “Trustee”).

 

RECITALS

 

The Company has
duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured and
unsubordinated debentures, notes or other evidences of indebtedness (the “Securities”), unlimited as to principal
amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have such other
provisions as shall be fixed as hereinafter provided.

 

The Company has
duly authorized the execution and delivery of this Indenture and all things necessary to make this Indenture a valid agreement
of the Company, in accordance with its terms, have been done.

 

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

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE ONE

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 101. Definitions.

 

(1)            For all
purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

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

 

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

 

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

 

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

 

(6)            the word
“or” is not exclusive;

 

(7)            all words
in the singular include the plural and all words in the plural include the singular; and

 

(8)            the word
“including” means “including without limitations.”

 

Certain terms
used principally in certain Articles hereof are defined in those Articles.

    	2

    	 

    

“Act”,
when used with respect to any Holders, has the meaning specified in Section 104.

 

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

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 611 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

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

 

“Bank”
means (i) any institution organized under the laws of the United States, any State of the United States, the District of Columbia,
any territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands which (a) accepts deposits that the
depositor has a legal right to withdraw on demand, and (b) engages in the business of making commercial loans and (ii) any trust
company organized under any of the foregoing laws.

 

“Bearer
Security” means any Security in the form established pursuant to Section 201 which is payable to bearer.

 

“Board
of Directors” means the board of directors of the Company or any committee of that board duly authorized to act for
the Company hereunder.

 

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

 

“Business
Day”, except as may otherwise be provided herein or in any Security, means any day, other than a Saturday or a Sunday,
that is neither a Legal Holiday nor a day on which banking institutions are authorized or required by law, regulation or executive
order to close.

 

“Called
Securities” means any Convertible Security that is called for redemption by the Company.

 

“Capital
Stock” means, as to shares of a particular corporation, outstanding shares of stock of any class whether now or hereafter
authorized, irrespective of whether such class shall be limited to a fixed sum or percentage in respect of the rights of the holders
thereof to participate in dividends and in the distribution of assets upon the voluntary liquidation, dissolution or winding up
of such corporation.

 

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

    	3

    	 

    

“Common
Stock” means all shares now or hereafter authorized of the class of common stock of the Company presently authorized
and stock of any other class into which such shares may hereafter have been changed.

 

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

 

“Company
Request” and “Company Order” mean a written request or order, as the case may be, signed in the name
of the Company by the Chairman of the Board of Directors, a Vice Chairman, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

 

“Conversion
Price” means the price per share of Common Stock from time to time in effect at which any Convertible Security may be
converted into Common Stock as determined by or pursuant to the terms of this Indenture.

 

“Convertible
Security” or “Convertible Securities” means any Security or Securities, as the case may be, which
are by their terms convertible into Common Stock.

 

“Corporate
Trust Office” means, the principal office of the Trustee, at which at any particular time its corporate trust business
shall be administered, which office at the date of original execution of this Indenture is located at [            ].

 

“Corporation”
includes corporations, associations, companies and business trusts.

 

“Coupon”
means any interest coupon appertaining to a Bearer Security.

 

“Date
of Conversion” with respect to any Convertible Security or portion thereof to be converted, means the date on which
such Convertible Security shall be surrendered for conversion and notice given in accordance with the provisions of Article Fifteen.

 

“Defaulted
Interest” has the meaning specified in Section 308.

 

“Dollars”
or “$” means a dollar or other equivalent unit in the currency of the United States, except as may otherwise
be provided herein or in any Security.

 

“Event
of Default” has the meaning specified in Section 501.

 

“Government
Obligations”, with respect to any Securities unless otherwise specified herein or therein, means (i) direct obligations
of the United States of America or the government or governments which issued the currency, currency unit or composite currency
in which any Securities are payable, for the payment of which its full faith and credit is pledged or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government or governments
which issued the currency, currency unit or composite currency in which such Securities are payable, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, which,
in either case, are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of
interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository
receipt, PROVIDED that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or
the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt.

    	4

    	 

    

“Holder”,
in the case of any Registered Security, means the Person in whose name such Security is registered in the Security Register and,
in the case of any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, and with respect to any Security shall include
the terms of such Securities established as contemplated by Section 301; PROVIDED, HOWEVER, that, if at any time more than one
Person is acting as Trustee under this instrument, “INDENTURE” shall mean, with respect to any one or more series
of Securities for which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include
the terms of the or those particular series of Securities for which such Person is Trustee established as contemplated by Section
301, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is
Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of
one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such
Person, as such Trustee, was not a party.

 

“Independent
Public Accountants” means accountants or a firm of accountants that are independent public accountants with respect
to the Company within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the
Commission thereunder who may be the independent public accountants regularly retained by the Company or who may be other independent
public accountants. Such accountants or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of
any legal matters relating to the Indenture or certificates required to be provided hereunder.

 

“Interest”,
with respect to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity and, with respect to any Security which provides for the payment of Additional Amounts pursuant to Section 1004,
includes such Additional Amounts.

 

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

 

“Legal
Holiday”, except as otherwise may be provided herein or in any Securities, with respect to any Place of Payment or other
location, means a Saturday, a Sunday or a day on which banking institutions or trust companies in such Place of Payment or other
location are not authorized or obligated to be open.

 

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

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board of Directors, a Vice Chairman, the President or
a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered
to the Trustee.

 

“Opinion
of Counsel”, except as otherwise provided herein or in any Security, means a written Opinion of Counsel, who may be
an employee of or counsel for the Company or other counsel.

 

“Original
Issue Discount Security” means a Security issued pursuant to this Indenture which provides for declaration of an amount
less than the principal thereof to be due and payable upon acceleration pursuant to Section 502.

 

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

 

(a)            Securities
theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation;

    	5

    	 

    

(b)            Securities,
or portions thereof for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any Coupons
appertaining thereto, PROVIDED that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant
to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(c)            Securities,
except to the extent provided in Section 403, with respect to which the Company has effected defeasance and/or covenant defeasance
pursuant to Section 403 hereof; and

 

(d)            Securities
which have been paid pursuant to Section 307 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes and for
purposes of making the calculations required by Section 313 of the Trust Indenture Act, (i) the principal amount of an Original
Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be outstanding
for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount
Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration pursuant to
Section 502 at the time of such determination or calculation, and (ii) the principal amount of any Security denominated other
than in Dollars that may be counted in making such determination or calculation and that shall be deemed outstanding for such
purpose shall be equal to the Dollar equivalent, determined by the Company as of the date such Security is originally issued by
the Company, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such
date of original issuance of the amount determined as provided in clause (i) above) of such Security, and (iii) Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor, shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such calculation
or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so
to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or such other obligor.

 

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

 

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

 

“Place
of Payment”, with respect to any Security, means the place or places where the principal of (and premium, if any) and
interest on the Securities of that series are payable as specified in or pursuant to Section 301(9) or Section 1002.

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under
Section 307 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a mutilated,
destroyed, lost or stolen Coupon appertains shall be deemed to evidence the same debt as the lost, destroyed, mutilated or stolen
Security or the Security to which a mutilated, destroyed, lost or stolen Coupon appertains.

    	6

    	 

    

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

 

“Redemption
Price”, with respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed
as determined by or pursuant to the provisions of this Indenture.

 

“Registered
Security” means any Security established pursuant to Section 201 which is registered and the transfer or exchange thereof
is registrable in the Security Register.

 

“Regular
Record Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means the date,
if any, specified in such Security as the “Regular Record Date”.

 

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

 

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

 

“Security
Register” and “Security Registrar” have the respective meanings specified in Section 306.

 

“Special
Record Date” for the payment of any Defaulted Interest on any registered Security means a date fixed by the Trustee
pursuant to Section 308.

 

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

 

“Subsidiary”
means any corporation of which at the time of determination the Company and/or one or more Subsidiaries owns or controls directly
or indirectly more than 50% of the shares of Voting Stock.

 

“Subsidiary
Bank” means any Subsidiary which is a Bank.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed,
except as provided in Section 905.

 

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

 

“United
States”, except as otherwise provided herein or in any Security, means the United States of America (including the States
and the District of Columbia) , its territories and possessions and other areas subject to its jurisdiction.

 

“United
States Alien”, except as otherwise provided herein or in any Security, means any Person who, for United States Federal
income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate
or trust, or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign
corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.

    	7

    	 

    

“U.S.
Depository” or “Depository” means, with respect to any Security issuable or issued in the form of
one or more global Securities, the Person designated as U.S. Depository by the Company pursuant to Section 301, which must be
a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided pursuant to Section 301
with respect to any Security, any successor to such Person. If at any time there is more than one such Person, “U.S. Depository”
or “Depository” shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect
to such Securities.

 

“Vice
President”, with respect to the Company or the Trustee, means any vice president, whether or not designated by a number
or a word or words added before or after the title “Vice President”.

 

“Voting
Stock” means stock of a corporation of the class or classes having general voting power under ordinary circumstances
to elect at least a majority of the board of directors, managers or trustees of such corporation provided that, for the purposes
hereof, stock which carries only the right to vote conditionally on the happening of an event shall not be considered voting stock
whether or not such event shall have happened.

 

Section 102. Compliance Certificates
and Opinions.

 

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

 

Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture and in any applicable Security
(except Section 1005) shall include:

 

(1)            a statement
that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein and in
any applicable Security relating thereto;

 

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

 

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

 

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

 

Section 103. Form of Documents
Delivered to Trustee.

 

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

    	8

    	 

    

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

 

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

 

Section 104. Acts of Holders.

 

(a)           Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of
Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of
such series duly called and held in accordance with the provisions of Article Fourteen, or a combination of such instruments and
any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution
of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient
for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and
the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting
of Holders of Securities shall be proved in the manner provided in Section 1406.

 

Without limiting
the generality of this Section 104, unless otherwise established in or pursuant to a Board Resolution or set forth or determined
in an Officers’ Certificate, or established in one or more indentures supplemental hereto, pursuant to Section 301, a Holder,
including a U.S. Depository that is a Holder of a global Security, may make, give or take, by a proxy, or proxies, duly appointed
in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture
to be made, given or taken by Holders, and a U.S. Depository that is a Holder of a global Security may provide its proxy or proxies
to the beneficial owners of interests in any such global Security through such U.S. Depository’s standing instructions and
customary practices.

 

The Trustee shall
fix a record date, which shall be not more than 30 days prior to the first solicitation of such Holders, for the purpose of determining
the Persons who are beneficial owners of interest in any permanent global Security held by a U.S. Depository entitled under the
procedures of such U.S. Depository to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders.
If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons,
shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action,
whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice,
consent, waiver or other action shall be valid or effective if made, given or taken more than 90 days after such record date.

 

(b)            The fact
and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any instance
require further proof with respect to any of the matters referred to in this Section.

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(c)            The ownership,
principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and the date
of termination of holding the same, shall be proved by the Security Register.

 

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

 

(e)            If the
Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may at its option, by Board Resolutions, fix in advance a record date, which shall be not more
than 30 days prior to the first solicitation of such Holders, for the determination of Holders of Registered Securities entitled
to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation
to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act
may be given before or after such record date, but only the Holders of Registered Securities of record at the close of business
on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion
of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided no such
authorization, agreement or consent of the Holders of Registered Securities shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than six months after the record date.

 

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

 

Section 105. Notices, Etc., to
Trustee and Company.

 

Any request,
demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with,

 

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

 

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

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Section 106. Notice to Holders;
Waiver.

 

Except as otherwise
expressly provided herein or in any Security, where this Indenture provides for notice to Holders of any event,

 

(1)            such notice
shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each
Holder of a Registered Security affected by such event, at his address as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such Notice; and

 

(2)            such notice
shall be sufficiently given to Holders of Bearer Securities, if any, if published in an Authorized Newspaper and, if such Securities
are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company shall
advise the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to be not
earlier than the earliest date and not later than the latest date prescribed for the giving of such notice.

