Document:

Exhibit 4.1

 

GOLUB CAPITAL BDC, INC.

 

(Company)

 

and

 

U.S. Bank National Association

 

(Trustee)

 

Indenture

 

Dated as of October 2, 2020

 

Providing for the Issuance

 

of

 

Debt Securities

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01.	Definitions	1
	Section 1.02.	Compliance Certificates and Opinions	10
	Section 1.03.	Form of Documents Delivered to Trustee	10
	Section 1.04.	Acts of Holders	10
	Section 1.05.	Notices, Etc., to Trustee and Company	11
	Section 1.06.	Notice to Holders; Waiver	12
	Section 1.07.	Conflict with Trust Indenture Act	12
	Section 1.08.	Effect of Headings and Table of Contents	13
	Section 1.09.	Successors and Assigns	13
	Section 1.10.	Separability Clause	13
	Section 1.11.	Benefits of Indenture	13
	Section 1.12.	Governing Law	13
	Section 1.13.	Legal Holidays	13
	Section 1.14.	Submission to Jurisdiction	13
	Section 1.15.	U.S.A. Patriot Act	14
	 
	ARTICLE TWO SECURITIES FORMS	14
	Section 2.01.	Forms of Securities	14
	Section 2.02.	Form of Trustee’s Certificate of Authentication	14
	Section 2.03.	Securities Issuable in Global Form	14
	 
	ARTICLE THREE THE SECURITIES	15
	Section 3.01.	Amount Unlimited; Issuable in Series	15
	Section 3.02.	Denominations	18
	Section 3.03.	Execution, Authentication, Delivery and Dating	18
	Section 3.04.	Temporary Securities	20
	Section 3.05.	Registration, Registration of Transfer and Exchange	20
	Section 3.06.	Mutilated, Destroyed, Lost and Stolen Securities	22
	Section 3.07.	Payment of Interest; Interest Rights Preserved; Optional Interest Reset	23
	Section 3.08.	Optional Extension of Maturity	25
	Section 3.09.	Persons Deemed Owners	25
	Section 3.10.	Cancellation	26
	Section 3.11.	Computation of Interest	26
	Section 3.12.	Currency and Manner of Payments in Respect of Securities	26
	Section 3.13.	Appointment and Resignation of Successor Exchange Rate Agent	29
	Section 3.14.	CUSIP Numbers.	29
	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE	29
	Section 4.01.	Satisfaction and Discharge of Indenture	29
	Section 4.02.	Application of Trust Funds	30
	 
	ARTICLE FIVE REMEDIES	30
	Section 5.01.	Events of Default	30
	Section 5.02.	Acceleration of Maturity; Rescission and Annulment	33
	Section 5.03.	Collection of Indebtedness and Suits for Enforcement by Trustee	33
	Section 5.04.	Trustee May File Proofs of Claim	34
	Section 5.05.	Trustee May Enforce Claims Without Possession of Securities	35
	Section 5.06.	Application of Money Collected	35
	Section 5.07.	Limitation on Suits	36
	Section 5.08.	Unconditional Right of Holders to Receive Principal, Premium and Interest	36
	Section 5.09.	Restoration of Rights and Remedies	36
	Section 5.10.	Rights and Remedies Cumulative	36

 

    -i-

     

    

 

TABLE OF CONTENTS

(continued)

 

	Section 5.11.	Delay or Omission Not Waiver	37
	Section 5.12.	Control by Holders of Securities	37
	Section 5.13.	Waiver of Past Defaults	37
	Section 5.14.	Waiver of Stay or Extension Laws	37
	 
	ARTICLE SIX THE TRUSTEE	38
	Section 6.01.	Notice of Defaults	38
	Section 6.02.	Certain Rights of Trustee	39
	Section 6.03.	Not Responsible for Recitals or Issuance of Securities	41
	Section 6.04.	May Hold Securities	41
	Section 6.05.	Money Held in Trust	41
	Section 6.06.	Compensation and Reimbursement and Indemnification of Trustee	41
	Section 6.07.	Corporate Trustee Required; Eligibility	42
	Section 6.08.	Disqualification; Conflicting Interests	43
	Section 6.09.	Resignation and Removal; Appointment of Successor	43
	Section 6.10.	Acceptance of Appointment by Successor	44
	Section 6.11.	Merger, Conversion, Consolidation or Succession to Business	45
	Section 6.12.	Appointment of Authenticating Agent	45
	 
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	47
	Section 7.01.	Disclosure of Names and Addresses of Holders	47
	Section 7.02.	Preservation of Information; Communications to Holders	47
	Section 7.03.	Reports by Trustee	47
	Section 7.04.	Reports by Company	47
	Section 7.05.	Calculation of Original Issue Discount	48
	 
	ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	48
	Section 8.01.	Company May Consolidate, Etc., Only on Certain Terms	48
	Section 8.02.	Successor Person Substituted	48
	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES	49
	Section 9.01.	Supplemental Indentures Without Consent of Holders	49
	Section 9.02.	Supplemental Indentures with Consent of Holders	50
	Section 9.03.	Execution of Supplemental Indentures	50
	Section 9.04.	Effect of Supplemental Indentures	51
	Section 9.05.	Conformity with Trust Indenture Act	51
	Section 9.06.	Reference in Securities to Supplemental Indentures	51
	 
	ARTICLE TEN COVENANTS	51
	Section 10.01.	Payment of Principal, Premium, if any, and Interest	51
	Section 10.02.	Maintenance of Office or Agency	51
	Section 10.03.	Money for Securities Payments to Be Held in Trust	52
	Section 10.04.	Additional Amounts	53
	Section 10.05.	Statement as to Compliance	53
	Section 10.06.	Payment of Taxes and Other Claims	53
	Section 10.07.	Waiver of Certain Covenants	54
	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES	54
	Section 11.01.	Applicability of Article	54
	Section 11.02.	Election to Redeem; Notice to Trustee	54
	Section 11.03.	Selection by Trustee of Securities to Be Redeemed	54
	Section 11.04.	Notice of Redemption	55
	Section 11.05.	Deposit of Redemption Price	56
	Section 11.06.	Securities Payable on Redemption Date	56
	Section 11.07.	Securities Redeemed in Part	56

 

    -ii-

     

    

 

TABLE OF CONTENTS

(continued)

 

	ARTICLE TWELVE SINKING FUNDS	57
	Section 12.01.	Applicability of Article	57
	Section 12.02.	Satisfaction of Sinking Fund Payments with Securities	57
	Section 12.03.	Redemption of Securities for Sinking Fund	57
	 
	ARTICLE THIRTEEN REPAYMENT AT THE OPTION OF HOLDERS	58
	Section 13.01.	Applicability of Article	58
	Section 13.02.	Repayment of Securities	58
	Section 13.03.	Exercise of Option	58
	Section 13.04.	When Securities Presented for Repayment Become Due and Payable	58
	Section 13.05.	Securities Repaid in Part	59
	 
	ARTICLE FOURTEEN DEFEASANCE AND COVENANT DEFEASANCE	59
	Section 14.01.	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	59
	Section 14.02.	Defeasance and Discharge	59
	Section 14.03.	Covenant Defeasance	60
	Section 14.04.	Conditions to Defeasance or Covenant Defeasance	60
	Section 14.05.	Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	61
	 
	ARTICLE FIFTEEN MEETINGS OF HOLDERS OF SECURITIES	62
	Section 15.01.	Purposes for Which Meetings May Be Called	62
	Section 15.02.	Call, Notice and Place of Meetings	62
	Section 15.03.	Persons Entitled to Vote at Meetings	62
	Section 15.04.	Quorum; Action	63
	Section 15.05.	Determination of Voting Rights; Conduct and Adjournment of Meetings	63
	Section 15.06.	Counting Votes and Recording Action of Meetings	64
	 
	ARTICLE SIXTEEN SUBORDINATION OF SECURITIES	64
	Section 16.01.	Agreement to Subordinate	64
	Section 16.02.	Distribution on Dissolution, Liquidation and Reorganization; Subrogation of  Subordinated Securities	65
	Section 16.03.	No Payment on Subordinated Securities in Event of Default on Senior Indebtedness	66
	Section 16.04.	Payments on Subordinated Securities Permitted	66
	Section 16.05.	Authorization of Holders to Trustee to Effect Subordination	66
	Section 16.06.	Notices to Trustee	67
	Section 16.07.	Trustee as Holder of Senior Indebtedness	67
	Section 16.08.	Modifications of Terms of Senior Indebtedness	67
	Section 16.09.	Reliance on Judicial Order or Certificate of Liquidating Agent	68

 

    -iii-

     

    

 

GOLUB CAPITAL BDC, INC.

Reconciliation and tie between Trust Indenture
Act of 1939

and Indenture, dated as of October 2,
2020

 

	Trust Indenture Act Section	 	Indenture Section
	§ 310	(a)(1)	 	6.07
	 	(a)(2)	 	6.07
	 	(b)	 	6.09
	§ 312	(c)	 	7.01
	§ 314	(a)	 	7.04
	 	(a)(4)	 	10.05
	 	(c)(1)	 	1.02
	 	(c)(2)	 	1.02
	 	(e)	 	1.02
	§ 315	(b)	 	6.01
	§ 316	(a) (last sentence)	 	1.01 (“Outstanding”)
	 	(a)(1)(A)	 	5.02, 5.12
	 	(a)(1)(B)	 	5.13
	 	(b)	 	5.08
	§ 317	(a)(1)	 	5.03
	 	(a)(2)	 	5.04
	§ 318	(a)	 	1.11
	 	(c)	 	1.11

 

 

NOTE: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.

 

    -iv-

     

    

 

INDENTURE, dated as of October 2, 2020,
between Golub Capital BDC, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association, a
national banking association, as Trustee (as trustee in such capacity and not in its individual capacity, the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company deems it necessary
to issue from time to time for its lawful purposes debt securities (hereinafter called the “Securities”) evidencing
its secured or unsecured indebtedness, which may or may not be convertible into or exchangeable for any securities of any Person
(including the Company), and has duly authorized the execution and delivery of this Indenture to provide for the issuance from
time to time of the Securities, to be issued in one or more series, unlimited as to principal amount, to bear such rates of interest,
to mature at such times and to have such other provisions as shall be fixed as hereinafter provided;

 

WHEREAS, this Indenture is subject to the
provisions of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed
by such provisions; and

 

WHEREAS, all things necessary to make this
Indenture a valid and legally binding agreement of, and enforceable against, the Company, in accordance with its terms, have been
done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01.        Definitions.

 

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

 

(a)           the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular
and, pursuant to Section 3.01, any such item may, with respect to any particular series of Securities, be amended or modified
or specified as being inapplicable;

 

(b)           all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein, and the terms “cash transaction” and “self-liquidating paper”, as used in Section 311
of the Trust Indenture Act, shall have the meanings assigned to them in the rules of the Commission adopted under the Trust
Indenture Act;

 

(c)           all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States of America;

 

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

 

(e)           “or”
is not exclusive;

 

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

 

    1

     

    

 

(g)           references
to sections of or rules under the Securities Exchange Act of 1934, as amended, shall be deemed to include substitute, replacement
of successor sections or rules adopted by the Commission from time to time.

 

Certain terms, used in other Articles herein,
are defined in those Articles.

 

“Act”, when used with
respect to any Holder of a Security, has the meaning specified in Section 1.04.

 

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

 

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

 

“Authenticating Agent”
means any authenticating agent appointed by the Trustee pursuant to Section 6.12 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

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

 

“Bankruptcy Law” has
the meaning specified in Section 5.01(a).

 

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

 

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

 

“Business Day”, when
used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities,
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, each Monday, Tuesday, Wednesday,
Thursday and Friday that is not a day on which banking institutions in that Place of Payment or particular location are authorized
or obligated by law or executive order to close.

 

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

 

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

 

    2

     

    

 

“Company Request” and
 “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman,
the Chief Executive Officer, the Chief Financial Officer, the Chief Compliance Officer, the Secretary and the Treasurer, or any
Vice Presidents (including Executive Vice Presidents and Senior Vice Presidents), Assistant Secretaries, Assistant Treasurers or
Controller of the Company, and delivered to the Trustee.

 

“Component Currency”
has the meaning specified in Section 3.12(h).

 

“Conversion Date” has
the meaning specified in Section 3.12(d).

 

“Conversion Event” means
the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the
settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the
Euro both within the European Monetary System and for the settlement of transactions by public institutions of or within the European
Communities or (iii) any currency unit (or composite currency) other than the Euro for the purposes for which it was established.

 

“Corporate Trust Office”
means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at 1 Federal Street, Boston, MA 02210, Attention: Global Corporate Trust Services –
Golub Capital BDC, Inc.,; provided that for purposes of presentment or surrender of securities for transfer or payment
or exchange, such office is located at111 Fillmore Avenue, St. Paul, MN 55107, Attention: Global Corporate Trust Services –
Golub Capital BDC, Inc., or such other address as the Trustee may designate from time to time by notice to the Holders and
the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee
may designate from time to time by notice to the Holders and the Company).

 

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

 

“Currency” means any
currency or currencies, composite currency or currency unit or currency units, including, without limitation, the Euro, issued
by the government of one or more countries or by any reorganized confederation or association of such governments.

 

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

 

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

 

“Derivative Instrument”
with respect to a Person, means any contract, instrument or other right to receive payment or delivery of cash or other assets
to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s
investment in the Securities (other than a Screened Affiliate) is a party (whether or not requiring further performance by such
Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance
of the Securities and/or the creditworthiness of the Company (the “Performance References”).

 

“Dollar” or “$”
means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal
tender for the payment of public and private debts.

 

“Euro” means the official
currency of the eurozone.

 

“Election Date” has the
meaning specified in Section 3.12(h).

