Document:

Exhibit 4.2

 

 

FIRST SUPPLEMENTAL INDENTURE

 

between

 

SENIOR HOUSING PROPERTIES TRUST

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

Dated as of February 18, 2016

 

SUPPLEMENTAL TO THE INDENTURE DATED AS OF FEBRUARY 18, 2016

 

 

SENIOR HOUSING PROPERTIES TRUST

 

6.25% Senior Notes due 2046

 

 

 

 

FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of February 18, 2016 between Senior Housing Properties Trust, a real estate investment trust organized and existing under the laws of the State of Maryland (the “Company”) having its principal office at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458, and U.S. Bank National Association, a national banking organization organized and existing under the laws of the United States, as Trustee (the “Trustee”),

 

RECITALS OF THE COMPANY

 

The Company and the Trustee are parties to an Indenture, dated as of February 18, 2016 (as from time to time hereafter amended, supplemented or otherwise modified, the “Base Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”) to be issued from time to time in one or more series; and

 

Pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities, to be known as its 6.25% Senior Notes due 2046, the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture;

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 

ARTICLE 1

 

DEFINED TERMS

 

Section 1.1                                    Capitalized terms used herein and not defined herein have the meanings ascribed to such terms in the Indenture.

 

Section 1.2                                    The following definitions supplement, and, to the extent inconsistent with, replace the definitions in Section 101 of the Base Indenture:

 

“Acquired Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition.  Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary.

 

“Adjusted Total Assets” is defined in clause (i) of Section 3.1(a).

 

“Annual Debt Service” as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries excluding amortization of debt discount and deferred financing costs.

 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York or in the city in which the Corporate Trust Office is located are required or authorized to close.

 

“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participation or other ownership interests (however designated) of such Person and any

 

 

rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options to purchase any thereof.

 

“Cash Equivalents” means:

 

(i)                                     demand deposits, certificates of deposit or repurchase agreements with banks or other financial institutions;

 

(ii)                                 marketable obligations issued or directly and fully guaranteed as to timely payment by the United States of America or any of its agencies or instrumentalities; or

 

(iii)                             any commercial paper or other obligation rated, at time of purchase, “P-2” (or its equivalent) or better by Moody’s or “A-2” (or its equivalent) or better by Standard & Poor’s.

 

“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest or distributions on Debt of the Company and its Subsidiaries, (ii) provision for taxes of the Company and its Subsidiaries based on income, (iii) amortization of debt discount and deferred financing costs, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges.

 

“Debt” of the Company or any Subsidiary means, without duplication, any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of:

 

(i)                                     borrowed money or evidenced by bonds, notes, debentures or similar instruments;

 

(ii)                                 indebtedness for borrowed money secured by any Encumbrance existing on property owned by the Company or any Subsidiary, to the extent of the lesser of (x) the amount of indebtedness so secured or (y) the fair market value of the property subject to such Encumbrance;

 

(iii)                             the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Company or any Subsidiary otherwise reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement;

 

(iv)                              the principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or other repurchase of any Disqualified Stock; or

 

(v)                                 any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with generally accepted accounting principles,

 

to the extent, in the case of items of indebtedness under (i) through (v) above, that any such items (other than letters of credit) would be properly classified as a liability on the Company’s consolidated balance

 

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sheet in accordance with generally accepted accounting principles.  Debt also (1) excludes any indebtedness (A) with respect to which a defeasance or covenant defeasance or discharge has been effected (or an irrevocable deposit is made with a trustee in an amount at least equal to the outstanding principal amount of such indebtedness, the remaining scheduled payments of interest thereon to, but not including, the applicable maturity date or redemption date, and any premium or otherwise as provided in the terms of such indebtedness) in accordance with the terms thereof or which has been repurchased, retired, repaid, redeemed, irrevocably called for redemption (and an irrevocable deposit is made with a trustee in an amount at least equal to the outstanding principal amount of such indebtedness, the remaining scheduled payments of interest thereon to, but not including, such redemption date, and any premium) or otherwise satisfied, or (B) that is secured by cash or Cash Equivalents irrevocably deposited with a trustee in an amount, in the case of this clause (B), at least equal to the outstanding principal amount of such indebtedness and the remaining scheduled payments of interest thereon, and (2) includes, to the extent not otherwise included, any obligation by the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Company or any Subsidiary); it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.

 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), (ii) is convertible into or exchangeable or exercisable for Debt, other than Subordinated Debt or Disqualified Stock, or (iii) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt); in each case on or prior to the Stated Maturity of the principal of the Notes.

 

“Earnings from Operations” for any period means net earnings excluding gains and losses on sales of investments, gains or losses on early extinguishment of debt, extraordinary items and property valuation losses, in each case as reflected in the financial statements of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with generally accepted accounting principles.

 

“Encumbrance” means any mortgage, lien, charge, pledge, security interest or other encumbrance of any kind.

 

“Interest Payment Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(b) of this Supplemental Indenture.

 

“Joint Venture Interests” means assets of the Company and its Subsidiaries constituting an equity investment in real estate assets or other properties, or in an entity holding real estate assets or other properties, jointly owned by the Company and its Subsidiaries, on the one hand, and one or more other Persons not constituting Affiliates of the Company, on the other, excluding any entity or properties (i) which is a Subsidiary or are properties if the co-ownership thereof (if in a separate entity) would constitute or would have constituted a Subsidiary, or (ii) to which, at the time of determination, the Company’s manager at such time or an Affiliate of the Company’s manager at such time provides management services.  In no event shall Joint Venture Interests include equity securities that are part of a class of equity securities that are traded on a national or regional securities exchange or a recognized over-the-counter market or any investments in debt securities, mortgages or other Debt.

 

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“Moody’s” means Moody’s Investors Service, Inc. or any successor thereof.

 

“Notes” means the series of Securities titled 6.25% Senior Notes due 2046, issued under the Indenture.

 

“Regular Record Date” with respect to the Notes is defined in Section 101 of the Base Indenture and Section 2.1(b) of this Supplemental Indenture.

 

“Secured Debt” means Debt secured by an Encumbrance on the property of the Company or its Subsidiaries.

 

“Significant Subsidiary” means any Subsidiary which is a “significant subsidiary” (within the meaning of Regulation S-X promulgated by the Commission under the Securities Act) of the Company.

 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or any successor thereof.

 

“Subordinated Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest and premium, if any, on the Notes.

 

“Subsidiary” means any corporation or other Person of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests of which are owned, directly or indirectly, by the Company or one or more other Subsidiaries of the Company.  For the purposes of this definition, “voting equity securities” means equity securities having voting power for the election of directors or persons serving comparable functions as directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency.

 

“Total Assets” as of any date means the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined in accordance with generally accepted accounting principles (but excluding accounts receivable and intangibles).

 

“Total Unencumbered Assets” as of any date means the sum of (i) the amount of Undepreciated Real Estate Assets of the Company and its Subsidiaries not securing any portion of Secured Debt, and (ii) the amount of all other assets, including accounts receivable and intangibles, of the Company and its Subsidiaries not securing any portion of Secured Debt, in each case on such date determined on a consolidated basis in accordance with generally accepted accounting principles; provided that, in determining Total Unencumbered Assets as a percentage of the aggregate outstanding principal amount of Unsecured Debt of the Company and its Subsidiaries on a consolidated basis for purposes of the covenant set forth in Section 3.1(b), Joint Venture Interests shall be excluded from Total Unencumbered Assets to the extent such Joint Venture Interests would otherwise be included therein.

 

“Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements less adjustments to carrying value in accordance with generally accepted accounting principles made prior to January 1, 2001) of real estate and associated tangible personal property used in connection with the real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance with generally accepted accounting principles.

 

“Unsecured Debt” means any Debt of the Company  or its Subsidiaries which is not Secured Debt.

 

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ARTICLE 2

 

TERMS OF THE NOTES

 

Section 2.1                                    Pursuant to Section 301 of the Base Indenture, the Notes shall have the following terms and conditions:

 

(a)                                 Title; Aggregate Principal Amount; Form of Notes; Denomination.  The Notes shall be in registered form under the Indenture and shall be known as the Company’s “6.25% Senior Notes due 2046.”  Except (i) as provided in this Section and (ii) for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered hereunder, the Notes will be limited to an aggregate principal amount of $250,000,000, subject to the right of the Company to reopen such series for issuances of additional Notes having the same terms and conditions as the Notes first issued except for issue date, issue price and, if applicable, the first Interest Payment Date thereon and related interest accrual date. The Notes (together with the Trustee’s certificate of authentication) shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and made a part of this Supplemental Indenture.

