Document:

Exhibit 10.3

 

RIGHT OF FIRST REFUSAL AGREEMENT

 

This RIGHT OF FIRST REFUSAL AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) is made as of September 14, 2018 by and among AMC Entertainment Holdings, Inc., a Delaware corporation (the “Company”), Silver Lake Alpine, L.P., a Delaware limited partnership (collectively with any of its successors and permitted assigns, the “Investor”), and the Specified Holders (as defined herein) listed on Schedule A hereto (as updated from time to time).

 

RECITALS

 

WHEREAS, as of the date of this Agreement, each Specified Holder is the beneficial owner of the number and class of Company Common Stock set forth opposite the name of such Specified Holder on Schedule A.

 

WHEREAS, concurrently herewith, the Company and the Investor are entering into an Investment Agreement of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, the “Investment Agreement”), pursuant to which, among other things, the Company will issue and sell to the Investor and/or one or more of its Affiliates, and the Investor and/or one or more of its Affiliates will purchase and acquire from the Company, upon the terms and subject to the conditions set forth therein, certain 2.95% Convertible Notes due 2024 issued by the Company (the “Notes”);

 

WHEREAS, concurrently herewith, the Company and the Specified Holders are entering into a Stock Repurchase and Cancellation Agreement of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, this “Repurchase Agreement”), pursuant to which, among other things, the Company has agreed to repurchase 24,057,143 shares of Company Common Stock held by one or more Specified Holders for the price per share set forth in the Repurchase Agreement; and

 

WHEREAS, as an inducement to the Investor to purchase the Notes pursuant to the Investment Agreement, the Investor, the Specified Holders and the Company desire to enter into this Agreement.

 

NOW THEREFORE, in consideration of the above recitals and the mutual covenants made herein, the parties hereby agree as follows:

 

AGREEMENT

 

1.                                      Definitions.

 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person, or, with respect to the Investor, any private investment fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor; provided, however, that (i) no portfolio company of any Affiliate of Silver Lake Group, L.L.C. that serves as general partner of, or manages or advises, any investment

 

 

fund or other investment entity Affiliated with Silver Lake Group, L.L.C., the Investor or their respective Affiliates shall be deemed an Affiliate of the Investor and its other Affiliates and (ii) neither the Company nor any of its subsidiaries shall be deemed to be an Affiliate of the Investor or any Specified Holder or any of their respective Affiliates.  Without limiting the generality of the foregoing, each Specified Holder listed on Schedule A shall be deemed an “Affiliate” of each other for purposes of this Agreement.  As used in this definition, “control” (including its correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

“Agreement” has the meaning set forth in the Preamble.

 

“Beneficially Own”, “Beneficially Owned”, “Beneficial Ownership” or “Beneficial Owner” have the meanings set forth in Rule 13d-3 of the rules and regulations promulgated under the Exchange Act.

 

“Business Day” means any day, other than a Saturday, Sunday or a day on which banking institutions in The City of New York, New York or San Francisco, California are authorized or obligated by law or executive order to remain closed.

 

“Capital Stock” means (a) shares of Company Common Stock (whether now outstanding or hereafter issued in any context), (b) shares of Class A Common Stock issued or issuable upon conversion of shares of Class B Common Stock (whether now outstanding or hereafter issued in any context) and (c) shares of Company Common Stock issued or issuable upon exercise or conversion, as applicable, of stock options, warrants or other convertible securities of the Company; provided, that the term “Capital Stock” shall include all securities received by the Specified Holders in respect of their Capital Stock in connection with any Merger that does not constitute a Change of Control.

 

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

 

(a)                                 any “person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the direct or indirect “beneficial owner” (as that term is used in Rule 13d-3 under the Exchange Act) of Capital Stock representing more than eighty percent (80%) of the total outstanding shares of the Company’s Voting Stock; provided, however, that a transaction described in this clause (a) shall not constitute a “Change in Control” if a Specified Holder or any of its Affiliates is such “person” or a member of such “group”; or

 

(b)                                 the consummation of any merger, business consolidation, tender offer, exchange offer or acquisition of the Company with or by another Person pursuant to which (i) all or substantially all of the outstanding Capital Stock is exchanged for, converted into, acquired for or constitutes solely the right to receive other securities, other property, assets or cash and (ii) the Persons that “beneficially owned,” directly or indirectly, the shares of the Company’s Voting Stock immediately prior to such transaction “beneficially own,” directly or indirectly, immediately after such transaction, shares of the surviving, continuing or acquiring corporation’s Voting Stock representing less than twenty percent (20%) of the total outstanding shares of all outstanding classes of Voting Stock of the surviving, continuing or acquiring corporation in substantially the

 

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same proportion relative to each other as such ownership immediately prior to such transaction (other than changes in proportionality as a result of any cash/stock election provided under the terms of the definitive agreement regarding such transaction).

 

“Class A Common Stock” means Class A Common Stock of the Company, par value $0.01 per share.

 

“Class B Common Stock” means Class B Common Stock of the Company, par value $0.01 per share.

 

“Closing Sale Price” on any date means the per share price of the Class A Common Stock on such date, determined (i) on the basis of the closing sale price per share (or if no closing sale price per share is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in the composite transactions for the Relevant Stock Exchange; or (ii) if the Class A Common Stock is not listed on a U.S. national securities exchange on the relevant date, the last quoted bid price for the Class A Common Stock on the relevant date, as reported by OTC Markets Group, Inc. or a similar organization; provided, however, that in the absence of any such report or quotation, the “Closing Sale Price” shall be the price determined by a nationally recognized independent investment banking firm retained by the Company (at the expense of the Company) for such purpose as most accurately reflecting the per share price that a fully informed buyer, acting on his own accord, would pay to a fully informed seller, acting without compulsion on his own accord in an arms-length transaction, for one share of Class A Common Stock. The “Closing Sale Price” shall be determined without reference to after-hours or extended market trading.

 

“Company” has the meaning set forth in the Preamble.

 

“Company Common Stock” means, collectively, the Class A Common Stock and the Class B Common Stock.

 

“Daily VWAP” means, for each Trading Day, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “[AMC <EQUITY> AQR]” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Class A Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

“designee” means any co-investor to whom the Investor syndicated Notes pursuant to the Post-Closing Syndication (as defined in the Investment Agreement) and any of such co-investor’s permitted transferees.

 

“Effective Time” means the date and time of the Closing (as defined in the Investment Agreement).

 

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“Election Notice” means, with respect to any Transfer Notice delivered by one or more selling Specified Holders to the Investor, a written notice from the Investor notifying such selling Specified Holders that the Investor, or one or more of its designees or permitted transferees or assigns, intends to exercise its right to purchase all or any portion of the Subject Securities identified in such Transfer Notice.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempted Transfer” has the meaning set forth in Section 3.1.

 

“Fair Market Value” means, as of a given date, (i) with respect to cash, the value of such cash in U.S. dollars on such date; provided, that with respect to any cash expressed in a currency other than U.S. dollars, such value of cash in U.S. dollars shall be computed using the rate of exchange of U.S. dollars for such currency appearing in The Wall Street Journal published on the Business Day immediately preceding such date, (ii) with respect to Marketable Securities and any other securities that are listed on a national securities exchange or traded publicly and freely in the over-the-counter market, the volume-weighted average trading price of such securities on its principal exchange or in the over-the-counter market for the ten (10) consecutive trading days immediately preceding such date (as calculated using the custom “volume-weighted average price” function provided by Bloomberg, L.P. (“Bloomberg”) or such other comparable service as determined by the Investor that has replaced Bloomberg) and (iii) with respect to any other securities or other assets, the fair market value per security or asset of the applicable securities or assets as of such date on the basis of the sale of such securities or assets in an arms’-length private sale between a willing buyer and a willing seller, neither acting under compulsion, determined in good faith by the Investor and the applicable Specified Holder with respect to the applicable Unregistered Transfer; provided, that, in the case of this clause (iii), in the event that the Investor and such Specified Holder are unable to reach an agreement on the Fair Market Value of such securities or assets within ten (10) Business Days following the delivery of a Transfer Notice, (x) the Investor and such Specified Holder shall each select one (1) internationally recognized investment banking or valuation firm for the purpose of determining the proposed Fair Market Value for such securities or assets, and the two firms so selected shall nominate a third such firm, and such third firm shall serve as the firm for purposes of determining such Fair Market Value for purposes of this Agreement and shall promptly (and in any event, within twenty (20) Business Days) be engaged (at the Company’s expense) by the Company, (y) such firm shall be instructed by the Company to provide its written determination of such Fair Market Value to each of the Investor and such Specified Holder within five (5) Business Days of its engagement and (z) such investment banking or valuation firm’s determination shall, absent fraud or manifest error, be final, conclusive and binding upon the Company, the Investor and such Specified Holder for purposes of this Agreement.

 

“Five Day Trailing VWAP” means the average of the Daily VWAP for each Trading Day in the period of five (5) consecutive Trading Days ending on the Trading Day immediately prior to the day a Transfer Notice is delivered pursuant to Section 2.2(b).

 

“Investment Agreement” has the meaning set forth in the Recitals.

 

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“Investor” has the meaning set forth in the Preamble.

 

“Investor ROFR Early Termination Date” means the first date upon which the Specified Holders and their Affiliates collectively cease to Beneficially Own at least 50.1% of the total voting power of the Voting Stock of the Company.

 

“Market Disruption Event” means, with respect to the Class A Common Stock, (i) a failure by the Relevant Stock Exchange to open for trading during its regular trading session or (ii) the occurrence or existence for more than one-half hour period in the aggregate on any Scheduled Trading Day for Class A Common Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise) of the Class A Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such day.

 

“Marketable Securities” means securities that are traded on the New York Stock Exchange, the Nasdaq Stock Market or any other established securities exchange or successor to the foregoing.

 

“Notes” has the meaning set forth in the Recitals.

 

“Person” means an individual, corporation, limited liability or unlimited liability company, association, partnership, trust, estate, joint venture, business trust or unincorporated organization, or a government or any agency or political subdivision thereof, or other entity of any kind or nature.

 

“Prospective Transferee” means any Person to whom a Specified Holder proposes to make an Unregistered Transfer.

 

“Registered Transfer” means any Transfer proposed by any of the Specified Holders that is consummated or proposed to be consummated (i) pursuant to an effective registration statement under the Securities Act or (ii) to a broker-dealer without registration under the Securities Act within the limitations of the exemption provided by Rule 144; provided, that any Exempted Transfer by a Specified Holder pursuant to and in accordance with Section 3.1 shall not be deemed a “Registered Transfer”.

 

“Relevant Stock Exchange” means The New York Stock Exchange or, if the Class A Common Stock is not then listed on The New York Stock Exchange, the principal other U.S. national securities exchange or market on which the Class A Common Stock is then listed.

 

“Repurchase Agreement” has the meaning set forth in the Recitals.

 

“ROFR Purchaser” means (i) from the date hereof until the day immediately before the Investor ROFR Early Termination Date, any or all of the Investor and its designees and permitted transferees or assigns and (ii) at any time thereafter, the Company and its permitted assigns; provided, that, for all purposes hereunder, in the event that any Specified Holder proposes to effect any Registered Transfer or Unregistered Transfer that would cause the Specified Holders and their Affiliates collectively cease to Beneficially Own at least 50.1% of the total voting power of the Voting Stock of the Company, (x) the Investor shall be deemed to be the ROFR Purchaser with respect to the portion of the Subject Securities proposed to be transferred in connection therewith

 

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the Transfer of which would result in the Specified Holders and their Affiliates Beneficially Owning exactly 50.1% of the total voting power of the Voting Stock of the Company and (y) the Company shall be deemed to be the ROFR Purchaser with respect to the remaining Subject Securities proposed to be transferred after taking into account the Subject Securities covered by the foregoing clause (x), and all references to the ROFR Purchaser under this Agreement, including Section 2, shall be deemed to refer to each of such parties, as applicable.

 

“ROFR Purchaser Related Person” has the meaning set forth in Section 2.1(c).

 

“Securities Act” means the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated thereunder.

 

“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange. If the Class A Common Stock is not listed on any U.S. national securities exchange, “Scheduled Trading Day” means a Business Day.

 

“Specified Holders” means (a) the Person(s) listed on Schedule A as of the date hereof, (b) each Affiliate of a Specified Holder who acquires any Subject Securities whether pursuant to a Transfer, an Exempted Transfer or otherwise and (c) any Specified Holders and any controlling Affiliate thereof to whom the Company issues Capital Stock, and any one of them, as the context may require.

 

“Subject Securities” means shares of Capital Stock owned by a Specified Holder or issued to or acquired by a Specified Holder after the date hereof (including, without limitation, in connection with any Merger that does not constitute a Change of Control, and any stock split, stock dividend, recapitalization, reclassification, reorganization, or any similar transaction occurring after the date of this Agreement).

 

“Trading Day” means a day on which (i) there is no Market Disruption Event, (ii) trading in the Class A Common Stock generally occurs on the Relevant Stock Exchange or, if the Class A Common Stock is not then listed on a U.S. national securities exchange, on the principal other market on which the Class A Common Stock is then traded, and (iii) a Closing Sale Price for the Class A Common Stock is available on such securities exchange or market; provided that if the Class A Common Stock (or other security for which a Closing Sale Price must be determined) is not so listed or traded, “Trading Day” means a Business Day.

 

“Transfer” means any direct or indirect sale, disposition, assignment, gift, mortgage, hypothecation, or any other like transfer of, any Subject Securities (or any interest therein), or any agreement with respect to any of the foregoing, including without limitation, any Unregistered Transfer or Registered Transfer.