 

“European Communities”
means the European Union.

 

“European Monetary System”
means the European Monetary System established by the Resolution of December 5, 1978 of the Council of the European Communities.

 

    3

     

    

 

“Event of Default” has
the meaning specified in Section 5.01(a).

 

“Exchange Rate Agent”,
with respect to Securities of or within any series, means, unless otherwise specified with respect to any Securities pursuant to
Section 3.01, a New York Clearing House bank designated pursuant to Section 3.01 or Section 3.13.

 

“Exchange Rate Officer’s
Certificate” means a certificate setting forth (i) the applicable Market Exchange Rate or the applicable bid quotation
and (ii) the Dollar or Foreign Currency amounts of principal (and premium, if any) and interest, if any (on an aggregate basis
and on the basis of a Security having the lowest denomination principal amount determined in accordance with Section 3.02
in the relevant Currency), payable with respect to a Security of any series on the basis of such Market Exchange Rate or the applicable
bid quotation signed by the Chief Financial Officer or any Vice President of the Company.

 

“Extension Notice” has
the meaning specified in Section 3.08.

 

“Extension Period” has
the meaning specified in Section 3.08.

 

“Final Maturity” has
the meaning specified in Section 3.08.

 

“Foreign Currency” means
any Currency other than the U.S. dollar, including, the Euro.

 

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

 

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

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities
established as contemplated by Section 3.01; 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 3.01,
exclusive, however, of any provisions or terms that 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 such Trustee but to which such Person, as such
Trustee, was not a party.

 

    4

     

    

 

“Indexed Security” means
a Security as to which all or certain interest payments and/or the principal amount payable at Maturity are determined by reference
to prices, changes in prices, or differences between prices, of securities, Currencies, intangibles, goods, articles or commodities
or by such other objective price, economic or other measures as are specified in Section 3.01 hereof.

 

“Interest”, when used
with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity, and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 10.04,
includes such Additional Amounts.

 

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

 

“Junior Subordinated Security”
or “Junior Subordinated Securities” means any Security or Securities designated pursuant to Section 3.01
as a Junior Subordinated Security.

 

“Junior Subordinated Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness
of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed,
for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is
provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness and Senior Subordinated
Indebtedness and equally and pari passu in right of payment to any other Junior Subordinated Indebtedness, (ii) Junior
Subordinated Securities and (iii) renewals, extensions, modifications and refinancings of any such indebtedness.

 

“Long Derivative Instrument”
means a Derivative Instrument (i) the value of which generally increases, and/or the payment or delivery obligations under
which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases,
and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.

 

“Market Exchange Rate”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, (i) for any conversion involving
a currency unit on the one hand and Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency
unit and Dollars or such Foreign Currency calculated by the method specified pursuant to Section 3.01 for the Securities of
the relevant series, (ii) for any conversion of Dollars into any Foreign Currency, the noon buying rate for such Foreign Currency
for cable transfers quoted in New York City as certified for customs purposes by the Federal Reserve Bank of New York and (iii) for
any conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon local time in the relevant
market at which, in accordance with normal banking procedures, the Dollars or Foreign Currency into which conversion is being made
could be purchased with the Foreign Currency from which conversion is being made from major banks located in either New York City,
London or any other principal market for Dollars or such purchased Foreign Currency, in each case determined by the Exchange Rate
Agent.  Unless otherwise specified with respect to any Securities pursuant to Section 3.01, in the event of the
unavailability of any of the exchange rates provided for in the foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent
shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as
of the most recent available date, or quotations from one or more major banks in New York City, London or other principal market
for such currency or currency unit in question, or such other quotations as the Exchange Rate Agent shall deem appropriate.  Unless
otherwise specified by the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency unit by
reason of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit shall be
that upon which a nonresident issuer of securities designated in such currency or currency unit would purchase such currency or
currency unit in order to make payments in respect of such securities as determined by the Exchange Rate Agent, in its sole discretion.

 

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

 

    5

     

    

 

“Net Short” means, with
respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments
exceeds the sum of the (x) the value of its Securities plus (y) the value of its Long Derivative Instruments as of such
date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy
Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives Definitions)
to have occurred with respect to the Company immediately prior to such date of determination.

  

“Notice of Default” has
the meaning provided in Section 5.01(a).

 

“Officers’ Certificate”
means a certificate signed by the Chairman, the Chief Executive Officer, the Chief Financial Officer, the Chief Compliance Officer,
the Secretary and the Treasurer, or any Vice Presidents (including Executive Vice Presidents and Senior Vice Presidents), Assistant
Secretaries, Assistant Treasurers or Controller of the Company, and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.

 

“Optional Reset Date”
has the meaning specified in Section 3.07(b).

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02.

 

“Original Stated Maturity”
has the meaning specified in Section 3.08.

 

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

 

(i)            Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

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

 

(iii)          Securities,
except to the extent provided in Sections 14.02 and 14.03, with respect to which the Company has effected defeasance and/or covenant
defeasance as provided in Article Fourteen; and

 

(iv)          Securities
that have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are
valid obligations of the Company;

 

    6

     

    

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making
the calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security that may
be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal
to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination,
upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02, (ii) the principal amount of any
Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed
Outstanding for such purpose shall be equal to the Dollar equivalent, determined as of the date such Security is originally issued
by the Company as set forth in an Exchange Rate Officer’s Certificate delivered to the Trustee, of the principal amount
(or, in the case of an Original Issue Discount Security or Indexed Security, the Dollar equivalent as of such date of original
issuance of the amount determined as provided in clause (i) above or (iii) below, respectively) of such Security, (iii) the
principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed
outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless
otherwise provided with respect to such Security pursuant to Section 3.01, and (iv) Securities owned by the Company
or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying
upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence
of a quorum, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.  Securities
so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

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

 

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

 

“Performance References”
has the meaning specified in the term “Derivate Instrument”.

 

“Place of Payment”, when
used with respect to the Securities of or within any series, means the place or places where the principal of (and premium, if
any) and interest, if any, on such Securities are payable as specified and as contemplated by Sections 3.01 and 10.02.

 

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

 

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

 

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

 

“Registered Security”
means any Security that is registered in the Security Register.

 

“Regular Record Date”
for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified
for that purpose as contemplated by Section 3.01, whether or not a Business Day.

 

“Repayment Date” means,
when used with respect to any Security to be repaid at the option of the Holder, means the date fixed for such repayment by or
pursuant to this Indenture.

 

    7

     

    

 

“Repayment Price” means,
when used with respect to any Security to be repaid at the option of the Holder, means the price at which it is to be repaid by
or pursuant to this Indenture.

 

“Reset Notice” has the
meaning specified in Section 3.07(b).

 

“Responsible Officer”,
when used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust
matters and who shall have direct responsibility for the administration of this Indenture.

 

“Screened Affiliate”
means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and any other Affiliate
of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such
Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the sharing of information
with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other
Affiliate of such Holder that is acting in concert with such Holder in connection with its investment in the Securities, and (iv) whose
investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is
acting in concert with such Holders in connection with its investment in the Securities.

 

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

 

“Security Register” and
 “Security Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness
of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed,
for money borrowed, unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided
that such indebtedness is not senior or prior in right of payment to Subordinated Indebtedness, (ii) Senior Securities and
(iii) renewals, extensions, modifications and refinancings of any such indebtedness.

 

“Senior Security” or
 “Senior Securities” means any Security or Securities designated pursuant to Section 3.01 as a Senior Security.

 

“Senior Subordinated Indebtedness”
means the principal of (and premium, if any) and unpaid interest on (i) indebtedness of the Company (including indebtedness
of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed,
for money borrowed, that in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is provided
that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness, equally and pari passu
in right of payment with all other Senior Subordinated Indebtedness and senior in right of payment to any Junior Subordinated Indebtedness,
(ii) Senior Subordinated Securities and (iii) renewals, extensions, modifications and refinancings of any such indebtedness.

 

“Senior Subordinated Security”
or “Senior Subordinated Securities” means any Security or Securities designated pursuant to Section 3.01
as a Senior Subordinated Security.

 

“Short Derivative Instrument”
means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under
which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases,
and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.

 

    8

     

    

 

“Special Record Date”
for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Trustee
pursuant to Section 3.07.

 

“Specified Amount” has
the meaning specified in Section 3.12(h).

 

“Stated Maturity”, when
used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such
Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable,
as such date may be extended pursuant to the provisions of Section 3.08.

 

“Subordinated Indebtedness”
means any Senior Subordinated Indebtedness or Junior Subordinated Indebtedness.

 

“Subsequent Interest Period”
has the meaning specified in Section 3.07(b).

 

“Subsidiary” means (i) any
corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more
other Subsidiaries of the Company, (ii) any other Person (other than a corporation) in which such Person, one or more Subsidiaries
of such Person, or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination
thereof has a majority ownership interest or (iii) a partnership in which such Person or a Subsidiary of such Person is, at
the time, a general partner and in which such Person, directly or indirectly, at the date of determination thereof has a majority
ownership interest.  For the purposes of this definition, “voting stock” means stock having voting power
for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason
of any contingency.

 

“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture
was executed, except as provided in Section 9.05.

 

“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 any series shall mean only the Trustee with respect to Securities of that series.

 

“United States” means,
unless otherwise specified with respect to any Securities pursuant to Section 3.01, the United States of America (including
the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

 

“United States person”
means, unless otherwise specified with respect to any Securities pursuant to Section 3.01, any individual who is a citizen
or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United
States, any state thereof or the District of Columbia (other than a partnership that is not treated as a United States Person under
any applicable Treasury regulations), any estate the income of which is subject to United States federal income taxation regardless
of its source, or any trust if a court within the United States is able to exercise primary supervision over the administration
of the trust and one or more United States persons have the authority to control all substantial decisions of the trust.  Notwithstanding
the preceding sentence, to the extent provided in the Treasury regulations, certain trusts in existence on August 20, 1996,
and treated as United States persons prior to such date that elect to continue to be treated as United States Persons, will also
be United States persons.

 

“Valuation Date” has
the meaning specified in Section 3.12(c).

 

“Yield to Maturity” means
the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation
principles.

 

    9

     

    

 

Section 1.02.        Compliance
Certificates and Opinions.

 

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

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 10.05) shall include:

 

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

 

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

 

(c)           a
statement that such individual signing the certificate or opinion has made such examination or investigation as is necessary to
enable such individual to express an informed opinion as to whether or not such condition or covenant has been complied with; and

 

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

 

Section 1.03.        Form of
Documents Delivered to Trustee.

 

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

 

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

 

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

 

Section 1.04.        Acts
of Holders.

 

(a)           Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing.  Except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both
are delivered to the Trustee and, where it is hereby expressly required, to the Company.  Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments or so voting at any such meeting.  Proof of execution of any such
instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any
purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if
made in the manner provided in this Section.  The record of any meeting of Holders of Securities shall be proved in the
manner provided in Section 15.06.

 

    10

     

    

 

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

 

(c)           The
ownership of Registered Securities shall be proved by the Security Register.

 

(d)           If
the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so.  Notwithstanding TIA Section 316(c), such record date shall be
the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior
to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed.  If
such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to
be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose
the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent
by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date.

 

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

 

Section 1.05.        Notices, Etc., to Trustee and Company.

 

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

 

(i)            the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if in writing and mailed, first-class postage
prepaid or sent via overnight courier guaranteeing next day delivery or same day messenger service or by electronic mail (in PDF)
to the Trustee at its Corporate Trust Office, Attention: Global Corporate Trust Services – Golub Capital BDC, Inc.,
or

 

(ii)           the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, or sent via overnight courier guaranteeing next day delivery or same day
messenger service or by electronic mail (in PDF), to the Company, to the attention of its Chief Financial Officer at 200 Park Avenue,
25th Floor, New York, New York 10166.

 

    11

     

    

 

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

 

All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: (i) at the time delivered by hand, if personally delivered;
(ii) when return receipt is delivered, if delivered by electronic mail; (iii) five Business Days after being deposited
in the mail, postage prepaid; and (iv) the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery. Notice to the Trustee shall be effective only if such receipt is acknowledged.

 

Whenever under this
Indenture the Trustee or the Company is required to provide any notice by mail, in all cases each of the Trustee and the Company
may alternatively provide notice by overnight courier, by facsimile, with confirmation of transmission, or by electronic mail,
with return receipt requested.

 

Section 1.06.        Notice
to Holders; Waiver.

 

Where this Indenture provides for notice
of any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or by overnight courier guaranteeing
next day delivery to each such Holder affected by such event, at his address, facsimile number or email address as it appears in
the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice.  Any notice or communication shall also be so mailed to any Person described in TIA Section 313(c), to the
extent required by the TIA.  In any case where notice to Holders of Registered Securities is given by mail or by overnight
courier guaranteeing next day delivery, by facsimile, or by electronic mail neither the failure to send such notice, nor any defect
in any notice so sent, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered
Securities.  Any notice mailed or sent to a Holder in the manner herein prescribed shall be conclusively deemed to have
been received by such Holder, whether or not such Holder actually receives such notice. In the case of a global Security, notices
shall be given in accordance with the applicable procedures of the Depositary. Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption or repurchase)
to a Holder of a global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
(or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance
with Applicable Procedures.

 

If by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification
to such Holders for every purpose hereunder.

 

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

 

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

 

Section 1.07.        Conflict
with Trust Indenture Act.

 

If any provision of this Indenture limits,
qualifies, or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part
of and govern this Indenture, the provisions of the Trust Indenture Act shall control. If any provision of this Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the TIA shall be deemed
to apply to this Indenture as so modified or only to the extent not so excluded, as the case may be.

 

    12

     

    

 

Section 1.08.        Effect
of Headings and Table of Contents.