 

The Notes will initially be issued in the form of one or more registered Global Securities without coupons (“Global Notes”) that will be deposited with, or on behalf of, The Depository Trust Company (“DTC”), and registered in the name of DTC’s nominee, Cede & Co.  Unless and until it is exchanged in whole or in part for the individual Notes represented thereby, under the circumstances described below, a Global Note may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any nominee of DTC to a successor depositary or any nominee of such successor.

 

So long as DTC or its nominee is the registered owner of a Global Note, DTC or such nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by such Global Note for all purposes under this Supplemental Indenture. Except as described below, owners of a beneficial interest in Notes evidenced by a Global Note will not be entitled to have any of the individual Notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of any such Notes in definitive form and will not be considered the owners or holders thereof under the Indenture for any purpose, including with respect to the giving of any direction, instructions or approvals to the Trustee hereunder.

 

A Global Note may be exchanged in whole or in part for individual Notes represented thereby only if (i) DTC or its successor (A) has notified the Company that it is unwilling or unable to continue as a depositary for such Global Note or (B) has ceased to be a clearing agency registered under the Exchange Act, and in either case a successor depositary shall not have been appointed by the Company within 90 days of such notice or (ii) there shall have occurred and be continuing an Event of Default with respect to such Global Note and the Security Register has received a written request from an owner of beneficial interest in such Global Note.  In any such case, the Company will issue individual Notes in exchange for such Global Note representing such Notes in authorized denominations.  Individual Notes so issued will be issued in denominations of $25.00 and integral multiples thereof.

 

Notwithstanding any provisions of Section 2.1(b) or Section 2.1(c) to the contrary, payments of principal, premium, if any, and interest on any Global Note shall be made in accordance with the procedures of DTC and its participants in effect from time to time.

 

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(b)                                 Interest and Interest Rate.  The Notes will bear interest at a rate of 6.25% per annum, from February 18, 2016 (or, in the case of Notes issued upon the reopening of this series of Notes, from the date designated by the Company in connection with such reopening) or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable quarterly in arrears on each March 1, June 1, September 1 and December 1, commencing June 1, 2016 (each of which shall be an “Interest Payment Date”), to the Persons in whose names the Notes are registered in the Security Register at the close of business on February 15, May 15, August 15 or November 15, as the case may be (whether or not a Business Day), immediately before the corresponding Interest Payment Date (each, a “Regular Record Date”).

 

(c)                                  Principal Repayment; Currency.  The Stated Maturity of the principal of the Notes is February 1, 2046, provided, however, the Notes may be earlier redeemed at the option of the Company as provided in Section 2.1(d) below.  The principal of each Note payable at its Stated Maturity shall be paid against presentation and surrender thereof at the Corporate Trust Office of the Trustee  in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public or private debts.

 

(d)                                 Redemption at the Option of the Company.  The Notes will be subject to redemption in whole at any time or in part from time to time at any time after February 18, 2021 at the option of the Company upon not less than 30 nor more than 60 days’ notice to each Holder of Notes to be redeemed at its address appearing in the Security Register, or, in the case of any Global Note, in accordance with the procedures of DTC and its participants in effect from time to time, at a redemption price equal to 100% of the outstanding principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to but excluding the applicable Redemption Date.

 

(e)                                  Notices.  Notices to the Company shall be directed to it at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, fax number (617) 796-8349, Attention: President; notices to the Trustee shall be directed to it at One Federal Street, 3rd Floor, Boston, Massachusetts 02110, fax number (617) 603-6683, Attention: Corporate Trust Department, Re: Senior Housing Properties Trust 6.25% Senior Notes due 2046; or as to either party, at such other address as shall be designated by such party in a written notice to the other party.

 

(f)                                   Satisfaction and Discharge.  Article Four of the Base Indenture applies to the Notes, except for the proviso at the end of Section 401(a).

 

(g)                                  Defeasance and Covenant Defeasance.  Article Thirteen of the Base Indenture, including the provisions for Defeasance and Covenant Defeasance, applies to the Notes, except for the proviso at the end of the first sentence of Section 1304(a).

 

(h)                                 Legal Holidays.  If any Interest Payment Date, Stated Maturity date or Redemption Date for the Notes falls on a day that is not a Business Day, the payment otherwise payable on such day will be due and payable on the next succeeding Business Day, and no interest will accrue thereon for the period from and after such Interest Payment Date, Stated Maturity date or Redemption Date, as the case may be, through such next succeeding Business Day.  The provisions of this Section 2.1(h) shall supersede and replace Section 113 of the Base Indenture with respect to the Notes.

 

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ARTICLE 3

 

ADDITIONAL COVENANTS

 

Section 3.1                                    Holders of the Notes shall have the benefit of the following covenants, in addition to the covenants of the Company set forth in Article Eight and Article Ten of the Base Indenture:

 

(a)                                 Limitations on Incurrence of Debt.

 

(i)                                     The Company will not, and will not permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 60% of the sum of (without duplication):

 

(A)                               the Total Assets of the Company and its Subsidiaries as of the end of the fiscal quarter covered in the Company’s Annual Report on Form 10-K, or its Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Securities and Exchange Commission (or, if such filing is not permitted or required under the Exchange Act, with the Trustee) prior to the incurrence of such Debt; and

 

(B)                               the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such fiscal quarter, including those proceeds obtained in connection with the incurrence of such Debt.

 

For purposes of this Supplemental Indenture, the sum of (A) and (B) above is the Company’s “Adjusted Total Assets.”

 

(ii)                                  The Company will not, and will not permit any Subsidiary to, incur any Secured Debt if, immediately after giving effect to the incurrence of such Secured Debt and the application of the proceeds therefrom, the aggregate principal amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with generally accepted accounting principles is greater than 40% of Adjusted Total Assets.

 

(iii)                               The Company will not, and will not permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and on a pro forma basis, including the application of the proceeds therefrom, the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters most recently ended prior to the date on which such Debt is to be incurred is less than 1.5 to 1.0, calculated on the assumptions that:

 

(A)                               such Debt and any other Debt incurred by the Company and its Subsidiaries on a consolidated basis since the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had occurred at the beginning of such period;

 

(B)                               the repayment, retirement or other discharge of any other Debt by the Company and its Subsidiaries on a consolidated basis since the first day of such four-quarter period had occurred at the beginning of such period (except that, in making such

 

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computation, the amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during such period);

 

(C)                               in the case of Acquired Debt or Debt incurred in connection with or in contemplation of any acquisition, including any Person becoming a Subsidiary, since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and

 

(D)                               in the case of any acquisition or disposition by the Company and its Subsidiaries on a consolidated basis of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.

 

If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entirety of such four-quarter period had been the applicable rate for the entire such period.

 

(b)                                 Maintenance of Total Unencumbered Assets.  The Company and its Subsidiaries will at all times maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis in accordance with generally accepted accounting principles.

 

ARTICLE 4

 

ADDITIONAL EVENTS OF DEFAULT

 

Section 4.1                                    Section 501(c) of the Base Indenture shall not be applicable to the Notes.

 

Section 4.2                                    The provisions of Section 501(d) of the Base Indenture, as applied to the Notes, shall be deemed to read as follows in lieu of the provisions set forth therein:

 

(d)                                 default in the performance of, or breach of, any covenant of the Company in this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of more than 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

Section 4.3                                    The provisions of Section 501(e) of the Base Indenture, as applied to the Notes, shall be deemed to read as follows in lieu of the provisions set forth therein:

 

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(e)                                  the Company or one of its Significant Subsidiaries, if any, pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, or (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property; or

 

Section 4.4                                    The provisions of Section 501(f) of the Base Indenture, as applied to the Notes, shall be deemed to read as follows in lieu of the provisions set forth therein:

 

(f)                                   a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the Company or one of its Significant Subsidiaries in an involuntary case, (ii) appoints a Custodian of the Company or such Significant Subsidiary or for all or substantially all of its property, or (iii) orders the liquidation of the Company or such Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 days; or

 

Section 4.5                                    In accordance with Section 501(g) of the Base Indenture, the following shall constitute an Event of Default respect to the Notes:  default under any bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company (including a default with respect to debt securities issued under the Indenture other than the Notes) under which there may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $50,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have resulted in such indebtedness in an aggregate principal amount exceeding $50,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of more than 25% in aggregate principal amount of the Outstanding Notes a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” under the Indenture.