 

“Transfer Notice” means a written notice from a Specified Holder setting forth the terms and conditions of a proposed Transfer as required by and in accordance with Section 2.1(b) or Section 2.2(b), as applicable.

 

“Unregistered Transfer” means any Transfer proposed by any of the Specified Holders that is not a Registered Transfer; provided, that any Exempted Transfer by a Specified Holder pursuant to and in accordance with Section 3.1 shall not be deemed an “Unregistered Transfer”.

 

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“Voting Stock” of a Person means all classes of Capital Stock or other interests of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof.

 

2.                                      Agreement Among the Company, the Investor and the Specified Holders.

 

2.1                               Right of First Refusal on Unregistered Transfers.

 

(a)                                 Grant.  Subject to the terms of Section 3 below, during the period beginning as of the date hereof and ending at 11:59 p.m. New York time on the two (2)-year anniversary of the Effective Time, each Specified Holder hereby unconditionally and irrevocably grants to the ROFR Purchaser the right to purchase all or any portion of the Subject Securities that such Specified Holder may propose to Transfer in an Unregistered Transfer, at the same price and on the same material terms and conditions (other than as set forth in Section 2.1(c)) as those offered to the Prospective Transferee following delivery of a Transfer Notice in accordance with the terms hereof, including, without limitation, Section 2.1(c).  Whenever a Specified Holder is considering or proposes to deliver a Transfer Notice with respect to an Unregistered Transfer, such Specified Holder will consult with the ROFR Purchaser reasonably in advance of undertaking to deliver such Transfer Notice and, if and only if the such ROFR Purchaser notifies such Specified Holder within five (5) Business Days following such consultation of its preliminary interest in receiving an offer to purchase the Subject Securities included in such Unregistered Transfer (which indication shall not be binding upon  such ROFR Purchaser), such Specified Holder will provide a Transfer Notice with respect to such Unregistered Transfer pursuant to and in accordance with the terms of this Section 2.1.

 

(b)                                 Notice.  If required pursuant to Section 2.1(a), each Specified Holder proposing to make or enter into an Unregistered Transfer must deliver a Transfer Notice to the ROFR Purchaser (and, in all cases, the Company) no later than twenty (20) Business Days prior to the proposed consummation of such Unregistered Transfer.  Such Transfer Notice shall (i) certify that such Specified Holder has received a bona fide binding offer from the Prospective Transferee, (ii) contain the material terms and conditions (including the number, type and class of Subject Securities and the price and form of consideration to be paid in exchange therefor (which in the case of any cash consideration expressed in a currency other than U.S. dollars shall be expressed in such Transfer Notice in U.S. dollars based on the rate of exchange of U.S. dollars for such currency appearing in The Wall Street Journal published on the Business Day immediately preceding the date of such Transfer Notice) of the Unregistered Transfer), the identity of the Prospective Transferee (and a description of such Specified Holder’s relationship to or affiliation with the Prospective Transferee) and the intended date of consummation of the Unregistered Transfer, (iii) include a copy of all binding agreements and related documentation (including all exhibits, schedules and annexes thereto) with respect to such offer and (iv) include an irrevocable offer to sell such Subject Securities to the ROFR Purchaser pursuant to the terms and conditions set forth in this Section 2.1.  The ROFR Purchaser shall have the right, but not the obligation, to purchase all or any portion of the Subject Securities with respect to such Unregistered Transfer, in cash in U.S. dollars at the same price and on the same material terms and conditions as specified in the Transfer Notice, but subject to the rights and terms set forth in Section 2.1(c).  To exercise such right under this Section 2.1 with respect to an Unregistered Transfer, the ROFR Purchaser must deliver an Election Notice to the selling Specified Holder within thirty (30) Business Days

 

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after receipt by such ROFR Purchaser of the Transfer Notice.  If such ROFR Purchaser does not provide the applicable Specified Holder an Election Notice electing to collectively purchase all of the Subject Securities identified in the Transfer Notice within such period, then such ROFR Purchaser shall be deemed to have forfeited the right under this Section 2.1 to purchase the portion of such Subject Securities that is has not so elected to purchase and such Specified Holders shall thereafter be permitted to sell such Subject Securities that the ROFR Purchaser has not elected to purchase to the Prospective Transferee identified in the applicable Transfer Notice on the terms and conditions set forth therein (it being understood that the terms and conditions provided to such Prospective Transferee shall not be more favorable to such Prospective Transferee than those included in the Transfer Notice); provided, however, that if such sale to such Prospective Transferee is not consummated within sixty (60) days (which period shall be extended solely to the extent necessary to obtain any required governmental approval) following the date that the applicable ROFR Purchaser delivers an Election Notice to the applicable Specified Holder (or, if thirty (30) Business Days have elapsed after the applicable ROFR Purchaser’s receipt of the Transfer Notice and the applicable ROFR Purchaser fails to deliver an Election Notice to the applicable Specified Holder within such period, then within sixty (60) days following the last day of such thirty (30) Business Day period), any subsequent Transfer of any such Subject Securities shall again be subject to the terms and conditions of this Agreement, including all of the applicable ROFR Purchasers’ rights under this Section 2.1 and Section 2.2.

 

(c)                                  Consideration; Closing.  Notwithstanding anything herein to the contrary, in connection with any exercise by the applicable ROFR Purchaser of the right to purchase any Subject Securities with respect to an Unregistered Transfer under this Section 2.1, (x) irrespective of whether the consideration proposed to be paid for the Subject Securities in such Unregistered Transfer is in the form of cash, securities, property or other assets or any combination thereof, such ROFR Purchaser shall pay the purchase price for such Subject Securities in an amount in cash in U.S. dollars equal to the Fair Market Value of such consideration determined as of the date of the Transfer Notice, (y) the ROFR Purchaser shall be entitled to the same terms and conditions as those offered to the Prospective Transferee and set forth in the Transfer Notice, except that in addition to any representations of warranties made by the applicable Specified Holder to the Prospective Transferee, such Specified Holder shall make the representations and warranties set forth on Exhibit A hereto to the ROFR Purchaser in the purchase agreement or other applicable agreement with respect to the purchase of Subject Securities by such ROFR Purchaser, which representations and warranties shall survive until the expiration of the applicable statute of limitations with respect thereto, and (z) notwithstanding the terms and conditions set forth in the Transfer Notice in respect of such Unregistered Transfer, none of the Investor, its designees and permitted transferees and assigns, the Company and/or any of their respective Affiliates and/or representatives (each, a “ROFR Purchaser Related Person”) shall be required to agree to, or be subject to, any non-competition, non-solicitation, lock-up or other restrictive covenants of any kind with respect to such ROFR Purchaser Related Person.  The closing of the purchase of Subject Securities by the ROFR Purchaser shall take place, and all payments to the selling Specified Holder from such ROFR Purchaser shall have been initiated, by the later of (i) the date specified in the Transfer Notice as the intended date of consummation of the Unregistered Transfer and (ii) fifteen (15) days after the final determination of the Fair Market Value of the consideration proposed to be paid for the Subject Securities in the applicable Unregistered Transfer in accordance with the terms hereof (in each case, which period shall be extended to the extent necessary to obtain any required governmental approval or clearance plus an additional five (5) Business Days thereafter).

 

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2.2                               Right of First Refusal on Registered Transfers.

 

(a)                                 Grant.  Subject to the terms of Section 3 below, during the period beginning as of the date hereof and ending at 11:59 p.m. New York time on the two (2)-year anniversary of the Effective Time, each Specified Holder hereby unconditionally and irrevocably grants to the ROFR Purchaser the right to purchase all or any portion of the Subject Securities that such Specified Holder may propose to Transfer in a Registered Transfer following delivery of a Transfer Notice, at the same price and on the terms and conditions set forth in this Section 2.2.  Whenever a Specified Holder is considering or proposes to deliver a Transfer Notice with respect to a Registered Transfer, such Specified Holder will consult with the ROFR Purchaser reasonably in advance of undertaking to deliver such Transfer Notice and, if and only if such ROFR Purchaser notifies such Specified Holder within five (5) Business Days following such consultation of its preliminary interest in receiving an offer to purchase the Subject Securities included in such Registered Transfer (which indication shall not be binding upon such ROFR Purchaser), such Specified Holder will provide a Transfer Notice with respect to such Registered Transfer pursuant to and in accordance with the terms of this Section 2.1.

 

(b)                                 Notice.  If required pursuant to Section 2.2(a), each Specified Holder proposing to make or enter into a Registered Transfer must deliver a Transfer Notice to the ROFR Purchaser (and, in all cases, the Company) prior to entry into any binding agreement with respect to such Registered Transfer.  Such Transfer Notice shall (i) state that such Specified Holder is considering effecting a Registered Transfer, (ii) identify (x) the number, type and class of Subject Securities proposed to be sold and (y) the Five Day Trailing VWAP, and (iii) include an irrevocable offer to sell such Subject Securities at a price per security equal to the product of (A) the Five Day Trailing VWAP multiplied by (B) 0.95 to the ROFR Purchaser pursuant to the terms and conditions set forth in this Section 2.2.  The ROFR Purchaser shall have the right, but not the obligation, to purchase all or any portion of the Subject Securities with respect to a Registered Transfer at the same price and on the terms and conditions set forth in this Section 2.2.  To exercise such right under this Section 2.2 with respect to a Registered Transfer, the ROFR Purchaser must deliver an Election Notice to the selling Specified Holder within thirty (30) Business Days after receipt by such ROFR Purchaser of the Transfer Notice.  If such ROFR Purchaser does not provide the applicable Specified Holder an Election Notice electing to collectively purchase all or any portion of the Subject Securities identified in the Transfer Notice within such period, then such ROFR Purchaser shall be deemed to have forfeited the right under this Section 2.2 to purchase the portion of Subject Securities that it has not so elected to purchase and the Specified Holders shall thereafter be permitted to sell such Subject Securities that such ROFR Purchaser have not elected to purchase in a Registered Transfer (provided, that such Specified Holder sells such Subject Securities for a price per Subject Security, in cash in U.S. dollars (without regard to any underwriting or brokers’ discounts or commissions) not less than the product of (A) the Five Day Trailing VWAP set forth in the applicable Transfer Notice multiplied by (B) 0.90); provided, however, that if such registered sale is not consummated within ten (10) Business Days following the earlier of (1) the date that the applicable ROFR Purchaser notifies the applicable Specified Holder that it is not providing an Election Notice and (2) the date that the applicable ROFR Purchaser is required to deliver an Election Notice (solely to the extent such ROFR Purchaser wishes to acquire all or a portion of such Subject Securities) to the applicable Specified Holder, any subsequent Transfer of any such Subject Securities shall again be subject to the terms and

 

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conditions of this Agreement, including all of the applicable ROFR Purchasers’ rights under this Section 2.1 and Section 2.2.

 

(c)                                  Consideration; Closing.  Notwithstanding anything herein to the contrary, in connection with any exercise by the ROFR Purchaser of the right to purchase any Subject Securities with respect to a Registered Transfer under this Section 2.2, (x) such ROFR Purchaser shall pay the purchase price for such Subject Securities in an amount per security in cash in U.S. dollars as specified in the Transfer Notice, (y) such ROFR Purchaser and the applicable Specified Holder shall negotiate in good faith and promptly enter into a stock purchase agreement on customary terms and conditions (provided, that such Specified Holder shall make the representations and warranties set forth on Exhibit A hereto to such ROFR Purchaser in such purchase agreement or other applicable agreement with respect to the purchase of Subject Securities by such ROFR Purchaser, which representations and warranties shall survive until the expiration of the applicable statute of limitations with respect thereto), and (z) in no event shall any ROFR Purchaser Related Person be required to agree to, or be subject to, any non-competition, non-solicitation, lock-up or other restrictive covenants of any kind with respect to such ROFR Purchaser Related Person.  The closing of the purchase of Subject Securities by the ROFR Purchaser shall take place, and all payments to the selling Specified Holder from such ROFR Purchaser shall have been initiated, by the fifteenth (15th) day after the date that such ROFR Purchaser has delivered an Election Notice in respect of the applicable Registered Transfer in accordance with the terms hereof (in each case, which period shall be extended to the extent necessary to obtain any required governmental approval or clearance plus an additional five (5) Business Days thereafter).

 

2.3                               Effect of Failure to Comply.  Any Transfer not made in compliance with the requirements of this Agreement shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company.

 

2.4                               Derivative Transactions.  Notwithstanding anything herein to the contrary, without the prior written consent of the Investor, no Specified Holder shall enter into an agreement, hedge, forward, option, swap or other instrument or transaction that, directly or indirectly and regardless of settlement method, relates to or derives value from or provides a party with any rights or economic interest in or to a Subject Security, other than Exempted Transfers and Transfers, in each case, entered into and consummated in accordance with the terms of this Agreement.