 

(3)            In any
case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect
to other Holders of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein.
Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In
the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give
such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

 

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

 

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

 

Section 107. Language of Notices.

 

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

 

Section 108. Conflict With Trust
Indenture Act.

 

If any provision
hereof limits, qualifies or conflicts with the duties imposed pursuant to Section 318(c) of the Trust Indenture Act, such imposed
duties shall control.

 

Section 109. Effect of Headings
and Table of Contents.

 

The Article and
Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

    	11

    	 

    

Section 110. Successors and Assigns.

 

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

 

Section 111. Separability Clause.

 

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

 

Section 112. Benefits of Indenture.

 

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

 

Section 113. Governing Law.

 

This Indenture,
the Securities and the Coupons shall be governed by and construed in accordance with the laws of the State of New York applicable
to agreements made or instruments entered into and, in each case, performed in said state.

 

Section 114. Legal Holidays.

 

In any case where
any Interest Payment Date, Redemption Date or Stated Maturity of any Security, or the last day on which a Holder has the right
to convert these Securities, is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this
Indenture, any Security or Coupon other than a provision in any Security or any Coupon that specifically states that such provision
shall apply in lieu of this Section) payment of interest or any Additional Amounts or principal (and premium, if any) or conversion
of the Securities need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day
at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the
Stated Maturity, or the last such day of conversion, and no interest shall accrue on the amount so payable for the period from
and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

 

ARTICLE TWO

 

SECURITIES
FORMS

 

Section 201. Forms Generally.

 

Each Registered
Security, Bearer Security, Coupon and temporary global Security issued pursuant to this Indenture shall be in the form established
by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, shall have appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing such Security, as evidenced by their execution of such Security.

 

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

    	12

    	 

    

Section 202. Form of Trustee’s
Certificate of Authentication.

 

Subject to Section
611, the Trustee’s certificate of authentication shall be in substantially the following form:

 

This certificate
represents Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	                 Dated:	 	[                                   ],
	 	 	not in its individual capacity but solely
    as Trustee
	 	 	 
	 	By:   	/s/  
	 	 	                    Authorized Signatory
	 	 	 

Section 203. Securities in Global
Form.

 

If Securities
of a series are issuable in global form, any such Security may provide that it shall represent the aggregate amount of Outstanding
Securities of such series from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities
represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global
form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities
represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company
Order to be delivered pursuant to Section 304 or 305 with respect thereto. Subject to the provisions of Section 304 and, if applicable,
Section 305, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions
given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 304
or 305 has been, or simultaneously is, delivered, any instructions by the Company with respect to a Security in global form shall
be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel.

 

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

 

Notwithstanding
the provisions of Section 308, unless otherwise specified as contemplated by Section 301, payment of principal of and any premium
and interest on any Security in permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding
the provisions of Section 309 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the
Company and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent
global Security (i) in the case of a permanent global Security in registered form, the Holder of such permanent global Security
in registered form, or (ii) in the case of a permanent global Security in bearer form, the Person or Persons specified pursuant
to Section 301.

 

ARTICLE THREE

 

THE SECURITIES

 

Section 301. Amount Unlimited;
Issuable in Series.

 

The aggregate
principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

    	13

    	 

    

The Securities
may be issued in one or more series. There shall be established in or pursuant to one or more Board Resolutions, and set forth
in an Officers’ Certificate, or established in one or more indentures supplemental hereto,

 

(1)            the title
of the Securities and the series in which such Securities shall be included;

 

(2)            any limit
upon the aggregate principal amount of the Securities of such title or the Securities of such series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Securities of the series pursuant to Section 305, 306, 307, 906, 1107 or 1502 or the terms
of such Securities);

 

(3)            whether
Securities of the series are to be issuable as Registered Securities, Bearer Securities or both and, if the Securities are to
be issuable exclusively or alternatively as Bearer Securities, whether the Bearer Securities are to be issuable with Coupons,
without Coupons or both, and any restrictions applicable to the offer, sale delivery or conversion of the Bearer Securities and
the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities and vice versa;

 

(4)            whether
any Securities of the series are to be issuable initially or otherwise in global form and, if so, (i) whether beneficial owners
of interests in any such global Security may exchange such interest for Securities of such series and of like tenor of any authorized
form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner specified in
Section 306, (ii) the name of the depository or the U.S. Depository, as the case may be, with respect to any global Security and
(iii) the manner in which interest payable on a global Security will be paid;

 

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

 

(6)            if Securities
of the series are to be issuable as Bearer Securities, whether interest in respect of any portion of a temporary Bearer Security
in global form (representing all of the Outstanding Bearer Securities of the series) payable in respect of an Interest Payment
Date prior to the exchange of such temporary Bearer Security for definitive Securities of the series shall be paid to any clearing
organization with respect to the portion of such temporary Bearer Security held for its account and, in such event, the terms
and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization
will be credited to the Persons entitled to interest payable on such Interest Payment Date;

 

(7)            the date
or dates, or the method, if any, by which such date or dates shall be determined, on which the principal of such Securities is
payable;

 

(8)            the rate
or rates at which such Securities shall bear interest, if any, or the method, if any, by which such rate or rates are to be determined,
the date or dates, if any, from which such interest shall accrue or the method, if any, by which such date or dates are to be
determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for
the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances Additional Amounts
on such Securities or any of them shall be payable, and the basis upon which interest shall be calculated if other than that of
a 360-day year of twelve 30-day months;

 

(9)            the place
or places, if any, where the principal of (and premium, if any) and interest (including Additional Amounts), if any, on such Securities
shall be payable, any Registered Securities of the series may be surrendered for registration of transfer, Securities of the series
may be surrendered for exchange or conversion and notices or demands to or upon the Company in respect of the Securities of the
series and this Indenture may be served;

    	14

    	 

    

(10)          whether
the Securities of the series or any of them are to be redeemable at the option of the Company and, if so, the period or periods
within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole
or in part, at the option of the Company;

 

(11)          whether
the Company is obligated to redeem, or purchase Securities of the series or any of them pursuant to any sinking fund or at the
option of any Holder thereof and, if so, the period or periods within which, the price or prices at which and the other terms
and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and
any provisions for the remarketing of the Securities of the series so redeemed or purchased;

 

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

 

(13)          if other
than the principal amount thereof, the portion of the principal amount of the Securities of the series of any of them which shall
be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion
is to be determined;

 

(14)          if other
than such coin or currency of the United States of America as at the time of payment is legal tender for payment of public or
private debts, the coin or currency, composite currencies or currency unit or units in which payment of the principal of (and
premium, if any) or interest, if any, on or any Additional Amounts in respect of the Securities of the series or any of them shall
be payable;

 

(15)          if the
principal of (and premium, if any) or interest, if any, on or any Additional Amounts in respect of the Securities of the series
or any of them are to be payable, at the election of the Company or a Holder thereof, in a coin or currency, composite currencies
or currency unit or units other than that in which the Securities of the series or any of them are stated to be payable, the period
or periods within which, and the terms and conditions upon which, such election may be made;

 

(16)          whether
the amount of payments of principal of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities
of the series may be determined with reference to an index, formula or other method (which index, formula or method may be based,
without limitation, on one or more currencies, currency units, composite currencies, commodities, equity indices or other indices),
and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable;

 

(17)          whether
the principal of (and premium, if any) or interest (including Additional Amounts), if any, on the Securities of the series are
to be payable, at the election of the Company or any Holder thereof or otherwise, in a currency or currencies, currency unit or
units or composite currency or currencies other than that in which such Securities or any of them are denominated or stated to
be payable, the period or periods within which, and the other terms and conditions upon which, such election, if any, may be made,
and the time and manner of determining the exchange rate between the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities or any of them are denominated or stated to be payable and the currency or currencies,
currency unit or units or composite currency or currencies in which such Securities or any of them are to be so payable;

 

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

 

(19)          the applicability,
if any, of Section 403 to the Securities of the series and any provisions in modification of, in addition to or in lieu of any
of the provisions of Section 403;

 

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

    	15

    	 

    

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

 

(22)          if there
is more than one Trustee, the identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying
Agent and/or Authenticating Agent with respect to the Securities of the series;

 

(23)          whether
any of the Securities of a series shall be issued as Original Issue Discount Securities; and

 

(24)          any other
terms of the Securities of the series or any of them.

 

All Securities
of any one series and Coupons appertaining to Bearer Securities of such series, if any, shall be substantially identical except
as to denomination and the rate or rates of interest, if any, and Stated Maturity, the date from which interest, if any, shall
accrue and except as may otherwise be provided by the Company in or pursuant to one or more Board Resolutions and set forth in
such Officers’ Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities.
All Securities of any one series need not be issued at the same time and, unless otherwise so provided by the Company, a series
may be reopened for issuances of additional Securities of such series.

 

If any of the
terms of the Securities of any series were established by action taken by or pursuant to a Board Resolution, the Board Resolution
shall be delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such
series.

 

Section 302. Denominations.

 

Unless otherwise
established with respect to any Securities pursuant to Section 301, the Registered Securities of each series, if any, denominated
in Dollars shall be issuable in registered form without coupons in denominations of $1,000 and any integral multiple thereof,
and the Bearer Securities of each series, if any, denominated in Dollars shall be issuable in the denomination of $1,000. Securities
not denominated in Dollars shall be issuable in such denominations as are established with respect to such Securities pursuant
to Section 301.

 

Section 303. Securities in Foreign
Countries

 

Whenever this
Indenture provides for (i) any action by, or the determination of any of the rights of, Holders of Securities of any series in
which not all of such Securities are denominated in the same currency, or (ii) any distribution to Holders of Securities, in the
absence of any provision to the contrary in the form of Security of any particular series, any amount in respect of any Security
denominated in a currency other than United States dollars shall be treated for any such action or distribution as that amount
of United States dollars that could be obtained for such amount on such reasonable basis of exchange and as of the record date
with respect to Registered Securities of such series (if any) for such action, determination of rights or distribution (or, if
there shall be no applicable record date, such other date reasonably proximate to the date of such action, determination of rights
or distribution) as the Company may specify in a written notice to the Trustee or, in the absence of such written notice, as the
Trustee may determine.

 

Section 304. Execution, Authentication,
Delivery and Dating.

 

The Securities
and any Coupons appertaining thereto shall be executed on behalf of the Company by its Chairman of the Board of Directors, Deputy
Chairman, one of its Vice Chairmen, its President or one of its Vice Presidents under its corporate seal reproduced thereon and
attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities and any
Coupons appertaining thereto may be manual or facsimile.

 

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

    	16

    	 

    

At any time and
from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series, together
with any Coupons appertaining thereto, executed by the Company, to the Trustee for authentication, and, provided that the Board
Resolution or Resolutions and Officers’ Certificate or supplemental indenture or indentures with respect to such Securities
referred to in Section 301 and a Company Order for the authentication and delivery of such Securities, has been delivered to the
Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof of such Securities shall authenticate
and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities and any Coupons appertaining thereto, the Trustee shall be entitled to receive, and (subject to
Sections 315(a) through 315(b) of the Trust Indenture Act) shall be fully protected in relying upon,

 

(1)            an Opinion
of Counsel stating, to the effect

 

(a)            that
the form or forms and terms of such Securities and Coupons, if any, have been established in conformity with the provisions of
this Indenture;

 

(b)            that
all conditions precedent to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto, have
been complied with and that such Securities, and Coupons, when completed by appropriate insertion and executed and delivered by
the Company to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legally valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors’
rights generally, and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law) and will entitle the Holders thereof to the benefits of the Indenture; such Opinion of Counsel need express
no opinion as to the availability of equitable remedies;

 

(c)            that
all laws and requirements in respect of the execution and delivery by the Company of such Securities and Coupons, if any, have
been complied with; and

 

(d)            as
to such other matters as the Trustee may reasonably request; and

 

(2)            an Officers’
Certificate stating that, to the best knowledge of the Persons executing such certificate, no Event of Default with respect to
any of the Securities shall have occurred and be continuing.