 

Section 4.6                                    Notwithstanding any provisions to the contrary in the Base Indenture, upon any acceleration of the Notes under Section 502 of the Base Indenture, the amount immediately due and payable in respect of the Notes shall equal the outstanding principal amount thereof, plus accrued and unpaid interest thereon.

 

ARTICLE 5

 

EFFECTIVENESS

 

Section 5.1                                    This Supplemental Indenture shall be effective for all purposes as of the date and time this Supplemental Indenture has been executed and delivered by the Company and the Trustee in accordance with Article Nine of the Base Indenture. As supplemented hereby, the Base Indenture is hereby confirmed as being in full force and effect.

 

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ARTICLE 6

 

MISCELLANEOUS

 

Section 6.1                                    In the event any provision of this Supplemental Indenture shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof or any provision of the Indenture.

 

Section 6.2                                    To the extent that any terms of this Supplemental Indenture or the Notes are inconsistent with the terms of the Base Indenture, the terms of this Supplemental Indenture or the Notes shall govern and supersede such inconsistent terms.

 

Section 6.3                                    This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 6.4                                    This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 

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IN WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to be executed as an instrument under seal in their respective corporate names as of the date first above written.

 

	
 
    	
SENIOR HOUSING PROPERTIES TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Richard W. Siedel, Jr.
    
	
 
    	
 
    	
Title:
    	
Treasurer and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
David W. Doucette
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to First Supplemental Indenture]

 

 

EXHIBIT A

 

FORM OF NOTE

 

[Form of Face of Security]

 

[Insert Applicable Legends]

 

SENIOR HOUSING PROPERTIES TRUST

 

6.25% Senior Notes due 2046

 

	
No.
    	
$                     
    

 

Senior Housing Properties Trust, a real estate investment trust duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to                              , or registered assigns, the principal sum of                     Dollars ($             ) on February 1, 2046, and to pay interest thereon from February 18, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on March 1, June 1, September 1 and December 1 in each year, commencing June 1, 2016 at the rate of 6.25% per annum, until the principal hereof is paid or made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 15, May 15, August 15 and November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained for that purpose in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts or, in the case of any Note that is a Global Security, in accordance with the procedures of The Depository Trust Company (“DTC”) and its participants in effect from time to time; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

THE AMENDED AND RESTATED DECLARATION OF TRUST ESTABLISHING SENIOR HOUSING PROPERTIES TRUST, DATED SEPTEMBER 20, 1999, AS AMENDED AND SUPPLEMENTED, AS FILED WITH THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF SENIOR HOUSING PROPERTIES TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, SENIOR HOUSING PROPERTIES

 

A-1

 

TRUST. ALL PERSONS DEALING WITH SENIOR HOUSING PROPERTIES TRUST IN ANY WAY SHALL LOOK ONLY TO THE ASSETS OF SENIOR HOUSING PROPERTIES TRUST FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

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

 

	
Dated:
    	
SENIOR HOUSING PROPERTIES TRUST
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

CERTIFICATE OF AUTHENTICATION

 

Dated:

 

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

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

A-2

 

[Form of Reverse of Security]

 

1.                                      General.  This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),  issued and to be issued in one or more series under an Indenture, dated as of February 18, 2016 (the “Base Indenture”), between the Company and U.S. Bank National Association (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), as supplemented by a First Supplemental Indenture, dated as of February 18, 2016 (as amended, supplemented or otherwise modified from time to time, the “Supplemental Indenture” and the Base Indenture, as supplemented by such Supplemental Indenture, the “Indenture”), between the Company and the Trustee, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof (such series, the “Notes”).

 

2.                                      Optional Redemption.  The Notes will be subject to redemption in whole at any time or in part from time to time on or after February 18, 2021 at the option of the Company upon not less than 30 nor more than 60 days’ notice by mail to each Holder of Notes to be redeemed at its address appearing in the Security Register or, in the case of any Note that is a Global Security, in accordance with the procedures of DTC and its participants in effect from time to time, at a redemption price equal to 100% the principal amount of the Notes being redeemed plus accrued interest and unpaid interest, if any, to but excluding the applicable Redemption Date.

 

The Company shall not be required to make sinking fund or redemption payments with respect to the Notes.

 

In the event of redemption of this Security in part only, a new Note or Notes and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

 

3.                                      Discharge and Defeasance.  The Indenture contains provisions for discharge or defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

4.                                      Defaults and Remedies.  If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes, plus accrued and unpaid interest thereon, may be declared due and payable in the manner and with the effect provided in the Indenture.

 

5.                                      Actions of Holders.  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or this Security or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than a majority in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this

 

A-3

 

Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

6.                                      Payments Not Impaired.  No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

7.                                      Denominations, Transfer, Exchange.  As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered form without coupons in denominations of $25.00 and integral multiples of $25.00 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

8.                                      Persons Deemed Owners.  Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

9.                                      Defined Terms.  All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

A-4

 

[ASSIGNMENT FORM]

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
TEN COM
    	
--
    	
as tenants in common
    	
UNIF GIFT MIN ACT  --  
    	
Custodian
    
	
TEN ENT
    	
--
    	
as tenants by the entireties
    	
 
    	
    (Cust)
    	
(Minor)      
    
	
JT TEN
    	
--
    	
as joint tenants with right of survivorship
   and not as tenants in common
    	
 
    	
Under Uniform Gifts to Minors Act
    
	
 
    	
 
    	
 
    	
 
    	
             (State)
    

 

Additional abbreviations may also be used though not in the above list.

 

 

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

 

the within security and all rights thereunder, hereby irrevocably constituting and appointing

 

                                                                                                                                                                                                        Attorney to transfer said security on the books of the Company with full power of substitution in the premises.

 

 

	
Dated:
    	
Signed:
    	
 
    
	
 
    	
 
    
	
 
    	
Notice: The signature to this assignment   must correspond with the name as it appears upon the face of the within   security in every particular, without alteration or enlargement or any change   whatever.
    
	
 
    	
 
    
	
 
    	
Signature Guarantee*:
    	
 
    
	
 
    	
 
    
	
 
    	
* Participant in a recognized Signature   Guarantee Medallion Program (or other signature guarantor acceptable to the   Trustee).
    
				

 

A-5Exhibit 4.3

 

FORM OF INDENTURE

 

Great
Ajax Corp.

 

	 
	INDENTURE
	 
	Dated as of _______, 20[ __ ]
	 
	 
	[_______________]
	 
	Trustee
	 

 

     

     

    

 

CROSS-REFERENCE TABLE*

 

	Trust Indenture

    Act Section	Indenture Section
	310(a)(1)	7.1
	(a)(2)	7.1
	(a)(3)	N.A.
	(a)(4)	N.A.
	(a)(5)	7.1
	(b)	7.1
	(c)	N.A.
	311(a)	7.11
	(b)	7.11
	(c)	N.A.
	312(a)	2.06
	(b)	12.03
	(c)	12.03
	313(a)	7.06
	(b)(2)	7.06; 7.07
	(c)	7.06; 12.02
	(d)	7.06
	314(a)	4.03;12.02; 12.05
	(c)(1)	12.04
	(c)(2)	12.04
	(c)(3)	N.A.
	(e)	12.05
	(f)	N.A.
	315(a)	7.01
	(b)	7.05,12.02
	(c)	7.01
	(d)	7.01
	(e)	6.11
	316(a) (last sentence)	2.09
	(a)(1)(A)	6.05
	(a)(1)(B)	6.04
	(a)(2)	N.A.
	(b)	6.07
	(c)	2.13
	317(a)(1)	6.08
	(a)(2)	6.09
	(b)	2.05
	318(a)	12.01
	(b)	N.A.
	(c)	12.01

 

		N.A.	means not applicable.