 

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

 

Section 1.09.        Successors
and Assigns.

 

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

 

Section 1.10.        Separability
Clause.

 

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

 

Section 1.11.        Benefits
of Indenture.

 

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

 

Section 1.12.        Governing
Law.

 

This Indenture and the Securities shall
be governed by and construed in accordance with the law of the State of New York.  This Indenture is subject to the provisions
of the Trust Indenture Act that are required to be part of this Indenture and shall, to the extent applicable, be governed by such
provisions.

 

Section 1.13.        Legal
Holidays.

 

In any case where any Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business
Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security other than a provision
in the Securities of any series which specifically states that such provision shall apply in lieu of this Section), payment of
principal (or premium, if any) or interest, if any, need not be made at such Place of Payment on such date, but may be made on
the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date,
Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity; provided that no interest
shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date,
sinking fund payment date, Stated Maturity or Maturity, as the case may be.

 

Section 1.14.        Submission
to Jurisdiction.

 

The Company hereby irrevocably submits to
the non-exclusive jurisdiction of any New York State or federal court sitting in The City of New York in any action or proceeding
arising out of or relating to the Indenture and the Securities of any series, and the Company hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in such New York State or federal court.  The
Company hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding.

 

    13

     

    

 

Section 1.15.        U.S.A.
Patriot Act.

 

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

 

ARTICLE TWO

 

SECURITIES FORMS

 

Section 2.01.        Forms
of Securities.

 

The Registered Securities of each series,
the temporary global Securities of each series, if any, and the permanent global Securities of each series, if any, to be endorsed
thereon shall be in substantially the forms as shall be established in one or more indentures supplemental hereto or approved from
time to time by or pursuant to a Board Resolution in accordance with Section 3.01, shall have such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture or any indenture supplemental hereto,
and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon
as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which the Securities may be listed, or to conform to usage.

 

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

 

Section 2.02.       Form of
Trustee’s Certificate of Authentication.

 

Subject to Section 6.11, the Trustee’s
certificate of authentication shall be in substantially the following form:

 

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: 	 
	 	 	Authorized Officer

 

Section 2.03.        Securities
Issuable in Global Form.

 

If Securities of or within a series are
issuable in global form, as specified as contemplated by Section 3.01, then, notwithstanding clause (viii) of Section 3.01
and the provisions of Section 3.02, any such Security shall represent such of the Outstanding Securities of such series as
shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities of such series
from time to time endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented thereby may
from time to time be increased or decreased to reflect exchanges.  Any endorsement of a Security in global form to reflect
the amount or any increase or decrease in the amount of Outstanding Securities represented thereby shall be made by the Trustee
or the Security Registrar in such manner and upon instructions given by such Person or Persons as shall be specified therein or
in the Company Order to be delivered to the Trustee pursuant to Section 3.03 or 3.04.  Subject to the provisions
of Section 3.03 and, if applicable, Section 3.04, the Trustee or the Security Registrar shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the
applicable Company Order.  If a Company Order pursuant to Section 3.03 or 3.04 has been, or simultaneously is, delivered,
any instructions by the Company with respect to endorsement, delivery or redelivery of a Security in global form shall be in writing
but need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel.

 

    14

     

    

 

 

The provisions of the last sentence of Section 3.03
shall apply to any Security represented by a Security in global form if such Security was never issued and sold by the Company
and the Company delivers to the Trustee or the Security Registrar the Security in global form together with written instructions
(which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence
of Section 3.03.

 

Notwithstanding the provisions of Section 3.07,
unless otherwise specified as contemplated by Section 3.01, payment of principal of (and premium, if any) and interest, if
any, on any Security in permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 3.09
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent global Security in the case of
a permanent global Security in registered form, the Holder of such permanent global Security in registered form.

 

ARTICLE THREE

 

THE SECURITIES

 

Section 3.01.       Amount
Unlimited; Issuable in Series.

 

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

 

The Securities may be issued in one or more
series and shall be designated as Senior Securities, Senior Subordinated Securities or Junior Subordinated Securities.  Senior
Securities are unsubordinated, shall rank equally and pari passu with all of the Company’s Senior Indebtedness and senior
to all Subordinated Securities.  Senior Subordinated Securities shall rank junior to the Company’s Senior Indebtedness,
equally and pari passu with all other Senior Subordinated Indebtedness and senior to any Junior Subordinated Indebtedness.  Junior
Subordinated Securities shall rank junior to the Company’s Senior Indebtedness and any Senior Subordinated Indebtedness and
equally and pari passu with all other Junior Subordinated Indebtedness.  There shall be established in one or
more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 3.03, set
forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, any or all of the following, as applicable (each of which (except for
the matters set forth in clauses (i), (ii) and (xv) below), if so provided, may be determined from time to time by the
Company with respect to unissued Securities of the series when issued from time to time):

 

(i)           the
title of the Securities of the series including CUSIP numbers (which shall distinguish the Securities of such series from all other
series of Securities);

 

(ii)          any
limit upon the aggregate principal amount of the Securities of the series that 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 3.04, 3.05, 3.06, 9.06, 11.07 or 13.05, and except for any Securities which, pursuant to
Section 3.03, are deemed never to have been authenticated and delivered hereunder);

 

(iii)         the
date or dates, or the method by which such date or dates will be determined or extended, on which the principal of the Securities
of the series shall be payable;

 

    15

     

    

 

(iv)         the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall
be determined, the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined,
the Interest Payment Dates on which such interest will be payable and the Regular Record Date, if any, for the interest payable
on any Registered Security on any Interest Payment Date, or the method by which such date shall be determined, and the basis upon
which such interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

(v)          the
place or places, if any, other than or in addition to the Borough of Manhattan, The City of New York, where the principal of (and
premium, if any) and interest, if any, on Securities of the series shall be payable, any Registered Securities of the series may
be surrendered for registration of transfer, Securities of the series may be surrendered for exchange, where Securities of that
series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices or
demands to or upon the Company in respect of the Securities of the series and this Indenture may be served;

 

(vi)         the
period or periods within which, or the date or dates on which, the price or prices at which, the Currency or Currencies in which,
and other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company,
if the Company is to have the option;

 

(vii)        the
obligation, if any, of the Company to redeem, repay or purchase Securities of the series pursuant to any sinking fund or analogous
provision or at the option of a Holder thereof, and the period or periods within which or the date or dates on which, the price
or prices at which, the Currency or Currencies in which, and other terms and conditions upon which Securities of the series shall
be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;

 

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

 

(ix)          if
other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

 

(x)           if
other than the principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02, upon redemption of the Securities of the
series which are redeemable before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which the
Trustee shall be entitled to claim pursuant to Section 5.04 or the method by which such portion shall be determined;

 

(xi)          if
other than Dollars, the Currency or Currencies in which payment of the principal of (or premium, if any) or interest, if any, on
the Securities of the series shall be made or in which the Securities of the series shall be denominated and the particular provisions
applicable thereto in accordance with, in addition to or in lieu of any of the provisions of Section 3.12;

 

(xii)        whether
the amount of payments of principal of (or premium, if any) or interest, if any, on the Securities of the series may be determined
with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or
more Currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be determined;

 

(xiii)       whether
the principal of (or premium, if any) or interest, if any, on the Securities of the series are to be payable, at the election of
the Company or a Holder thereof, in one or more Currencies other than that in which such Securities are denominated or stated to
be payable, the period or periods within which (including the Election Date), and the terms and conditions upon which, such election
may be made, and the time and manner of determining the exchange rate between the Currency or Currencies in which such Securities
are denominated or stated to be payable and the Currency or Currencies in which such Securities are to be paid, in each case in
accordance with, in addition to or in lieu of any of the provisions of Section 3.12;

 

    16

     

    

 

(xiv)       provisions,
if any, granting special rights to the Holders of Securities of the series, including with respect to any collateral securing such
Securities;

 

(xv)        any
deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications
of or additions to any of the provisions of Section 10.07) of the Company with respect to Securities of the series, whether
or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein;

 

(xvi)       whether
any Securities of the series are to be issuable initially in temporary global form with or without coupons and whether any Securities
of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests
in any such permanent global Security may exchange such interests for Securities of such series in certificated form and of like
tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in
the manner provided in Section 3.05;

 

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

 

(xviii)     the
Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name such
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest,
and the extent to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date
will be paid if other than in the manner provided in Section 3.04; and the extent to which, or the manner in which, any interest
payable on a permanent global Security on an Interest Payment Date will be paid if other than in the manner provided in Section 3.07;

 

(xix)        the
applicability, if any, of Sections 14.02 and/or 14.03 to the Securities of the series and any provisions in modification of, in
addition to or in lieu of any of the provisions of Article Fourteen;

 

(xx)         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;

 

(xxi)        whether,
under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by Section 10.04
on the Securities of 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);

 

(xxii)       the
designation of the initial Exchange Rate Agent, if any;

 

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

 

(xxiv)      if
the Securities of the series are to be convertible into or exchangeable for any securities of any Person (including the Company),
the terms and conditions upon which such Securities will be so convertible or exchangeable;

 

    17

     

    

 

(xxv)       if
the Securities of the series are to be listed on a securities exchange, the name of such exchange; and

 

(xxvi)      any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture or the requirements of the
Trust Indenture Act), including, but not limited to, secured Securities and guarantees of Securities.

 

All Securities of any
one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
the Board Resolution referred to above (subject to Section 3.03) and set forth in the Officers’ Certificate referred
to above or in any such indenture supplemental hereto. No Board Resolution or Officers’ Certificate may affect the Trustee’s
own rights, duties or immunities under this Indenture or otherwise with respect to any series of Securities except as it may agree
in writing in its sole discretion.

 

All Securities of any one series need not
be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for issuances
of additional Securities of such series.

 

If any of the terms of the Securities of
any series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officers’ Certificate setting forth the terms of the Securities of such series.

 

The Company shall be
responsible for making calculations called for under the Securities and this Indenture, including but not limited to determination
of interest, additional interest, Additional Amounts, Redemption Price, Repayment Price, applicable premium, make whole Amount,
premium, if any, and any other amounts payable on the Securities. Absent manifest error, the Company’s calculations will
be final and binding on the Holders. The Company will provide a schedule of its calculations to the Trustee when requested by the
Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent
verification. The Trustee shall forward the Company’s calculations to any Holder of the Securities upon the written request
of such Holder.

 

Section 3.02.       Denominations.

 

The Securities of each series shall be issuable
in such denominations as shall be specified as contemplated by Section 3.01.  With respect to Securities of any
series denominated in Dollars, in the absence of any such provisions with respect to the Securities of any series, the Registered
Securities of such series, other than Registered Securities issued in global form (which may be of any denomination) shall be issuable
in denominations of $1,000 and any integral multiple thereof.

 

Section 3.03.       Execution,
Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf
of the Company by its Chairman, the Chief Executive Officer, the Chief Financial Officer, the Chief Compliance Officer, the Secretary
and the Treasurer, or any Vice Presidents (including Executive Vice Presidents and Senior Vice Presidents), Assistant Secretaries,
Assistant Treasurers or Controller of the Company, under its corporate seal reproduced thereon, and attested by its Secretary or
one of its Assistant Secretaries.  The signature of any of these officers on the Securities may be manual or by facsimile,
pdf. attachment or other electronically transmitted signature (with an original manual signature to be sent to the Trustee via
overnight mail immediately thereafter) signatures of the present or any future such authorized officer and may be imprinted or
otherwise reproduced on the Securities.

 

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

 

    18

     

    

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company, to the
Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities and an Officers’
Certificate and Opinion of Counsel in accordance with Section 1.02, and the Trustee in accordance with the Company Order shall
authenticate and deliver such Securities.  If all the Securities of any series are not to be issued at one time and if
the Board Resolution or supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures
acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series,
such as interest rate, maturity date, date of issuance and date from which interest shall accrue.  In authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee
shall be entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall be fully protected in relying
upon,

 

(a)           an
Opinion of Counsel stating,

 

(i)           that
the form or forms of such Securities have been established in conformity with the provisions of this Indenture;

 

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

 

(iii)         that
such Securities, when completed by appropriate insertions and executed and delivered by the Company to the Trustee for authentication
in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding
obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization
and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights, to general
equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders
of such Securities; and

 

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

 

Notwithstanding the provisions of Section 3.01
and of this Section 3.03, if all the Securities of any series are not to be issued at one time, it shall not be necessary
to deliver an Officers’ Certificate otherwise required pursuant to Section 3.01 or the Company Order, Opinion of Counsel
or Officers’ Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security
of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances, shall
be delivered at or before the time of issuance of the first Security of such series.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties, obligations or immunities under the Securities and this Indenture or otherwise in
a manner that is not reasonably acceptable to the Trustee.  Notwithstanding the generality of the foregoing, the Trustee
will not be required to authenticate Securities denominated in a Foreign Currency if the Trustee reasonably believes that it would
be unable to perform its duties with respect to such Securities.

 

Each Registered Security shall be dated
the date of its authentication.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein duly executed by the Trustee or an Authenticating Agent by manual signature of an
authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.  Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.10 together with a written
statement (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) stating that such
Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never
to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

    19

     

    

 

The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the global Securities and
the Trustee as Depositary Custodian. The Company has entered or will enter into a letter of representations with the Depositary
in the form provided by the Depositary and the Trustee and each Agent are hereby authorized to act in accordance with such letter
and Applicable Procedures.

 

Section 3.04.       Temporary
Securities.

 

(a)           Pending
the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form and
with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary Securities
may be in global form.