 

3.                                      Exempt Transfers.

 

3.1                               Exempted Transfers.  Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 2.1 and 2.2 shall not apply (any transfer by a Specified Holder expressly permitted by this Section 3.1, an “Exempted Transfer”): (a) upon a transfer by such Specified Holder to (i) any other Specified Holder or (ii) an Affiliate of such Specified Holder so long as such Affiliate either (x) is directly or indirectly wholly-owned by such Specified Holder or (y) directly or indirectly wholly owns such Specified Holder; provided, that transfer to such Affiliate will result in the same ultimate beneficial ownership of the Subject Securities; (b) to a repurchase of Subject Securities from a Specified Holder by the Company pursuant to the Repurchase Agreement, this Agreement or any other agreement containing repurchase provisions approved by a majority of the Board; or (c) in an underwritten Registered Transfer initiated by the

 

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Investor or its Affiliates pursuant to Article V of the Investment Agreement in which the Investor or any of its Affiliates also sells Subject Securities; provided, that in the case of clause (a) above, the Specified Holder shall deliver prior written notice to the Investor and the Company of such transfer and such Subject Securities shall at all times remain subject to the terms and restrictions set forth in this Agreement and such transferee shall, as a condition to such issuance or transfer, to the extent such transferee is not already a party hereto, deliver a counterpart signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as a Specified Holder, including the obligations of a Specified Holder with respect to Transfers of such Subject Securities pursuant to Section 2; provided, further, that in the case of any transfer pursuant to clause (a) above, that such transfer is made pursuant to a transaction in which there is no consideration actually paid for such transfer.

 

3.2                               Mergers, etc.  This Agreement shall not apply and shall in no way have any effect on any Transfer of Subject Securities pursuant to any merger, business combination, tender offer or exchange offer consummated by the Company with a third party that is unaffiliated with the Specified Holders and/or their Affiliates and that has been approved by the Board (a “Merger”) and any actions that the Specified Holders take with respect to their Subject Securities in connection with or in furtherance of a Merger. Without limitation of the foregoing, this Agreement shall not apply to and shall in no way have any effect on (a) a conversion of Subject Securities into cash, securities or other property pursuant to the Merger, (b) the tender of Subject Securities pursuant to a tender offer made pursuant to a definitive agreement providing for a Merger, (c) the entry by the Specified Holders into voting or tender agreements in respect of Subject Securities in support of a Merger or (d) the “rollover” of Subject Securities with an acquiring entity in connection with  a Merger.  For the avoidance of doubt, notwithstanding the foregoing, all securities received by the Specified Holders in respect of their Subject Securities in connection with any Merger that does not constitute a Change of Control shall remain subject to the rights and obligations under this Agreement, including without limitation, Section 2.

 

4.                                      Legend.  The Specified Holders and the Company shall cause each certificate, instrument or book entry representing Subject Securities held by the Specified Holders or issued to any Affiliate of a Specified Holder pursuant to an in accordance with Section 5.13 to be endorsed or notated, as applicable, with the following legend:

 

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY, THE TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION.

 

Each Specified Holder agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares endorsed or notated by the legend referred to in this Section 4 to enforce the provisions of this Agreement, and the Company agrees to promptly do so.  The legend shall be removed with respect to any Subject Securities upon termination or expiration of the restrictions set forth in this Agreement with respect thereto at the written request of the holder thereof.

 

11

 

5.                                      Miscellaneous.

 

5.1                               Term.  This Agreement and the rights and obligations described herein shall automatically terminate and be of no further force or effect without any liability to any Person or any of its Affiliates or any of their respective advisors or representatives upon the earliest to occur of (a) such date upon which the Specified Holders and their respective Affiliates collectively cease to hold any shares of the Company’s issued and outstanding Capital Stock, (b) the consummation of a Merger that constitutes a Change of Control and (c) the mutual agreement in writing by (x) the Investor, (y) solely following an Investor ROFR Early Termination Date, the Company, and (z) the Specified Holders holding at least a majority of the Subject Securities then held by all of the Specified Holders; provided, that (i) no such termination shall relieve any party hereto of any liability for any breach that occurs prior to such termination, (ii) Section 5 shall survive any termination of this Agreement and (iii) solely in the event of a termination of this Agreement pursuant to clause (a) of this sentence, all covenants and obligations to comply with this Agreement with respect to any Transfer Notice delivered prior to the termination of this Agreement shall survive until such covenants and obligations have been complied with in all respects.

 

5.2                               Stock Split.  All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend, split, combination or other recapitalization affecting the Capital Stock occurring after the date of this Agreement.

 

5.3                               Representations and Warranties.  Each of the Specified Holders hereby represents and warrants to each of the other parties on the date hereof (and in respect of any Specified Holder who becomes a party to this Agreement after the date hereof, such Specified Holder hereby represents and warrants to each of the other parties on the date of its, his or her execution of this Agreement or a counterpart signature page hereto) as follows:

 

(a)                                 Such Specified Holder is the sole legal and beneficial owner of the Subject Securities subject to this Agreement and that no other Person has any interest in such shares.

 

(b)                                 Such Specified Holder is duly organized or incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation or incorporation and has all requisite power and authority to conduct its business as it is now being conducted on such date and is proposed to be conducted on such date.

 

(c)                                  Such Specified Holder has the full power, authority and legal right to execute, deliver and perform this Agreement.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have been duly authorized by all necessary corporate or other applicable action on the part of such Specified Holder.

 

(d)                                 This Agreement has been duly executed and delivered by such Specified Holder and, assuming this Agreement constitutes the valid and binding obligation of the other parties hereto, this Agreement is a legal, valid and binding obligation of such Specified

 

12

 

Holder, enforceable against such Specified Holder in accordance with its terms, subject to the applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally.

 

(e)                                  The execution and delivery by such Specified Holder of this Agreement, and the performance by such Specified Holder of its obligations hereunder, do not and will not violate (i) any provision of its bylaws, charter, articles of association, partnership agreement or other similar document, (ii) any provision of any material agreement to which it is a party or by which it is bound or (iii) any law, rule, regulation, judgment, order or decree to which it is subject.

 

(f)                                   No consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such Specified Holder in connection with the execution, delivery or enforceability of this Agreement or the consummation of any of the transactions contemplated herein.

 

(g)                                  Such Specified Holder is not as of such date in violation of any law, rule, regulation, judgment, order or decree, which violation could reasonably be expected at any time to have a material adverse effect upon its ability to enter into this Agreement or to perform its obligations hereunder.

 

(h)                                 There is no pending legal action, suit or proceeding that would materially and adversely affect the ability of such Specified Holder to enter into this Agreement or to comply with and perform its obligations hereunder.

 

5.4                               Notices.  All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, sent by overnight courier or sent via email (with non-automated receipt confirmed) to the respective parties at their address or email address as set forth on their respective signature page hereto, or to such other address or addresses as shall be designated to the parties hereto in writing.  All notices shall be deemed effective (a) when delivered personally (with written confirmation of receipt, by other than automatic means, whether electronic or otherwise), (b) when sent by email (with written confirmation of receipt, by other than automatic means, whether electronic or otherwise) or (c) one (1) Business Day following the day sent by overnight courier.

 

5.5                               Entire Agreement; Third Party Beneficiaries; Amendment.  This Agreement (including the Exhibits and Schedules hereto), together with the agreements contemplated herein, set forth the entire agreement between the parties hereto with respect to the subject matter hereof, and is not intended to and shall not confer upon any Person other than the parties hereto, their successors and permitted assigns any rights or remedies hereunder; provided, that clause (z) of Section 2.1(c) and clause (z) of Section 2.2(c) shall be for the benefit of and fully enforceable by each of the ROFR Purchaser Related Persons.  Any provision of this Agreement may be amended or modified in whole or in part at any time by an agreement in writing among (a) the Company (with the approval of the disinterested directors), (b) the Investor and (c) the Specified Holders holding a majority of the Subject Securities then held by all of the Specified Holders, executed in the same manner as this Agreement.  No failure on the part of any party to exercise, and no delay in exercising, any right shall operate as a waiver thereof nor shall any single or partial exercise by any party of any right preclude any other or future exercise thereof or the exercise of any other

 

13

 

right.  Any amendment, modification or waiver so effected in accordance with this Section 5.5 shall be binding upon the Company, the Investor, the Specified Holders and all of their respective successors and permitted assigns whether or not such party, assignee or other shareholder entered into or approved such amendment, modification or waiver.

 

5.6                               Assignment of Rights.

 

(a)                                 The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(b)                                 Other than as expressly set forth in this Section 5.6(b), the rights and obligations of any Specified Holder or any Affiliate of a Specified Holder who receives Subject Securities pursuant to an Exempted Transfer are not assignable (by operation of law or otherwise) without the prior written consent of the applicable ROFR Purchaser at such time.   Any Affiliate of a Specified Holder who receives Subject Securities pursuant to a Transfer or an Exempted Transfer, respectively, as permitted by and in accordance with the terms hereof shall deliver to the Investor and the Company, as a condition to any transfer or assignment, a counterpart signature page hereto pursuant to which such Affiliate shall confirm their agreement to be subject to and bound by all of the provisions set forth in this Agreement as a Specified Holder hereunder.  Notwithstanding anything to the contrary in Section 5.5, promptly following receipt of such counterpart signature page by the Company, the Company shall as promptly as practicable (1) amend this Agreement, including Schedule A, without the consent of any other party hereto solely to reflect such new Specified Holder and the number and class of Company Common Stock beneficially owned by such new Specified Holder and (2) deliver such amended Agreement, including Schedule A, to each of the parties hereto.

 

(c)                                  The rights of the ROFR Purchaser hereunder are not assignable without the written consent of (i) the Specified Holders holding a majority of the Subject Securities then held by all of the Specified Holders (which shall not be unreasonably withheld, delayed or conditioned) and (ii) the Company, except the Investor may assign its rights hereunder, in whole or in part, without any such consent to (x) any of its Affiliates and/or (y) any co-investor to whom the Investor syndicated Notes pursuant to the Post-Closing Syndication (as defined in the Investment Agreement) or any of such co-investor’s permitted transferees, it being acknowledged and agreed that any such assignment shall be subject to and conditioned upon any such assignee’s delivery to the Investor and the Specified Holders of a counterpart signature page hereto pursuant to which such assignee shall confirm its agreement to be subject to and bound by all of the provisions set forth in this Agreement that were applicable to the assignor of such assignee.

 

(d)                                 Except in connection with an assignment by the Company by operation of law to an acquirer or successor of the Company, the rights and obligations of the Company hereunder may not be assigned under any circumstances. Any action (or inaction) to be taken by the Company in its capacity as the ROFR Purchaser shall be taken (or not taken) in its sole discretion upon the approval of the disinterested directors.

 

14

 

5.7                               Severability.  If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement shall remain in full force and effect provided that the economic and legal substance of, any of the transactions contemplated hereby is not affected in any manner materially adverse to any party.  In the event of any such determination, the parties agree to negotiate in good faith to modify this Agreement to fulfill as closely as possible the original intent and purpose hereof.  To the extent permitted by law, the parties hereby to the same extent waive any provision of law that renders any provision hereof prohibited or unenforceable in any respect.

 

5.8                               Governing Law; Jurisdiction; Waiver of Jury Trial.   This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.  In addition, each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or permitted assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, solely if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware).  Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts.  Each of the parties hereto hereby irrevocably waives, and agrees not to assert as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with this Section 5.8, (ii) any claim that it or its property is exempt or immune from the jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by the applicable law, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.  Each of the parties hereby agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 5.4 shall be effective service of process for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS CONTAINED IN THIS SECTION 5.8.

 

5.9                               Headings.  The headings of Sections contained in this Agreement are for reference purposes only and are not part of this Agreement.

 

15

 

5.10                        Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to constitute any original, but all of which together shall constitute one and the same document.  Signatures to this Agreement transmitted by facsimile transmission, by electronic mail in “portable document format” (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document will have the same effect as physical delivery of the paper document bearing the original signature.

 

5.11                        Specific Performance.  The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  Accordingly, each party agrees that in the event of any breach or threatened breach by any other party of any covenant or obligation contained in this Agreement, the non-breaching party shall be entitled (in addition to any other remedy that may be available to it, whether in law or equity) to obtain (i) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation, and (ii) an injunction restraining such breach or threatened breach (including, without limitation, specific performance or the rescission of purchases, sales and other transfers of Subject Securities not made in strict compliance with this Agreement).  Each of the parties agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that any other party has an adequate remedy at law or that any award of specific performance is not an appropriate remedy for any reason at law or in equity.  Any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction.

 

5.12                        Attorneys’ Fees.  If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the non-prevailing party shall pay all out-of-pocket costs and expenses incurred by the prevailing party, including, without limitation, all reasonable attorneys’ fees.

 

5.13                        Additional Specified Holders.  In the event that after the date of this Agreement, the Company knowingly (after reasonable inquiry) issues any Capital Stock to any Affiliate of any Specified Holder that is not already a party to this Agreement, the Company shall, subject to requirements of applicable law, as a condition to such issuance, require such Person to execute a counterpart signature page hereto as a Specified Holder, and such Person shall thereby be bound by, and subject to, all of the terms and provisions of this Agreement applicable to a Specified Holder.

 

[Remainder of page intentionally left blank]

 

16

 

IN WITNESS WHEREOF, the parties have executed this Right of First Refusal Agreement as of the date first written above.

 

COMPANY

 

AMC ENTERTAINMENT HOLDINGS, INC.

 

	
By:
    	
/s/ Craig R. Ramsey
    	
 
    
	
 
    	
Name:
    	
Craig R. Ramsey
    	
 
    
	
 
    	
Title:
    	
Executive Vice President & Chief Financial   Officer
    	
 
    

 

Notice Address:

 

11500 Ash Street

Leawood, KS 66211

Attention: Legal Department

Email: KConnor@amctheatres.com

 

With a copy (which shall not constitute actual or constructive notice) to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

Attention: Raymond O. Gietz and Corey Chivers

Email: Raymond.Gietz@weil.com and Corey.Chivers@weil.com

 

[Signature Page to Right Of First Refusal Agreement]

 

 

IN WITNESS WHEREOF, the parties have executed this Right of First Refusal Agreement as of the date first written above.