 

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

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	5
	Section 1.03	Incorporation by Reference of Trust Indenture Act	5
	Section 1.04	Rules of Construction	5
	 	 	 
	ARTICLE 2 THE SECURITIES	6
	 	 
	Section 2.01	Issuable in Series	6
	Section 2.02	Establishment of Terms of Series of Securities	6
	Section 2.03	Execution and Authentication	8
	Section 2.04	Registrar and Paying Agent	9
	Section 2.05	Paying Agent to Hold Money in Trust	9
	Section 2.06	Holder Lists	9
	Section 2.07	Transfer and Exchange	9
	Section 2.08	Replacement Securities	10
	Section 2.09	Outstanding Securities	10
	Section 2.10	Treasury Securities	10
	Section 2.11	Temporary Securities	10
	Section 2.12	Cancellation	10
	Section 2.13	Defaulted Interest	11
	Section 2.14	Global Securities	11
	Section 2.15	CUSIP Numbers	12
	 	 	 
	ARTICLE 3 REDEMPTION AND PREPAYMENT	12
	 	 
	Section 3.01	Notices to Trustee	12
	Section 3.02	Selection of Securities to Be Redeemed or Purchased	12
	Section 3.03	Notice of Redemption	13
	Section 3.04	Effect of Notice of Redemption	13
	Section 3.05	Deposit of Redemption or Purchase Price	13
	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	14
	Section 4.03	Reports	14
	Section 4.04	Compliance Certificate	15
	Section 4.05	Taxes	15
	Section 4.06	Stay, Extension and Usury Laws	15

 

    	 	i	 

     

    

 

Table
of Contents

(continued) 

 

	 	 	Page
	 	 	 
	Section 4.07	Corporate Existence	15
	 	 	 
	ARTICLE 5 SUCCESSORS	16
	 	 
	Section 5.01	Merger, Consolidation, or Sale of Assets	16
	Section 5.02	Successor Person Substituted	16
	 	 	 
	ARTICLE 6 DEFAULTS AND REMEDIES	16
	 	 
	Section 6.01	Events of Default	16
	Section 6.02	Acceleration	17
	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	19
	Section 6.11	Undertaking for Costs	20
	 	 	 
	ARTICLE 7 TRUSTEE	20
	 	 
	Section 7.01	Duties of Trustee	20
	Section 7.02	Rights of Trustee	20
	Section 7.03	Individual Rights of Trustee	21
	Section 7.04	Trustee’s Disclaimer	21
	Section 7.05	Notice of Defaults	21
	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	22
	Section 7.09	Successor Trustee by Merger, etc.	23
	Section 7.10	Eligibility; Disqualification	23
	Section 7.11	Preferential Collection of Claims Against Company	23
	 	 	 
	ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE	23
	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	23
	Section 8.02	Legal Defeasance and Discharge	24
	Section 8.03	Covenant Defeasance	24
	Section 8.04	Conditions to Legal or Covenant Defeasance	24
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	25
	Section 8.06	Repayment to Company	26

 

    	 	ii	 

     

    

 

Table
of Contents

(continued) 

 

	 	 	Page
	 	 	 
	Section 8.07	Reinstatement	26
	 	 	 
	ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER	26
	 	 
	Section 9.01	Without Consent of Holders of Securities	26
	Section 9.02	With Consent of Holders of Securities	27
	Section 9.03	Compliance with Trust Indenture Act	28
	Section 9.04	Revocation and Effect of Consents	28
	Section 9.05	Notation on or Exchange of Securities	28
	Section 9.06	Trustee to Sign Amendments, etc.	28
	 	 	 
	ARTICLE 10 SATISFACTION AND DISCHARGE	28
	 	 
	Section 10.01	Satisfaction and Discharge	28
	Section 10.02	Application of Trust Money	29
	 	 	 
	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	31
	Section 11.06	Rules by Trustee and Agents	31
	Section 11.07	No Personal Liability of Trustees, Officers, Employees and Stockholders	31
	Section 11.08	Governing Law	31
	Section 11.09	No Adverse Interpretation of Other Agreements	32
	Section 11.10	Successors	32
	Section 11.11	Severability	32
	Section 11.12	Counterpart Originals	32
	Section 11.13	Table of Contents, Headings, etc.	32

 

    	 	iii	 

     

    

 

INDENTURE dated as of [_______],
20[__] among Great Ajax Corp., a Maryland real estate investment trust, and [_______], as 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 (as defined herein) of the Securities issued
under this Indenture:

 

ARTICLE
1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01         Definitions.

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial
ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Capital Stock”
means:

 

(1)         in
the case of a corporation, corporate stock;

 

(2)         in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)         in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

“Company”
means Great Ajax Corp., a Maryland real estate investment trust, and any and all successors thereto.

 

“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.

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

    	 	1	 

     

    

 

“Depositary”
means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section 2.02
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.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

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

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession
as amended and/or modified from time to time.

 

“Global Securities”
means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 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 securities issued or directly and fully guaranteed or insured by the United States government or any
agency or instrumentality of the United States government (provided that the full faith and credit of the United States
is pledged in support of those securities), and additionally, in respect of any Series of Securities denominated in other than
United States dollars, securities issued or directly and fully guaranteed or insured by the government in whose currencies such
Series of Securities are denominated (which in the case of the Euro shall be deemed to include any government whose functional
currency is the Euro).

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection or deposit in the ordinary course of business,
direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness.

 

“Guarantors”
means any Person Guaranteeing any Obligation under the Securities.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

(1)         interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate
collar agreements;

 

(2)         other
agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)         other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices.

 

“Holder”
means a Person in whose name a Security is registered.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

 

(1)         in
respect of borrowed money;

 

(2)         evidenced
by bonds, notes, debentures or similar instruments or letters of credit or reimbursement agreements in respect thereof (other than
reimbursement obligations with respect to letters of credit securing obligations (other than obligations described in (1), (2)
(other than letters of credit), (3), (4), (5) or (6)) entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third
Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit);

 

(3)         in
respect of banker’s acceptances; or

 

(4)         representing
any Hedging Obligations,

 

    	 	2	 

     

    

 

if and to the extent any of the preceding
items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured
by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the
extent not otherwise included, the Guarantee by the specified Person of any indebtedness of any other Person.

 

The amount of any Indebtedness outstanding
as of any date will be:

 

(1)         the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)         the
principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the
case of any other Indebtedness; and

 

(3)         with
respect to Hedging Obligations, the amount of Indebtedness required to be recorded as a liability in accordance with GAAP.

 

“Indenture”
means this instrument as amended and supplemented from time to time by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, and shall include the terms of particular Series of Securities established as contemplated
by Section 2.02; provided, however, that, if at any time more than one Person is acting as Trustee under this instrument,
“Indenture” shall mean, with respect to any one or more Series of Securities for which such Person is Trustee, this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those particular Series
of Securities for which such Person is Trustee established as contemplated by Section 2.02, exclusive, however, of any provisions
or terms which relate solely to other Series of Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto
executed and delivered after such Person had become Trustee but to which such Person, as such Trustee, was not a party.

 

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

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for
the intervening period.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction.

 

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

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or
any Vice-President of such Person.

 

“Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be
the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company,
that meets the requirements of Sections 12.04 and 12.05 hereof.

 

    	 	3	 

     

    

 

“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Sections 12.04 and 12.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company
or the Trustee.

 

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

 

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

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or
any successor group of the Trustee) with direct responsibility for the administration of this Indenture and, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity
with the particular subject.

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

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

 

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

 

“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1–02
of Regulation S–X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of
interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall 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”
means, with respect to any specified Person:

 

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

 

(2)         any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

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

 

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

 

“U.S. Legal
Tender” means such coin or currency of the United States of America as at the time of payment shall be legal tender for
the payment of public and private debts.

 

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

 

    	 	4	 

     

    

 

Section 1.02         Other
Definitions

 

	Term	 	Defined in

    Section
	“Covenant Defeasance”	 	8.03
	“Event of Default”	 	6.01
	“Legal Defeasance”	 	8.02
	“Paying Agent”	 	2.04
	“Registrar”	 	2.04

 

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 of a Security;

 

“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 SEC rule under the TIA have the meanings so assigned
to them.

 

Section 1.04         Rules
of Construction

 

Unless the context otherwise requires:

 

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

 

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

 

(3)         “or”
is not exclusive;

 

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

 

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

 

(6)         provisions
apply to successive events and transactions; and

 

(7)         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 SEC from time to time.

 

ARTICLE
2

THE SECURITIES

 

Section 2.01         Issuable
in Series

 

The aggregate principal
amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth in the Board

 

    	 	5	 

     

    

 

Resolution, supplemental
indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to the 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 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. All Series of Securities shall be entitled to the benefits of the
Indenture, provided that Securities may differ between Series in respect of any matters as provided by the Board Resolution, supplemental
indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a
Board Resolution.