 

Except in the case of temporary Securities
in global form (which shall be exchanged in accordance with Section 3.04(b) or as otherwise provided in or pursuant to
a Board Resolution), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series
to be prepared without unreasonable delay.  After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder.  Upon
surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall,
upon receipt of a Company Order, authenticate and deliver in exchange therefor a like principal amount and like tenor of definitive
Securities of the same series of authorized denominations.  Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

 

Section 3.05.       Registration,
Registration of Transfer and Exchange.

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series
of Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being
herein sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities.  The
Security Register shall be in written form or any other form capable of being converted into written form within a reasonable time.  The
Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering
Registered Securities and transfers of Registered Securities on such Security Register as herein provided, and for facilitating
exchanges of temporary global Securities for permanent global Securities or definitive Securities, or both, or of permanent global
Securities for definitive Securities, or both, as herein provided.  In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine the Security Register at all reasonable times. In acting hereunder and in connection
with the Securities, the Security Registrar shall act solely as an agent of the Company, and will not thereby assume any obligations
towards or relationship of agency or trust for or with any Holder.

 

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

 

    20

     

    

 

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

 

Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee, upon receipt of a Company Order, shall authenticate and deliver, the
Securities that the Holder making the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as
otherwise specified as contemplated by Section 3.01, any permanent global Security shall be exchangeable only as provided
in this paragraph.  If any beneficial owner of an interest in a permanent global Security is entitled to exchange such
interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified
as contemplated by Section 3.01 and provided that any applicable notice provided in the permanent global Security shall have
been given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged,
the Company shall deliver to the Trustee definitive Securities in aggregate principal amount equal to the principal amount of such
beneficial owner’s interest in such permanent global Security, executed by the Company.  On or after the earliest
date on which such interests may be so exchanged, such permanent global Security shall be surrendered by the London office of a
depositary or common depositary or such other depositary as shall be specified in the Company Order with respect thereto to the
Trustee, as the Company’s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or from time to
time in part, for definitive Securities of the same series without charge and the Trustee shall authenticate and deliver, in exchange
for each portion of such permanent global Security, an equal aggregate principal amount of definitive Securities of the same series
of authorized denominations and of like tenor as the portion of such permanent global Security to be exchanged; provided, however,
that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities
to be redeemed and ending on the relevant Redemption Date if the Security for which exchange is requested may be among those selected
for redemption.  The transferring beneficial owner shall use commercially reasonable efforts to provide or cause to be
provided to the Trustee any information reasonably available to the transferring beneficial owner and necessary to allow the Trustee
to comply with any applicable tax reporting obligations, including without limitation, any cost basis reporting obligations under
Section 6045 of the Code. The Trustee may rely on any such information provided to it and shall have no responsibility to
verify or ensure the accuracy of such information. If a Registered Security is issued in exchange for any portion of a permanent
global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date
and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record
Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest
or interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may
be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as
the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security is payable in
accordance with the provisions of this Indenture.

 

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

 

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

 

    21

     

    

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.04, 9.06, 11.07 or 13.05 not involving any transfer.

 

In connection with
any proposed exchange of any global Securities for definitive Securities, the Company or Depositary shall be required to provide
or cause to be provided to the Trustee all information reasonably requested by the Trustee and reasonably available to the Company
or Depository, as applicable, as necessary to allow the Trustee to comply with any applicable tax reporting obligations, including
without limitation any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on any such information
provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

The Company shall not be required (i) to
issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period
beginning at the opening of business 15 days before selection of the Securities to be redeemed under Section 11.03 and ending
at the close of business on the day of the mailing of the relevant notice of redemption, or (ii) to register the transfer
of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security
to be redeemed in part, the portion thereof not to be redeemed or (iii) to issue, register the transfer of or exchange any
Security that has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not
to be so repaid.

 

The Trustee shall have no responsibility
or obligation to any beneficial owner of a global Security, a member of, or a participant in, DTC or other Person with respect
to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest
in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC)
of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Securities (or other
security or property) under or with respect to such Securities. All notices and communications to be given to the Holders and all
payments to be made to Holders in respect of the Securities shall be given or made only to or upon the order of the registered
Holders (which shall be DTC or its nominee in the case of a global Security). The rights of beneficial owners in any global Security
shall be exercised only through DTC subject to the applicable rules and procedures of DTC. Except for negligence or willful
misconduct on the part of the Trustee, the Trustee may rely and shall be fully protected in relying upon information furnished
by DTC with respect to its members, participants and any beneficial owners.

 

The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Security (including any transfers between or among DTC participants,
members or beneficial owners in any global Security) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee nor any of its
agents shall have any responsibility for any actions taken or not taken by DTC.

 

Section 3.06.       Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or
the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms and provisions
and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company
and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall, subject
to the following paragraph, execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same series and principal amount, containing identical terms and provisions and
bearing a number not contemporaneously outstanding.

 

    22

     

    

 

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

 

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

 

Every new Security of any series issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series
duly issued hereunder.

 

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

 

Section 3.07.       Payment
of Interest; Interest Rights Preserved; Optional Interest Reset.

 

(a)           Except
as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 3.01, interest,
if any, on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 10.02;
provided, however, that each installment of interest, if any, on any Registered Security may at the Company’s
option be paid by (i) mailing a check for such interest, payable to or upon the written order of the Person entitled thereto
pursuant to Section 3.09, to the address of such Person as it appears on the Security Register or (ii) transfer to an
account maintained by the payee located in the United States.

 

Except as otherwise specified with respect
to a series of Securities in accordance with the provisions of Section 3.01, any interest on any Registered Security of any
series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by
virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided
in clause (i) or (ii) below:

 

(i)           The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed
payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall
deposit with the Trustee an amount of money in the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b),
3.12(d) and 3.12(e)) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment.  The Trustee shall promptly notify the Company of such Special Record Date and, in the
name and at the expense of the Company, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be sent pursuant to the Applicable Procedures or mailed, first-class postage prepaid, to each Holder
of Registered Securities of such series at his address as it appears in the Security Register not less than 10 days prior to such
Special Record Date.  Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities
of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following clause (ii).

 

    23

     

    

 

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

 

(b)           The
provisions of this Section 3.07(b) may be made applicable to any series of Securities pursuant to Section 3.01 (with
such modifications, additions or substitutions as may be specified pursuant to such Section 3.01).  The interest
rate (or the spread or spread multiplier used to calculate such interest rate, if applicable) on any Security of such series may
be reset by the Company on the date or dates specified on the face of such Security (each an “Optional Reset Date”).  The
Company may exercise such option with respect to such Security by notifying the Trustee of such exercise at least 45 but not more
than 60 days prior to an Optional Reset Date for such Security.  Not later than 40 days prior to each Optional Reset
Date, the Trustee shall transmit, in the manner provided for in Section 1.06, to the Holder of any such Security a notice
(the “Reset Notice”) indicating whether the Company has elected to reset the interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable), and if so (i) such new interest rate (or such new
spread or spread multiplier, if applicable) and (ii) the provisions, if any, for redemption during the period from such Optional
Reset Date to the next Optional Reset Date or if there is no such next Optional Reset Date, to the Stated Maturity of such Security
(each such period a “Subsequent Interest Period”), including the date or dates on which or the period or periods
during which and the price or prices at which such redemption may occur during the Subsequent Interest Period.

 

Notwithstanding the foregoing, not later
than 20 days prior to the Optional Reset Date (or if 20 days does not fall on a Business Day, the next succeeding Business Day),
the Company may, at its option, revoke the interest rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) provided for in the Reset Notice and establish a higher interest rate (or a spread or spread multiplier providing
for a higher interest rate, if applicable) for the Subsequent Interest Period by causing the Trustee to transmit, in the manner
provided for in Section 1.06, notice, prepared by the Company, of such higher interest rate (or such higher spread or spread
multiplier providing for a higher interest rate, if applicable) to the Holder of such Security.  Such notice shall be
irrevocable.  All Securities with respect to which the interest rate (or the spread or spread multiplier used to calculate
such interest rate, if applicable) is reset on an Optional Reset Date, and with respect to which the Holders of such Securities
have not tendered such Securities for repayment (or have validly revoked any such tender) pursuant to the next succeeding paragraph,
will bear such higher interest rate (or such higher spread or spread multiplier providing for a higher interest rate, if applicable).

 

The Holder of any such Security will have
the option to elect repayment by the Company of the principal of such Security on each Optional Reset Date at a price equal to
the principal amount thereof plus interest accrued to such Optional Reset Date.  In order to obtain repayment on an Optional
Reset Date, the Holder must follow the procedures set forth in Article Thirteen for repayment at the option of Holders except
that the period for delivery or notification to the Trustee shall be at least 25 but not more than 35 days prior to such Optional
Reset Date and except that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the Holder may,
by written notice to the Trustee, revoke such tender or repayment until the close of business on the tenth day before such Optional
Reset Date.

 

    24

     

    

 

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

 

Section 3.08.       Optional
Extension of Maturity.

 

The provisions of this Section 3.08
may be made applicable to any series of Securities pursuant to Section 3.01 (with such modifications, additions or substitutions
as may be specified pursuant to such Section 3.01).  The Stated Maturity of any Security of such series may be extended
at the option of the Company for the period or periods specified on the face of such Security (each an “Extension Period”)
up to but not beyond the date (the “Final Maturity”) set forth on the face of such Security.  The
Company may exercise such option with respect to any Security by notifying the Trustee of such exercise at least 45 but not more
than 60 days prior to the Stated Maturity of such Security in effect prior to the exercise of such option (the “Original
Stated Maturity”).  If the Company exercises such option, the Trustee shall transmit, in the manner provided
for in Section 1.06, to the Holder of such Security not later than 40 days prior to the Original Stated Maturity a notice
(the “Extension Notice”), prepared by the Company, indicating (i) the election of the Company to extend
the Stated Maturity, (ii) the new Stated Maturity, (iii) the interest rate (or spread, spread multiplier or other formula
to calculate such interest rate, if applicable), if any, applicable to the Extension Period and (iv) the provisions, if any,
for redemption during such Extension Period.  Upon the Trustee’s transmittal of the Extension Notice, the Stated
Maturity of such Security shall be extended automatically and, except as modified by the Extension Notice and as described in the
next paragraph, such Security will have the same terms as prior to the transmittal of such Extension Notice.

 

Notwithstanding the foregoing, not later
than 20 days before the Original Stated Maturity (or if 20 days does not fall on a Business Day, the next succeeding Business Day)
of such Security, the Company may, at its option, revoke the interest rate (or spread, spread multiplier or other formula to calculate
such interest rate, if applicable) provided for in the Extension Notice and establish a higher interest rate (or spread, spread
multiplier or other formula to calculate such higher interest rate, if applicable) for the Extension Period by causing the Trustee
to transmit, in the manner provided for in Section 1.06, notice of such higher interest rate (or spread, spread multiplier
or other formula to calculate such interest rate, if applicable) to the Holder of such Security.  Such notice shall be
irrevocable.  All Securities with respect to which the Stated Maturity is extended will bear such higher interest rate.

 

If the Company extends the Stated Maturity
of any Security, the Holder will have the option to elect repayment of such Security by the Company on the Original Stated Maturity
at a price equal to the principal amount thereof, plus interest accrued to such date.  In order to obtain repayment on
the Original Stated Maturity once the Company has extended the Stated Maturity thereof, the Holder must follow the procedures set
forth in Article Thirteen for repayment at the option of Holders, except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35 days prior to the Original Stated Maturity and except that, if the Holder has
tendered any Security for repayment pursuant to an Extension Notice, the Holder may by written notice to the Trustee revoke such
tender for repayment until the close of business on the tenth day before the Original Stated Maturity.

 

Section 3.09.       Persons
Deemed Owners.

 

Prior to due presentment of a Registered
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment
of principal of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Registered Security and
for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor
any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

None of the Company, the Trustee, any Paying
Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Security in global form or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

 

    25

     

    

 

Notwithstanding the foregoing, with respect
to any global temporary or permanent Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company
or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depositary, as a
Holder, with respect to such global Security or impair, as between such depositary and owners of beneficial interests in such global
Security, the operation of customary practices governing the exercise of the rights of such depositary (or its nominee) as Holder
of such global Security.

 

Section 3.10.       Cancellation.

 

All Securities surrendered for payment,
redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities surrendered
directly to the Trustee for any such purpose shall be promptly cancelled by the Trustee.  The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall
be promptly cancelled by the Trustee.  If the Company shall so acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same
are surrendered to the Trustee for cancellation.  No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture.  Cancelled Securities
held by the Trustee shall be cancelled or destroyed by the Trustee in accordance with its customary procedures, unless by a Company
Order the Company directs the Trustee to deliver a certificate of such destruction to the Company or to return them to the Company.

 

Section 3.11.       Computation
of Interest.

 

Except as otherwise specified as contemplated
by Section 3.01 with respect to Securities of any series, interest, if any, on the Securities of each series shall be computed
on the basis of a 360-day year consisting of twelve 30-day months.

 

Section 3.12.       Currency
and Manner of Payments in Respect of Securities.

 

(a)           Unless
otherwise specified with respect to any Securities pursuant to Section 3.01, with respect to Registered Securities of any
series not permitting the election provided for in paragraph (b) below or the Holders of which have not made the election
provided for in paragraph (b) below, payment of the principal of (and premium, if any) and interest, if any, on any Registered
Security of such series will be made in the Currency in which such Registered Security is payable.  The provisions of
this Section 3.12 may be modified or superseded with respect to any Securities pursuant to Section 3.01.