 

If all the Securities
of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and an Officers’
Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications to cover
future issuances, shall be delivered at or before the time of issuance of the first Security of such series.

 

The Trustee shall
not be required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture
or otherwise in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines
that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee
to personal liability to existing Holders.

 

Each Registered
Security shall be dated the date of its authentication. Each Bearer Security and any temporary Bearer Security in global form
shall be dated as of the date specified as contemplated by Section 301.

    	17

    	 

    

No Security or
Coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on
such Security a certificate of authentication substantially in the form provided for in section 202 or 611 executed by or on behalf
of the Trustee by the manual signature of one of its authorized officers, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Except as permitted by
Section 307 or 308, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest
then matured have been detached and cancelled.

 

Section 305. Temporary Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute and deliver to the Trustee and, upon Company Order the Trustee
shall authenticate and deliver, in the manner provided in Section 304, temporary Securities of such series which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued, in registered form or, if authorized, in bearer form with one or more
Coupons or without Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers
of the Company executing such Securities may determine, as conclusively evidenced by their execution of such Securities. In the
case of Securities of any series, such temporary Securities may be in global form.

 

Except in the
case of temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary
Securities of any series are issued, the Company shall cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities of any series, the temporary Securities of such series, if any, shall be
exchangeable upon request for definitive Securities of such series containing identical terms and provisions upon surrender of
the temporary Securities of such series at an office or agency of the Company maintained for such purpose pursuant to Section
1002, without charge to any Holder. Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied
by any unmatured Coupons appertaining thereto), the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of authorized denominations of the same series containing identical
terms and provisions; PROVIDED, HOWEVER, that no definitive Bearer Security, except as provided pursuant to Section 301, shall
be delivered in exchange for a temporary Registered Security; and PROVIDED, FURTHER, that a definitive Bearer Security shall be
delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth herein or therein. Unless
otherwise specified as contemplated by Section 301 with respect to a temporary global Security, until so exchanged the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities
of such series.

 

Section 306. Registration, Transfer
and Exchange.

 

With respect
to the Registered Securities of each series, if any, the Company shall cause to be kept, at an office or agency of the Company
maintained pursuant to Section 1002, a register (each such register being herein sometimes referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of the Registered Securities of each series and of transfers of the Registered Securities of such series. In the event that the
Trustee shall not be the Security Registrar, it shall have the right to examine the Security Register at all reasonable times.
[Amalgamated Financial Corp.] is hereby initially appointed as Security Registrar for each series of Securities. In the event
that [Amalgamated Financial Corp.] shall cease to be Security Registrar with respect to a series of Securities, the Trustee shall
have the right to examine the Security Register for such series at all reasonable times.

 

Upon surrender
for registration of transfer of any Registered Security of any series at any office or agency of the Company maintained for such
series pursuant to Section 1002, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Securities of the same series of any authorized denominations,
of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 

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

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

 

If specified
as contemplated by Section 301 with respect to Securities of any series, at the option of the Holder, Registered Securities of
such series may be exchanged for Bearer Securities upon such terms and conditions as may be provided pursuant hereto with respect
to such series.

 

Whenever any
Securities are so surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301, any global Security of any series shall be exchangeable
for Securities of such series only if (i) the Securities Depository is at any time unwilling or unable or ineligible to continue
as Securities Depository and a successor depository is not appointed by the Company within 90 days of the date the Company is
so notified in writing, (ii) the Company executes and delivers to the Trustee a Company Order to the effect that such global Security
shall be so exchangeable, or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial
owners of interests in a global Security are entitled to exchange such interests for Securities of such series and of like tenor
and principal amount of any authorized form and denomination, as specified as contemplated by Section 301, then without unnecessary
delay but in any event not later than the earliest date on which such interests may be so exchanged, the Company shall deliver
to the Trustee definitive Securities of that series in aggregate principal amount equal to the principal amount of such global
Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such global Security
shall be surrendered from time to time by the U.S. Depository or such other depository as shall be specified in the Company Order
with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depository or such other depository,
as the case may be (which instructions shall be in writing but need not comply with Section 102 or be accompanied by an Opinion
of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for
such purpose, to be exchanged, in whole or in part, for definitive Securities of the same series without charge. The Trustee shall
authenticate and make available for delivery, in exchange for each portion of such surrendered global Security, a like aggregate
principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such
global Security to be exchanged which (unless the Securities of such series are not issuable both as Bearer Securities and as
Registered Securities, in which case the definitive Securities exchanged for the global Security shall be issuable only in the
form in which the Securities are issuable, as specified as contemplated by Section 301) shall be in the form of Bearer Securities
or Registered Securities, or any combination thereof, as shall be specified by the beneficial owner thereof; PROVIDED, HOWEVER,
that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities
of such series to be redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise specified
as contemplated by Section 301) no Bearer Security delivered in exchange for a portion of a global Security shall be mailed or
otherwise delivered to any location in the United States. Promptly following any such exchange in part, such global Security shall
be returned by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository
referred to above in accordance with the instructions of the Company referred to above. If a Registered Security is issued in
exchange for any portion of a global Security after the close of business at the office or agency where such exchange occurs on
(i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date,
or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment
of interest or Defaulted Interest, as the case may be, interest will not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date
or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such global
Security is payable in accordance with the provisions of this Indenture.

    	19

    	 

    

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

 

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

 

No service charge
shall be made for any registration of transfer or exchange, redemption or conversion of Securities, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Securities, other than exchanges pursuant to Section 305, 906 or 1107 not involving any transfer.

 

Except as otherwise
specified as contemplated by Section 301, the Company shall not be required (i) to issue, register the transfer of or exchange
any Securities of any series during a period beginning at the opening of business 15 days before the day of the selection for
redemption of Securities of such series under Section 1103 and ending at the close of business on the day of such selection, or
(ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except in
the case of any Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security
so selected for redemption except, to the extent provided with respect to such Security, that such a Bearer Security may be exchanged
for a Registered Security of that series, provided that such Registered Security shall be immediately surrendered for redemption
with written instruction for payment consistent with the provisions of this Indenture or (iv) to issue, register the transfer
of or exchange any Security which, in accordance with its terms specified as contemplated by Section 301, has been surrendered
for repayment at the option of the Holder, except the portion, if any, of such Security not to be repaid.

 

Section 307. Mutilated, Destroyed,
Lost and Stolen Securities.

 

If any mutilated
Security or a Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of
this Section 307, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security
of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding,
with Coupons corresponding to the Coupons, if any, appertaining to the surrendered Security.

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

 

Notwithstanding
the foregoing provisions of this Section 307, in case any such mutilated, destroyed, lost or stolen Security or Coupon has become
or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security
or Coupon; PROVIDED, HOWEVER, that payment of principal of (and premium, if any) and any interest on Bearer Securities shall,
except as otherwise provided in Section 1002, be payable only at an office or agency located outside the United States and, unless
otherwise specified as contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation
and surrender of the Coupons appertaining thereto.

 

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

 

Every new Security
of any series, with its Coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security and
its Coupons, if any, or the destroyed, lost or stolen Coupon shall constitute a separate obligation of the Company, whether or
not the destroyed, lost or stolen Security and its Coupons, if any, or the destroyed, lost or stolen Coupon shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Securities of that series and their Coupons, if any.

 

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

 

Section 308. Payment of Interest;
Interest Rights Preserved.

 

Unless otherwise
specified as contemplated by Section 301, interest on any Registered Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered as of the close of business on the Regular Record Date for such interest. In case a Bearer Security
of any series is surrendered in exchange for a Registered Security of such series after the close of business (at an office or
agency in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or
agency) on the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the Coupon relating to
such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security
issued in exchange of such Bearer Security, but will be payable only to the Holder of such Coupon when due in accordance with
the provisions of this Indenture.

 

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

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(1)            The Company
may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities affected (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each such Registered Security and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment.
Money will be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon,
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name
and at the expense of the Company shall cause notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor to be mailed, first-class postage prepaid, to each Holder of such Registered Securities at his address as it appears
in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons
in whose names such Registered Securities (or their respective Predecessor Securities) are registered at the close of business
on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). In case a Bearer Security of
any series is surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security
of such series after the close of business at such office or agency on any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered
without the Coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date
of payment in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the
Holder of such Coupon when due in accordance with the provisions of this Indenture.

 

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

 

At the option
of the Company, interest on Registered Securities of any series that bear interest may be paid by mailing a check to the address
of the person entitled thereto as such address shall appear in the Security Register.

 

Subject to the
foregoing provisions of this Section and Section 306, each Security delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which
were carried by such other Security.

 

Section 309. Persons Deemed Owners.

 

Prior to due
presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for
the purpose of receiving payment of principal of (and premium, if any), and (subject to Sections 306 and 308) interest on or any
Additional Amounts with respect to, such Registered Security and for all other purposes whatsoever, whether or not any payment
with respect to such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary.

 

The Company,
the Trustee and any agent of the Company or the Trustee may treat the bearer of any Bearer Security and the bearer of any Coupon
as the absolute owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all
other purposes whatsoever, whether or not any payment with respect to such Security or Coupon be overdue, and neither the Company,
the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

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Section 310. Cancellation.

 

All Securities
and Coupons surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee or the Security Registrar, be delivered to the Trustee or the Security
Registrar, and any such Securities and Coupons and Securities and Coupons surrendered directly to the Trustee or the Security
Registrar for any such purpose shall be promptly cancelled by the Trustee or the Security Registrar, as the case may be. The Company
may at any time deliver to the Trustee or the Security Registrar for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly
cancelled by the Trustee or the Security Registrar, as the case may be. No Securities shall be authenticated in lieu of or in
exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture or as otherwise
specified as contemplated by Section 301. All cancelled Securities and Coupons held by the Trustee or the Security Registrar shall
be returned to the Company by the Trustee or the Security Registrar, as the case may be, upon a Company Order. The Trustee shall
promptly notify the Company of all cancelled Securities.

 

Section 311. Computation of Interest.

 

Except as otherwise
specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed
on the basis of 360-day year of twelve 30-day months.

 

Section 312. CUSIP Numbers.

 

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

 

ARTICLE FOUR

 

SATISFACTION
AND DISCHARGE

 

Section 401. Satisfaction and
Discharge of Indenture.

 

Upon the direction
of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities
specified in such Company Order (except as to any surviving rights of registration of transfer or exchange of Securities of such
series herein expressly provided for and any right to receive Additional Amounts, as provided in Section 1004), and the Trustee,
on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture as to such series, when

 

(1)            either

 

(A)           all Securities
of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons appertaining
to Bearer Securities of such series surrendered for exchange for Registered Securities of such series and maturing after such
exchange, whose surrender is not required or has been waived as provided in Section 306, (ii) Securities and Coupons of such series
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 307, (iii) Coupons appertaining
to Securities of such series called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived
as provided in Section 1107, and (iv) Securities and Coupons of such series for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

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

    	23

    	 

    

(i)             have
become due and payable, or

 

(ii)            will
become due and payable at their Stated Maturity within one year and such Securities are not convertible into other Securities,
or

 

(iii)           if
redeemable at the option of the Company, such Securities are not convertible into other Securities and are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company,

 

and the
Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust
for the purpose, lawful money of the United States Government Obligations which through the payment of interest and principal
or other amounts in respect thereof in accordance with their terms will provide not later than the opening of business on the
due dates of any payment of principal (and premium, if any) and interest, or any Additional Amounts with respect thereto, or a
combination thereof, in an amount sufficient to pay and discharge the entire indebtedness on such Securities and Coupons not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any) and interest, or any Additional Amounts with respect
thereto, to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be;

 

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

 

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

 

In the event there are
two or more Trustees hereunder, then the effectiveness of any such instrument shall be conditioned upon receipt of such instruments
from all Trustees hereunder.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 606 and, if money
shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee
under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge.