 

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 Subsection
2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.02(b) through
2.02(v)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under
a Board Resolution:

 

(a)          the
title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

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

 

(c)          any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Section 2.07, 2.08, 2.11, 3.06 or 9.05);

 

(d)          the
date or dates or the method by which such date or dates will be determined on which the principal of the Securities of the Series
is payable;

 

(e)          the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates, 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 and the basis upon which interest shall be calculated if other than that of a 360-day year consisting
of twelve 30-day months;

 

(f)          the
place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of
such payment, if by wire transfer, mail or other means;

 

(g)          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;

 

(h)          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;

 

(i)           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;

 

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

 

(k)          the
forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

(l)           if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02;

 

(m)         if
other than United States dollars, the currency of denomination of the Securities of the Series;

 

    	 	6	 

     

    

 

(n)          if
other than United States dollars, the designation of the currency, currencies or currency units in which payment of the principal
of and interest, if any, on the Securities of the Series will be made;

 

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

 

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

 

(q)          the
provisions, if any, relating to any security provided for the Securities of the Series;

 

(r)           the
provisions, if any, relating to any guarantees of the Securities of the Series;

 

(s)          any
addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section
6.02;

 

(t)           any
addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

(u)          any
other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section 9.01, but which may modify or delete any provision of this Indenture insofar as it applies to such Series);

 

(v)          any
trustees, depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein;

 

(w)         the
date as of which any temporary Global Security representing Outstanding Securities of or within the Series shall be dated if other
than the date of original issuance of the first Security of the Series to be issued;

 

(x)          the
applicability, if any, of Sections 8.02 and/or 8.03 to the Securities of or within the Series and any provisions in modification
of, in addition to or in lieu of any of the provisions of Article VIII;

 

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

 

(z)          if
the Securities of or within the Series are to be issued upon the exercise of debt warrants, the time, manner and place for such
Securities to be authenticated and delivered;

 

(aa)        whether
and under what circumstances the Company will pay Additional Amounts on the Securities of or within the Series to any Holder who
is not a United States person (including any modification to the definition of such term) in respect of any tax, assessment or
governmental charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such Additional
Amounts (and the terms of any such option);

 

(bb)        the
obligation, if any, of the Company to permit the Securities of such Series to be converted into or exchanged for common stock of
the Company or other Securities or property of the Company and the terms and conditions upon which such conversion or exchange
shall be effected (including, without limitation, the initial conversion or exchange price or rate, the conversion or exchange
period, any adjustment of the applicable conversion or exchange price or rate and any requirements relative to the reservation
of such shares for purposes of conversion or exchange); and

 

(cc)        if
convertible or exchangeable, any applicable limitations on the ownership or transferability of the Securities or property into
which such Securities are convertible or exchangeable.

 

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 or Officers’ Certificate referred

 

    	 	7	 

     

    

 

to above, and the authorized
principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise
provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

Section 2.03         Execution
and Authentication

 

An 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.

 

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

 

The Trustee shall at
any time, and from time to time, authenticate Securities of a Series for original issue in the principal amount provided in the
Board Resolution, supplemental indenture hereto or Officers’ Certificate described in Section 2.02 with respect to such Series
upon receipt by the Trustee of an Authentication Order. Such Authentication Order may authorize authentication and delivery pursuant
to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly
confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by the Board Resolution,
supplemental indenture hereto or Officers’ Certificate described in Section 2.02 with respect to such Series.

 

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 2.08.

 

Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying
on: (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 stating that all conditions precedent provided for
in this Indenture relating to the authentication and delivery of Securities of such Series have been complied with, and (c) an
Opinion of Counsel complying with Section 11.04 and stating that all conditions precedent provided for in this Indenture relating
to the authentication and delivery of Securities of such Series have been complied with.

 

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

 

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

 

Section 2.04         Registrar
and Paying Agent. The Company will maintain with respect to each Series of Securities at the place or places specified
with respect to such Series pursuant to Section 2.02 an office or agency where Securities of such Series may be presented for
registration of transfer or for exchange (“Registrar”) and an office or agency where Securities of such Series
may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Securities of such
Series 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.

 

If at any time the
Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

 

    	 	8	 

     

    

 

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

 

Section 2.05         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 for which it is acting as Paying Agent, or the Trustee, all money held by the Paying Agent for the
payment of principal, premium, if any, or interest on such 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 the Paying Agent to pay all money
held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) 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 the Holders of any Series of Securities for which it acts as Paying Agent all money held by it as Paying Agent for such Series.
Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for each Series
of Securities.

 

Section 2.06         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
of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company
will furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of the Holders of each Series of Securities and the Company shall otherwise comply with TIA § 312(a).

 

Section 2.07         Transfer
and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer
or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer
or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the
Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of
transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient
to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or
similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.06 or 9.05).

 

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

 

Section 2.08         Replacement
Securities

 

If any mutilated Security
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the 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 of the same Series if the Trustee’s requirements are met. If required by the Trustee or the Company, an affidavit
of loss and 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 of the same Series duly issued hereunder.

 

Section 2.09         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 2.09 as not outstanding. Except as set forth in Section 2.10 hereof, a Security does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Security.

 

    	 	9	 

     

    

 

If a Security is replaced
pursuant to Section 2.08 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, a Subsidiary or an Affiliate of any 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.

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

Section 2.10         Treasury
Securities

 

In determining whether
the Holders of the required principal amount of Securities of a Series have concurred in any direction, waiver or consent, Securities
of such Series 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 of such Series that the Trustee
knows are so owned will be so disregarded.

 

Section 2.11         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 of the same Series
and date of maturity in exchange for temporary Securities. After preparation of such definitive Securities, the temporary Securities
will be exchangeable for such definitive Securities upon surrender of the temporary Securities.

 

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

 

Section 2.12         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 requirements of the Exchange Act). 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 2.13         Defaulted
Interest

 

If the Company defaults
in a payment of interest on the Securities of a Series, 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 of the Securities of such Series on a subsequent
special record date, in each case at the rate provided in such Series of 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 of such Series 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 mail or cause to be mailed to Holders of Securities of such Series a notice that states the special
record date, the related payment date and the amount of such interest to be paid.

 

    	 	10	 

     

    

 

Section 2.14         Global
Securities

 

(a)          Terms
of Securities. The Board Resolution, supplemental indenture hereto or Officers’ Certificate described in Section 2.02
with respect to a Series 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.

 

(b)          Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities of the Series with respect to
which such Global Security was issued registered in the names of Holders other than the Depositary for such Security or its nominee
only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security
or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company
fails to appoint a successor Depositary within 90 days of such event, (ii) the Company executes and delivers to the Trustee an
Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with
respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary
shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and
terms.

 

Except as provided
in this Section 2.14(b), a Global Security may not be transferred except as a whole by the Depositary with respect to such Global
Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary or a nominee
of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary or
its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.”

 

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

 

(e)          Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of
the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

(f)          Consents,
Declaration and Directions. Except as provided in Section 2.14(e), the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15         CUSIP
Numbers

 

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

 

    	 	11	 

     

    

 

ARTICLE
3

REDEMPTION AND PREPAYMENT

 

Section 3.01         Notices
to Trustee

 

The Company may, with
respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities or in the Board Resolution, supplemental indenture or Officer’s Certificate described in Section 2.02
with respect to such Series. 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 45 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth:

 

(1)         the
term of the applicable Series of Securities pursuant to which the redemption shall occur;

 

(2)         the
redemption date;

 

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

 

(4)         the
redemption price.

 

Section 3.02         Selection
of Securities to Be Redeemed or Purchased

 

Unless otherwise indicated
for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all of
the Securities of a Series are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Securities
of such Series for redemption or purchase as follows:

 

(1)         if
the Securities of such Series are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange on which the Securities of such Series are listed; or

 

(2)         if
the Securities of such Series are not listed on any national securities exchange, on a pro rata basis (based on amounts
tendered), by lot or by such method as the Trustee shall deem fair and appropriate.

 

In the event of partial
redemption or purchase by lot, the Securities of a Series 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
of such Series 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 Security selected for
partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Securities and portions of Securities
selected will be in amounts of the minimum authorized denomination for Securities of that Series or integral multiples thereof;
except that if all of the Series of Securities of a Holder are to be redeemed or purchased, the entire outstanding amount of such
Securities held by such Holder, even if not an integral multiple of the minimum authorized denomination, shall be redeemed or purchased.
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 of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, at least
30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices
may be mailed 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 such Securities and this Indenture pursuant to Articles 8 or 11 of this Indenture.