 

(b)           It
may be provided pursuant to Section 3.01 with respect to Registered Securities of any series that Holders shall have the option,
subject to paragraphs (d) and (e) below, to receive payments of principal of (or premium, if any) or interest, if any,
on such Registered Securities in any of the Currencies which may be designated for such election by delivering to the Trustee for
such series of Registered Securities a written election with signature guarantees and in the applicable form established pursuant
to Section 3.01, not later than the close of business on the Election Date immediately preceding the applicable payment date.  If
a Holder so elects to receive such payments in any such Currency, such election will remain in effect for such Holder or any transferee
of such Holder until changed by such Holder or such transferee by written notice to the Trustee for such series of Registered Securities
(but any such change must be made not later than the close of business on the Election Date immediately preceding the next payment
date to be effective for the payment to be made on such payment date and no such change of election may be made with respect to
payments to be made on any Registered Security of such series with respect to which an Event of Default has occurred or with respect
to which the Company has deposited funds pursuant to Article Four or Fourteen or with respect to which a notice of redemption
has been given by the Company or a notice of option to elect repayment has been sent by such Holder or such transferee).  Any
Holder of any such Registered Security who shall not have delivered any such election to the Trustee of such series of Registered
Securities not later than the close of business on the applicable Election Date will be paid the amount due on the applicable payment
date in the relevant Currency as provided in Section 3.12(a).  The Trustee for each such series of Registered Securities
shall notify the Exchange Rate Agent as soon as practicable after the Election Date of the aggregate principal amount of Registered
Securities for which Holders have made such written election.

 

    26

     

    

 

(c)           Unless
otherwise specified pursuant to Section 3.01, if the election referred to in paragraph (b) above has been provided for
pursuant to Section 3.01, then, unless otherwise specified pursuant to Section 3.01, not later than the fourth Business
Day after the Election Date for each payment date for Registered Securities of any series, the Exchange Rate Agent will deliver
to the Company a written notice specifying the Currency in which Registered Securities of such series are payable, the respective
aggregate amounts of principal of (and premium, if any) and interest, if any, on the Registered Securities to be paid on such payment
date, specifying the amounts in such Currency so payable in respect of the Registered Securities as to which the Holders of Registered
Securities denominated in any Currency shall have elected to be paid in another Currency as provided in paragraph (b) above.  Unless
the Trustee is acting as an exchange rate agent, the Trustee shall have no obligation to complete the actual exchange of distribution
from one Currency to another Currency. If the election referred to in paragraph (b) above has been provided for pursuant to
Section 3.01 and if at least one Holder has made such election, then, unless otherwise specified pursuant to Section 3.01,
on the second Business Day preceding such payment date the Company will deliver to the Trustee for such series of Registered Securities
an Exchange Rate Officer’s Certificate in respect of the Dollar or Foreign Currency or Currencies payments to be made on
such payment date.  Unless otherwise specified pursuant to Section 3.01, the Dollar or Foreign Currency or Currencies
amount receivable by Holders of Registered Securities who have elected payment in a Currency as provided in paragraph (b) above
shall be determined by the Company on the basis of the applicable Market Exchange Rate in effect on the second Business Day (the
 “Valuation Date”) immediately preceding each payment date, and such determination shall be conclusive and binding
for all purposes, absent manifest error.

 

(d)           If
a Conversion Event occurs with respect to a Foreign Currency in which any of the Securities are denominated or payable other than
pursuant to an election provided for pursuant to paragraph (b) above, then with respect to each date for the payment of principal
of (and premium, if any) and interest, if any on the applicable Securities denominated or payable in such Foreign Currency occurring
after the last date on which such Foreign Currency was used (the “Conversion Date”), the Dollar shall be the
currency of payment for use on each such payment date.  Unless otherwise specified pursuant to Section 3.01, the
Dollar amount to be paid by the Company to the Trustee of each such series of Securities and by such Trustee or any Paying Agent
to the Holders of such Securities with respect to such payment date shall be, in the case of a Foreign Currency other than a currency
unit, the Dollar Equivalent of the Foreign Currency or, in the case of a currency unit, the Dollar Equivalent of the Currency Unit,
in each case as determined by the Exchange Rate Agent in the manner provided in paragraph (f) or (g) below.

 

(e)           Unless
otherwise specified pursuant to Section 3.01, if the Holder of a Registered Security denominated in any Currency shall have
elected to be paid in another Currency as provided in paragraph (b) above, and a Conversion Event occurs with respect to such
elected Currency, such Holder shall receive payment in the Currency in which payment would have been made in the absence of such
election; and if a Conversion Event occurs with respect to the Currency in which payment would have been made in the absence of
such election, such Holder shall receive payment in Dollars as provided in paragraph (d) of this Section 3.12.

 

(f)           The
 “Dollar Equivalent of the Foreign Currency” shall be determined by the Exchange Rate Agent and shall be obtained
for each subsequent payment date by converting the specified Foreign Currency into Dollars at the Market Exchange Rate on the Conversion
Date.

 

(g)           The
 “Dollar Equivalent of the Currency Unit” shall be determined by the Exchange Rate Agent and subject to the provisions
of paragraph (h) below shall be the sum of each amount obtained by converting the Specified Amount of each Component Currency
into Dollars at the Market Exchange Rate for such Component Currency on the Valuation Date with respect to each payment.

 

(h)           For
purposes of this Section 3.12, the following terms shall have the following meanings:

 

    27

     

    

 

A “Component Currency”
shall mean any currency which, on the Conversion Date, was a component currency of the relevant currency unit.

 

A “Specified Amount”
of a Component Currency shall mean the number of units of such Component Currency or fractions thereof which were represented in
the relevant currency unit on the Conversion Date.  If after the Conversion Date the official unit of any Component Currency
is altered by way of combination or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied
in the same proportion.  If after the Conversion Date two or more Component Currencies are consolidated into a single
currency, the respective Specified Amounts of such Component Currencies shall be replaced by an amount in such single currency
equal to the sum of the respective Specified Amounts of such consolidated Component Currencies expressed in such single currency,
and such amount shall thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency.  If
after the Conversion Date any Component Currency shall be divided into two or more currencies, the Specified Amount of such Component
Currency shall be replaced by amounts of such two or more currencies, having an aggregate Dollar Equivalent value at the Market
Exchange Rate on the date of such replacement equal to the Dollar Equivalent of the Specified Amount of such former Component Currency
at the Market Exchange Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and such currencies
shall thereafter be Component Currencies.  If, after the Conversion Date of the relevant currency unit, a Conversion
Event (other than any event referred to above in this definition of “Specified Amount”) occurs with respect
to any Component Currency of such currency unit and is continuing on the applicable Valuation Date, the Specified Amount of such
Component Currency shall, for purposes of calculating the Dollar Equivalent of the Currency Unit, be converted into Dollars at
the Market Exchange Rate in effect on the Conversion Date of such Component Currency.

 

An “Election Date” shall
mean the Regular Record Date for the applicable series of Registered Securities or at least 16 days prior to Maturity, as the case
may be, or such other prior date for any series of Registered Securities as specified pursuant to clause (xiii) of Section 3.01
by which the written election referred to in Section 3.12(b) may be made.

 

All decisions and determinations of the
Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market
Exchange Rate and changes in the Specified Amounts as specified above shall be in its sole discretion and shall, in the absence
of manifest error, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the appropriate series
of Securities and all Holders of such Securities denominated or payable in the relevant Currency.  The Exchange Rate
Agent shall promptly give written notice to the Company and the Trustee for the appropriate series of Securities of any such decision
or determination.

 

In the event that the Company determines
in good faith that a Conversion Event has occurred with respect to a Foreign Currency, the Company will immediately give written
notice thereof and of the applicable Conversion Date to the Trustee of the appropriate series of Securities and to the Exchange
Rate Agent (and such Trustee will promptly thereafter give notice in the manner provided in Section 1.06 to the affected Holders)
specifying the Conversion Date.  In the event the Company so determines that a Conversion Event has occurred with respect
to the Euro or any other currency unit in which Securities are denominated or payable, the Company will immediately give written
notice thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent (and such Trustee will promptly
thereafter give notice in the manner provided in Section 1.06 to the affected Holders) specifying the Conversion Date and
the Specified Amount of each Component Currency on the Conversion Date.  In the event the Company determines in good
faith that any subsequent change in any Component Currency as set forth in the definition of Specified Amount above has occurred,
the Company will similarly give written notice to the Trustee of the appropriate series of Securities and to the Exchange Rate
Agent.

 

The Trustee of the appropriate series of
Securities shall be fully justified and protected in relying and acting upon information received by it from the Company and the
Exchange Rate Agent and shall not otherwise have any duty or obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent.

 

    28

     

    

 

Section 3.13.       Appointment
and Resignation of Successor Exchange Rate Agent.

 

(a)           Unless
otherwise specified pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a
Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this
Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one Exchange
Rate Agent.  The Company will cause the Exchange Rate Agent to make the necessary foreign exchange determinations at
the time and in the manner specified pursuant to Section 3.01 for the purpose of determining the applicable rate of exchange
and, if applicable, for the purpose of converting the issued Foreign Currency into the applicable payment Currency for the payment
of principal (and premium, if any) and interest, if any, pursuant to Section 3.12.

 

(b)           No
resignation of the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent pursuant to this Section shall
become effective until the acceptance of appointment by the successor Exchange Rate Agent as evidenced by a written instrument
delivered to the Company and the Trustee of the appropriate series of Securities accepting such appointment executed by the successor
Exchange Rate Agent.

 

(c)           If
the Exchange Rate Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the
Exchange Rate Agent for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the Securities of that
or those series (it being understood that any such successor Exchange Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless otherwise specified pursuant to Section 3.01, at any time there shall
only be one Exchange Rate Agent with respect to the Securities of any particular series that are originally issued by the Company
on the same date and that are initially denominated and/or payable in the same Currency).

 

Section 3.14.       CUSIP
Numbers.

 

In issuing the Securities the Company may
use CUSIP numbers (if then generally in use), and, if so, the Trustee shall indicate the respective CUSIP numbers of the Securities
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 redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers.  The Company shall advise the Trustee as promptly as practicable in writing
of any change in the CUSIP numbers.

 

ARTICLE FOUR

 

SATISFACTION AND DISCHARGE

 

Section 4.01.       Satisfaction
and Discharge of Indenture.

 

Except as set forth below, this Indenture
shall upon Company Request cease to be of further effect with respect to any series of Securities specified in such Company Request
(except as to any surviving rights of registration of transfer or exchange of Securities of such series expressly provided for
herein or pursuant hereto, any surviving rights of tender for repayment at the option of the Holders and any right to receive Additional
Amounts, as provided in Section 10.04), and the Trustee, upon receipt of a Company Order, and at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series when

 

(a)           either

 

(i)           all
Securities of such series theretofore authenticated and delivered have been delivered to the Trustee for cancellation; or

 

    29

     

    

 

(ii)          all
Securities of such series

 

(1)           have
become due and payable, or

 

(2)           will
become due and payable at their Stated Maturity within one year, or

 

(3)           if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose,
solely for the benefit of the Holders, an amount in the Currency in which the Securities of such series are payable, sufficient
to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee and any predecessor Trustee under Section 6.06, the obligations of the Company
to any Authenticating Agent under Section 6.12 and, if money shall have been deposited with the Trustee pursuant to subclause
(ii) of clause (a) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of
Section 10.03 shall survive any termination of this Indenture.

 

Section 4.02.       Application
of Trust Funds.

 

Subject to the provisions of the last paragraph
of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by
it, in accordance with the provisions of the Securities 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, if any, for whose payment such money has been deposited with or received by the
Trustee, but such money need not be segregated from other funds except to the extent required by law. In acting under this Indenture
and in connection with the Securities, the Paying Agent shall act solely as an agent of the Company, and will not thereby assume
any obligations towards or relationship of agency or trust for or with any Holder.

 

ARTICLE FIVE

 

REMEDIES

 

Section 5.01.       Events
of Default.

 

(a)            “Event
of Default”, wherever used herein with respect to any particular series of Securities, means any one of the following
events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body), unless it is either inapplicable to a particular series or is specifically deleted or modified in or pursuant
to the supplemental indenture or a Board Resolution establishing such series of Securities or is in the form of Security for such
series:

 

    30

     

    

 

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

 

(ii)         
  default in the payment of the principal of (or premium, if any) any Security of that series when it becomes due and payable
at its Maturity, and continuance of such default for a period of five days; or

 

(iii)       
   default in the deposit of any sinking fund payment, when and as due by the terms of any Security of that series, and
continuance of such default for a period of five days; or

 

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

 

(v)           the
Company, pursuant to or within the meaning of any Bankruptcy Law:

 

(1)           commences
a voluntary case or proceeding under any Bankruptcy Law,

 

(2)           consents
to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition or answer or consent seeking
reorganization or relief against it,

 

(3)           consents
to the entry of a decree or order for relief against it in an involuntary case or proceeding,

 

(4)           consents
to the filing of such petition or to the appointment of or taking possession by a Custodian of the Company or for all or substantially
all of its property, or

 

(5)           makes
an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts generally as they become due

 

or takes any corporate action in furtherance of any
such action;

 

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

 

(1)           is
for relief against the Company in an involuntary case or proceeding, or

 

(2)           adjudges
the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company, or

 

(3)           appoints
a Custodian of the Company or for all or substantially all of its property, or

 

    31

     

    

 

(4)           orders
the winding up or liquidation of the Company, and the continuance of any such decree or order for relief or any such other decree
or order remains unstayed and in effect for a period of 90 consecutive days;

 

(vii)         if,
pursuant to Sections 18(a)(1)(c)(ii) and 61 of the Investment Company Act of 1940, on the last business day of each of 24
consecutive calendar months any class of Securities shall have an asset coverage (as such term is used in the Investment Company
Act of 1940) of less than 100%; or

 

(viii)        any
other Event of Default provided with respect to Securities of that series.

 

The term “Bankruptcy Law”
means title 11, U.S. Code or any applicable federal or state bankruptcy, insolvency, reorganization or other similar law.  The
term “Custodian” means any custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official
under any Bankruptcy Law.