 

SPECIFIED HOLDERS

 

WANDA AMERICA ENTERTAINMENT, INC.

 

	
By:
    	
/s/   Lincoln Zhang
    	
 
    
	
Name:   
    	
Lincoln   Zhang
    	
 
    
	
Title:
    	
Authorized   Signatory
    	
 
    

 

Notice Address:

 

9/F Tower B, Wanda Plaza

Chaoyang District, Beijing, People’s Republic of China

Attention: Lincoln Zhang

Email: zhangwenfeng@wanda.cn

 

with a copy (which shall not constitute actual or constructive notice) to:

 

Attention:

Email:

 

[Signature Page to Right Of First Refusal Agreement]

 

 

IN WITNESS WHEREOF, the parties have executed this Right of First Refusal Agreement as of the date first written above.

 

INVESTOR

 

SILVER LAKE ALPINE, L.P.

 

By: Silver Lake Alpine Associates, L.P., its general partner

 

By: SLAA (GP), L.L.C., its general partner

 

By: Silver Lake Group, L.L.C., its managing member

 

	
By:
    	
/s/   Lee Wittlinger
    	
 
    
	
 
    	
Name:   Lee Wittlinger
    	
 
    
	
 
    	
Title:   Managing Director
    	
 
    

 

Notice Address:

 

c/o Silver Lake 
 2775 Sand Hill Road, Suite 100
 Menlo Park, CA 94025
 Attention:  Karen King

Email:  Karen.King@SilverLake.com

 

and

 

c/o Silver Lake 
 9 West 57th Street, 32nd Floor
 New York, NY 10019
 Attention:  Andrew J. Schader

Email:  Andy.Schader@SilverLake.com

 

with a copy (which shall not constitute actual or constructive notice) to:

 

Simpson Thacher & Bartlett LLP

2475 Hanover Street

Palo Alto, CA 94304

Attention: Atif Azher

Kenneth B. Wallach

Daniel N. Webb

Email:  AAzher@stblaw.com

KWallach@stblaw.com

DWebb@stblaw.com

 

[Signature Page to Right Of First Refusal Agreement]

 

 

SCHEDULE A

 

SPECIFIED HOLDERS

 

as of September 14, 2018

 

	
Name
    	
 
    	
Number and Type of Shares Held
    
	
Wanda America Entertainment, Inc.
    	
 
    	
51,769,784 shares of   Class B Common Stock
    

 

 

EXHIBIT A

 

REPRESENTATIONS AND WARRANTIES

 

[Specified Holder] represents and warrants to [ROFR Purchaser] as follows:

 

Section 1.1                                                Title to Repurchase Shares.  [Specified Holder] owns the [Specified Holder Shares] subject to repurchase pursuant to this Agreement, free and clear of any Liens, except Permitted Liens.

 

Section 1.2                                                Authority.  [Specified Holder] has the requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  The execution and delivery of this Agreement by [Specified Holder] and the consummation by [Specified Holder] of the transactions contemplated hereby has been duly authorized by the [board of directors] of [Specified Holder], and no other corporate, stockholder or other proceedings or other actions on the part of [Specified Holder] are necessary to authorize this Agreement or to consummate the transactions contemplated hereby.  This Agreement has been duly and validly executed and delivered by [Specified Holder] and constitutes the valid and binding obligations of [Specified Holder], enforceable against [Specified Holder] in accordance with its terms, except as the same may be limited by the terms of this Agreement, applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles regardless of whether such enforceability is considered in a proceeding at law or in equity.

 

Section 1.3                                                Approvals.  No material consent, approval, authorization or order of, or registration, qualification or filing with, any Governmental Authority or any other Person is required to be obtained or made by [Specified Holder] for the execution, delivery or performance by [Specified Holder] of this Agreement or the consummation by [Specified Holder] of the transactions contemplated hereby.

 

Section 1.4                                                No Conflicts.  The execution and delivery of this Agreement by [Specified Holder] and the consummation by [Specified Holder] of the transactions contemplated hereby do not and will not, (a) violate any provision of, or result in the breach of, any applicable Law to which [Specified Holder] is subject or by which any property or asset of [Specified Holder] is bound, (b) conflict with the certificate of incorporation, certificate of designation, bylaws or other organizational documents of [Specified Holder] or (c) conflict with, violate any provision of or result in a breach of, constitute a default under, require a Consent under, or give rise to a right of termination, modification, notice or cancellation of any Person pursuant to, any Contract to which [Specified Holder] is a party or by which its respective assets, rights or properties are bound or affected, or constitute an event which, after notice or lapse of time or both, would result in any such violation, breach, default, termination, modification, notice obligation or cancellation, except to the extent that the occurrence of any of the foregoing items set forth in clauses (a) or (c) would not materially impair

 

 

or delay [Specified Holder]’s ability to consummate the transactions contemplated hereby or to perform its obligations hereunder.

 

Section 1.5                                                Absence of Litigation.  There is no Action pending or, to the knowledge of [Specified Holder], threatened before any Governmental Authority, in each case in respect of [Specified Holder] that would materially impair or delay [Specified Holder]’s ability to consummate the transactions contemplated hereby or to perform its obligations hereunder.  [Specified Holder] is not party to or subject to, or in default under, any material Governmental Order.

 

Section 1.6                                                Receipt of Information.  [Specified Holder] has received all the information it considers necessary or appropriate for deciding whether to consummate the transactions and agreements contemplated hereby.  [Specified Holder] has not received, nor is it relying on, any representations or warranties from [ROFR Purchaser] other than as expressly provided herein, and [ROFR Purchaser] hereby disclaims any other express or implied representations or warranties with respect to itself or any other matter.  [Specified Holder] is a sophisticated investor and knows that [ROFR Purchaser] may be in possession of material, non-public information regarding the Company and its condition (financial and otherwise), results of operations, businesses, properties, plans and prospects and that such information could be material to [Specified Holder’s] decision to sell the [Subject Securities] or otherwise materially adverse to the interests of the [Specified Holder], and agrees that [ROFR Purchaser] shall have no obligation to disclose such information or any other information to [Specified Holder].

 

Section 1.7                                                No Brokers.  No broker, finder, investment banker or other Person is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of [Specified Holder] or any of its subsidiaries or affiliates.

 

“Action” shall mean any judicial, administrative, governmental or arbitral action, suit, claim or proceeding (public or private).

 

“Consents” shall mean all notices, reports, filings, consents, clearances, ratifications, authorizations, waivers, licenses, exemptions, orders, actions or non-actions or similar approvals.

 

“Contracts” shall mean any written legally binding contracts, agreements, subcontracts, leases, licenses and purchase orders.

 

“Governmental Authority” shall mean any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency, instrumentality, court or tribunal.

 

“Governmental Order” shall mean any order, writ, judgment, stipulation, determination, or award made, issued, or entered into by or with any Governmental Authority.

 

 

“Law” shall mean any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any Governmental Authority.

 

“Lien” shall mean any option, call, contract, commitment, mortgage, pledge, security interest, encumbrance, lien, tax, claim or charge of any kind or right of others of whatever nature.

 

“Permitted Liens” shall mean any Lien resulting from this Agreement and any restriction or encumbrance resulting from any federal or state securities statute, law, rule or regulation.

 

“Person” or “person” shall mean an individual, corporation, limited liability or unlimited liability company, association, partnership, trust, estate, joint venture, business trust or unincorporated organization, or a government or any agency or political subdivision thereof, or other entity of any kind or nature.Exhibit 4.6

 

[FORM OF INDENTURE]

 

SMART
GLOBAL HOLDINGS, INC.

 

as the
Company

 

and

 

 

 

 

 

 

 

as Trustee

____________________ 

 

INDENTURE

____________________

 

Dated
as of                         , 20 

 

    

     

    

TABLE
OF CONTENTS

____________________

Page

 

	ARTICLE 1
	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	Section 1.01.	Definitions.	1
	Section 1.02.	Other Definitions.	4
	Section 1.03.	Incorporation by Reference of Trust Indenture Act.	4
	Section 1.04.	Rules of Construction.	4
	 	 	 
	ARTICLE 2
	THE SECURITIES	5
	 	 
	Section 2.01.	Issuable in Series.	5
	Section 2.02.	Establishment of Terms of Series of Securities.	5
	Section 2.03.	Form and Dating.	6
	Section 2.04.	Execution and Authentication.	6
	Section 2.05.	Registrar and Paying Agent.	7
	Section 2.06.	Paying Agent to Hold Money in Trust.	7
	Section 2.07.	Holder Lists.	8
	Section 2.08.	Transfer and Exchange.	8
	Section 2.09.	Replacement Securities.	11
	Section 2.10.	Outstanding Securities.	11
	Section 2.11.	Treasury Securities.	12
	Section 2.12.	Temporary Securities.	12
	Section 2.13.	Cancellation.	12
	Section 2.14.	Defaulted Interest.	12
	Section 2.15.	CUSIP Number.	12
	 	 	 
	ARTICLE 3
	REDEMPTION AND PREPAYMENT	12
	 	 
	Section 3.01.	Notices to the Trustee.	12
	Section 3.02.	Selection of Securities to Be Redeemed or Purchased.	13
	Section 3.03.	Notice of Redemption.	13
	Section 3.04.	Effect of Notice of Redemption.	14
	Section 3.05.	Deposit of Redemption or Purchase Price.	14
	Section 3.06.	Securities Redeemed or Purchased in Part.	14
	 	 	 
	ARTICLE 4
	COVENANTS	14
	 	 
	Section 4.01.	Payment of Securities.	14
	Section 4.02.	Maintenance of Office or Agency.	15
	Section 4.03.	Reports to Holders.	15
	Section 4.04.	Compliance Certificate.	16
	Section 4.05.	Taxes.	16
	Section 4.06.	Stay, Extension and Usury Laws.	16
	 	 	 
	ARTICLE 5	[INTENTIONALLY OMITTED]	 
	 	 	 
	ARTICLE 6
	DEFAULTS AND REMEDIES	16
	 	 
	Section 6.01.	Events of Default.	16
	Section 6.02.	Acceleration.	17

 

    i

     

    

	Section 6.03.	Other Remedies.	18
	Section 6.04.	Waiver of Past Defaults.	18
	Section 6.05.	Control by Majority.	18
	Section 6.06.	Limitation on Suits.	18
	Section 6.07.	Rights of Holders of Securities to Receive Payment.	19
	Section 6.08.	Collection Suit by Trustee.	19
	Section 6.09.	Trustee May File Proofs of Claim.	19
	Section 6.10.	Priorities.	20
	Section 6.11.	Undertaking for Costs.	20
	 	 	 
	ARTICLE 7
	TRUSTEE	20
	 	 
	Section 7.01.	Duties of Trustee.	20
	Section 7.02.	Rights of Trustee.	21
	Section 7.03.	Individual Rights of Trustee.	22
	Section 7.04.	Trustee’s Disclaimer.	22
	Section 7.05.	Notice of Defaults.	22
	Section 7.06.	Reports by Trustee to Holders of the Securities.	22
	Section 7.07.	Compensation and Indemnity.	22
	Section 7.08.	Replacement of Trustee.	23
	Section 7.09.	Successor Trustee by Merger, etc.	24
	Section 7.10.	Eligibility; Disqualification.	24
	Section 7.11.	Preferential Collection of Claims Against the Company.	24
	 	 	 
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	24
	 	 
	Section 8.01.	Option to Effect Legal Defeasance or Covenant Defeasance.	24
	Section 8.02.	Legal Defeasance and Discharge.	24
	Section 8.03.	Covenant Defeasance.	25
	Section 8.04.	Conditions to Legal or Covenant Defeasance.	25
	Section 8.05.	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.	26
	Section 8.06.	Repayment to the Company.	26
	Section 8.07.	Reinstatement.	27
	 	 	 
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER	27
	 	 
	Section 9.01.	Without Consent of Holders of Securities.	27
	Section 9.02.	With Consent of Holders of Securities.	28
	Section 9.03.	Compliance with Trust Indenture Act.	29
	Section 9.04.	Revocation and Effect of Consents.	29
	Section 9.05.	Notation on or Exchange of Securities.	29
	Section 9.06.	Trustee to Sign Amendments, etc.	29
	ARTICLE 10
	SATISFACTION AND DISCHARGE	29
	 	 
	Section 10.01.	Satisfaction and Discharge.	29
	Section 10.02.	Application of Trust Money.	30
	 	 	 
	ARTICLE 11
	MISCELLANEOUS	30
	 	 
	Section 11.01.	Trust Indenture Act Controls.	30
	Section 11.02.	Notices.	30
	Section 11.03.	Communication by Holders of Securities with Other Holders of Securities.	31
	Section 11.04.	Certificate and Opinion as to Conditions Precedent.	31
	Section 11.05.	Statements Required in Certificate or Opinion.	32

 

    ii

     

    

	Section 11.06.	Rules by Trustee and Agents.	32
	Section 11.07.	No Personal Liability of Directors, Officers, Employees and Stockholder Members.	32
	Section 11.08.	Governing Law.	32
	Section 11.09.	No Adverse Interpretation of Other Agreements.	32
	Section 11.10.	Successors.	33
	Section 11.11.	Severability.	33
	Section 11.12.	Counterpart Originals.	33
	Section 11.13.	Table of Contents, Headings, etc.	33
	Section 11.14.	Waiver of Trial by Jury.	33
	Section 11.15.	Calculations. .	33
	Section 11.16.	Force Majeure.	33
	Section 11.17.	U.S.A. Patriot Act.  	33

 

    iii

     

    

This Indenture, dated as of                       ,
20    , is by and between SMART Global Holdings, Inc., a Cayman Islands exempted company (the “Company”)
and                                                                    as
trustee (the “Trustee”).