 

Section 402. Application of Trust
Money.

 

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

 

All monies deposited
with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the payment of Securities subsequently converted
shall be returned to the Company upon Company Request.

 

Section 403. Satisfaction, Discharge
and Defeasance of Securities of Any Series.

 

If pursuant to
Section 301 provision is made for defeasance of Securities of any series pursuant to Section 403, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the Outstanding Securities of such series and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of such indebtedness, when

    	24

    	 

    

(1)            either

 

(A)          with
respect to all Outstanding Securities of such series and any Coupons appertaining thereto,

 

(i)             the
Company has deposited or caused to be deposited with the Trustee, as trust funds in trust for such purpose, an amount sufficient
to pay and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any),
any Additional Amounts, and interest to the Stated Maturity or any Redemption Date as contemplated by the penultimate paragraph
of this Section 403, as the case may be; or

 

(ii)            with
respect to any series of Securities which are denominated in United States dollars, the Company has deposited or caused to be
deposited with the Trustee, as obligations in trust for such purpose, such amount of direct obligations of, or obligations the
timely payment of the principal of and interest on which are fully guaranteed by, the United States of America and which are not
callable at the option of the issuer thereof as will, together with the income to accrue thereon without consideration of any
reinvestment thereof, be sufficient to pay and discharge the entire indebtedness on all Outstanding Securities of such series
for principal (and premium, if any), any Additional Amounts, and interest to the stated Maturity or any Redemption Date as contemplated
by the penultimate paragraph of this Section 403; or

 

(B)           the Company
has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by Section 301, to be applicable
to the Securities of such series; and

 

(2)            the Company
has delivered to the Trustee a certificate signed by a nationally recognized firm of Independent Public Accountants certifying
as to the sufficiency of the amounts deposited pursuant to subsections (A) (i) or (ii) of this Section for payment of the principal
(and premium, if any) and interest on the dates such payments are due, an Officers’ Certificate and an Opinion of Counsel,
each such Certificate and opinion stating that no Event of Default or event which with notice or lapse of time or both would become
an Event of Default with respect to such Securities shall have occurred and all conditions precedent herein provided for relating
to the satisfaction and discharge of the entire indebtedness on all Outstanding Securities of any such series have been complied
with; and

 

(3)            the Company
has delivered to the Trustee

 

(A)           a ruling
from the Internal Revenue Service or an opinion of independent counsel that the holders of the Securities of such series will
not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will
be subject to Federal income tax on the same amount and in the same manner and at the same times, as would have been the case
if such deposit, defeasance and discharge had not occurred; and

 

(B)            if the Securities
of such series are then listed on the Nasdaq Global Market, an Opinion of Counsel that the Securities of such series will not
be delisted as a result of the exercise of this option.

 

Any deposits with the Trustee referred
to in subsection (1) (A) of this Section shall be irrevocable and shall be made under the terms of an escrow trust agreement in
form and substance satisfactory to the Trustee. If any Outstanding Securities of such series are to be redeemed prior to their
Stated Maturity, whether pursuant to any optional redemption or repayment provisions or in accordance with any mandatory sinking
fund requirement, the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company.

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Upon the satisfaction
of the conditions set forth in this Section 403 with respect to all the Outstanding Securities of any series, the terms and conditions
of such series, including the terms and conditions with respect thereto set forth in this Indenture, other than the provisions
of Sections 306, 307, and 1002, other than the right of Holders of Securities and any Coupons of such series to receive, from
the trust fund described in this Section, payment of the principal (and premium, if any) of, the interest on or any Additional
Amounts with respect to such Securities and Coupons (if any) appertaining thereto when such payments are due, other than any right
of conversion of such Securities and the rights, powers, duties and immunities of the Trustee hereunder, shall no longer be binding
upon, or applicable to, the Company except those responsibilities and obligations which by the terms of the Indenture survive
the termination of the Indenture; PROVIDED that the Company shall not be discharged from any payment obligations in respect of
Securities of such series which are deemed not to be Outstanding under clause (iii) of the definition thereof if such obligations
continue to be valid obligations of the Company under applicable law.

 

ARTICLE FIVE

 

REMEDIES

 

Section 501. Events of Default.

 

“Event
of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or be effected by operation of law pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

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

 

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

 

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

 

(4)            default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture or the Securities (other than a covenant
or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which
has been expressly included in this Indenture solely for the benefit of a series of Securities other than such series), and continuance
of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company
by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or

 

(5)            if any
event of default as defined in any mortgage, indenture or instrument under which there may be issued, or by which there may be
secured or evidenced, any indebtedness of the Company or the Subsidiary Bank for money borrowed, whether such indebtedness now
exists or shall hereafter be created, shall happen and shall result in such indebtedness in principal amount in excess of $25,000,000
becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, and such acceleration
shall not be rescinded or annulled, or such indebtedness shall not have been discharged, within a period of 30 days after there
shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the outstanding Securities of such series, a written notice specifying such event
of default and requiring the Company to cause such acceleration to be rescinded or annulled or to cause such indebtedness to be
discharged and stating that such notice is a “Notice of Default” hereunder; or

 

(6)            a court
having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company or the Subsidiary Bank
in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, and adjudging
it a bankrupt or insolvent or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of the Company or the Subsidiary Bank or for any substantial part of its property, or ordering the winding-up or liquidation of
its affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

    	26

    	 

    

(7)            the Company
or the Subsidiary Bank shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or shall
consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar
official) of the Company or the Subsidiary Bank or for any substantial part of its property, or shall make any general assignment
for the benefit of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate action in
furtherance of any of the foregoing; or

 

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

 

Section 502. Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of
Default with respect to Securities of any series at the time outstanding occurs and is continuing, then the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal of all the Securities
of that series, or such lesser amount as may be provided for in the Securities of that series, to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal
or such lesser amount shall become immediately due and payable.

 

At any time after
such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than
a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if

 

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

 

(A)           all overdue
installments of interest on and any Additional Amounts payable in respect of all Securities of such series,

 

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

 

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

 

(D)           all sums
paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel as provided in Section 606 hereof; and

 

(2)            all Events
of Default with respect to Securities of such series, other than the non-payment of the principal of Securities of that series
which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

 

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

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Section 503. Collection of Indebtedness
and Suits For Enforcement By Trustee.

 

The Company covenants
that if

 

(1)            default
is made in the payment of any installment of interest on or any Additional Amounts payable in respect of any Security when such
interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or

 

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

 

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

 

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

 

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

 

Section 504. Trustee May File
Proofs of Claim.

 

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

 

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

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
of Securities or Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders of Securities or Coupons, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee
under Section 606.

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

 

Section 505. Trustee May Enforce
Claims Without Possession of Securities or Coupons.

 

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

 

Section 506. Application of Money
Collected.

 

Any money collected
by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal (and premium, if any), interest or any Additional Amounts, upon
presentation of the Securities or Coupons, or both, as the case may be, and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid:

 

		FIRST:	To
                                         the payment of all amounts due the Trustee and any predecessor Trustee under Section
                                         606;
	 	 	 
		SECOND:	To
                                         the payment of the amounts then due and unpaid upon the Securities and Coupons for principal
                                         (and premium, if any) and interest or any Additional Amounts payable in respect of which
                                         or for the benefit of which such money has been collected, ratably, without preference
                                         or priority of any kind, according to the aggregate amounts due and payable on such Securities
                                         and Coupons for principal (and premium, if any), interest or any Additional Amounts,
                                         respectively;
	 	 	 
	 	THIRD:	The
                                         balance, if any, to the Company.

 

Section 507. Limitation on Suits.

 

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

 

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

 

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

 

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

 

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

 

(5)            no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in
principal amount of the Outstanding Securities of such series;

    	29

    	 

    

it being understood and intended
that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities
of any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under
this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

 

Section 508. Unconditional Right
of Holders to Receive Principal, Premium, Interest and Additional Amounts.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security or coupon shall have the right, which is absolute and unconditional,
to receive payment of the principal of (and premium, if any) and (subject to Sections 306 and 308) interest on or any Additional
Amounts in respect of such Security or payment of such Coupon on the respective Stated Maturity or Maturities specified in such
Security or Coupon (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such Holder.

 

Section 509. Restoration of Rights
and Remedies.

 

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

 

Section 510. Rights and Remedies
Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons in the last
paragraph of Section 307, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of a Security
or Coupon is intended to be exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law,
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

Section 511. Delay or Omission
Not Waiver.

 

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

 

Section 512. Control by Holders.

 

The Holders of
a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series and any Coupons appertaining thereto, PROVIDED that

 

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

 

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

    	30

    	 

    

(3)           such direction
is not unduly prejudicial to the rights of other Holders of Securities of such series.

 

Section 513. Waiver of Past Defaults.

 

The Holders of
not less than a majority in principal amount of the outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series and any Coupons appertaining thereto waive any past default hereunder with respect to such series and
its consequences, except a default

 

(1)            in the
payment of the principal of (and premium, if any) or interest on or Additional Amounts payable in respect of any Security of such
series or any Coupons appertaining thereto, or

 

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

 

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

 

Section 514. Waiver of Stay or
Extension Laws.

 

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

 

ARTICLE SIX

 

THE TRUSTEE

 

Section 601. Notice of Defaults.

 

Within 90 days
after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit to the
Holders in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, notice of such default hereunder
known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; PROVIDED, HOWEVER, that, except
in the case of a default in the payment of the principal of (or premium, if any) or interest on, or any Additional Amounts with
respect to, any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series,
the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or
a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the Holders of Securities and Coupons of such series; and PROVIDED further, that in the case of
default of the character specified in Section 501(4) with respect to Securities of such series, no such notice to Holders shall
be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default, with respect to Securities
of such series.

 

Section 602. Certain Rights of
Trustee.

 

Subject to the
provisions of Sections 315(a) through 315(d) of the Trust Indenture Act:

 

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

    	31

    	 

    

(2)            any request
or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (other than
delivery of any Security, together with any Coupons appertaining thereto to the Trustee for authentication and delivery pursuant
to Section 304 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution or Board Resolutions;

 

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

 

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

 

(5)            the Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless such
Holders shall have offered to the Trustee reasonable Security or indemnity satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction;

 

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

 

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

 

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

 

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

 

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

 

Section 603. Not Responsible for
Recitals or Issuance of Securities.

 

The recitals
contained herein and, in the Securities, except the Trustee’s certificate of authentication, and in any coupons shall be
taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or Coupons, except
that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and
perform its obligations hereunder and that the statements made by it in a Statement of Eligibility and Qualification on Form T-l
supplied to the Company are true and accurate, subject to the qualifications set forth therein. The Trustee or any Authenticating
Agent shall not be accountable for the use or application by the Company of Securities or the proceeds thereof.

    	32

    	 

    

Section 604. May Hold Securities.

 

The Trustee,
any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or
the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and Coupons and, subject to
Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would have if
it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person.

 

Section 605. Money Held in Trust.

 

Money held by
the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and shall be held
uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder.

 

Section 606. Compensation and
Reimbursement.