 

(b)            Any
Notice of Default, notice of acceleration or instruction to the Trustee to provide a Notice of Default, notice of acceleration
or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing Holder”)
must be accompanied by a written representation from each such Holder to the Company and the Trustee that such Holder is not (or,
in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that have represented
to such Holder that they are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder
Direction relating to a Notice of Default (a “Default Direction”) shall be deemed repeated at all times until the resulting
Event of Default is cured or otherwise ceases to exist or the Securities are accelerated. In addition, each Directing Holder must
at the time of providing a Noteholder Direction covenant, provide the Company with such other information as the Company may reasonably
request from time to time in order to verify the accuracy of such Noteholder’s Position Representation within five Business
Days of request therefor (a “Verification Covenant”). In any case in which the Holder is DTC or its nominee, any Position
Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Securities in lieu
of DTC or its nominee.

 

If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Securities, the Company determines in good faith that there is a reasonable basis to
believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee evidence
that the Company has filed papers with a court of competent jurisdiction seeking a determination that such Directing Holder was,
at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable
Noteholder Direction, the cure period with respect to such Event of Default shall be automatically stayed pending a final and non-appealable
determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior
to acceleration of the Securities, the Company provides to the Trustee an Officer’s Certificate stating that a Directing
Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default that resulted from the
applicable Noteholder Direction shall be automatically stayed pending satisfaction of such Verification Covenant. Any breach of
the Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and,
if, without the participation of such Holder, the percentage of Securities held by the remaining Holders that provided such Noteholder
Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab
initio, with the effect that such Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee
shall be deemed not to have received such Noteholder Direction or any such Default or Event of Default.

 

For the avoidance of doubt, the Trustee
shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall have
no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant,
verify any statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations
with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The
Trustee shall have no liability to the Company, any Holder or any other Person in acting in good faith on a Noteholder Direction.

 

    32

     

    

 

 

Section 5.02.       Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Securities of that series may (and the Trustee shall at request of such Holders)
declare the principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the
principal as may be specified in the terms thereof) of all the Securities of that series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or
specified portion thereof shall become immediately due and payable.

 

At any time after such a declaration of
acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if:

 

(i)           the
Company has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable,
as provided in Sections 3.12(b), 3.12(d) and 3.12(e)):

 

(1)           all
overdue installments of interest, if any, on all Outstanding Securities of that series,

 

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

 

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

 

(4)           all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
the Paying Agent, the Security Registrar and their respective agents and counsel; and

 

(ii)          all
Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium, if any)
or interest on Securities of that series that have become due solely by such declaration of acceleration, have been cured or waived
as provided in Section 5.13.

 

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

 

Section 5.03.       Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

(i)           default
is made in the payment of any installment of interest on any Security of any series and such default continues for a period of
30 days, or

 

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

 

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

 

    33

     

    

 

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

 

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

 

Section 5.04.       Trustee
May File Proofs of Claim.

 

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

 

(i)           to
file and prove a claim for the whole amount of principal (or in the case of Original Issue Discount Securities or Indexed Securities,
such portion of the principal as may be provided for in the terms thereof) (and premium, if any) and interest, if any, owing and
unpaid in respect of the Securities and to file such other papers or documents (and take such other actions, including serving
on a committee of creditors) 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 of the Holders allowed
in such judicial proceeding, and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such
series 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 and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor
Trustee under Section 6.06.  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 6.06 out of the estate in any
such proceeding, shall be unpaid 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.

 

Subject to Article Eight and Section 9.02
and unless otherwise provided as contemplated by Section 3.01, nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of
the claim of any Holder of a Security in any such proceeding.

 

    34

     

    

 

Section 5.05.       Trustee
May Enforce Claims Without Possession of Securities.

 

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

 

Section 5.06.       Application
of Money Collected.

 

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

 

FIRST:  To the payment of all
amounts due the Trustee and any predecessor Trustee under Section 6.06 and any other agent hereunder;

 

SECOND:  To the payment of the
amounts then due and unpaid upon any Senior Securities for principal (and premium, if any) and interest, if any, in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on such Senior Securities for principal (and premium, if any) and interest, if any, respectively;
and

 

THIRD:  To the payment of the
amounts then due and unpaid upon any Senior Subordinated Securities for principal (and premium, if any) and interest, if any, in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind,
according to the aggregate amounts due and payable on such Senior Subordinated Securities for principal (and premium, if any) and
interest, if any, respectively; and

 

FOURTH:  To the payment of the
amounts then due and unpaid upon any Junior Subordinated Securities for principal (and premium, if any) and interest, if any, in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind,
according to the aggregate amounts due and payable on such Junior Subordinated Securities for principal (and premium, if any) and
interest, if any, respectively; and

 

FIFTH:  To the payment of the
amounts then due and unpaid upon any other Securities for principal (and premium, if any) and interest, if any, in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
aggregate amounts due and payable on such Securities for principal (and premium, if any) and interest, if any, respectively; and

 

SIXTH:  To the payment of the
remainder, if any, to the Company or any other Person or Persons entitled thereto.

 

    35

     

    

 

Section 5.07.       Limitation
on Suits.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.08.       Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such Security on the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of
the Holders on the Repayment Date) and to institute suit for the enforcement of any such payment, and such rights shall not be
impaired without the consent of such Holder.

 

Section 5.09.       Restoration
of Rights and Remedies.

 

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

 

Section 5.10.       Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

    36

     

    

 

Section 5.11.       Delay
or Omission Not Waiver.

 

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

 

Section 5.12.      
Control by Holders of Securities.

 

Subject to Section 6.02(v), the Holders
of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series, provided that

 

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

 

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

 

(iii)         the
Trustee need not take any action that might involve it in personal liability or be unjustly prejudicial to the Holders of Securities
of such series not consenting (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not
any such directions are unduly prejudicial to such Holders), and

 

(iv)          prior to taking any
such action hereunder, the Trustee may demand security and/or indemnity satisfactory to it in accordance with Section 6.02.

 

Section 5.13.       Waiver
of Past Defaults.

 

Subject to Section 5.02, the Holders
of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series waive any past default hereunder with respect to Securities of such series and its consequences,
except a default

 

(i)           in
the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or

 

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

 

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

 

Section 5.14.       Waiver
of Stay or Extension Laws.

 

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

 

    37

     

    

 

ARTICLE SIX

 

THE TRUSTEE

 

Section 6.01.       Notice
of Defaults.

 

(a)          Within
90 days after the occurrence of any Default hereunder with respect to the Securities of any series, the Trustee shall transmit
in the manner and to the extent provided in TIA Section 313(c), notice of such Default hereunder known to a Responsible Officer
of the Trustee, unless such Default shall have been cured or waived; provided, however, that, except in the case
of a Default in the payment of the principal of (or premium, if any) or interest, if any, on any Security of such series, or in
the payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected
in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the
Holders of the Securities of such series; and provided further that in the case of any Default or breach of the character
specified in Section 5.01(a)(iv) with respect to the Securities of such series, no such notice to Holders shall be given
until at least 90 days after the occurrence thereof.

 

(b)          Prior
to the time when the occurrence of an Event of Default becomes known to a Responsible Officer of the Trustee and after the curing
or waiving of all such Events of Default with respect to a series of Securities that may have occurred:

 

(i)           the
duties and obligations of the Trustee shall with respect to the Securities of any series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities except for the performance of such duties
and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

 

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

 

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

 

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

 

(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 6.01.

 

    38

     

    

 

Section 6.02.       Certain
Rights of Trustee.

 

Subject to the provisions of TIA Section 315(a) through
315(d):

 

(i)           The
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document (whether
in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties.  The
Trustee need not investigate any fact or matter stated in any document.

 

(ii)           Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other
than delivery of any Security, to the Trustee for authentication and delivery pursuant to Section 3.03 which shall be sufficiently
evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

 

(iii)         Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may require and
rely upon a Board Resolution, an Opinion of Counsel and/or an Officers’ Certificate and the Trustee shall not be liable for
any action it takes or omits to take in good faith in reliance thereon.

 

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

 

(v)           The
Trustee shall be under no obligation to take any action or to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall
have offered to the Trustee security and/or indemnity satisfactory to the Trustee against the costs, expenses and liabilities (including
the reasonable fees and expenses of its agents and counsel) which might be incurred by it in compliance with such request or direction.

 

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

 

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

 

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

 

(ix)           The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be compensated,
reimbursed and/or indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and
each Agent, custodian and other Person retained to act hereunder.

 

(x)            The
permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

    39

     

    

 

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

 

(xii)         Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate (unless other evidence is specifically
prescribed herein).  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance
on such Officers’ Certificate.

 

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

 

(xiv)        The
Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture.

 

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

 

(xvi)        Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss
or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the
likelihood of such loss or damage and regardless of the form of action.

 

(xvii)       The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including acts of God; earthquakes;
fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of
utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority
and governmental action or other unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility.

 

(xviii)      The
Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder.

 

(xiv)        For
certain payments made pursuant to this Indenture, the Trustee may be required to make a “reportable payment” or “withholdable
payment” and in such cases the Trustee shall have the duty to act as a payor or withholding agent, respectively, that is
responsible for any tax withholding and reporting required under Chapters 3, 4, and 61 of the Code. In such event, the Trustee
shall have the right to make the determination as to which payments are “reportable payments” or “withholdable
payments.” All parties to this Indenture shall provide an executed IRS Form W-9 or appropriate IRS Form W-8 (or,
in each case, any successor form) to the Trustee prior to closing, and shall promptly update any such form to the extent such form
becomes obsolete or inaccurate in any respect. The Trustee shall have the right to request from any party to this Indenture, or
any other Person entitled to payment hereunder, any additional forms, documentation or other information as may be reasonably necessary
for the Trustee to satisfy its reporting and withholding obligations under the Code. To the extent any such forms to be delivered
under this Section 6.02 are not provided prior to or by the time the related payment is required to be made or are determined
by the Trustee to be incomplete and/or inaccurate in any respect, the Trustee shall be entitled to withhold on any such payments
hereunder to the extent withholding is required under Chapters 3, 4, or 61 of the Code, and shall have no obligation to gross up
any such payment.

 

    40

     

    

 

The Trustee shall not be required to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it.

 

Section 6.03.       Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificate of authentication shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness.  The
Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Indenture or of the
Securities, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1
supplied to the Company are true and accurate, subject to the qualifications set forth therein.  Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof
or for funds received and disbursed in accordance with Indenture. The Trustee shall not be bound to ascertain or inquire as to
the performance, observance, or breach of any covenants, conditions, representations, warranties or agreements on the part of the
Company but the Trustee may require full information and advice as to the performance of the aforementioned covenants. Under no
circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities. The Trustee
shall have no obligation to pursue any action that is not in accordance with applicable law. The Trustee makes no representation
as to and shall not be responsible for any statement or recital herein or any statement in any document in connection with the
sale of any of the Securities. The Trustee shall not be responsible for and makes no representation as to any act or omission of
any rating agency or any rating with respect to the Securities. The Trustee shall have no obligation to independently determine
or verify if any event has occurred or notify the Holders of any event dependent upon the rating of the Securities, or if the rating
on the Securities has been changed, suspended or withdrawn by any rating agency.

 

Section 6.04.       May Hold
Securities.

 

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

 

Section 6.05.       Money
Held in Trust.

 

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

 

Section 6.06.       Compensation
and Reimbursement and Indemnification of Trustee.

 

The Company agrees:

 

(i)           To
pay to the Trustee and/or any predecessor Trustee from time to time such reasonable compensation for all services rendered by it
hereunder as has been agreed upon from time to time in writing (which compensation shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust).

 

    41

     

    

 

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

 

(iii)          To
indemnify each of the Trustee and/or any predecessor Trustee for, and to hold it harmless against, any loss, damage, liability
or expense arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the
costs and expenses (including the reasonable fees and expenses of its agents and counsel) of defending itself against any claim
or liability in connection with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing
the provisions of this Section (whether asserted by the Company, any Holder, or any other Person), except to the extent that
any such loss is caused due to negligence or willful misconduct on its part. The Trustee shall notify the Company of any claim
for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure to provide
such notice shall not relieve the Company of its indemnity obligations hereunder unless, and solely to the extent that, such failure
materially prejudices the Company’s defense of such claim. The Company shall defend the claim with counsel reasonably satisfactory
to the Trustee, and the Trustee shall provide reasonable cooperation at the Company’s expense in the defense; provided
that if the defendants in any such claim include both the Company and the Trustee and the Trustee shall have concluded that there
may be legal defenses available to it which are different from or additional to those available to the Company, or the Trustee
has concluded that there may be any other actual or potential conflicting interests between the Company and the Trustee, the Trustee
shall have the right to select one separate counsel and the Company shall be required to pay the reasonable and documented fees
and expenses of such separate counsel. Any settlement that involves the Trustee may not be entered into without the written consent
of the Trustee (which consent shall not be unreasonably withheld), unless the Trustee is given a full and unconditional release
from liability with respect to the claims covered thereby and such settlement does not include a statement or admission of fault,
culpability or failure to act by or on behalf of the Trustee. Any settlement by the Trustee which affects the Company may not be
entered into without the written consent of the Company, unless such settlement does not include a statement or admission of fault,
culpability or failure to act by or on behalf of the Company.

 

All indemnification and releases from liability
granted hereunder to the Trustee shall extend to its officers, directors, employees, agents duly appointed by the Trustee pursuant
to the terms hereof, successors and assigns. As security for the performance of the obligations of the Company under this Section,
the Trustee shall have a claim prior to the Securities upon all property and funds held or collected by the Trustee as such, except
funds held in trust for the payment of principal of (or premium, if any) or interest, if any, on particular Securities.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.01(a) occurs, the expenses (including the reasonable charges
and expenses of its counsel) and compensation for such services are intended to constitute expenses of administration under Title
11, U.S. Code, or any similar Federal, State or analogous foreign law for the relief of debtors.