 

The Company and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE 1

Definitions and Incorporation by Reference

 

Section 1.01.Definitions.

 

“Affiliate” means, with
respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is
controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative of the foregoing.

 

“Agent” means any Registrar,
co-registrar, Paying Agent or additional paying agent.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Security, the rules and procedures
of the Depositary that apply to such transfer or exchange.

 

“Bankruptcy Law” means
Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion
or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time.
The terms “Beneficially Owns,” “Beneficially Owned” and “Beneficial Ownership,” have a corresponding
meaning.

 

“Board of Directors”
means, as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized committee thereof.

 

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

 

“Business Day” means
any day other than a Legal Holiday.

 

”Capital Stock” means:

 

(1)   with
respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated
and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person, and all
options, warrants or other rights to purchase or acquire any of the foregoing; and

 

(2)   with
respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person,
and all options, warrants or other rights to purchase or acquire any of the foregoing.

 

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

 

“Commission” means the
United States Securities and Exchange Commission.

 

“Common Stock” of any
Person means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting
or non-voting) of such Person’s common stock and includes, without limitation, all series and classes of such common stock.

 

    1

     

    

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

 

“Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 11.02 hereof or such other address as to which the
Trustee may give notice to the Company.

 

“Custodian” means the
Trustee, as custodian with respect to the Securities in global form, or any successor entity thereto.

 

“Default” means an event
or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default.

 

“Definitive Security”
means a certificated Security in definitive, fully registered form without interest coupons in the name of the Holder thereof and
issued in accordance with Section 2.04 hereof.

 

“Depositary” means,
with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section 2.05 hereof
as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and having
become such pursuant to the applicable provision of this Indenture.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

 

“GAAP” means generally
accepted accounting principles in the United States at the date of any computation.

 

“Global Security Legend”
means the legend set forth in Section 2.08(f) hereof, which is required to be placed on all Global Securities issued under this
Indenture.

 

“Global Securities”
means a Security or Securities, as the case may be, in the form established pursuant to Section 2.03 hereof evidencing all or part
of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary
or nominee.

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
of America pledges its full faith and credit.

 

“Holder” means the registered
holder of any Security with respect to registered securities and the bearer of any unregistered Security or any coupon appertaining
to it, as the case may be.

 

“Indebtedness” means,
with respect to any Person on any date of determination (without duplication):

 

		(1)	the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; and

 

		(2)	the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments.

 

For avoidance of doubt, (a) obligations
in respect of hedging transactions and cash management obligations, (b) accrued payables and trade credit and (c) obligations in
respect of taxes shall not be Indebtedness.

 

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

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Security through a Participant.

 

“Legal Holiday” means
a Saturday, a Sunday or a day on which banking institutions in the State of New York or the Corporate Trust Office of the Trustee
are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. If a regular record date
is a Legal Holiday, the record date shall not be affected.

 

    2

     

    

“Lien” means any lien,
mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other
title retention agreement, any lease in the nature thereof and any agreement to give any security interest).

 

“Officer” means the
Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer
or Secretary of the Company.

 

“Officers’ Certificate”
means a certificate signed by two Officers, at least one of whom shall be the principal executive officer or principal financial
officer of the Company.

 

“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to
the Company or any Subsidiary of the Company.

 

“Participant” means,
with respect to the Depositary, a Person who has an account with the Depositary.

 

“Person” means an individual,
partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency
or political subdivision thereof.

 

“Preferred Stock” of
any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect
to dividends or redemptions or upon liquidation.

 

“Responsible Officer”
means, when used with respect to the Trustee, an officer assigned to the Corporate Trust Office of the Trustee, including any vice
president, assistant vice president, assistant treasurer, or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and having direct responsibility for the administration of this
Indenture, and also, with respect to this Indenture, any other officer to whom such matter with respect to this Indenture is referred
because of such officers’ knowledge of and familiarity with the particular subject.

 

“Securities Act” means
the Securities Act of 1933, as amended from time to time, and any successor statute.

 

“Security” or “Securities”
means the debentures, notes or other debt instruments of the Company created pursuant to Section 2.01 and Section 2.02 hereof.

 

“Series” or “Series
of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Section
2.01 and Section 2.02 hereof.

 

“Stated Maturity” means,
with respect to any installment of interest or principal on any Series of Securities, the date on which the payment of interest
or principal was scheduled to be paid in the original documentation governing such Series of Securities, and will not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for
the payment thereof.

 

“Subsidiary” with respect
to any Person, means:

 

		(1)	any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election
of directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or

 

		(2)	any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly
or indirectly, owned by such Person.

 

“TIA” means the Trust
Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Trustee” means                                              until
a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving
hereunder.

 

    3

     

    

Section 1.02.Other Definitions.

 

	
        Term 
	
        Defined
in Section 

	Authentication Order	2.04
	Covenant Defeasance	8.03
	DTC	2.05
	Event of Default	6.01
	Legal Defeasance	8.02
	Paying Agent	2.05
	Registrar	2.05
	Surviving Entity	5.01

 

Section 1.03. Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 

The following TIA terms used in this Indenture
have the following meanings:

 

“indenture securities”
means the Securities;

 

“indenture security Holder”
means a Holder;

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee”
or “institutional trustee” means the Trustee; and

 

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

 

All other terms used in this Indenture
that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule under the TIA have the meanings
so assigned to them.

 

Section 1.04.Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c)       “or”
is not exclusive;

 

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

 

(e)       “will”
shall be interpreted to express a command;

 

(f)       provisions
apply to successive events and transactions;

 

(g)       references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules
adopted by the Commission from time to time;

 

(h)       “including”
means including without limitation; and

 

(i)       Section
references are to Sections of this Indenture unless the context otherwise requires.

 

    4

     

    

ARTICLE 2

The Securities

 

Section 2.01.Issuable in Series.

 

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

 

Section 2.02.Establishment of Terms
of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Section 2.02(1) and either as to
such Securities within the Series or as to the Series generally in the case of Section 2.02(2) through Section 2.02(17)) by or
pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture
hereto or Officers’ Certificate:

 

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

 

(2)       whether
the Securities are entitled to the benefit of any guarantee by any guarantor;

 

(3)       any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series);

 

(4)       the
date or dates on which the principal of the Securities of the Series is payable;

 

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

 

(6)       the
right, if any, to extend the interest payment periods or defer the payment of interest and the duration of such extension or deferral;

 

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

 

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

 

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

 

    5

     

    

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

 

(11)       if
other than minimum denominations of $1,000 and any integral multiple in excess thereof, the minimum denominations in which the
Securities of the Series shall be issuable;

 

(12)       if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof;

 

(13)       any
addition to, deletion of or change in the covenants which apply to the Securities of the Series;

 

(14)       any
special tax implications of the Securities;

 

(15)       any
trustees, authenticating agents or paying agents with respect to such Series, if different from those set forth in, or designated
pursuant to, this Indenture;

 

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

 

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

 

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

 

Section 2.03.Form and Dating.

 

(a)       General.
The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security will be
dated the date of its authentication. Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture hereto for a particular Series, the Securities will be in minimum denominations of $2,000 with integral multiples of
$1,000 in excess thereof.

 

The terms and provisions contained in the
Securities will constitute, and are hereby expressly made, a part of this Indenture, and the Company and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

(b)       Global
Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for
such Global Security or Securities. Any Global Security issued hereunder shall bear the Global Security Legend. Each Global Security
will represent such of the outstanding Securities of any Series as will be specified therein and each will provide that it will
represent the aggregate principal amount of outstanding Securities of any Series from time to time endorsed thereon and that the
aggregate principal amount of outstanding Securities of any Series represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase
or decrease in the aggregate principal amount of outstanding Securities of any Series represented thereby will be made by the Trustee
or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section
2.08 hereof.

 

Section 2.04.Execution and Authentication.

 

At least one Officer must sign the Securities
for the Company by manual or facsimile signature.

 

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

 

    6

     

    

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

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Securities (an “Authentication Order”),
and the Trustee in accordance with the Authentication Order will authenticate and deliver such Securities. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall
receive, and (subject to Section 7.01) will be fully protected in conclusively relying upon, (a) the Board Resolution, supplemental
indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within
that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate
complying with Section 11.04 and 11.05 and (c) an Opinion of Counsel stating:

 

(a)    that
such form of the Securities has been established in conformity with the provisions of this Indenture;

 

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

 

(c)    that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company enforceable in accordance with
their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other
laws relating to or affecting creditors’ rights and by general principles of equity; and

 

(d)    that
all conditions precedent and covenants to the issuance of the Securities have been satisfied.

 

The aggregate principal amount of Securities
of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided
in Section 2.09.

 

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

 

Section 2.05.Registrar and Paying
Agent.

 

The Company will maintain, with respect
to each Series of Securities, an office or agency where Securities may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where such Securities may be presented for payment (“Paying Agent”).
The Registrar will keep a register with respect to each Series of Securities and of their transfer and exchange. The Company may
appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar
and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to
this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act
as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 

The Company initially appoints The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Securities. The Company initially appoints
the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to each Series of Securities.

 

Section 2.06.Paying Agent to Hold
Money in Trust.

 

The Company will require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Holders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the
Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require
a

 

    7

     

    

Paying Agent to pay all money held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further
liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund
for the benefit of Holders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee will automatically become the Paying Agent for the Securities.

 

Section 2.07.Holder Lists.

 

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

 

Section 2.08.Transfer
and Exchange.

 

(a)    Transfer
and Exchange of Global Securities. A Global Security may not be transferred except as a whole by the Depositary to a nominee
of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Securities will be exchanged
by the Company for Definitive Securities if:

 

(1)    the
Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days after the date of such notice from the Depositary;

 

(2)    the
Company in its sole discretion determines that the Global Securities (in whole but not in part) should be exchanged for Definitive
Securities and delivers a written notice to such effect to the Trustee; or

 

(3)    there
has occurred and is continuing a Default or Event of Default with respect to the Securities of which an officer of the Trustee
has received actual notice and the Registrar has received a request from any Beneficial Owner of an interest in the Global Securities
to issue such Definitive Securities.

 

Upon the occurrence of either of the events
in (1) or (2) above, Definitive Securities shall be issued in such names as the Depositary shall instruct the Trustee. Global Securities
also may be exchanged or replaced, in whole or in part, as provided in Section 2.09 and Section 2.12 hereof. Every Security authenticated
and delivered in exchange for, or in lieu of, a Global Security or any portion thereof, pursuant to this Section 2.08 or Section
2.09 or Section 2.12 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Security. A Global Security
may not be exchanged for another Security other than as provided in this (a) hereof, provided, however, that beneficial
interests in a Global Security may be transferred and exchanged as provided in (b) or (c) hereof.

 

(b)    Transfer
and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests in the Global
Securities will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
Transfers of beneficial interests in the Global Securities will require compliance with paragraph (1) or (2) below, as applicable,
as well as one or more of the other following subparagraphs, as applicable:

 

(1)    Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Global Security may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Global Security. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this Section 2.08(b)(1).

 

(2)    All
Other Transfers and Exchange of Beneficial Interests in Global Securities. In connection with all transfers or exchanges of
beneficial interests in Global Securities that are not subject to Section 2.08(b)(1) above, the transferor of such beneficial interest
must deliver to the Registrar either:

 

(A)    both:

 

    8

     

    

(i)       written
order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial
interest to be transferred or exchanged; and

 

(ii)       instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)    both:

 

(i)       a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Security in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)       instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall
be registered to effect the transfer or exchange referred to in Section 2.08(b)(2)(B)(i) above.

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Securities contained in this Indenture and the Securities or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Securities pursuant to
(g) hereof.

 

(c)    Transfer
or Exchange of Beneficial Interests in Global Securities for Definitive Securities. If any holder of a beneficial interest
in an Global Security proposes to exchange such beneficial interest for a Definitive Security or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Definitive Security, then, upon satisfaction of the conditions set forth
in Section 2.08(b)(2) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Security to be reduced
accordingly pursuant to (g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person
designated in the instructions a Definitive Security in the appropriate principal amount. Any Definitive Security issued in exchange
for a beneficial interest pursuant to this (c) shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons in whose names
such Securities are so registered.

 

(d)    Transfer
and Exchange of Definitive Securities for Beneficial Interests. A Holder of a Definitive Security may exchange such Security
for a beneficial interest in a Global Security or transfer such Definitive Securities to a Person who takes delivery thereof in
the form of a beneficial interest in a Global Security at any time. Upon receipt of a request for such an exchange or transfer,
the Trustee will cancel the applicable Definitive Security and increase or cause to be increased the aggregate principal amount
of one of the Global Securities pursuant to (g) hereof.

 

If any such exchange or transfer from a
Definitive Security to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global Security has
not yet been issued, the Company will issue and, upon receipt of the Company Order, the Trustee will authenticate one or more Global
Securities in an aggregate principal amount equal to the principal amount of Definitive Securities so transferred.

 

A Holder of Definitive Securities may transfer
such Securities to a Person who takes delivery thereof in the form of a Definitive Security.