 

The Company agrees

 

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

 

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

 

(3)            to indemnify
each of the Trustee and any predecessor Trustee and its agents for, and to hold them harmless against, any loss, liability, claim,
damage or expense including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred
without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the trust
or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with
the exercise or performance of any of their powers or duties hereunder.

 

As Security for
the performance of the obligations of the Company under this Section, the Trustee shall have a lien prior to the Securities of
any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of
principal of (or premium, if any) or interest on Securities. When the Trustee incurs expenses or renders services after an Event
of Default occurs, the expenses and compensation for the services of the Trustee are intended to constitute expenses of administration
under any bankruptcy law or any similar federal or state law for the relief of debtors.

 

The provisions
of this Section 606 shall survive the termination of this Indenture and the resignation or removal of the Trustee.

 

Section 607. Corporate Trustee
Required; Eligibility; Conflicting Interests.

 

There shall at
all times be a Trustee hereunder that is a corporation permitted by Section 310(a) (1) and (5) of the Trust Indenture Act to act
as trustee under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)
(2) of the Trust Indenture Act) of at least $50,000,000. If at any time the Trustee shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.
If the Trustee has or shall acquire any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect
to the Securities of any series, the Trustee shall take such action as is required pursuant to said Section 310 (b).

    	33

    	 

    

Section 608. Resignation and Removal;
Appointment of Successor.

 

(a)            No resignation
or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee pursuant to Section 609.

 

(b)           The Trustee
may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If
the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any
court of competent jurisdiction for the appointment of a successor Trustee with respect to such series.

 

(c)            The Trustee
may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to the Trustee and the Company. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being
removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

 

(d)            If at
any time:

 

(1)            the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act after written
request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six
months, or

 

(2)            the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company or
by any such Holder of a Security, or

 

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

 

then, in any such case, (a) the Company,
by or pursuant to Board Resolution, may remove the Trustee with respect to all Securities, or (b) subject to Section 315(c) of
the Trust Indenture Act any Holder of a Security who has been a bona fide Holder of a Security of any series for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees.

 

(e)            If the
Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by or pursuant to Board Resolutions, shall promptly appoint
a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall
be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements
of Section 609. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 609, become
the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company
or the Holders of Securities and accepted appointment in the manner required by Section 609, any Holder of a Security who has
been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series.

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(f)            The Company
shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail,
postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses appear in the Security
Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized
Newspaper in each Place of Payment located outside the United States. Each notice shall include the name of the successor Trustee
with respect to the Securities of such series and the address of its Corporate Trust Office.

 

Section 609. Acceptance of Appointment
by Successor.

 

(a)            In case
of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request
of the Company and/or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless
to its claim, if any, provided for in Section 606.

 

(b)            In case
of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver
an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on
the part of any other Trustee hereunder, and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates have no further responsibility
for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture
other than as hereinafter expressly set forth, and each such successor Trustee without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee,
such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental
indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates.

    	35

    	 

    

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

 

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

 

Section 610. Merger, Conversion,
Consolidation or Succession to Business.

 

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

 

Section 611. Appointment of Authenticating
Agent.

 

The Trustee may
appoint an Authenticating Agent or Authenticating Agents, which may be an Affiliate of the Company, with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of that or those series
issued upon original issue or exchange, registration of transfer or partial redemption thereof or pursuant to Section 307, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery
of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent.

 

Each Authenticating
Agent shall be acceptable to the Company and, except as specified as contemplated by Section 301, shall at all times be a corporation
that would be permitted by Section 310(a) (1) and (5) of the Trust Indenture Act to be able to act as a trustee under an indenture
qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as such and that has a combined
capital and surplus (computed in accordance with Section 310(a) (2) of the Trust Indenture Act) of not less than $50,000,000.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section. If the Authenticating Agent has or
shall acquire any conflicting interest, as defined in Section 310(b) of the Trust Indenture Act, with respect to the Securities
of any series, the Authenticating Agent shall take action as is required pursuant to said Section 310 (b).

 

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

 

An Authenticating
Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable
to the Company and shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered
Securities, if any, of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear
in the Security Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment
at least once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such
office is located outside the United States. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

    	36

    	 

    

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

 

The provisions
of Sections 309, 603 and 604 shall be applicable to each Authenticating Agent.

 

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

 

This certificate
represents Securities of the series designated herein referred to in the within-mentioned Indenture.

 

	                 Dated:	 	[                                 ],
	 	 	not in its individual
    capacity but solely as Trustee
	 	 	 
	 	By:	 	/s/  
	 	 	 	As Authenticating Agent
	 	 	 	 
	 	By:  	 	/s/  
	 	 	 	Authorized Signatory
	 	 	 	 

If all of the
Securities of any series may not be originally issued at one time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated
upon original issuance, the Trustee, if so requested in writing (which writing need not comply with Section 102) by the Company,
shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the
Company with respect to such series of Securities.

 

ARTICLE SEVEN

 

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 701. Company to Furnish
Trustee Names and Addresses of Holders.

 

In accordance
with Section 312(a) of the Trust Indenture Act, the Company will furnish or cause to be furnished to the Trustee

 

(1)            semi-annually,
not later than 15 days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as of such Regular Record
Date, or if there is no Regular Record Date for interest for such series of Securities, semi-annually, upon such dates as are
set forth in the Board Resolution or indenture supplemental hereto authorizing such series, and

    	37

    	 

    

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

 

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

 

Section 702. Preservation of Information;
Communications to Holders.

 

(a)            The Trustee
shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

(b)            Every
Holder of Securities or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company
nor the Trustee nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders of Securities in accordance with Section 312 of the Trust Indenture Act,
regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason
of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act.

 

Section 703. Reports by Trustee.

 

(a)           Within
60 days after May 15 of each year commencing with the year following the first issuance of Securities pursuant to Section 301,
if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the Trust Indenture
Act a brief report dated as of such May 15 with respect to any of the events specified in said Section 313(a) which may have occurred
since the later of the immediately preceding May 15 and the date of this Indenture.

 

(b)            The Trustee
shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

(c)            Reports
pursuant to this Section shall be transmitted in the manner and to the Persons required by Sections 313(c) and (d) of the Trust
Indenture Act.

 

Section 704. Reports by Company.

 

The Company,
pursuant to Section 314(a) of the Trust Indenture Act, shall:

 

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

 

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

 

(3)            transmit
within 30 days after the actual filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant
to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission;
and

    	38

    	 

    

(4)            transmit
within 90 days of December 31 of each year to the Trustee, a brief certificate from the principal executive officer, principal
financial officer or principal accounting officer of the Company as to his or her knowledge of such obligor’s compliance
with all conditions and covenants under the Indenture as determined without regard to any period of grace or requirement of notice
provided under the Indenture.

 

Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall
not constitute constructive or other 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 Officers’ Certificates).

 

ARTICLE EIGHT

 

CONSOLIDATION,
MERGER AND SALES

 

Section 801. Company May Consolidate
Etc., Only on Certain Terms.

 

Nothing contained
in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other
Person or Persons (whether or not affiliated with the Company), or successive consolidations or mergers in which the Company or
its successor or successors shall be a party or parties, or shall prevent any conveyance, transfer or lease of the property of
the Company as an entirety or substantially as an entirety, to any other Person (whether or not affiliated with the Company);
PROVIDED, HOWEVER, that:

 

(1)            in case
the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially
as an entirety to any Person, the entity formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall
be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia
and shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto,
executed and delivered by the successor Person to the Trustee, in form satisfactory to the Trustee, the due and punctual payment
of the principal of (and premium, if any) and interest on or any Additional Amounts in respect of all the Securities and the performance
of every other covenant of this Indenture on the part of the Company to be performed or observed;

 

(2)            immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary
as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no
Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened
and be continuing; and

 

(3)            each of
the Company and the successor Person has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

Section 802. Successor Corporation
Substituted for Company.

 

Upon any consolidation
or merger or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety to any
Person in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or
to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease to another Person, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities and the Coupons.

    	39

    	 

    

ARTICLE NINE

 

SUPPLEMENTAL
INDENTURES

 

Section 901. Supplemental Indentures
Without Consent of Holders.

 

Without the consent
of any Holders of Securities or Coupons, the Company, when authorized by Board Resolutions, and the Trustee, at any time and from
time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following
purposes:

 

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

 

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

 

(3)            to add
to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to
change or eliminate any restrictions on the payment of principal (or premium, if any) on Registered Securities or of principal
(or premium, if any) or any interest on Bearer Securities, to permit Registered Securities to be exchanged for Bearer Securities
or to permit or facilitate the issuance of Securities in uncertified form, PROVIDED any such action shall not adversely affect
the interests of the Holders of Securities of any series or any Coupons appertaining thereto in any material respect;

 

(4)            to establish
the form or terms of Securities of any series and any Coupons appertaining thereto as permitted by Sections 201 and 301;

 

(5)            to evidence
and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series
and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 609 (b);

 

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

 

(7)            to add
to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue, authentication
and delivery of Securities, as herein set forth;

 

(8)            to add
any additional Events of Default;

 

(9)            to modify,
eliminate or add to the provisions of this Indenture to such extent as shall be necessary to conform the obligations of the Company
and the Trustee under this Indenture to the obligations imposed on such Persons hereunder pursuant to the Trust Indenture Act
or under any similar federal statute hereafter enacted and rules or regulations of the Commission thereunder;

 

(10)          to make
provisions with respect to the conversion rights of Holders of Convertible Securities pursuant to the requirements of Section
1506; or

 

(11)          to add
to, change or eliminate any of the provisions of this Indenture in respect to one or more series of Securities; provided, however,
that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series issued prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any such
pre-existing series of any Security with respect to the application of such provision to such pre-existing series of a Security
or (ii) shall become effective only when there is no such pre-existing series of a Security outstanding.

    	40

    	 

    

Section 902. Supplemental Indentures
with Consent of Holders.

 

With the consent
of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by Board Resolutions,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; PROVIDED, HOWEVER, that no such supplemental Indenture shall, without the consent
of the Holder of each Outstanding Security affected thereby, shall

 

(1)            change
the Stated Maturity of the principal of, or any installment of interest on, any Security, or reduce the principal amount thereof
or the rate of interest thereon or any Additional Amounts payable in respect thereof, or any premium payable upon the redemption
thereof, or change the obligation of the Company to pay Additional Amounts pursuant to Section 1004 (except as contemplated by
Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security
that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change the
Place of Payment, coin or currency in which any Security or any premium or the interest thereon is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption,
on or after the Redemption Date), or

 

(2)            reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or reduce the requirements
of Section 1404 for quorum or voting, or

 

(3)            modify
any of the provisions of this section, or Sections 512, 513 or Section 1011, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby.

 

The Company may,
but shall not be obligated to, fix a record date for the purposes of determining the Persons entitled to consent to any indenture
supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record
date; PROVIDED, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained
prior to the date which is 90 days after such record date, any such consent previously given shall automatically and without further
action by any Holder be cancelled and of no further effect.

 

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

 

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

 

Section 903. Execution of Supplemental
Indentures.

 

As a condition
to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trust created by this Indenture, the Trustee shall be provided with, and (subject to Section 315 of the Trust Indenture
Act) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture and that it complies with the terms of this Indenture. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

    	41

    	 

    

Section 904. Effect of Supplemental
Indentures.

 

Upon the execution
of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated
and delivered hereunder and of any Coupons appertaining thereto shall be bound thereby.

 

Section 905. Conformity with Trust
Indenture Act.

 

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

 

Section 906. Reference in Securities
to Supplemental Indentures.

 

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

 

ARTICLE TEN

 

COVENANTS

 

Section 1001. Payment of Principal,
Premium, If Any, and Interest.