 

The provisions of this Section 6.06
shall survive the resignation or removal of the Trustee and the satisfaction, termination or discharge of this Indenture. “Trustee”
for the purposes of this Section 6.06 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder;
provided, however, that the negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other
Trustee hereunder.

 

Section 6.07.       Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder
that shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of
at least $50,000,000.  If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of federal, state, territorial or the District of Columbia supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.  If at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

 

    42

     

    

 

Section 6.08.       Disqualification;
Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent
and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

 

Section 6.09.       Resignation
and Removal; Appointment of Successor.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.10.

 

(b)         The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.

 

(c)         The
Trustee may be removed at any time with respect to the Securities of any series upon 30 days prior written notice by (i) the
Company, by an Officers’ Certificate delivered to the Trustee, provided that contemporaneously therewith (x) the
Company immediately appoints a successor Trustee with respect to the Securities of such series meeting the requirements of Section 6.07
hereof and (y) the terms of Section 6.10 hereof are complied with in respect of such appointment (the Trustee being removed
hereby agreeing to execute the instrument contemplated by Section 6.10(b) hereof, if applicable, under such circumstances)
and provided further that no Default with respect to such Securities shall have occurred and then be continuing at such
time, or (ii) Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered
to the Trustee and to the Company.

 

(d)          If
at any time:

 

(i)           the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company
or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(ii)          the
Trustee shall cease to be eligible under Section 6.07 and shall fail to resign after written request therefor by the Company
or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

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

 

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

 

    43

     

    

 

(e)          If
an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving
of a notice of resignation or the delivery of an Act of removal, the Trustee resigning or being removed may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

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

 

(g)         The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the
Holders of Securities in Section 1.06.

 

Each notice shall include the name of the successor Trustee
with respect to the Securities of such series and the address of its Corporate Trust Office.

 

Section 6.10.       Acceptance
of Appointment by Successor.

 

(a)          In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if
any, provided for in Section 6.06.

 

(b)          In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and that (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee and (iii) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each
such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company
or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates.  Whenever there is a successor Trustee with respect to one or more (but less than
all) series of securities issued pursuant to this Indenture, the terms “Indenture” and “Securities”
shall have the meanings specified in the provisos to the respective definition of those terms in Section 1.01 which contemplate
such situation.

 

    44

     

    

 

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

 

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

 

Section 6.11.       Merger,
Conversion, Consolidation or Succession to Business.

 

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

 

Section 6.12.       Appointment
of Authenticating Agent.

 

At any time when any of the Securities remain
Outstanding, the Trustee may appoint an Authenticating Agent or Agents (which may be an Affiliate or Affiliates of the Company)
with respect to one or more series of Securities that shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue or upon exchange, registration of transfer or partial redemption thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder.  Any such appointment shall be evidenced by an instrument in writing signed by a Responsible
Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company.  Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating Agent
shall be acceptable to the Company and, except as may otherwise be provided pursuant to Section 3.01, shall at all times be
a bank or trust company or corporation organized and doing business and in good standing under the laws of the United States of
America or of any State or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined
capital and surplus of not less than $50,000 and subject to supervision or examination by Federal or State authorities.  If
such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.  In
case at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in this Section.

 

    45

     

    

 

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

 

An Authenticating Agent for any series of
Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company.  The
Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company.  Upon receiving such a notice of resignation or upon such
a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company
and shall promptly give written notice of such appointment to all Holders of Securities of the series with respect to which such
Authenticating Agent will serve in the manner set forth in Section 1.06.  Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder,
with like effect as if originally named as an Authenticating Agent herein.  No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section.

 

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

 

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

 

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:	 
	 	 	Authorized Officer

 

If all of the Securities of a series may
not be originally issued at one time, and the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested by the Company in writing (which writing need not comply with Section 1.02 and need not be accompanied
by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent (which, if so requested by
the Company, shall be an Affiliate of the Company) having an office in a Place of Payment designated by the Company with respect
to such series of Securities, provided that the terms and conditions of such appointment are reasonably acceptable to the Trustee.

 

    46

     

    

 

ARTICLE SEVEN

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND COMPANY

 

Section 7.01.       Disclosure
of Names and Addresses of Holders.

 

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

 

Section 7.02.       Preservation
of Information; Communications to Holders.

 

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

 

(b)          The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities,
and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act.

 

(c)          Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses
of Holders made pursuant to the Trust Indenture Act.

 

Section 7.03.       Reports
by Trustee.

 

Within 60 days after May 15 of each
year commencing with the first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall
transmit by mail or send (at the expense of the Company) to all Holders Securities as provided in TIA Section 313(c) a
brief report dated as of such May 15 which meets the requirements of TIA Section 313(a).

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities are listed,
with the Commission and with the Company.  The Company will promptly notify the Trustee of the listing of the Securities
on any stock exchange.  In the event that, on any such reporting date, no events have occurred under the applicable sections
of the TIA within the 12 months preceding such reporting date, the Trustee shall be under no duty or obligation to provide such
reports.

 

Section 7.04.       Reports
by Company.

 

The Company will file with the Trustee and
the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act; provided,
that any such information, documents or reports filed electronically with the Commission pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934, as amended, shall be deemed filed with and delivered to the Trustee and the Holders at the
same time as filed with the Commission. The Trustee shall have no obligation whatsoever to determine whether or not such information,
documents or reports have been filed pursuant to the EDGAR filing system (or its successor) or postings to any website have occurred.

 

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

 

    47

     

    

 

Section 7.05.       Calculation
of Original Issue Discount.

 

Upon request of the Trustee, the Company
shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original issue
discount (including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year.

 

ARTICLE EIGHT

 

CONSOLIDATION, MERGER, CONVEYANCE OR
TRANSFER

 

Section 8.01.       Company
May Consolidate, Etc., Only on Certain Terms.

 

Unless otherwise provided in the terms of
such Securities, the Company shall not consolidate with or merge with or into any other corporation or convey or transfer all or
substantially all of its properties and assets to any Person, unless:

 

(i)           either
the Company shall be the continuing corporation, or the corporation (if other than the Company) formed by such consolidation or
into which the Company is merged or the Person which acquires by conveyance or transfer all or substantially all of the properties
and assets of the Company shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in
form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest,
if any, on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed
or observed;

 

(ii)           immediately
after giving effect to such transaction, no Default or Event of Default shall have happened and be continuing; and

 

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

 

Section 8.02.       Successor
Person Substituted.

 

Upon any consolidation or merger, or any
conveyance or transfer of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01,
the successor corporation formed by such consolidation or into which the Company is merged or the successor Person to which such
conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor had been named as the Company herein; and in the event of any such
conveyance or transfer, the Company shall be discharged from all obligations and covenants under this Indenture and the Securities
and may be dissolved and liquidated.

 

    48

     

    

 

ARTICLE NINE

 

SUPPLEMENTAL INDENTURES

 

Section 9.01.       Supplemental
Indentures Without Consent of Holders.

 

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

 

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

 

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

 

(iii)         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; or

 

(iv)         to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture that is
entitled to the benefit of such provision; or

 

(v)          to
secure the Securities pursuant to the requirements of Section 8.01 or 10.06, or otherwise; or

 

(vi)         to
establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01, including the provisions and procedures
relating to Securities convertible into or exchangeable for any securities of any Person (including the Company); or

 

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

 

(viii)       to
cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under this Indenture; provided that such action
shall not adversely affect the interests of the Holders of Securities of any series in any material respect, in each case as determined
in good faith by the Company, as evidenced by an Officers’ Certificate; or

 

(ix)          to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance
and discharge of any series of Securities pursuant to Sections 4.01, 14.02 and 14.03; provided that any such action shall
not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in any material
respect, as determined in good faith by the Company, as evidenced by an Officers’ Certificate.

 

    49

     

    

 

Section 9.02.       Supplemental
Indentures with Consent of Holders.

 

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

 

(i)           change
the Stated Maturity of the principal of (or premium, if any) or any installment of principal of or interest on, any Security, subject
to the provisions of Section 3.08; or the terms of any sinking fund with respect to any Security; or reduce the principal
amount thereof or the rate of interest (or change the manner of calculating the rate of interest, thereon, or any premium payable
upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 10.04 (except
as contemplated by Section 8.01(i) and permitted by Section 9.01(i)), or reduce the portion of the principal of
an Original Issue Discount Security or Indexed Security that would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.02, or upon the redemption thereof or the amount thereof provable in bankruptcy pursuant
to Section 5.04, or adversely affect any right of repayment at the option of the Holder of any Security, or change any Place
of Payment where, or the Currency in which, any Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or
repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be), or adversely
affect any right to convert or exchange any Security as may be provided pursuant to Section 3.01 herein, or modify the subordination
provisions set forth in Article Sixteen in a manner that is adverse to the Holder of any Security; or

 

(ii)          reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (of compliance
with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture,
or reduce the requirements of Section 15.04 for quorum or voting; or

 

(iii)         modify
any of the provisions of this Section, Section 5.13 or Section 10.07, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any
Holder of a Security with respect to changes in the references to “the Trustee” and concomitant changes in this Section,
or the deletion of this proviso, in accordance with the requirements of Sections 6.10(b) and 9.01(vii).

 

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

 

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

 

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

 

Section 9.03.       Execution
of Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, in addition to the documents
required by Section 1.02 of this Indenture, an Officers’ Certificate and an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture, constitutes the legal, valid, and binding obligation
of the Company, enforceable against it in accordance with its terms and that all conditions precedent to such supplemental indenture
have been complied with, subject to customary assumptions and exceptions.  The Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise.

 

    50

     

    

 

 

Section 9.04.       Effect
of Supplemental Indentures.

 

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

 

Section 9.05.       Conformity
with Trust Indenture Act.

 

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

 

Section 9.06.       Reference
in Securities to Supplemental Indentures.

 

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

 

ARTICLE TEN

 

COVENANTS

 

Section 10.01.     Payment
of Principal, Premium, if any, and Interest.

 

The Company covenants and agrees for the
benefit of the Holders of each series of Securities that it will duly and punctually pay the principal of (and premium, if any)
and interest, if any, on the Securities of that series in accordance with the terms of such series of Securities and this Indenture.  Unless
otherwise specified with respect to Securities of any series pursuant to Section 3.01, at the option of the Company, all payments
of principal may be paid by check to the registered Holder of the Registered Security or other person entitled thereto against
surrender of such Security.

 

Section 10.02.     Maintenance
of Office or Agency.

 

The Company shall maintain in each Place
of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that
series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where notices and
demands to or upon the Company in respect of the Securities of that 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 each such office or agency.  If
at any time the Company shall fail to maintain any such required office or agency in respect of any series of Securities or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee at its Corporate Trust Office as its
agent to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee at
its Corporate Trust Office its agent to receive all such presentations, surrenders, notices and demands.

 

    51

     

    

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
of such purposes, and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the
requirements set forth above for Securities of any series for such purposes.  The Company will give prompt written notice
to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.  Unless
otherwise specified with respect to any Securities pursuant to Section 3.01 with respect to a series of Securities, the Company
hereby designates as a Place of Payment for each series of Securities the Corporate Trust Office, and initially appoints the Trustee
at its Corporate Trust Office as Paying Agent, and as its agent to receive all such presentations, surrenders, notices and demands.

 

Unless otherwise specified with respect
to any Securities pursuant to Section 3.01, if and so long as the Securities of any series (i) are denominated in a currency
other than Dollars or (ii) may be payable in a currency other than Dollars, or so long as it is required under any other provision
of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one
Exchange Rate Agent.  The Company will notify the Trustee of the name and address of any Exchange Rate Agent retained
by it.

 

Section 10.03.     Money
for Securities Payments to Be Held in Trust.

 

If the Company shall at any time act as
its own Paying Agent with respect to any series of any Securities, it will, on or before each due date of the principal of (or
premium, if any) or interest, if any, on any of the Securities of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum in the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and
3.12(e)) sufficient to pay the principal (and premium, if any) and interest, if any, on Securities of such series so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee
of its action or failure so to act.

 

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

 

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

 

Except as otherwise provided in the Securities
of any series, 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 (or premium, if any) or interest, if any, on any Security of any series and remaining unclaimed for two years
after such principal, premium or interest has become due and payable shall be paid to the Company upon Company Request, or (if
then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such money held in trust, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will
be repaid to the Company.

 

    52

     

    

 

Section 10.04.     Additional
Amounts.

 

If the Securities of a series provide for
the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series such Additional Amounts as
may be specified as contemplated by Section 3.01.  Whenever in this Indenture there is mentioned, in any context,
the payment of the principal of (or premium, if any) or interest, if any, on any Security of any series or the net proceeds received
on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional
Amounts provided for by the terms of such series established pursuant to Section 3.01 to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to such terms and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made.

 

Except as otherwise specified as contemplated
by Section 3.01, if the Securities of a series provide for the payment of Additional Amounts, at least 10 days prior to the
first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest
prior to Maturity, the first day on which a payment of principal premium is made), and at least 10 days prior to each date of payment
of principal, premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’
Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than
the Trustee, with an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment
of principal, premium or interest on the Securities of that series shall be made to Holders of Securities of that series who are
not United States persons without withholding for or on account of any tax, assessment or other governmental charge described in
the Securities of that series.  If any such withholding shall be required, then such Officers’ Certificate shall
specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities of that series and
the Company will pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities.  In
the event that the Trustee or any Paying Agent, as the case may be, shall not so receive the above-mentioned certificate, then
the Trustee or such Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required with respect
to any payment of principal or interest with respect to any Securities of a series until it shall have received a certificate advising
otherwise and (ii) to make all payments of principal and interest with respect to the Securities of a series without withholding
or deductions until otherwise advised.  The Company covenants to indemnify the Trustee and any Paying Agent for, and
to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or willful misconduct on their
part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate
furnished pursuant to this Section or in reliance on the Company’s not furnishing such an Officers’ Certificate.