 

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

 

(1)         the
redemption date;

 

    	 	12	 

     

    

 

(2)         the
redemption price;

 

(3)         if
any Security of the Series 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;

 

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

 

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

 

(6)         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;

 

(7)         the
Section of the Securities of the Series and/or Section of this Indenture applicable to such Series pursuant to which the Securities
of the Series called for redemption are being redeemed; and

 

(8)         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 of the Series.

 

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 45 days prior to the redemption date, 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 mailed in accordance with Section 3.03 hereof, Securities of a Series called for redemption become irrevocably due and payable
on the redemption date at the redemption price. A notice of redemption may not be conditional.

 

Section 3.05         Deposit
of Redemption or Purchase Price

 

Prior to 10:00 a.m.
New York City time on the relevant redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent
money sufficient to pay the redemption or purchase price of and accrued interest, if any, on all Securities 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 interest, if any,
on, all Securities 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 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 of the same Series equal in principal amount to the
unredeemed or unpurchased portion of the Security surrendered.

 

    	 	13	 

     

    

 

ARTICLE
4

COVENANTS

 

Section 4.01         Payment
of Securities

 

The Company will pay
or cause to be paid the principal of, premium, if any, and interest, on each Series of Securities on the dates and in the manner
provided for the Securities of such Series by the Board Resolution, supplemental indenture or Officer’s Certificate establishing
the terms of such Series. 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 thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company
in immediately available funds in U.S. Legal Tender and designated for and sufficient to pay all principal, premium, if any, and
interest then due. If the Company or Subsidiary is acting as Paying Agent, the Company shall, prior to 10:00 a.m. New York City
time on the due date, segregate and hold in trust U.S. Legal Tender sufficient to make payments of principal, premium and interest
due on such date.

 

Unless otherwise indicated
for a Series of Securities in the Board Resolution, supplemental indenture or Officer’s Certificate described in Section
2.02, the Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal,
and on overdue installments of interest (without regard to any applicable grace period), at the rate equal to 1% per annum in excess
of the then applicable interest rate on each Series of Securities to the extent lawful. Notwithstanding anything to the contrary
contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other
similar taxes imposed by the United States of America from principal or interest payments hereunder.

 

Section 4.02         Maintenance
of Office or Agency

 

The Company will maintain
in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee, being [_______],
located at [_______], or an affiliate of the Trustee, Registrar or co-registrar) where Securities of each Series may be surrendered
for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of Securities of each
Series 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.

 

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

 

The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.04
hereof.

 

Section 4.03         Reports.

 

(a) Whether or not
required by the rules and regulations of the SEC, so long as Securities of any Series are outstanding, the Company will file a
copy of all of the information and reports referred to in clauses (1) and (2) below with the SEC for public availability within
the time periods specified in the SEC’s rules and regulations:

 

(1)         all
quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K
if the Company were required to file such forms, and, with respect to the annual information 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 SEC on Form 8-K if the Company were required to file such reports.

 

If the SEC will not accept a filing referred
to above, then the Company will furnish such information and reports to the Trustee and Holders within 15 days of the time periods
specified in the SEC’s rules and regulations, and make such information available to prospective investors upon request.
The Company will at all times comply with TIA § 314(a).

 

    	 	14	 

     

    

 

(b)          The
Trustee shall not be under a duty to review or evaluate any report or information delivered to the Trustee pursuant to the provisions
of this Section 4.03 for the purposes of making such reports available to it and to the Holders of Securities of any Series who
may request such information. Delivery of such reports, information and documents to the Trustee as may be required under this
Section 4.03 is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

Section 4.04         Compliance
Certificate

 

(a)          The
Company 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 Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Indenture and further stating, as to each such Officer signing such certificate, that to his or her knowledge after
due inquiry the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is
not in default in the performance or observance of any of the terms, provisions and conditions 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) and that to his or her knowledge after due inquiry no event
has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Securities
of any Series is prohibited or if such event has occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto.

 

(b)          So
long as any of the Securities of any Series are outstanding, the Company will deliver to the Trustee, promptly upon 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

 

The Company will pay,
and will 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 proceedings or where the failure to effect such payment is not adverse
in any material respect to the Holders of the Securities of any 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 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 (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not, 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.

 

Section 4.07         Corporate
Existence

 

Subject to Article
5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)         its
corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and

 

(2)         the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Securities of any Series.

 

    	 	15	 

     

    

 

ARTICLE
5

SUCCESSORS

 

Section 5.01         Merger,
Consolidation, or Sale of Assets

 

The Company shall not
consolidate with or merge into, or convey, transfer or lease all or substantially all of its properties and assets to, any Person
(a “Successor Person”), and may not permit any Person to merge into, or convey, transfer or lease its properties and
assets substantially as an entirety to, the Company, unless:

 

(1)         the
Successor Person (if any) is a corporation, partnership, trust or other entity organized and validly existing under the laws of
any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture
and

 

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

 

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

 

Section 5.02         Successor
Person Substituted

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets
of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the Successor
Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease,
conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation,
merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall
refer instead to the Successor Person and not to the Company), and may exercise every right and power of the Company under this
Indenture with the same effect as if such Successor Person had been named as the Company herein; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and interest on the Securities except in the case of
a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section
5.01 hereof.

 

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 any one of the following events, subject
to any modifications, deletions or additions relating to any Series of Securities, as provided in the establishing Board Resolution,
supplemental indenture or Officers’ Certificate for such Series:

 

(1)         the
Company defaults for 30 days in the payment when due of interest on, any Security of that Series;

 

(2)         the
Company defaults in the payment when due (at Maturity) of the principal of, or premium, if any, on any Security of that Series;

 

(3)         the
Company fails to observe or perform any other covenant, representation, warranty or other agreement in this Indenture (other than
a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that
Series) or the Securities of that Series for 60 consecutive days after notice to the Company by the Trustee or the Holders of Securities
of that Series of at least 25% in aggregate principal amount of such Securities then outstanding voting as a single class;

 

(4)         a
default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any of its Subsidiaries

 

    	 	16	 

     

    

 

(or the payment
of which is guaranteed by the Company or any of its Subsidiaries), whether such Indebtedness or guarantee now exists, or is created
after the date of this Indenture, if that default:

 

(A)         is
caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness on the date of such default (a “Payment Default”); or

 

(B)         results
in the acceleration of such Indebtedness prior to its express maturity,

 

and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $25.0 million or more;

 

(5)         the
Company or any Subsidiary that is a Significant Subsidiary or any group of Subsidiaries that, taken as a whole, would constitute
a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:

 

(A)         commences
a voluntary case,

 

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

 

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

 

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

 

(E)         generally
is not paying its debts as they become due; or

 

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

 

(A)         is
for relief against the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary in an involuntary case;

 

(B)         appoints
a custodian of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute
a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Significant Subsidiaries
or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; or

 

(C)         orders
the liquidation of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary;

 

and the order or decree remains unstayed
and in effect for 60 consecutive days; or

 

(7)         any
other Event of Default 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(s).

 

Section 6.02         Acceleration

 

In the case of an Event
of Default with respect to Securities of any Series at the time outstanding specified in clause (5) or (6) of Section 6.01 hereof,
with respect to the Company, any Subsidiary that is a Significant Subsidiary or any group of Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary, all outstanding Securities of such Series shall become due and payable immediately without
further action or notice. If any other Event of Default with respect to Securities of any Series at the time outstanding occurs
and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities of such Series
may declare all the Securities of such Series to be due and payable immediately.

 

Upon any such declaration,
the Securities of such Series shall become due and payable immediately. The Holders of a majority in aggregate principal amount
of the then outstanding Securities of such Series by written notice to the Trustee may on behalf of all of the Holders of Securities
of such Series rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and
if all existing Events of Default with respect to Securities of such Series (except nonpayment of principal, interest or premium
that has become due solely because of the acceleration) have been cured or waived.