 

The Company covenants
and agrees for the benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of (and
premium, if any), interest on or any Additional Amounts payable in respect of the Securities of that series in accordance with
the terms of such series of Securities, any Coupons appertaining thereto and this Indenture. Any interest due on and any Additional
Amounts payable in respect of Bearer Securities on or before Maturity, other than Additional Amounts, if any, payable as provided
in Section 1004 in respect of principal of (or premium, if any, on) such a Security, shall be payable only upon presentation and
surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature.

 

Section 1002. Maintenance of Office
or Agency.

 

The Company will
maintain in each Place of Payment for any series of Securities an office or agency where Securities of such series (but not Bearer
Securities, except as otherwise provided below, unless such Place of Payment is located outside the United States) may be presented
or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities
of a series are issuable as Bearer Securities, the Company shall maintain, subject to any laws or regulations applicable thereto,
an office or agency in a Place of Payment for such series which is located outside the United States where Securities of such
series and the related Coupons may be presented and surrendered for payment (including payment of any Additional Amounts payable
on Securities of such series pursuant to Section 1004); PROVIDED, HOWEVER, that if the Securities of such series are listed on
The Stock Exchange of the United Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange
located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent in London,
Luxembourg or any other required city located outside the United States, as the case may be, so long as the Securities of such
series are listed on such exchange. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of that series and the related Coupons may
be presented and surrendered for payment (including payment of any Additional Amounts payable on Bearer Securities of that series
pursuant to Section 1004) at the place specified for the purpose pursuant to Section 301, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands.

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Except as otherwise
specified as contemplated by Section 301, no payment of principal, premium or interest on Bearer Securities shall be made at any
office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to
an account maintained with a bank located in the United States; PROVIDED, HOWEVER, payment of principal of and any premium and
interest in U.S. dollars (including Additional Amounts payable in respect thereof) on any Bearer Security may be made at the Corporate
Trust Office or any office or agency designated by the Company if (but only if) payment of the full amount of such principal,
premium, interest or Additional Amounts at all offices outside the United States maintained for the purpose by the Company in
accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar restrictions.

 

The Company may
also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; PROVIDED, HOWEVER, that no such
designation or rescission shall in any manner relieve the Company of their obligation to maintain an office or agency in each
Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified
as contemplated by Section 301, the Company hereby designates as the Place of Payment for each series the Corporate Trust Office
of the Trustee. Pursuant to Section 301(9) of this Indenture, the Company may subsequently appoint a place or places where such
Securities may be payable.

 

Section 1003. Money for Securities
Payments to Be Held in Trust.

 

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

 

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

 

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

 

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

 

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

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

 

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

 

Except as otherwise
provided hereby or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest and Additional Amounts on any Security of any series
and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall
be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder
of such Security or any Coupon appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper
in each Place of Payment for such series or to be mailed to Holders of Registered Securities for such series, or both, notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date
of such publication or mailing nor shall it be later than two years after such principal (and premium, if any) or interest has
become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 1004. Additional Amounts.

 

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

 

Except as otherwise
provided herein or pursuant hereto, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days
prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of that series shall
not bear interest prior to Maturity, the first day on which a payment of principal (and premium, if any, is made)), and at least
10 days prior to each date of payment of principal (and premium, if any) or interest if there has been any change with respect
to the matters set forth in the below-mentioned Officers’ Certificate, the Company will furnish the Trustee and the principal
Paying Agent or Paying Agents, if other than the Trustee, an Officers’ Certificate instructing the Trustee and such Paying
Agent or Paying Agents whether such payment of principal (and premium, if any) of or interest on the Securities of that series
shall be made to Holders of Securities of that series or the Coupons appertaining thereto who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that series.
If any such withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any,
required to be withheld on such payments to such Holders of Securities or Coupons and the Company agrees to pay to the Trustee
or such Paying Agent the Additional Amounts required by this Section. The Company covenants to indemnify the Trustee and any Paying
Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith
on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’
Certificate furnished pursuant to this Section.

    	44

    	 

    

Section 1005. Statement as to
Compliance; Notice of Certain Defaults.

 

(a)           The Company
will, in addition to the reports required by Section 704(4), deliver to the Trustee, within 120 days after the end of each fiscal
year (which on the date hereof ends on December 31), commencing December 31, 2013, a written statement, which need not comply
with Section 102, signed by the Chairman of the Board of Directors, a Deputy Chairman, Vice Chairman, the President or a Vice
President and by the Treasurer or an Assistant Treasurer of the Company, stating, as to each signer thereof, that

 

(1)            a review
of the activities of the Company during such year and of performance under this Indenture has been made under his supervision,
and

 

(2)            to the best
of his knowledge, based on such review, (a) the Company has fulfilled all of its obligations under this Indenture throughout such
year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him and
the nature and status thereof, and (b) no event has occurred and is continuing which is, or after notice or lapse of time or both
would become, an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to him
and the nature and status thereof.

 

(b)            The Company
will deliver to the Trustee as soon as possible, and in any event, within five days after the occurrence thereof, written notice
of any event which after notice or lapse of time or both would become an Event of Default.

 

Section 1006. Limitation on Liens.

 

The Company will
not pledge, mortgage or hypothecate, or permit to exist any pledge, mortgage or hypothecation or other lien upon, any shares of
Capital Stock of the Subsidiary Bank to secure any indebtedness for borrowed money without making effective provisions whereby
the Securities shall be equally and ratably secured with any and all such indebtedness.

 

In case the Company
shall propose to pledge, mortgage, or hypothecate any such shares of Capital Stock at any time owned by it to secure any indebtedness,
the Company will prior thereto give written notice thereof to the Trustee and will prior to or simultaneously with such pledge,
mortgage or hypothecation, by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure
all the Securities equally and ratably with such indebtedness, by pledge, mortgage or hypothecation of such shares of Capital
Stock. Such supplemental indenture shall contain the provisions concerning the possession, control, release and substitution of
mortgaged and pledged property and Securities and other appropriate matters which are required or are permitted by the Trust Indenture
Act (as in effect at the date of execution of such supplemental indenture) to be included in a secured indenture qualified under
said Trust Indenture Act, and may also contain such additional and amendatory provisions permitted by said Trust Indenture Act
as the Company and the Trustee shall deem advisable or appropriate or as the Trustee shall deem necessary in connection with such
pledge, mortgage or hypothecation.

 

Section 1007. Limitation on Certain
Acquisitions.

 

The Company will
not (a) acquire Capital Stock of any corporation or (b) acquire substantially all the assets and liabilities of any corporation,
if, immediately upon giving effect to such acquisition, the Company would not then be in full compliance with all the terms, conditions
and covenants contained in this Indenture.

 

Section 1008. Payment of Taxes
and Other Claims.

 

The Company will
pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental
charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary,
and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of
the Company or any subsidiary; PROVIDED, HOWEVER, that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith
by appropriate proceedings.

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Section 1009. Corporate Existence.

 

Subject to Article
Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate
existence, rights (charter and statutory) and franchises and the corporate existence, rights (charter and statutory) and franchises
of the Subsidiary Bank; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such corporate existence, right
or franchise if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Company and its Subsidiaries considered as a whole and that the loss thereof is not disadvantageous in any material respect
to the Holders.

 

Section 1010. Waiver of Certain
Covenants.

 

The Company may
omit in any particular instance to comply with any term, provision or condition set forth in Section 1006, 1007 and 1008 with
respect to the Securities of any series if before the time for such compliance the Holders of at least a majority in principal
amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations
of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and
effect.

 

Section 1011. Calculation of Original
Issue Discount.

 

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

 

ARTICLE ELEVEN

 

REDEMPTION
OF SECURITIES

 

Section 1101. Applicability of
Article.

 

Redemption of
Securities of any series at the option of the Company as permitted or required by the terms of such Securities shall be made in
accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article.

 

Section 1102. Election to Redeem;
Notice To Trustee.

 

The election
of the Company to redeem any Securities shall be evidenced by Board Resolution. In case of any redemption at the election of the
Company of the Securities of any series, with the same issue date, interest rate and Stated Maturity, the Company shall, at least
60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed.

 

Section 1103. Selection by Trustee
of Securities to be Redeemed.

 

If less than
all the Securities of any series with the same issue date, interest rate, Stated Maturity and other terms are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from
the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair
and appropriate and which may provide for the selection for redemption of portions of the principal amount of Registered Securities
of such series; PROVIDED, HOWEVER, that no such partial redemption shall reduce the portion of the principal amount of a Registered
Security of such series not redeemed to less than the minimum denomination for a Security of such series established herein pursuant
hereto.

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If any Convertible
Security selected for partial redemption is converted in part before termination of the conversion right with respect to the portion
of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected
for redemption. Securities which have been converted during a selection of Securities to be redeemed shall be treated by the Trustee
as Outstanding for the purpose of such selection.

 

The Trustee shall
promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption
and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

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

 

Section 1104. Notice of Redemption.

 

Notice of redemption
shall be given in the manner provided in Section 106, not less than 30 nor more than 60 days prior to the Redemption Date, unless
a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice
by mailing in the manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in
part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any
other Securities or portion thereof.

 

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

 

All notices of
redemption shall state:

 

(1)            the Redemption
Date,

 

(2)            the Redemption
Price,

 

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

 

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

 

(5)            in the
case of Convertible Securities, the Conversion Price then in effect, the date on which the right to convert the principal amount
of the Securities or the portions thereof to be redeemed will terminate and the place or places where such Securities may be surrendered
for conversion,

 

(6)            that on
the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed only, as to Bearer
Securities, against tender of such Security and any Coupons appertaining thereto, and, if applicable, that interest thereon and
Additional Amounts, if any, shall cease to accrue on and after said date,

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(7)            the place
or places where such Securities, together, in the case of Bearer Securities with all Coupons appertaining thereto, if any, maturing
after the Redemption Date, are to be surrendered for payment of the Redemption Price,

 

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

 

(9)            the CUSIP
number, if any.

 

A notice of redemption
published as contemplated by Section 106 need not identify particular Registered Securities to be redeemed.

 

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

 

Section 1105. Deposit of Redemption
Price.

 

On or prior to
any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price
of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with
respect thereto, all the Securities or portions thereof which are to be redeemed on that date.

 

If any Convertible
Security or portion thereof called for redemption is converted pursuant to Article Fifteen, any money deposited with the Trustee
or so segregated and held in trust for the redemption of such Security or portion thereof shall (subject to any right of the Holder
of the Security on a Regular Record Date preceding such conversion to receive interest) be paid to the Company upon Company Request
or, if then held by the Company, shall be discharged from such trust.

 

Section 1106. Securities Payable
on Redemption Date.

 

Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Securities shall cease to bear interest and the Coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption
Date, such Security shall be paid by the Company at the Redemption Price, together with accrued interest (or any Additional Amounts)
to the Redemption Date; PROVIDED, HOWEVER, that installments of interest on Bearer Securities whose Stated Maturity is on or prior
to the Redemption Date shall be payable only upon presentation and surrender of coupons for such interest (at an office or agency
located outside the United States except as otherwise provided in Section 1002), and PROVIDED, FURTHER, that installments of interest
on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates according to their
terms and the provisions of Section 308.

 

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

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

 

Section 1107. Securities Redeemed
in Part.

 

Any Registered
Security which is to be redeemed only in part shall be surrendered at any office or agency of the Company maintained for that
purpose pursuant to Section 1002 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized
in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Registered Security or Securities of the same series, containing identical terms and provisions, of any
authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered. If a Security in global form is so surrendered, the Company shall execute,
and the Trustee shall authenticate and deliver to the U.S. Depository or other depository for such Security in global form as
shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global
form in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so
surrendered.