 

(e)    Transfer
and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this (e), the Registrar will register the transfer or exchange of Definitive Securities.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive
Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. A Holder of Definitive Securities may transfer such Securities to
a Person who takes delivery thereof in the form of a Definitive Security. Upon receipt of a request to register such a transfer,
the Registrar shall register the Definitive Securities pursuant to the instructions from the Holder thereof, and the Company shall
execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Security in the
appropriate principal amount.

 

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(f)     Global
Securities Legends. The following legends will appear on the face of all Global Securities issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture:

 

“THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED
IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.08 OF THE INDENTURE, (2) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
2.08(a) OF THE INDENTURE, (3) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF
THE INDENTURE AND (4) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR
BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW
YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(g)    Cancellation
and/or Adjustment of Global Securities. At such time as all beneficial interests in a particular Global Security have been
exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not
in part, each such Global Security will be returned to or retained and canceled by the Trustee in accordance with Section 2.13
hereof. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred
to a Person who will take delivery thereof in the form of Definitive Securities, the principal amount of Securities represented
by such Global Security will be reduced accordingly and an endorsement will be made on such Global Security by the Trustee or by
the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged
for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security,
such other Global Security will be increased accordingly and an endorsement will be made on such Global Security by the Trustee
or by the Depositary at the direction of the Trustee to reflect such increase.

 

(h)    General
Provisions Relating to Transfers and Exchanges. 

 

(1)    To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Securities and
Definitive Securities upon receipt of an Authentication Order in accordance with Section 2.04 hereof or at the Registrar’s
request.

 

(2)    No
service charge will be made to a Holder of a beneficial interest in a Global Security or to a Holder of a Definitive Security for
any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Section 2.12, Section 3.06 and Section 9.05 hereof).

 

(3)    Neither
the Registrar nor the Company will be required to register the transfer of or exchange of any Securities selected for redemption
in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

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

 

(5)    Neither
the Registrar nor the Company will be required:

 

(A)       to
issue, to register the transfer of or to exchange any Securities during a period beginning at the opening of business 15 days before
the day of any selection of Securities for redemption under Section 3.02 hereof and ending at the close of business on the day
of selection;

 

(B)       to
register the transfer of or to exchange any Security selected for redemption in whole or in part, except the unredeemed portion
of any Security being redeemed in part; or

 

(C)       to
register the transfer of or to exchange a Security between a record date and the next succeeding interest payment date for the
Security.

 

(6)    Prior
to due presentment for the registration of a transfer of any Security, the Trustee, any Agent and the Company may deem and treat
the Person in whose name any Security is registered as the absolute owner of such Security for the purpose of receiving payment
of principal of and interest on such Securities and for all other purposes, and none of the Trustee, any Agent or the Company shall
be affected by notice to the contrary.

 

(7)    The
Trustee will authenticate Global Securities and Definitive Securities in accordance with the provisions of Section 2.04 hereof.

 

(8)    All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.08 to
effect a registration of transfer or exchange may be submitted by facsimile.

 

Section 2.09.Replacement Securities.

 

If any mutilated Security is surrendered
to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft
of any Security, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement
Security if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent
and any authenticating agent from any loss that any of them may suffer if a Security is replaced. The Company may charge for its
expenses in replacing a Security.

 

Every replacement Security is an additional
obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other
Securities duly issued hereunder.

 

Section 2.10.Outstanding Securities.

 

The Securities outstanding at any time
are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.10 as not outstanding. Except as set forth in Section 2.11 hereof, a Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds such Security.

 

If a Security is replaced pursuant to Section
2.09 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held
by a protected purchaser.

 

If the principal amount of any Security
is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Company
or an Affiliate thereof) holds, on a redemption date or maturity date, money sufficient to pay Securities payable on that date,
then on and after that date such Securities will be deemed to be no longer outstanding and will cease to accrue interest.

 

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Section 2.11.Treasury Securities.

 

In determining whether the Holders of the
required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or
by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company,
will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected
in relying on any such direction, waiver or consent, only Securities that the Trustee knows are so owned will be so disregarded.

 

Section 2.12.Temporary Securities.

 

Until certificates representing Securities
are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary
Securities. Temporary Securities will be substantially in the form of certificated Securities but may have variations that the
Company considers appropriate for temporary Securities and as may be reasonably acceptable to the Trustee. Without unreasonable
delay, the Company will prepare and the Trustee will authenticate definitive Securities in exchange for temporary Securities.

 

Holders of temporary Securities will be
entitled to all of the benefits of this Indenture.

 

Section 2.13.Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Securities surrendered to them
for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Securities surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Securities (subject to the record retention
requirement of the Exchange Act). Upon written request of the Company, certification of the destruction of all canceled Securities
will be delivered to the Company. The Company may not issue new Securities to replace Securities that it has paid or that have
been delivered to the Trustee for cancellation.

 

Section 2.14.Defaulted Interest.

 

If the Company defaults in a payment of
interest on the Securities, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable
on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided
in the Securities and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Security and the date of the proposed payment. The Company will fix or cause to be fixed each such
special record date and payment date; provided that no such special record date may be less than 10 days prior to the related
payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request
of the Company, the Trustee in the name and at the expense of the Company) will deliver or cause to be delivered to Holders a notice
that states the special record date, the related payment date and the amount of such interest to be paid.

 

Section 2.15.CUSIP Number.

 

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
the omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP numbers.

 

ARTICLE 3

Redemption and Prepayment

 

Section 3.01.Notices to the Trustee.

 

The Company may, with respect to any Series
of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity

 

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thereof at such time and on such terms as
provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior
to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it must furnish
to the Trustee, at least 35 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth:

 

(a)       the
clause of this Indenture pursuant to which the redemption shall occur;

 

(b)       the
redemption date;

 

(c)       the
principal amount of the Securities of such Series to be redeemed; and

 

(d)       the
redemption price.

 

Section 3.02.Selection of Securities
to Be Redeemed or Purchased.

 

If less than all of the Securities are
to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Securities for redemption or purchase
on a pro rata basis or to the extent that selection on a pro rata basis is not practicable, by lot or by such method
as the Trustee shall deem fair and appropriate; unless otherwise required by law or applicable stock exchange requirements, subject
in each case to the applicable procedures of the Depositary. In the event of such partial redemption or purchase, the particular
Securities to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days
prior to the redemption or purchase date by the Trustee from the outstanding Securities not previously called for redemption or
purchase.

 

The Trustee will promptly notify the Company
in writing of the Securities selected for redemption or purchase and, in the case of any Securities selected for partial redemption
or purchase, the principal amount thereof to be redeemed or purchased. Securities and portions of Securities selected will be in
multiples of $1,000; provided that if all of the Securities of a Holder are to be redeemed or purchased, the entire outstanding
amount of Securities held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased; and provided further
that any unredeemed portion of a Security shall be equal to $2,000 or a multiple of $1,000 in excess thereof. Except as provided
in the preceding sentence, provisions of this Indenture that apply to Securities called for redemption or purchase also apply to
portions of Securities called for redemption or purchase.

 

Section 3.03.Notice of Redemption.

 

Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than
60 days before a redemption date, the Company will deliver a notice of redemption to each Holder whose Securities are to be redeemed
at its registered address, except that redemption notices may be delivered more than 60 days prior to a redemption date if the
notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture pursuant to
Articles 8 or 10 hereof.

 

The notice will identify the Securities
to be redeemed and will state:

 

(a)       the
redemption date;

 

(b)       the
redemption price;

 

(c)       if
any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the
redemption date upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion
will be issued upon cancellation of the original Security;

 

(d)       the
name and address of the Paying Agent;

 

(e)       that
Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)       that,
unless the Company defaults in making such redemption payment, interest on Securities of the Series called for redemption ceases
to accrue on and after the redemption date;

 

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(g)       the
paragraph of the Securities and/or Section of this Indenture pursuant to which the Securities called for redemption are being redeemed;

 

(h)       that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Securities; and

 

(i)       any
condition to such redemption.

 

At the Company’s request, the Trustee
will give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company has
delivered to the Trustee, at least two Business Days before notice of redemption is required to be delivered to Holders pursuant
to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that
the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

 

Section 3.04.Effect of Notice of
Redemption.

 

Once notice of redemption is delivered
in accordance with Section 3.03 hereof, Securities of the Series called for redemption become irrevocably due and payable on the
redemption date at the redemption price. Any redemption and notice of redemption may, at the Company’s option and discretion,
be subject to one or more conditions precedent. The notice, if delivered in a manner provided herein, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect
in the notice to the Holder of any Security designated for redemption in whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security.

 

Section 3.05.Deposit of Redemption
or Purchase Price.

 

Prior to 10:00 a.m. Eastern Time on the
redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money in immediately available
funds sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Securities of a Series to be
redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with
the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and
accrued and unpaid interest on, all Securities of a Series to be redeemed or purchased.

 

If the Company complies with the provisions
of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Securities or the
portions of Securities called for redemption or purchase. If a Security is redeemed or purchased on or after an interest record
date but on or prior to the related interest payment date, then any accrued and unpaid interest to the redemption or purchase date
shall be paid to the Person in whose name such Security was registered at the close of business on such record date. If any Security
called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company
to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until
such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided
in the Securities and in Section 4.01 hereof.

 

Section 3.06.Securities Redeemed
or Purchased in Part.

 

Upon surrender of a Security that is redeemed
or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the
Holder at the expense of the Company a new Security equal in principal amount to the unredeemed or unpurchased portion of the Security
surrendered; provided that such unredeemed or unpurchased portion is equal to $2,000 or a multiple of $1,000 in excess
thereof. Notwithstanding any other provision in this Indenture to the contrary, neither an Opinion of Counsel nor an Officers’
Certificate is required for the Trustee to authenticate such new Security.

 

ARTICLE 4

Covenants

 

Section 4.01.Payment of Securities.

 

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The Company will, for the benefit of the
Holders of each Series of Securities, pay or cause to be paid the principal of, premium, if any, and interest on, the Securities
of that Series on the dates and in the manner provided in the Securities. Principal, premium, if any, and interest will be considered
paid on the date due if the Paying Agent, if other than the Company or a Subsidiary, holds as of noon Eastern Time on the due date
money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium,
if any, and interest then due.

 

Section 4.02.Maintenance of Office
or Agency.

 

For so long as any Securities of a Series
are outstanding, the Company will maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Securities may be surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails
to maintain any such required office or agency or fails 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. Notwithstanding anything else contained
herein to the contrary, no service of legal process on the Company may be made at any office of the Trustee.

 

The Company may also from time to time
designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations. 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.

 

With respect to each Series of Securities,
the Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance
with Section 2.05 hereof.

 

Section 4.03.Reports to Holders.

 

Whether or not the Company is subject to
the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company must provide the Trustee and, upon request,
to any Holder of the Securities within fifteen (15) Business Days after filing, or in the event no such filing is required, within
fifteen (15) Business Days after the end of the time periods specified in those sections with:

 

(1)       all
quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q
and 10--K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and, with respect to the annual financial statements only, a report thereon by the Company’s
certified independent accountants, and

 

(2)       all
current reports that would be required to be filed with the Commission on Form 8-K if the Company were required to file such reports;

 

provided that the foregoing delivery requirements shall
be deemed satisfied if the foregoing materials are available on the Commission’s EDGAR system or on the Company’s website
within the applicable time period.

 

In addition, whether or not required by
the Commission, the Company will, if the Commission will accept the filing, file a copy of all of the information and reports referred
to in clauses (1) and (2) with the Commission for public availability within the time periods specified in the Commission’s
rules and regulations. In addition, the Company will make the information and reports available to securities analysts and prospective
investors upon request.

 

Notwithstanding anything herein to the
contrary, the Company will not be deemed to have failed to comply with any of its obligations under this Section 4.03 for purposes
of Section 6.01(c) hereof until 90 days after the date any report under this Section 4.03 is due to be delivered to the Trustee.

 

Delivery of the reports and documents described
in subsection (1) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained

 

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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 conclusively
rely on an Officers’ Certificate).

 

Section 4.04.Compliance Certificate.

 

(a)       For
so long as any Securities of a Series are outstanding, the Company and each guarantor of any Series of Securities (to the extent
that such guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days after the end of each fiscal year,
an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officer with a view to determining whether each has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate,
that to the best of his or her knowledge, each entity has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this
Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or
she may have knowledge and what action the Company is taking or proposes to take with respect thereto).

 

(b)       So
long as any of the Securities of a Series are outstanding, the Company will deliver to the Trustee, within five Business Days of
any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event
of Default and what action the Company is taking or proposes to take with respect thereto.

 

Section 4.05.Taxes.

 

For so long as any Securities of a Series
are outstanding, the Company will pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes,
assessments, and governmental levies, except such as are contested in good faith and by appropriate negotiations or proceedings
or where the failure to effect such payment is not adverse in any material respect to the Holders of the Securities of a Series.

 

Section 4.06.Stay, Extension and
Usury Laws.