 

    	 	17	 

     

    

 

Section 6.03         Other
Remedies

 

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

 

The Trustee may maintain
a proceeding even if it does not possess any of the Securities of such Series or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder of a Security of any Series in exercising any right or remedy accruing upon an
Event of Default with respect to Securities of such Series shall not impair the right or remedy or constitute a waiver of or acquiescence
in such 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 a Series by notice to the Trustee may on behalf
of the Holders of all of the Securities of such Series waive an existing Default or Event of Default with respect to such Series
and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if
any, or interest on, the Securities of such Series (including in connection with any offer to purchase); provided, however, that
the Holders of a majority in aggregate principal amount of the then outstanding Securities of such 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 principal amount of the then outstanding Securities of a 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 with respect to the Securities
of such Series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee
determines may be unduly prejudicial to the rights of other Holders of Securities of such Series or that may involve the Trustee
in personal liability. The Trustee shall be entitled to take any other action deemed proper by the Trustee which is not inconsistent
with such direction or this Indenture.

 

Section 6.06         Limitation
on Suits

 

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

 

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

 

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

 

(3)         such
Holder of a Security of that Series or Holders of Securities of that Series offer and, if requested, provide to the Trustee indemnity
satisfactory to the Trustee against any loss, liability or expense;

 

(4)         the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision
of indemnity; and

 

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

 

A Holder of a Security
may not use this Indenture to prejudice the rights of another Holder of a Security of the same Series or to obtain a preference
or priority over another Holder of a Security of the same Series.

 

Section 6.07         Rights
of Holders of Securities to Receive Payment

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Security of any Series to receive payment of principal, premium, if any, and interest on
a Security of that Series, on or after the respective due dates expressed in the Security of

 

    	 	18	 

     

    

 

that Series (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
with respect to Securities of any Series specified in Section 6.01(1) or (2) occurs and is continuing, 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 the Securities of that Series 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 any Series allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Securities of any Series), its creditors or its property and shall be entitled and empowered to collect, receive
and distribute any money or other property payable or deliverable 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 of any Series 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.

 

Section 6.10         Priorities

 

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

 

First:
to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second:
to Holders of Securities in respect of which or for the benefit of which such money has been collected 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, 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 principal amount of the then outstanding Securities of any Series.

 

    	 	19	 

     

    

 

ARTICLE
7

TRUSTEE

 

Section 7.01         Duties
of Trustee

 

(a)          If
an Event of Default with respect to any Series of Securities has occurred and is continuing, the Trustee will 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 with respect to any Series of Securities:

 

(1)         the
duties of the Trustee will be determined solely by the express provisions of this Indenture 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 certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required
to be furnished to the Trustee, the Trustee will examine the certificates and opinions 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 will 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

 

(3)         the
Trustee will 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), and (c) of this Section 7.01.

 

(e)          No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be
under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders of a Series of
Securities, unless such Holders have offered to the Trustee security and indemnity reasonably satisfactory to it against any loss,
liability or expense.

 

(f)          The
Trustee will 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.

 

Section 7.02         Rights
of Trustee

 

(a)          The
Trustee may conclusively rely upon any document 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 will not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

    	 	20	 

     

    

 

(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 will be sufficient
if signed by an Officer of the Company.

 

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

 

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

 

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

 

(i)          Any
permissive right or authority granted to the Trustee shall not be construed as a mandatory duty.

 

Section 7.03        Individual
Rights of Trustee

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Securities of any Series 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, as described in the TIA, it must eliminate such conflict within 90 days, apply to the SEC for permission
to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections
7.10 and 7.11 hereof.

 

Section 7.04        Trustee’s
Disclaimer

 

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

 

Section 7.05        Notice
of Defaults

 

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

 

Section 7.06        Reports
by Trustee to Holders of the Securities

 

(a)         Within
60 days after each [_______] beginning with the [_______] following the date of this Indenture, and for so long as Securities of
any Series remain outstanding, the Trustee will mail to the Holders of the Securities of such 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 transmit by mail 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 SEC and each stock exchange on which the Securities of such 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.

 

    	 	21	 

     

    

 

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 Company and Trustee shall from time to time agree in writing. The Trustee’s compensation will not be limited by any
law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will
include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

(b)          The
Company shall 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 or 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 or bad faith or willful misconduct.
The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate
in the defense. The Trustee may have separate counsel and the Company will 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.

 

(c)          The
obligations of the Company under this Section 7.07 will survive the satisfaction and discharge of this Indenture.

 

(d)          To
secure the Company’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Securities of each
Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular
Securities of a Series. Such Lien will 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(5) or (6) 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 will 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 with respect to the Securities of one or more Series
will 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 principal amount of the then outstanding Securities of a Series may remove the Trustee with respect to such Series
by so notifying the Trustee and the Company in writing. The Company may remove the Trustee with respect to the 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 with respect to the Securities
of one or more Series, the Company will promptly appoint a successor Trustee with respect to the Securities of that or those Series
(it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such
Series and that at any time there shall be only one Trustee with respect to the Securities of any Series). Within one year after
a successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities of a Series
may appoint a successor Trustee with respect to such Series to replace the successor Trustee for such Series appointed by the Company.

 

    	 	22	 

     

    

 

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

 

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

 

(f)          A
successor Trustee will 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 will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders of each Series
of Securities for which it acts as Trustee. 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 will 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

 

There will at all times
be a Trustee hereunder that is a 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 million as set forth in its most recent
published annual report of condition.

 

This Indenture will 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 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

 

If, pursuant to Section
2.02, provision is made for either or both of (a) defeasance of the Securities of or within a Series under Section 8.02 or (b)
covenant defeasance of the Securities of or within a Series under Section 8.03 to be applicable to the Securities of a Series,
then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such
modifications thereto as may be specified pursuant to Section 2.02 with respect to the Securities of such Series), shall be applicable
to the Securities of such Series, and the Company may, at the option of the Board of Directors evidenced by a resolution set forth
in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding
Securities of such Series 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 shall, 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 of a Series on the date the conditions set forth below are satisfied with respect to the Securities of such
Series (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be

 

    	 	23	 

     

    

 

deemed to have paid and discharged
the entire Indebtedness represented by the outstanding Securities of such Series, 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 (1) and (2) below,
and to have satisfied all their other obligations under the Securities of such Series 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:

 

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

 

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

 

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

 

(4)         this
Article 8.

 

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

 

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 shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in
Sections 4.3 and 4.4, as well as any additional covenants contained in a supplemental indenture hereto for a particular Series
of Securities, with respect to the outstanding Securities of a Series on and after the date the conditions set forth in Section
8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of such Series shall thereafter
be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of
Securities of such Series (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that the Securities of such Series will 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 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 will not constitute a Default or an Event of Default with respect to Securities of such Series under Section 6.01 hereof,
but, except as specified above, the remainder of this Indenture and the Securities of such Series 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 hereof, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01 (3) through 6.01(5) hereof will not constitute
Events of Default.

 

Section 8.04         Conditions
to Legal or Covenant Defeasance

 

In order to exercise either Legal Defeasance
or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(1)         the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of Securities of a Series, cash in
such currency, currencies or currency units in which such Securities are then specified as payable at Stated Maturity, 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 outstanding Securities of
such Series on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must
specify whether the Securities of such Series are being defeased to maturity or to a particular redemption date;

 

(2)         in
the case of an election under Section 8.02 hereof, the Company has delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that:

 

    	 	24	 

     

    

 

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

 

(B)         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 Holders 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;

 

(3)         in
the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that the Holders 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;

 

(4)         no
Default or Event of Default with respect to Securities of such Series shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default with respect to Securities of such Series resulting from the borrowing of funds
to be applied to such deposit);

 

(5)         such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) with respect to such Securities to which the Company or any of its Subsidiaries
is a party or by which the Company or any of its Subsidiaries is bound;

 

(6)         the
Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Securities of such Series over the other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company or others; and

 

(7)         the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

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 a Series will be held in trust and applied by the Trustee, in accordance with the provisions of the Securities of
such Series and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying
Agent) as the Trustee may determine, to the Holders of the Securities of such Series 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 will 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 an outstanding Series of Securities.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will 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(1) 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 Company. 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 Series of Securities 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) will be discharged from such trust; and the Holder of Security of such Series will 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,

 

    	 	25	 

     

    

 

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 United States dollars or other currency or non- callable Government Securities
in accordance with Section 8.02 or 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 the Company’s obligations under this Indenture
and each applicable Series of Securities will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02
or 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 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 Series of Securities following the reinstatement of its obligations, the Company will be subrogated to the rights
of the Holders of such Series of 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 any Series of Securities without the consent of any Holder of Securities:

 

(1)         to
evidence the succession of another Person to the Company or a Guarantor and the assumption by any such successor of the covenants
of the Company or such Guarantor herein, in the Securities contained; provided that such succession is otherwise in compliance
with this Indenture and applicable law;

 

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

 

(3)         to
add any additional Events of Default for the benefit of the Holders of all or any Series of Securities (and if such Events of Default
are to be for the benefit of less than all Series of Securities, stating that such Events of Default are expressly being included
solely for the benefit of such Series); provided, however, that in respect of any such additional Events of Default such
supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that
allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies
available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of
that or those Series of Securities to which such additional Events of Default apply to waive such default;

 

(4)         to
permit or facilitate the issuance of Securities in uncertificated form, provided that any such action shall not adversely affect
the interest of the Holders of Securities of any Series in any material respect;

 

(5)         to
add to, change or eliminate any of the provisions of this Indenture or any Guarantee in respect of any Series of Securities, provided
that any such addition, change or elimination shall (i) neither (A) apply to any Security of any Series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision, nor (B) modify the rights of the Holder of any such
Security with respect to such provision; or (ii) become effective only when there is no Security Outstanding;

 

(6)         to
secure the Securities of any Series;

 

(7)         to
establish the form or terms of Securities of any Series as permitted by Sections 2.01 and 2.02, including the provisions and procedures
relating to Securities convertible into or exchangeable for other securities or property of the Company;

 

    	 	26	 

     

    

 

(8)         to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more Series and to add or change any of the provisions of the Indenture or any Guarantee as shall be reasonable and necessary solely
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; provided that such succession
is otherwise in compliance with this Indenture and applicable law;

 

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

 

(10)       to
provide for uncertificated Securities in addition to or in place of certificated Securities or to alter the provisions of Article
2 hereof (including the related definitions) in a manner that does not materially adversely affect any Holder of any Series of
Securities;

 

(11)       to
provide for the assumption of the Company’s obligations to the Holders of each Series of Securities by a successor to the
Company pursuant to Article 5 hereof;

 

(12)       to
make any change that would provide any additional rights or benefits to the Holders of each Series of Securities or that does not
adversely affect the legal rights hereunder of any Holder of any Series of Securities; or

 

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

 

Upon the request of the
Company accompanied by a resolution of the Board of Directors 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. Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement
this Indenture and the Securities of an affected Series with the consent of the Holders of at least a majority in principal amount
of the Securities of such affected Series then outstanding, voting as a separate class, (including, without limitation, consents
obtained in connection with a tender offer or exchange offer for, or purchase of, the Securities of each affected Series). Subject
to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default with respect to a Series of Securities (other than a
Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Securities of such Series,
except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture
or the Securities of such Series may be waived with the consent of the Holders of a majority in principal amount of the then outstanding
Securities of such Series voting as a single class (including consents obtained in connection with a tender offer or exchange offer
for, or purchase of, the Securities of such Series). Section 2.09 hereof shall determine which Securities are considered to be
“outstanding” for purposes of this Section 9.02.

 

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 each required 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.

 

It is 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
amendment or waiver, but it is sufficient if such consent approves the substance thereof.

 

After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Securities of each Series affected
thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any
defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver.
Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Securities of any Series
then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this
Indenture with respect to such Series or such Series of Securities. However, without the consent of each Holder affected, an amendment
or waiver under this Section 9.02 may not (with respect to any Securities held by a non-consenting Holder):

 

    	 	27	 

     

    

 

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

 

(2)         reduce
the principal of or change the fixed maturity of any Security or alter or waive any of the provisions with respect to the redemption
of the Securities;

 

(3)         reduce
the rate of or change the time for payment of interest, including default interest, on any Security;

 

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

 

(5)         make
any Security payable in currency other than that stated in the Securities;

 

(6)         make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Securities to receive
payments of principal of, or interest or premium, if any, on the Securities;

 

(7)         waive
a redemption payment, if any, with respect to any Securities or change any of the provisions with respect to the redemption of
any Securities; or

 

(8)         make
any change in the foregoing amendment and waiver provisions.

 

Section 9.03         Compliance
with Trust Indenture Act. Every amendment or supplement to this Indenture or the Securities 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. 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 waiver, supplement or amendment becomes effective. An amendment, supplement or
waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

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 thereafter authenticated. If the Company so determines, the Company in exchange for all Securities of a Series may issue
and the Trustee shall, upon receipt of an Authentication Order, authenticate new Securities of such 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 amendment or supplemental Indenture until the Board of Trustees approves
it. In executing any amended or supplemental indenture, 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 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 as to all Securities of a Series issued
hereunder, when:

 

(1)         either:

 

    	 	28	 

     

    

 

(a)         all
Securities of such Series that have been authenticated (except lost, stolen or destroyed Securities that have been replaced or
paid and Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company) have
been delivered to the Trustee for cancellation; or

 

(b)         all
Securities of such Series that have not been delivered to the Trustee for cancellation have become due and payable by reason of
the making of a notice of redemption or otherwise or will become due and payable within one year 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 of such Series,
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 the Securities of such Series not
delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption;

 

(2)         no
Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such deposit
and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the
Company is a party or by which the Company is bound;

 

(3)         the
Company has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)         the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Securities of such Series at maturity or the redemption date, as the case may be.

 

In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied.

 

Notwithstanding the satisfaction
and discharge of this Indenture as to all Securities of any Series under this Indenture, if money has been deposited with the Trustee
pursuant to subclause (b) of clause (1) of this Section with respect to a Series of Securities, the provisions of Section 10.02
and Section 8.06 will survive with respect to such Series of Securities. 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, all money deposited with the Trustee pursuant to Section 10.01 shall
be held in trust and applied by it, in accordance with the provisions of the Securities of such Series 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 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 obligations under this Indenture and the Securities of such Series shall be revived and reinstated
as though no deposit had occurred pursuant to Section 10.01; provided that if the Company has made any payment of principal of,
premium, if any, or interest on any Securities of such Series because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of Securities of such Series to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed or assessed against the Trustee with respect to the money deposited
with the Trustee pursuant to Section 10.01 hereof.

 

    	 	29	 

     

    

 

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 will control.

 

Section 11.02         Notices.
Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or
mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing
next day delivery, to the others’ address:

 

If to the Company:

 

Great Ajax Corp.

9400 SW Beaverton-Hillsdale Hwy, Suite 131

Beaverton, Oregon 97005

Fax No.: (503) 228-0171

Telephone No.: (503) 505-5670

Attention: Irving Potter

 

With a copy to:

 

Morrison & Foerster LLP

250 West 55th Street

New York, New York 10019

Fax No.: (212) 468-7900

Telephone No.: (212) 468-8000

Attention: Anna T. Pinedo

 

If to the Trustee:

 

[_____________]

[_____________]

[_____________]

Fax No.: [_____________]

Telephone No.: [_____________]

Attention: [_____________]

 

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) will 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 answered back, if telexed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery.

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also
be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail 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 mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Company mails a
notice or communication to Holders of a Series of Securities, it will mail a copy to the Trustee and each Agent for such Series
of Securities at the same time.

 

    	 	30	 

     

    

 

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 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

 

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:

 

(1)         an
Officers’ Certificate in form and substance 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

 

(2)         an
Opinion of Counsel in form and substance 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 TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include:

 

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

 

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

 

(3)         a
statement that, in the opinion of such 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

 

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

 

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

 

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 Trustees, Officers, Employees and Stockholders

 

No past, present or future
trustee, officer, employee, incorporator or stockholder of the Company, as such, will 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 liability. The waiver and release
are part of the consideration for issuance of the Securities. The waiver may not be effective to waive liabilities under the federal
securities laws.

 

Section 11.08         Governing
Law

 

THE INTERNAL LAW OF THE
STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE SECURITIES 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.

 

    	 	31	 

     

    

 

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

 

Section 11.10         Successors

 

All agreements of the Company
in this Indenture and the Securities will bind its successors. 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 is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

 

Section 11.12         Counterpart
Originals

 

The parties may sign any
number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 

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.

 

    	 	32	 

     

    

 

	 	SIGNATURES

Dated as of [________], 20[__]

	 	COMPANY
	 	 
	 	Great ajax corp. 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	TRUSTEE:
	 	 
	 	[______________]
	 	By:	 
	 	Name:
	 	Title:

  

    	 	33

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