 

Section 1108. Conversion Arrangements
on Call for Redemption.

 

Notwithstanding
anything to the contrary contained in this Indenture, in connection with any redemption of Convertible Securities of any series,
the Company, by an agreement with one or more investment bankers or other purchasers, may arrange for such purchasers to purchase
all such Convertible Securities called for redemption (the “Called Securities”) which are either (i) surrendered for
redemption or (ii) not duly surrendered for redemption or conversion prior to the close of business on the Redemption Date, and
to convert the same into shares of Common Stock, by the purchasers’ depositing with the Trustee (acting as Paying Agent
with respect to the deposit of such amount and as conversion agent with respect to the conversion of such Called Securities),
in trust for the Holders of the Called Securities, on or prior to the Redemption Date in the manner agreed to by the Company and
such purchasers, an amount sufficient to pay the Redemption Price, payable by the Company on redemption of such Called Securities.
In connection with any such arrangement for purchase and conversion, the Trustee as Paying Agent shall pay on or after the Redemption
Date such amounts so deposited by the purchasers in exchange for Called Securities surrendered for redemption prior to the close
of business on the Redemption Date and for all Called Securities surrendered after such Redemption Date. Notwithstanding anything
to the contrary contained in this Article Eleven, the obligation of the Company to pay the Redemption Price of such Called Securities
shall be satisfied and discharged to the extent such amount is so paid by such purchasers. However, nothing in this Section 1108
shall in any way relieve the Company of the obligation to pay such Redemption Price on all Called Securities to the extent such
amount is not so paid by said purchasers. For all purposes of this Indenture, any Called Securities surrendered by the Holders
for redemption, and any Called Securities not duly surrendered for redemption or conversion prior to the close of business on
the Redemption Date, shall be deemed acquired by such purchasers from such Holders and surrendered by such purchasers for conversion
and shall in all respects be deemed to have been converted, all as of immediately prior to the close of business on the Redemption
Date, subject to the deposit by the purchasers of the above amount as aforesaid. Nothing in this Section 1108 shall in any way
limit the right of any Holder of a Security to convert his Security pursuant to the terms of this Indenture and of such Security
at any time prior to the close of business on the Redemption Date applicable thereto.

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ARTICLE TWELVE

 

SINKING FUNDS

 

Section 1201. Applicability of
Article.

 

The provisions
of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise permitted
or required by any form of Security of such series issued pursuant to this Indenture.

 

The minimum amount
of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of such
series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of
any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking
fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such
series.

 

Section 1202. Satisfaction of
Sinking Fund Payments with Securities.

 

The Company may,
in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series to be made pursuant
to the terms of such Securities as provided for by the terms of such series (1) deliver Outstanding Securities of such series
(other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have
been released to the Company), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining
thereto, and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant
to the terms of such series of Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, PROVIDED that such series of Securities have not been previously so credited. Such Securities shall
be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the
delivery or credit of Securities of any series in lieu of cash payments pursuant to this Section 1202, the principal amount of
Securities of such series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such series for redemption, except upon Company Request, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, PROVIDED, HOWEVER, that the Trustee or such
Paying Agent shall at the request of the Company from time to time pay over and deliver to the Company any cash payment so being
held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that series purchased by
the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company.

 

Section 1203. Redemption of Securities
for Sinking Fund.

 

Not less than
75 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of
that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is
to be satisfied by delivering and crediting of Securities of that series pursuant to Section 1202, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities
to be so credited and not theretofore delivered. If such Officers’ Certificate shall specify an optional amount to be added
in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein
specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107.

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ARTICLE THIRTEEN

 

REPAYMENT
AT THE OPTION OF HOLDERS

 

Section 1301. Applicability of
Article.

 

Securities of
any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance
with the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of
the Holder to require repayment of Securities before their Stated Maturity, for purposes of Section 310, shall not operate as
a payment, redemption or satisfaction of the indebtedness represented by such Securities unless and until the Company, at its
option, shall deliver or surrender the same to the Trustee with a directive that such Securities be cancelled. Notwithstanding
anything to the contrary contained in this Article Thirteen, in connection with any repayment of Securities, the Company may arrange
for the purchase of any Securities by an agreement with one or more investment bankers or other purchasers to purchase such Securities
by paying to the Holders of such Securities on or before the close of business on the repayment date an amount not less than the
repayment price payable by the Company on repayment of such Securities, and the obligation of the Company to pay the repayment
price of such Securities shall be satisfied and discharged to the extent such payment is so paid by such purchasers.

 

ARTICLE FOURTEEN

 

MEETINGS OF
HOLDERS

 

Section 1401. Purposes for Which
Meetings May Be Called.

 

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

 

Section 1402. Call, Notice and
Place of Meetings.

 

(a)            The Trustee
may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1401, to be held at
such time and at such place in the Principle Office of the Trustee, or, if Securities of such series are to be issued as Bearer
Securities, in London, as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting
forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given,
in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting.

 

(b)           In case
at any time the Company, pursuant to Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities
of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified
in Section 1401, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or
shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities
of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section.

 

Section 1403. Persons Entitled
to Vote at Meetings.

 

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

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Section 1404. Quorum; Action.

 

The Persons entitled
to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders
of Securities of such series. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting
may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of
such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a
period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided in section 1402 (a), except that such notice need
be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum.

 

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

 

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

 

Section 1405. Determination of
Voting Rights; Conduct and Adjournment of Meetings.

 

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

 

(b)           The Trustee
shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Company or by Holders of Securities as provided in Section 1402(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman
and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount
of the Outstanding Securities of such series represented at the meeting.

 

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

 

(d)           Any meeting
of Holders of Securities of any series duly called pursuant to Section 1402 at which a quorum is present may be adjourned from
time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting; and the meeting may be held as so adjourned without further notice.

    	52

    	 

    

Section 1406. Counting Votes and
Recording Action of Meetings.

 

The vote upon
any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed
the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and
serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall
make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting.

 

A record, at
least in triplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary
of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that said notice was given as provided in Section 1402 and, if applicable, Section 1404. Each copy shall be signed
and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to
the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at
the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated

 

ARTICLE FIFTEEN

 

CONVERSION

 

Section 1501. Conversion Privilege.

 

Subject to and
upon compliance with the provisions of this Article Fifteen and the terms of the Convertible Securities of the series proposed
to be converted, at the option of the Holder, any Convertible Security or any portion of the principal amount thereof which is
$1,000 or an integral multiple thereof, may be converted into shares of Common Stock, as said shares shall be constituted at the
Date of Conversion, at the Conversion Price for such Convertible Securities of such series in effect at the Date of Conversion.

 

Section 1502. Manner of Exercise
of Convertible Privilege.

 

In order to exercise
the conversion privilege, the Holder of any Convertible Security to be converted shall surrender such Convertible Security to
the Company at its office or agency, together with the conversion notice in the form provided on the Securities (or separate written
notice) duly executed, and, if so required by the Company, accompanied by instruments of transfer, in form satisfactory to the
Company and to the Trustee, duly executed by the Holder or by his duly authorized attorney in writing. Any registered Convertible
Security so surrendered during the period from the close of business on the Regular Record Date preceding an Interest Payment
Date for such registered Convertible Security to the opening of business on such Interest Payment Date shall (unless any such
registered Convertible Security or the portion thereof being converted shall have been called for redemption on a Redemption Date
during such period, in which event no interest shall be payable with respect to such registered Convertible Security or portion
thereof, as the case may be, following such Redemption Date) also be accompanied by payment in Clearing House funds or other funds
acceptable to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of
such registered Convertible Security then being converted; provided, however, that no such payment need be made if there shall
exist, at the time of conversion, a default in the payment of interest on the Convertible Securities of such series. Except as
provided in the immediately preceding sentence, no adjustment shall be made for interest accrued on any Convertible Security that
shall be converted or for dividends on any shares of Common Stock that shall be delivered upon the conversion of such Convertible
Securities. The funds so delivered to such office or agency shall be paid to the Company on or after such Interest Payment Date,
unless the Company shall default in the payment of the interest due on such Interest Payment Date, in which event such funds shall
be repaid to the Person who delivered the same. As promptly as practicable after the surrender of any Convertible Security for
conversion as aforesaid, the Company shall deliver at said office or agency to such Holder, or on his written order, a certificate
or certificates for the number of full shares deliverable upon the conversion of such Convertible Security or portion thereof
and a check or cash in respect of any fraction of a share of Common Stock otherwise deliverable upon such conversion, all as provided
in this Article Fifteen, together with a Convertible Security or Convertible Securities of the same series in principal amount
equal to the unconverted and unredeemed portion, if any, of the Convertible Security so converted in accordance with Section 306
hereof. Such conversion shall be deemed to have been effected on the date on which such notice shall have been received at said
office or agency and such Convertible Security shall have been surrendered as aforesaid, and the Person or Persons in whose name
or names any certificate or certificates for shares of Common Stock shall be deliverable upon such conversion shall be deemed
to have become on said date the Holder or Holders of record of the shares represented thereby, provided, however, that any such
surrender on any date when the stock transfer books of the Company shall be closed shall constitute the Person or Persons in whose
name or names the certificates are to be delivered as the record Holder or Holders thereof for all purposes on the next succeeding
day on which such stock transfer books are open, but such conversion shall be at the Conversion Price in effect on the date of
such surrender.

    	53

    	 

    

Section 1503. Cash Adjustment
Upon Conversion.

 

The Company shall
not be required to deliver fractions of shares of Common Stock upon conversions of Convertible Securities. If more than one Convertible
Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be deliverable
upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities so surrendered. If
any fractional interest in a share of Common Stock would be deliverable upon the conversion of any Convertible Security or Securities,
the Company shall make an adjustment therefor in cash equal to the current market value of such fractional interest computed to
the nearest cent either on the basis of the last reported sale price regular way of the Common Stock on the Nasdaq Global Market
(or, if not listed on the Nasdaq Global Market, then on such other exchange on which the shares of Common Stock are listed as
the Company may designate) on the last Business Day prior to the Date of Conversion or, if there shall not have been a sale on
such last Business Day, on the basis of the average of the bid and asked quotations therefor on such exchange on such last Business
Day or, if the Common Stock shall not then be listed on any exchange, at the highest bid quotation in the over-the- counter market
on such last Business Day as reported by the National Association of Securities Dealers through NASDAQ, its automated system for
reporting quotes, or its successor or such other generally accepted source of publicly reported bid and asked quotations as the
Company may reasonably designate.

 

Section 1504. Conversion Price.

 

The Conversion
Price applicable to any series of Convertible Securities shall be the initial Conversion Price set forth on the Officers’
Certificate or supplemental indenture establishing such series adjusted as provided in this Article Fifteen.

 

Section 1505. Adjustment of Conversion
Price.

 

The Conversion
Price applicable to any series of Convertible Securities shall be adjusted from time to time as follows:

 

(a)            In case
the Company shall, at any time or from time to time while the Securities of any series are outstanding, (i) pay a dividend on
its Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a larger number of shares,
or (iii) combine its outstanding Common Stock into a smaller number of shares, the Conversion Price for such series in effect
immediately prior thereto shall be adjusted so that the Holder of any Security of such series thereafter surrendered for conversion
shall be entitled to receive the number of shares of Common Stock or other securities of the Company which he would have owned
or have been entitled to receive after the happening of any of the events described above, had such Convertible Security of such
series been converted immediately prior to the happening of such event. An adjustment made pursuant to this subdivision (a) shall
become effective, in the case of a dividend, on the payment date retroactively to immediately after the opening of business on
the day following the record date for the determination of shareholders entitled to receive such dividend, subject to the provisions
of paragraph (g) of this Section 1505, and shall become effective in the case of a subdivision or combination immediately after
the opening of business on the day following the day when such subdivision or combination, as the case may be, becomes effective.