 

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

 

ARTICLE 5

[Intentionally Omitted]

 

ARTICLE 6

Defaults and Remedies

 

Section 6.01.Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means, unless otherwise provided by Board Resolution, Officers’
Certificate or supplemental indenture hereto for a particular Series, the:

 

(a)       the
failure to pay interest on any Security of that Series when the same becomes due and payable and the default continues for a period
of 30 days;

 

(b)       the
failure to pay the principal on any Security of that Series, when such principal becomes due and payable, at maturity, upon redemption
or otherwise on the date specified for such payment in the applicable offer to purchase;

 

(c)       a
default in the observance or performance of any other covenant or agreement contained in this Indenture (other than defaults in
Section 6.01(a) and (b) above or pursuant to a covenant or warranty that has been included in

 

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this Indenture solely for the benefit of Series
of Securities other than that Series) which default continues for a period of 60 days after the Company receives written notice
specifying the default (and demanding that such default be remedied) from the Trustee or the Holders (with a copy to the Trustee)
of at least 25% of the outstanding principal amount of the Securities of that Series;

 

(d)       the
Company:

 

(1)       commences
a voluntary case in bankruptcy,

 

(2)       consents
to the entry of an order for relief against it in an involuntary bankruptcy case,

 

(3)       consents
to the appointment of a custodian for it or for all or substantially all of its property,

 

(4)       makes
a general assignment for the benefit of its creditors, or

 

(5)       makes
an admission by the Company in writing of its inability to pay its debts as they become due; or

 

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

 

(1)       is
for relief against the Company;

 

(2)       appoints
a custodian of the Company for all or substantially all of the property of the Company; or

 

(3)       orders
the liquidation of the Company;

 

and the order or decree remains unstayed
and in effect for 90 consecutive days.

 

(f) any other Event of Default provided
with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.02.

 

Section 6.02.Acceleration.

 

If an Event of Default (other than an Event
of Default specified in clause (d) or (e) of Section 6.01 hereof) shall occur with respect to the Securities of any Series at the
time outstanding and be continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities
of that Series may declare the principal of, and accrued and unpaid interest on all the Securities of that Series to be due and
payable by notice in writing to the Company (and to the Trustee if given by Holders) specifying the respective Event of Default
and that it is a “notice of acceleration”, and the same shall become immediately due and payable. Upon declaration
of acceleration, the aggregate principal of, and accrued and unpaid interest on the outstanding Securities of that Series shall
immediately become due and payable.

 

If an Event of Default specified in clause
(d) or (e) of Section 6.01 hereof occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and
unpaid interest on all of the outstanding Securities shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder.

 

At any time after a declaration of acceleration
with respect to the Securities of any Series as described in this Section 6.02 hereof, the Holders of a majority in principal amount
of the Securities of such Series then outstanding by written notice to the Trustee may, on behalf of all of the Holders of such
Series, rescind and cancel such acceleration or waive any existing Default or Event of Default (except a default in the payment
of the principal of or interest) and its consequences:

 

(a)       if
the rescission would not conflict with any judgment or decree;

 

(b)       if
all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely
because of the acceleration;

 

(c)       to
the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal which has
become due otherwise than by such declaration of acceleration, has been paid;

 

    17

     

    

(d)       if
the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances;
and

 

(e)       in
the event of the cure or waiver of an Event of Default of the type described in clause (d) or (e) of Section 6.01 hereof with respect
to the Company, the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel, each stating that such
Event of Default has been cured or waived.

 

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

 

No Holder of any Security will have any
right to institute any proceeding with respect to this Indenture or for any remedy hereunder, unless such Holder shall have previously
given to the Trustee written notice of a continuing Event of Default and unless also the Holders of at least 25% in aggregate principal
amount of the outstanding Securities of that Series shall have made written request, and offered indemnity satisfactory to the
Trustee, to the Trustee to institute such proceeding as Trustee, and the Trustee shall not have received from the Holders of a
majority in aggregate principal amount the outstanding Securities of that Series a direction inconsistent with such request and
shall have failed to institute such proceeding within 60 days. Such limitations do not apply, however, to a suit instituted by
a Holder of Securities for enforcement of payment of principal of and accrued and unpaid interest on such Securities on or after
the respective due dates expressed in such Securities.

 

Section 6.03.Other Remedies.

 

If an Event of Default with respect to
the Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal, premium, if any, and interest on such Securities or to enforce the performance of any provision of such
Securities or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities of a Series or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by
law.

 

Section 6.04.Waiver of Past Defaults.

 

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

 

Section 6.05.Control by Majority.

 

Holders of a majority in aggregate principal
amount of the then outstanding Securities of any Series may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, (i) the Trustee may refuse
to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the
rights of other Holders of Securities or that may involve the Trustee in personal liability, and (ii) the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such direction. Notwithstanding any provision to the contrary
in this Indenture, the Trustee is under no obligation to exercise any of its rights or powers under this Indenture at the direction
or request of any Holder, unless such Holder shall offer to the Trustee security and indemnity satisfactory to it against any loss,
liability or expense.

 

Section 6.06.Limitation on Suits.

 

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A Holder of any Security of any Series
may pursue any remedy with respect to this Indenture or its Securities only if:

 

(a)       such
Holder gives to the Trustee written notice that an Event of Default with respect to Securities of that Series is continuing or
the Trustee receives such notice from the Company;

 

(b)       Holders
of at least 25% in aggregate principal amount of the then outstanding Securities of that Series make a written request to the Trustee
to pursue the remedy;

 

(c)       such
Holder or Holders offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee
against any loss, liability or expense;

 

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

 

(e)       during
such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Securities of that Series do not
give the Trustee a direction inconsistent with such request.

 

A Holder may not use this Indenture to
affect, disturb or prejudice the rights of another Holder or to obtain or seek to obtain a preference or priority over another
Holder.

 

Section 6.07.Rights of Holders of
Securities to Receive Payment.

 

Notwithstanding any other provision of
this Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on the Security, on or after
the respective due dates expressed in the Security (including in connection with an offer to purchase), or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder.

 

Section 6.08.Collection Suit by
Trustee.

 

If an Event of Default specified in Section
6.01(a) or (b) hereof occurs and is continuing with respect to the Securities of any Series at the time outstanding, the Trustee
is authorized to recover judgment in its own name and as Trustee of an express trust against the Company for the whole amount of
principal of, premium, if any, and interest remaining unpaid on, such Securities and interest on overdue principal and, to the
extent lawful, interest and 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.

 

Section 6.09.Trustee May File Proofs
of Claim.

 

The Trustee is authorized to file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Securities of such Series allowed in any judicial proceedings relative to the Company (or any other obligor upon
the Series), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or
other securities or property payable or deliverable upon the exchange of the Securities of such Series or on any such claims and
any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in
the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due 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 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the
estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive
in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder, or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.

 

    19

     

    

Section 6.10.Priorities.

 

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

 

First: to the Trustee, its agents (including,
without limitation, the Agents) and attorneys for amounts due under Section 7.07 hereof, including payment of all reasonable compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to Holders of Securities of any
Series for amounts due and unpaid on such Securities for principal, premium, if any, and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Securities for principal, premium, if any and interest,
respectively; and

 

Third: to the Company or to such party
as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Securities pursuant to this Section 6.10.

 

Section 6.11.Undertaking for Costs.

 

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

 

ARTICLE 7

Trustee

 

Section 7.01.Duties of Trustee.

 

(a)       If
an Event of Default has occurred and is continuing, and subject to any direction received by the requisite Holders, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise,
as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)       Except
during the continuance of an Event of Default:

 

(1)       the
duties of the Trustee shall be determined solely by the express provisions of this Indenture or the TIA and the Trustee need perform
only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

 

(2)       In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture.

 

However, the Trustee will examine the Officers’ Certificates
and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.

 

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

 

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

 

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

 

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

 

(d)       Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), (c) and (e) of this Section 7.01.

 

(e)       No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability if it shall have reasonable
grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured
to it. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of
any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability
or expense.

 

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

 

(g)       The
Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care
as are set forth in paragraphs (a), (b), (c) and (e) of this Section 7.01 with respect to the Trustee.

 

Section 7.02.Rights of Trustee.

 

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

 

(b)       Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.

 

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

 

(d)       The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

 

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

 

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

 

(g)       The
Trustee shall not be deemed to have notice of a 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 a Responsible
Officer of the Trustee at the Corporate Trust Office specified in Section 11.02 hereof.

 

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

 

(i)       The
Trustee shall not be required to provide any bond or surety with respect to the execution of these trusts and powers.

 

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(j)       In
no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage
of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such
loss or damage.

 

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

 

(l)       The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers authorized
at such time to take specified actions pursuant to this Indenture.

 

Section 7.03.Individual Rights of
Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any Affiliate of the Company
with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest
it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as Trustee (if this Indenture
has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject
to Section 7.10 and Section 7.11 hereof.

 

Section 7.04.Trustee’s Disclaimer.

 

The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or any Securities, it shall not be accountable for
the Company’s use of the proceeds from any Securities or any money paid to the Company or upon the Company’s direction
under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying
Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in any Securities
or any other document in connection with the sale of any Securities or pursuant to this Indenture other than its certificate of
authentication.

 

Section 7.05.Notice
of Defaults.

 

If a Default or Event of Default occurs
and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee,
the Trustee will deliver to Holders of Securities of that Series a notice of the Default or Event of Default within 90 days after
it occurs, or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in
the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Security of any Series,
the Trustee may withhold the notice from the Holders of such Securities if and so long as the Trustee in good faith determines
that withholding the notice is in the interests of the Holders of such Securities.

 

Section 7.06.Reports by Trustee
to Holders of the Securities.

 

(a)       Within
60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Securities remain
outstanding, the Trustee will deliver to the Holders of the Securities of any Series a brief report dated as of such reporting
date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee
will also deliver all reports as required by TIA § 313(c).

 

(b)       A
copy of each report at the time of its mailing to the Holders of Securities of any Series will be mailed by the Trustee to the
Company and filed by the Trustee with the Commission and each stock exchange on which the Securities of any Series are listed in
accordance with TIA § 313(d). The Company will promptly notify the Trustee when the Securities of any Series are listed on
any stock exchange.

 

Section 7.07.Compensation and Indemnity.

 

(a)       The
Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder
as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements,
advances and expenses incurred or

 

    22

     

    

made by it in addition to the compensation
for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel.

 

(b)       The
Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 7.07), and defending itself against any claim (whether asserted by the Company, any
Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability or expense may be attributable to its negligence, willful misconduct or bad faith.
The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee will
cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such
counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld.
This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

(c)       The
obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the resignation
or removal of the Trustee.

 

(d)       To
secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Securities of any
Series on all money or property held or collected by the Trustee. Such Lien shall survive the satisfaction and discharge of this
Indenture.

 

(e)       When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(d) or Section 6.01(e) hereof
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended
to constitute expenses of administration under any Bankruptcy Law.

 

(f)       The
Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 

Section 7.08.Replacement of Trustee.

 

(a)       A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)       The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders
of a majority in aggregate principal amount of the then outstanding Securities of any Series may remove the Trustee with respect
to that Series by so notifying the Trustee and the Company in writing. The Company may remove the Trustee with respect to Securities
of one or more Series if:

 

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

 

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

 

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

 

(4)       the
Trustee becomes incapable of acting.

 

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

 

(d)       If
a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount
of the then outstanding Securities of the applicable Series may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

 

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(e)       If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)       A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon,
the resignation or removal of the retiring Trustee will become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall deliver a notice of its succession to Holders.
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all
sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue
for the benefit of the retiring Trustee.

 

Section 7.09.Successor Trustee by
Merger, etc.

 

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

 

Section 7.10.Eligibility; Disqualification.

 

(a)       There
will at all times be a Trustee hereunder that is a national banking association or other corporation organized and doing business
under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and
surplus of at least $100.0 million as set forth in its most recent published annual report of condition.

 

(b)       This
Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject
to TIA § 310(b).

 

Section 7.11.Preferential Collection
of Claims Against the Company.

 

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

 

ARTICLE 8

Legal Defeasance and Covenant Defeasance

 

Section 8.01.Option to Effect Legal
Defeasance or Covenant Defeasance.

 

The Company may, at its option and at any
time, elect to have either Section 8.02 or Section 8.03 hereof be applied to all outstanding Securities upon compliance with the
conditions set forth below in this Article 8.

 

Section 8.02.Legal Defeasance and
Discharge.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities
(including the related guarantees, if any) on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding Securities (including the related guarantees, if any), which will thereafter
be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in clauses (a) and (b) below, and to have satisfied all its other obligations under such Securities, such guarantees,
if any, and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

 

(a)       the
rights of Holders of outstanding Securities of such Series to receive payments in respect of the principal of, premium, if any,
and interest on, such Securities of such Series when such payments are due from the trust referred to in Section 8.04 hereof;

 

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(b)       the
Company’s obligations with respect to such Securities of such Series under Article 2 and Sections 4.01 and 4.02 hereof;

 

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

 

(d)       this
Article 8.

 

Subject to compliance with this Article
8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof.

 

Section 8.03.Covenant Defeasance.

 

Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the guarantors, if any, shall, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants
contained in Section 4.03, 4.05 and Section 5.01 hereof as well as any additional covenants specified in a supplemental indenture
for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 with respect
to the outstanding Securities of any Series on and after the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the outstanding Securities of such Series will thereafter be deemed
not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences
of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes
hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this purpose,
Covenant Defeasance means that, with respect to the outstanding Securities of such Series, the Company or any of its Subsidiaries
may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.01 hereof with respect to such Series of Securities, but, except as specified above,
the remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, Section 6.01(c) hereof will not constitute an Event of Default with respect to such Securities.

 

Section 8.04.Conditions to Legal
or Covenant Defeasance.