    	54

    	 

    

(b)           In case
the Company shall, at any time or from time to time while the Convertible Securities of any series are outstanding, issue rights
or warrants to all holders of its shares of Common Stock entitling them (for a period expiring within 45 days of the record date
mentioned below) to subscribe for or purchase shares of Common Stock at a price per share less than the current market price per
share of Common Stock (as defined in paragraph (d) below) at such record date, the Conversion Price of any series of Convertible
Securities in effect immediately prior to the issuance of such rights or warrants shall be adjusted as follows: the number of
shares of Common Stock into which $1,000 principal amount of Convertible Securities of such series was theretofore convertible
shall be multiplied by a fraction, of which the numerator shall be the number of shares of Common Stock outstanding immediately
prior to such record date plus the number of additional shares of Common Stock offered for subscription or purchase, and of which
the denominator shall be the number of shares of Common Stock outstanding immediately prior to such record date plus the number
of shares which the aggregate offering price of the total number of shares so offered would purchase at such current market price;
and the Conversion Price for such series of Convertible Securities shall be adjusted by dividing $1,000 by the new number of shares
into which $1,000 principal amount of Securities of such series shall be convertible as aforesaid. Such adjustment shall become
effective on the date of such issuance retroactively to immediately after the opening of business on the day following the record
date for the determination of shareholders entitled to receive such rights or warrants, subject to the provisions of paragraph
(g) of this Section 1505. In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares
of Common Stock at less than such current market price, and in determining the aggregate offering price of such shares, there
shall be taken into account any consideration received by the Company for such rights or warrants, the value of such consideration,
if other than cash, to be determined by the Board of Directors.

 

(c)            In case
the Company shall, at any time from time to time while the Convertible Securities of any series are outstanding, distribute to
all holders of shares of its Common Stock evidences of its indebtedness or securities or assets (excluding cash dividends or cash
distributions payable out of consolidated net earnings or retained earnings) or rights or warrants to subscribe for shares of
Common Stock at a price per share less than the current market price per share of Common Stock, determined in the manner set forth
in paragraph (d) below, but excluding rights or warrants referred to in paragraph (b) above, the Conversion Price for such series
of Convertible Securities in effect immediately prior to such distribution shall be adjusted by multiplying the number of shares
of Common Stock into which $1,000 principal amount of Convertible Securities of such series of Convertible Securities was theretofore
convertible by a fraction, of which the numerator shall be the current market price per share of Common Stock (as defined in paragraph
(d) below) on the record date for such distribution, and of which the denominator shall be such current market price per share
of the Common Stock, less the then fair market value (as determined by the Board of Directors of the Company, whose determination
shall be conclusive) of the portion of such evidences of indebtedness, securities or assets or of such subscription rights or
warrants so distributed applicable to one share of Common Stock; and the Conversion Price for such series of Convertible Securities
shall be adjusted by dividing $1,000 by the new number of shares into which $1,000 principal amount of Convertible Securities
of such series shall be convertible as aforesaid. Such adjustment shall become effective on the date of such distribution retroactively
to immediately after the opening of business on the day following the record date for the determination of shareholders entitled
to receive such distribution, subject to the provisions of paragraph (g) of this Section 1505. For the purposes of this paragraph
(c) consolidated net earnings or retained earnings shall be computed by adding thereto all charges against retained earnings on
account of dividends paid in shares of Common Stock in respect of which the Conversion Price has been adjusted, all as determined
by Independent Public Accountants, whose determination shall be conclusive.

 

(d)            For the
purpose of any computation under paragraphs (b) and (c) above, the current market price per share of Common Stock at any date
shall be deemed to be the average of the market values of the shares of Common Stock for the ten consecutive Business Days immediately
preceding the day in question. The market value of the Common Stock for each day shall be determined as provided in Section 1503
hereof.

 

(e)           The Company
may make such reductions in the Conversion Price for any series of Convertible Securities, in addition to those required by paragraphs
(a), (b) and (c) of this Section as it considers to be advisable in order that any event treated for Federal income tax purposes
as a dividend of stock or stock rights shall not be taxable to the recipients.

    	55

    	 

    

(f)             Except
as herein otherwise provided, no adjustment in the Conversion Price for any series of Convertible Securities shall be made by
reason of the issuance, in exchange for cash, property or services, of shares of Common Stock, or any securities convertible into
or exchangeable for shares of Common Stock, or carrying the right to purchase any of the foregoing.

 

(g)            If the
Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive any dividend
or any subscription or purchase rights or any distribution and shall, thereafter and before the distribution to shareholders of
any such dividend, subscription or purchase rights or distribution, legally abandon its plan to pay or deliver such dividend,
subscription or purchase rights or distribution, then no adjustment of the Conversion Price for any series of Convertible Securities
shall be required by reason of the taking of such record.

 

(h)            No adjustment
in the Conversion Price for any series of Convertible Securities shall be required unless such adjustment would require an increase
or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this paragraph (h) are not
required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this
Article Fifteen shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be.

 

(i)            Whenever
the Conversion Price for any series of Convertible Securities is adjusted as herein provided, the Company shall (i) forthwith
place on file at the Principal Office of the Trustee an Officers’ Certificate showing in detail the facts requiring such
adjustment and the Conversion Price after such adjustment and shall exhibit the same from time to time to any Holder of Convertible
Securities of such series desiring an inspection thereof, and (ii) cause a notice stating that such adjustment has been effected
and the adjusted Conversion Price to be mailed to the Holders of registered Convertible Securities of such series at their last
addresses as they shall appear on the Security Register.

 

(j)            The Company
may delete, modify or vary any of the provisions applicable to conversion of the Convertible Securities of any series, or may
add new provisions applicable thereto, all as may be contained in the Board Resolutions and Officers’ Certificate or supplemental
indenture establishing such series.

 

Section 1506. Effect of Reclassifications,
Consolidations, Mergers or Sales on Conversion Privilege.

 

In case of any
reclassification or change of outstanding shares of the class of Common Stock issuable upon conversion of the Convertible Securities
(other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination), or in case of any merger or consolidation of the Company with one or more other corporations (other than a merger
or consolidation in which the Company is the continuing corporation and which does not result in any reclassification or change
of outstanding shares of Common Stock issuable upon conversion of the Securities), or in case of the merger of the Company into
another corporation, or in case of any sale or conveyance to another corporation of the property of the Company as an entirety
or substantially as an entirety, the Holder of Convertible Securities then outstanding shall have the right to convert such Convertible
Security into the kind and amount of shares of capital stock or other securities and property, including cash, receivable upon
such reclassification, change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock into
which such Convertible Security might have been converted immediately prior to such reclassification, change, consolidation, merger,
sale or conveyance. In any such case the Company, or such successor or purchasing corporation, as the case may be, shall execute
with the Trustee one or more supplemental indentures (which shall conform to the Trust Indenture Act of 1939 as in force at the
date of the execution of such supplemental indenture) containing provisions to the effect set forth above in this Section 1506
and providing further for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for
in this Article Fifteen; and any such adjustment which shall be approved by the Board of Directors and set forth in such supplemental
indenture or supplemental indentures shall be conclusive for all purposes of this Section, and the Trustee shall not be under
any responsibility to determine the correctness of any provision contained in such supplemental indenture or supplemental indentures
relating to either the kind or amount of shares of stock or securities or property receivable by Holders of Securities of any
series upon the conversion of their Convertible Securities after any such reclassification, change, consolidation, merger, sale
or conveyance.

    	56

    	 

    

The above provisions
of this Section 1506 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances.

 

Section 1507. Taxes on Conversions.

 

The issue of
stock certificates on conversions of Convertible Securities shall be made without charge to the converting Holder of Convertible
Securities for any tax in respect of the issue thereof. The Company shall not, however, be required to pay any tax which may be
payable in respect of any transfer involved in the issue and delivery of shares in any name other than that of the Holder of any
registered Convertible Security converted, and the Company shall not be required to issue or deliver any such stock certificate
unless and until the Person or Persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

 

Section 1508. Company to Reserve
Common Stock.

 

The Company shall
at all times reserve and keep available out of the aggregate of its authorized but unissued shares or its issued shares held in
its treasury, or both, for the purpose of effecting the conversion of the Securities, such number of its duly authorized shares
of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Securities.

 

If any shares
of Common Stock reserved or to be reserved for the purpose of conversion of Securities hereunder require registration with or
approval of any governmental authority under any Federal or State law before such shares may be validly delivered upon conversion,
then the Company covenants that it will in good faith and as expeditiously as possible endeavor to secure registration or approval,
as the case may be.

 

The Company covenants
that all shares of Common Stock which may be delivered upon conversion of Convertible Securities shall upon delivery be fully
paid and nonassessable by the Company and free from all taxes, liens and charges with respect to the issue or delivery thereof.

 

Section 1509. Disclaimer by Trustee
of Responsibility for Certain Matters.

 

Neither the Trustee
nor any conversion agent shall at any time be under any duty or responsibility to any Holder of Convertible Securities of any
series to determine whether any facts exist which may require any adjustment of the Conversion Price for such series, or with
respect to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any
supplemental indenture provided to be employed, in making the same, subject, however, to the provisions of Sections 315(a) through
315(b) of the Trust Indenture Act. Neither the Trustee nor any conversion agent shall be accountable with respect to the validity
or value (or the kind or amount) of any shares of Common Stock, or of any securities or property which may at any time be issued
or delivered upon the conversion of any Convertible Security; and neither of them makes any representation with respect thereto.
Neither the Trustee nor any conversion agent shall be responsible for any failure of the Company to make any cash payment or to
issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property upon the surrender
of any Security for the purpose of conversion or, subject to Sections 315(a) through 315(b) of the Trust Indenture Act, to comply
with any of the covenants of the Company contained in this Article Sixteen.

 

No recourse may
be taken with respect to the obligations of the Company or the Trustee against the Trustee in its individual capacity.

 

Section 1510. Company to Give
Notice of Certain Events.

 

In the event:

 

(1)            that the
Company shall pay any dividend or make any distribution to the holders of shares of Common Stock otherwise than in cash charged
against consolidated net earnings or retained earnings of the Company and its consolidated net earnings or retained earnings of
the Company and its consolidated subsidiaries or in Common Stock; or

    	57

    	 

    

(2)            that the
Company shall offer for subscription or purchase, pro rata, to the holders of shares of Common Stock any additional shares of
stock of any class or any securities convertible into or exchangeable for stock of any class; or

 

(3)           of any
reclassification or change in outstanding shares of the class of Common Stock issuable upon the conversion of the Securities (other
than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision
or combination), or of any merger or consolidation of the Company with, or merger of the Company into, another corporation (other
than a merger or consolidation in which the Company is the continuing corporation and which does not result in any reclassification
or change of outstanding shares of Common Stock issuable upon conversion of the Securities), or of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an entirety;

 

then, and in any one or more of such
events, the Company will give to the Trustee and each conversion agent written notice thereof at least fifteen days prior to (i)
the record date fixed with respect to any of the events specified in (1) and (2) above, and (ii) the effective date of any of
the events specified in (3) above; and shall mail promptly a copy of such notice to the Holders of registered Convertible Securities
at their last addresses as they shall appear upon the Security Register. Failure to give such notice, or any defect therein, shall
not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up.

 

* * * * *

 

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

 

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

 

	 	AMALGAMATED FINANCIAL CORP.
	 	 	 
	 	By:	                    
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	[                     ], not in its individual capacity but solely as Trustee
	 	 	 
	 	By:  	 
	 	 	Name:  
	 	 	Title:  

    	58

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