 

The following shall be the conditions to
the applicability of either Section 8.02 or 8.03 hereof to the outstanding Notes:

 

(a)       the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal of, premium, if any, and interest on the Securities on the stated
date for payment thereof or on the applicable redemption date, as the case may be;

 

(b)       in
the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that:

 

(1)       the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(2)       since
the date of this Indenture, there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the beneficial owners of the outstanding Securities of such Series will not recognize income, gain
or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(c)       in
the case of an election under Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States reasonably acceptable to the Trustee confirming
that the beneficial owners

 

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of the outstanding Securities of such Series
will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

 

(d)       no
Default or Event of Default with respect to the outstanding Securities of such Series shall have occurred and be continuing on
the date of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such
deposit and the grant of any Lien securing such borrowings);

 

(e)       such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under this Indenture
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposits and the grant of
any Lien securing such borrowings) or any other material agreement or instrument to which the Company is a party or by which the
Company is bound;

 

(f)       the
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying
or defrauding any other creditors of the Company or others;

 

(g)       the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which opinion may be subject
to customary assumptions and exclusions), each stating that all conditions precedent provided for or relating to the Legal Defeasance
or the Covenant Defeasance have been complied with; and

 

(h)       the
Company shall have delivered to the Trustee an Opinion of Counsel, stating that assuming no intervening bankruptcy of the Company
between the date of deposit and the 124th day following the date of deposit and that no Holder is an insider of the Company, after
the 124th day following the date of deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally.

 

Notwithstanding the foregoing, the Opinion
of Counsel required by clause Section 8.04(b) above with respect to a Legal Defeasance need not be delivered if all outstanding
Securities of such Series not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will
become due and payable on the maturity date or a redemption date within one year under arrangements reasonably satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company.

 

Section 8.05.Deposited Money and
Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.06 hereof, all money
and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of
the outstanding Securities of any Series shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any Subsidiary
acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon
in respect of principal, premium, if any, and interest but such money need not be segregated from other funds except to the extent
required by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited
pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Securities of any Series.

 

Notwithstanding anything in this Article
8 to the contrary, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money
or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06.Repayment to the Company.

 

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Subject to applicable abandoned property
law, 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, premium, if any, or interest on any Security and remaining unclaimed for two years after such principal, premium, if any, or
interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Security shall thereafter be permitted to 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, will 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 the New York Times and The Wall Street Journal
(national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than
30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Company.

 

Section 8.07.Reinstatement.

 

If the Trustee or Paying Agent is unable
to apply any U.S. dollars or non-callable Government Securities with respect to Securities of any Series in accordance with Section
8.02 or Section 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then, with respect to such Securities, the Company’s and any applicable
guarantors’ obligations under this Indenture and the applicable Securities and guarantees will be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 8.02 or Section 8.03 hereof, as the case may be; provided, however,
that, if the Company makes any payment of principal of, premium, if any, or interest on any such Securities following the reinstatement
of its obligations, the Company will be subrogated to the rights of the Holders of such Securities to receive such payment from
the money held by the Trustee or Paying Agent.

 

ARTICLE 9

Amendment, Supplement and Waiver

 

Section 9.01.Without Consent of
Holders of Securities.

 

Notwithstanding Section 9.02 of this Indenture,
the Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent
of any Holder of Securities of any Series in order to:

 

(a)       cure
any ambiguity, defect or inconsistency;

 

(b)       provide
for the assumption by a Surviving Entity of the obligations of the Company under this Indenture;

 

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

 

(d)       add
guarantees with respect to the Securities of any Series or confirm and evidence the release, termination or discharge of any security
or guarantee when such release, termination or discharge is permitted by this Indenture;

 

(e)       secure
the Securities of any Series, add to the covenants of the Company for the benefit of the Holders of the Securities of any Series
or surrender any right or power conferred upon the Company;

 

(f)       make
any change that does not adversely affect the rights of any Holder of the Securities;

 

(g)       comply
with any requirement of the Commission in connection with the qualification of this Indenture under the TIA;

 

(h)       evidence
and provide for the acceptance of appointment by a successor Trustee;

 

    27

     

    

(i)       conform
the text of this Indenture or the Securities to any provision of the “Description of Notes” of any prospectus, prospectus
supplement, offering memorandum, offering circular or any other document pursuant to which the Securities of such Series were offered;
or

 

(j)       make
any amendment to the provisions of this Indenture relating to the transfer and legending of the Securities as permitted by this
Indenture, including, without limitation to facilitate the issuance and administration of the Securities; provided that
(i) compliance with this Indenture as so amended would not result in the Securities being transferred in violation of the Securities
Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to
transfer the Securities.

 

Upon the request of the Company accompanied
by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.02.With Consent of Holders
of Securities.

 

(a)       The
Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of not less than a majority
of the aggregate principal amount of the outstanding Securities of each Series affected by such supplemental indenture (voting
as one class) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or Officers’ Certificate or of modifying in any manner the rights of the Holders
of each such Series, and the Company’s compliance with any provision of this Indenture with respect to the Securities of
any Series may be waived by written notice to the Trustee by the Holders of a majority of the aggregate principal amount of the
outstanding Securities of such Series affected by the waiver (voting as one class). However, no modification, amendment or waiver
under this Section 9.02 may, without the consent of the Holder of the outstanding Securities affected:

 

(1)       reduce
the principal amount, or extend the fixed maturity, of the Securities, alter or waive the redemption provisions of the Securities;

 

(2)       change
the currency in which principal, any premium or interest is paid;

 

(3)       reduce
the percentage in principal amount outstanding of the Securities which must consent to an amendment, supplement or waiver or consent
to take any action;

 

(4)       impair
the right to institute suit for the enforcement of any payment on the Securities;

 

(5)       waive
a payment default with respect to the Securities or any guarantor;

 

(6)       reduce
the interest rate or extend the time for payment of interest on the Securities; or

 

(7)       adversely
affect the ranking of the Securities.

 

It shall not be necessary for the consent
of the Holders of Securities of any Series under this Section 9.02 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request of the Company
accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing
with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities of any Series as aforesaid,
and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the
execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not
be obligated to, enter into such amended or supplemental Indenture.

 

After a supplemental indenture or waiver
under this section becomes effective, the Company shall promptly mail to the Holders of Securities of any Series affected thereby
a notice briefly describing the supplemental

 

    28

     

    

indenture or waiver. Any failure by the Company
to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture or waiver.

 

Section 9.03.Compliance with Trust
Indenture Act.

 

Every amendment or supplement to this Indenture
or the Securities of any Series will be set forth in an amended or supplemental indenture that complies with the TIA as then in
effect.

 

Section 9.04.Revocation and Effect
of Consents.

 

(a)       Until
an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the
Holder of a Security and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder of a Security or
subsequent Holder of a Security may revoke the consent as to its Security if the Trustee receives written notice of revocation
before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

 

(b)       Any
amendment or waiver once effective shall bind every Holder of each Series affected by such amendment or waiver unless it is of
the type described in any of clauses (1) through (7) of Section 9.02. In that case, the amendment or waiver shall bind each Holder
of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security.

 

Section 9.05.Notation on or Exchange
of Securities.

 

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

 

Failure to make the appropriate notation
or issue a new Security will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.06.Trustee to Sign Amendments,
etc.

 

The Trustee will sign any amended or supplemental
indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until its Board of Directors approves
it. In executing any amended or supplemental indenture or Securities, the Trustee will be entitled to receive and (subject to Section
7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 11.04 hereof, an Officers’
Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture or Securities is authorized
or permitted by this Indenture.

 

ARTICLE 10

Satisfaction and Discharge

 

Section 10.01.Satisfaction and Discharge.

 

This Indenture will be discharged and will
cease to be of further effect (except as to surviving rights or registration of transfer or exchange of Securities of any Series,
as expressly provided for in this Indenture) as to all outstanding Securities issued hereunder, when:

 

(a)       either:

 

(1)       all
such Securities theretofore authenticated and delivered (except lost, stolen or destroyed Securities that have been replaced or
paid and Securities 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) have been delivered to the Trustee for cancellation; or

 

    29

     

    

(2)       all
such Securities not theretofore delivered to the Trustee for cancellation (A) have become due and payable or (B) will become due
and payable within one year, or are to be called for redemption within one year, under arrangements reasonably 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
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders,
cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation for principal of, premium, if any, and interest on such Securities to the date of maturity
or redemption, as the case may be, together with irrevocable instructions from the Company directing the Trustee to apply such
funds to the payment thereof at maturity or redemption, as the case may be;

 

(b)       the
Company or any guarantor of such Securities has paid or caused to be paid all sums payable by it under this Indenture; and

 

(c)       the
Company has delivered an Officers’ Certificate and an Opinion of Counsel to the Trustee (which opinion may be subject to
customary assumptions and exclusions), each stating that all conditions precedent under this Indenture relating to the satisfaction
and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause (a) of this Section 10.01,
the provisions of Section 10.02 and Section 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed
to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture.

 

Section 10.02.Application of Trust
Money.

 

Subject to the provisions of Section 8.06
hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held in trust and applied by it, in accordance
with the provisions of the Securities with respect to which such deposit was made 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 interest 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.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s and any applicable guarantor’s obligations under this Indenture and the applicable Securities shall be
revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company
has made any payment of principal of, premium, if any, or interest on any such Securities of any Series because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from
the money or Government Securities held by the Trustee or Paying Agent.

 

ARTICLE 11

Miscellaneous

 

Section 11.01.Trust Indenture Act
Controls.

 

If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties shall control.

 

Section 11.02.Notices.

 

Any notice or communication by the Company
or the Trustee to the others or by a Holder to the Company or the Trustee is duly given if in writing and delivered in Person or
by first class mail (registered or certified, return receipt requested), facsimile transmission, delivered electronically (in .pdf
or similar format) if, in case of electronic notices, receipt is confirmed, or overnight air courier guaranteeing next day delivery,
to the others’ address:

 

If to the Company:

 

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SMART Global Holdings, Inc.

c/o SMART Modular Technologies, Inc.

39870 Eureka Drive

Newark, CA 94560

Attention: Bruce Goldberg

Email: Bruce.Goldberg@smartm.com

 

With a copy to:

 

Davis Polk & Wardwell LLP

1600 El Camino Real

Menlo Park, CA 94025

Attention: Alan F. Denenberg

Facsimile No.: (650) 752-3604

E-mail: alan.denenberg@davispolk.com

 

If to the Trustee:

 

 

 

 

 

 

 

 

 

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

 

All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or email;
and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next Business Day
delivery.

 

Any notice or communication to a Holder
shall be delivered by electronic transmission, first class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next Business Day delivery to its address shown on the register kept by the Registrar. Any notice or communication
shall also be so delivered to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to deliver
a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

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

 

If the Company delivers a notice or communication
to Holders, it will deliver a copy to the Trustee and each Agent at the same time.

 

Where the Indenture provides for notice
of any event to a Holder of a Global Security, such notice shall be sufficiently given if given to the Depositary for such Global
Security (or its designee), pursuant to the applicable procedures of the Depositary, not later than the latest date (if any), and
not earlier than the earliest date (if any), prescribed for the giving of such notice.

 

Section 11.03.Communication by Holders
of Securities with Other Holders of Securities.

 

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

 

Section 11.04.Certificate and Opinion
as to Conditions Precedent.

 

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

 

(a)       an
Officers’ Certificate in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section
11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been satisfied; and

 

(b)       an
Opinion of Counsel in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section 11.05
hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section 11.05.Statements Required
in Certificate or Opinion.

 

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

 

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

 

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

 

(c)       a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been satisfied (and, in the case of an
Opinion of Counsel, may be limited to reliance on an Officers’ Certificate as to matters of fact); and

 

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

 

Section 11.06.Rules by Trustee and
Agents.

 

The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for
its functions.

 

Section 11.07.No Personal Liability
of Directors, Officers, Employees and Stockholder Members.

 

No past, present or future director, officer,
employee, incorporator, agent, stockholder or Affiliate of the Company, as such, shall have any liability for any obligations of
the Company under any Securities of any Series or under this Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. No past, present or future director, officer, employee, incorporator, agent, stockholder or
Affiliate of the Company, as such, shall have any liability for any obligations of the Company under the Securities, this Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting
a Security waives and releases all such liabilities. The waiver and release are part of the consideration for the execution of
this Indenture and the issuance of the Securities.

 

Section 11.08.Governing Law.

 

THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE SECURITIES AND THE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 11.09.No Adverse Interpretation
of Other Agreements.

 

This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company, any of its Subsidiaries or of any other Person. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

 

    32

     

    

Section 11.10.Successors.

 

All agreements of the Company in this Indenture
and the Securities shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture will bind
its successors.

 

Section 11.11.Severability.

 

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

 

Section 11.12.Counterpart Originals.

 

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

 

Section 11.13.Table of Contents,
Headings, etc.

 

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

 

Section 11.14.Waiver of Trial by
Jury.

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 11.15.Calculations. The
Company will be responsible for making all calculations called for under this Indenture or the Securities. The Company will make
all such calculations in good faith and, absent manifest error, its calculations will be final and binding on Holders. The Company
will provide a schedule of its calculations to the Trustee and the Trustee is entitled to rely conclusively upon the accuracy of
such calculations without independent verification. The Trustee will deliver a copy of such schedule to any Holder upon the written
request of such Holder.

 

Section 11.16.Force Majeure. In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software or hardware) services; it being understood that the
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

Section 11.17.U.S.A. Patriot Act.
The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee
to satisfy the requirements of the U.S.A. Patriot Act.

 

[Signatures on following page]

 

    33

     

    

Dated as of                   , 20

 

	 	SMART GLOBAL HOLDINGS, INC.	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name: 	 	 
	 	 	Title:	 	 

 

 

	 	 , as Trustee	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

    34

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