 

Section 10.05.     Statement
as to Compliance.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year ending after the date hereof (which fiscal year ends September 30) so long
as any Security is Outstanding hereunder, an Officers’ Certificate stating to the knowledge of the signers thereof whether
the Company is in default in the performance of any of the terms, provisions or conditions of this Indenture.  For purposes
of this Section 10.05, such default shall be determined without regard to any period of grace or requirement of notice under
this Indenture.

 

Section 10.06.     Payment
of Taxes and Other Claims.

 

The Company will pay or discharge or cause
to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied
or imposed upon the Company or upon the income, profits or property of the Company, and (2) all lawful claims for labor, materials
and supplies that, if unpaid, might by law become a lien upon the property of the Company, except where the failure to do so would
not be reasonably expected to have a material adverse effect on the business, assets, financial condition or results of operations
of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith
by appropriate proceedings.

 

    53

     

    

 

Section 10.07.     Waiver
of Certain Covenants.

 

The Company may omit in any particular instance
to comply with any covenant or condition set forth in Section 10.06, and, as specified pursuant to Section 3.01(xv) for
Securities of any series, in any covenants of the Company added to Article Ten pursuant to Section 3.01(xiv) or
Section 3.01(xv) in connection with the Securities of a series, if before or after the time for such compliance the Holders
of at least a majority in aggregate principal amount of all Outstanding Securities of such series, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall
extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full
force and effect.

 

ARTICLE ELEVEN

 

REDEMPTION OF SECURITIES

 

Section 11.01.     Applicability
of Article.

 

Securities of any series that are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.01 for Securities of any series) in accordance with this Article.

 

Section 11.02.     Election
to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by or pursuant to a Board Resolution.  In case of any redemption at the election of the
Company of less than all of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption
Date and of the principal amount of Securities of such series to be redeemed, and, if applicable, of the tenor of the Securities
to be redeemed, and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities
to be redeemed pursuant to Section 11.03.  In the case of any redemption of Securities of any series prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction.

 

Section 11.03.     Selection
by Trustee of Securities to Be Redeemed.

 

If less than all the Securities of any series
issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee in accordance with applicable Depositary procedures. If the Securities
to be redeemed or repurchased are not global Securities then held by the Depositary, the Trustee shall select the Securities to
be redeemed (i) if the Securities are listed on any national securities exchange, in compliance with the requirements of the
principal national securities exchange on which the Securities are listed, (ii) on a pro rata basis to the extent practicable
or (iii) to the extent that selection on a pro rata basis is not practicable, by lot or such other similar method the
Trustee deems to be fair and appropriate from the Outstanding Securities of such series issued on such date with the same terms
not previously called for redemption; provided that such method complies with the rules of any national securities exchange
or quotation system on which the Securities are listed (which rules shall be certificated to the Trustee by the Company or
such national securities exchange at the Trustee’s request), and may provide for the selection for redemption of portions
(equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security
not redeemed to less than the minimum authorized denomination for Securities of such series.

 

    54

     

    

 

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

 

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

 

Section 11.04.     Notice
of Redemption.

 

Notice of redemption shall be given in the
manner provided in Section 1.06, not less than 30 days nor more than 60 days prior to the Redemption Date, unless a shorter
period is specified by the terms of such series established pursuant to Section 3.01, to each Holder of Securities to be redeemed,
but failure to give such notice in the manner herein provided to the Holder of any Security designated for redemption as a whole
or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption
of any other such Security or portion thereof.

 

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

 

All notices of redemption shall identify
the Securities to be redeemed and shall state:

 

(i)           the
Redemption Date;

 

(ii)          the
Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06;

 

(iii)         if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Security or Securities to be redeemed;

 

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

 

(v)          that
on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06
will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon
shall cease to accrue on and after said date;

 

(vi)         the
Place or Places of Payment where such Securities, if any, maturing after the Redemption Date, are to be surrendered for payment
of the Redemption Price and accrued interest, if any, and the name of any Paying Agent;

 

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

 

(viii)       the
CUSIP number of such Security, if any, and 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 Security.

 

    55

     

    

 

A notice of redemption published as contemplated
by Section 1.06 need not identify particular Registered Securities to be redeemed.  Notice of redemption of Securities
to be redeemed shall be given by the Company or, at the Company’s request, delivered to the Trustee at least 2 Business Days
prior to the date the notice of redemption is to be sent (unless a shorter period shall be satisfactory to the Trustee), an Officers’
Certificate requesting that the Trustee give such notice together with the notice to be given setting forth the information to
be stated therein as provided in the preceding paragraph, by the Trustee in the name and at the expense of the Company.

 

Section 11.05.     Deposit
of Redemption Price.

 

On or prior to 10:00 a.m., New York City
time, on the Business Day prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or,
if the Company is acting as its own Paying Agent, in accordance with the terms of this Indenture, segregate and hold in trust as
provided in Section 10.03) an amount of money in the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections
3.12(b), 3.12(d) and 3.12(e)) sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise specified
pursuant to Section 3.01) accrued interest on, all the Securities or portions thereof which are to be redeemed on that date;
provided, that, that to the extent such deposit is received by the Paying Agent after 10:00 a.m. New York City time,
on any such due date, such deposit will be deemed deposited on the next Business Day.

 

Section 11.06.     Securities
Payable on Redemption Date.

 

Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01
for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) (together
with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment
of the Redemption Price and accrued interest, if any) such Securities shall if the same were interest-bearing cease to bear interest.  Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest, if any, to the Redemption Date; provided, however, that, unless
otherwise specified as contemplated by Section 3.01, installments of interest on Registered Securities whose Stated Maturity
is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from the Redemption
Date at the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to
Maturity of such Security.

 

Section 11.07.     Securities
Redeemed in Part.

 

Any Registered Security that is to be redeemed
only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing)
and the Company shall execute and upon receipt of a Company Order, the Trustee shall authenticate and deliver to the Holder of
such Security without service charge a new Security or Securities of the same series and of like tenor, of any authorized denomination
as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal
of the Security so surrendered.  If a temporary global Security or permanent global Security is so surrendered, such
new Security so issued shall be a new temporary global Security or permanent global Security, respectively.  However,
if less than all the Securities of any series with differing issue dates, interest rates and stated maturities are to be redeemed,
the Company in its sole discretion shall select the particular Securities to be redeemed and shall notify the Trustee in writing
thereof at least 45 days prior to the relevant redemption date.

 

    56

     

    

 

ARTICLE TWELVE

 

SINKING FUNDS

 

Section 12.01.     Applicability
of Article.

 

The provisions of this Article shall
be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by
Section 3.01 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred
to as an “optional sinking fund payment”.  If provided for by the terms of any Securities of any series,
the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 12.02.  Each
sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities
of such series.

 

Section 12.02.     Satisfaction
of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all
or any part of any mandatory sinking fund payment with respect to the Securities of a series, (i) deliver Outstanding Securities
of such series (other than any previously called for redemption) and (ii) apply as a credit Securities of such series which
have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities;
provided that such Securities so delivered or applied as a credit have not been previously so credited.  Such
Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be
reduced accordingly.

 

Section 12.03.     Redemption
of Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking
fund payment date for Securities of any series, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided
in Sections 3.12(b), 3.12(d) and 3.12(e)) and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 12.02, and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited.  If
such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund
payment, the Company shall thereupon be obligated to pay the amount therein specified.  Not less than 30 days before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.04.  Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07.

 

    57

     

    

 

ARTICLE THIRTEEN

 

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 13.01.     Applicability
of Article.

 

Repayment of Securities of any series before
their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except
as otherwise specified by the terms of such series established pursuant to Section 3.01) in accordance with this Article.

 

Section 13.02.     Repayment
of Securities.

 

Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid
at the Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant
to the terms of such Securities.  The Company covenants that on or before 10:00 a.m., New York City time, on the Business
Day preceding the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money in the Currency in which the Securities
of such series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except,
if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the Repayment Price of, and (unless
otherwise specified pursuant to Section 3.01) accrued interest on, all the Securities or portions thereof, as the case may
be, to be repaid on such date; provided, that, that to the extent such deposit is received by the Paying Agent after 10:00
a.m. New York City time, on any such due date, such deposit will be deemed deposited on the next Business Day.

 

Section 13.03.     Exercise
of Option.

 

Securities of any series subject to repayment
at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities.  To
be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment”
form on the reverse of such Security duly completed by the Holder (or by the Holder’s attorney duly authorized in writing),
must be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place
or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 45 days nor later
than 30 days prior to the Repayment Date.  If less than the entire Repayment Price of such Security is to be repaid in
accordance with the terms of such Security, the portion of the Repayment Price of such Security to be repaid, in increments of
the minimum denomination for Securities of such series, and the denomination or denominations of the Security or Securities to
be issued to the Holder for the portion of such Security surrendered that is not to be repaid, must be specified.  Any
Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Security would be less than the minimum authorized denomination of Securities of the series of
which such Security to be repaid is a part.  Except as otherwise may be provided by the terms of any Security providing
for repayment at the option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived
by the Company. If the Security is in global form, the exercise of such option and payment thereof shall also be made in compliance
with the applicable procedures of the Depositary.

 

Section 13.04.     When
Securities Presented for Repayment Become Due and Payable.

 

If Securities of any series providing for
repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by
or pursuant to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become
due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date
(unless the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same
were interest-bearing, cease to bear interest.  Upon surrender of any such Security for repayment in accordance with
such provisions , the Repayment Price of such Security so to be repaid shall be paid by the Company, together with accrued interest,
if any, to the Repayment Date; provided however, that installments of interest on Registered Securities, whose Stated Maturity
is prior to (or, if specified pursuant to Section 3.01, on) the Repayment Date shall be payable (but without interest thereon,
unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.

 

    58

     

    

 

If any Security surrendered for repayment
shall not be so repaid upon surrender thereof, the Repayment Price shall, until paid, bear interest from the Repayment Date at
the rate of interest set forth in such Security or, in the case of an Original Issue Discount Security, at the Yield to Maturity
of such Security.

 

Section 13.05.     Securities
Repaid in Part.

 

Upon surrender of any Registered Security
that is to be repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such
Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the same series,
and of like tenor, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange
for the portion of the principal of such Security so surrendered that is not to be repaid.  If a temporary global Security
or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or a new permanent
global Security, respectively.

 

ARTICLE FOURTEEN

 

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 14.01.     Applicability
of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.

 

If pursuant to Section 3.01 provision
is made for either or both of (a) defeasance of the Securities of or within a series under Section 14.02 or (b) covenant
defeasance of the Securities of or within a series under Section 14.03, 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 3.01 with respect to any Securities), shall be applicable to such Securities, and the Company may at its
option by Board Resolution, at any time, with respect to such Securities, elect to have either Section 14.02 (if applicable)
or Section 14.03 (if applicable) be applied to such Outstanding Securities upon compliance with the conditions set forth below
in this Article.

 

Section 14.02.     Defeasance
and Discharge.

 

Upon the Company’s exercise of the
above option applicable to this Section with respect to any Securities of or within a series, the Company shall be deemed
to have been discharged from its obligations with respect to such Outstanding Securities on and after the date the conditions set
forth in Section 14.04 are satisfied (hereinafter, “defeasance”).  For this purpose, such defeasance
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities,
which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 14.05 and the other Sections
of this Indenture referred to in clauses (A) and (B) of this Section, and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated
or discharged hereunder: (A) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described
in Section 14.04 and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any)
and interest, if any, on such Securities when such payments are due, (B) the Company’s obligations with respect to such
Securities under Sections 3.05, 3.06, 10.02 and 10.03 and with respect to the payment of Additional Amounts, if any, on such Securities
as contemplated by Section 10.04, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and
(D) this Article.  Subject to compliance with this Article Fourteen, the Company may exercise its option under
this Section notwithstanding the prior exercise of its option under Section 14.03 with respect to such Securities.  Following
a defeasance, payment of such Securities may not be accelerated because of an Event of Default.

 

    59

     

    

 

Section 14.03.     Covenant
Defeasance.

 

Upon the Company’s exercise of the
above option applicable to this Section with respect to any Securities of or within a series, the Company shall be released
from its obligations under Section 10.06, and, if specified pursuant to Section 3.01, its obligations under any other
covenant with respect to such Outstanding Securities on and after the date the conditions set forth in Section 14.04 are satisfied
(hereinafter, “covenant defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding”
for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection
with Section 10.06, or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes
hereunder.  For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or
such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such
other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an Event of Default under Section 5.01(a)(iv) or
5.01(a)(vii) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities
shall be unaffected thereby.  Following a covenant defeasance, payment of such Securities may not be accelerated because
of an Event of Default solely by reference to such Sections specified above in this Section 14.03.

 

Section 14.04.     Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to
application of either Section 14.02 or Section 14.03 to any Outstanding Securities of or within a series:

 

(i)           The
Company shall have irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying
the requirements of Section 6.07 who shall agree to comply with the provisions of this Article Fourteen applicable to
it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for the benefit
of, and dedicated solely to, the Holders of such Securities, (A) an amount (in such Currency in which such Securities are
then specified as payable at Stated Maturity), or (B) Government Obligations applicable to such Securities (determined on
the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which through the scheduled
payment of principal and interest in respect thereof in accordance with their terms will provide, without reinvestment thereof,
not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities,
money in an amount, or (C) a combination thereof in an amount, sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (1) the principal of (and premium,
if any) and interest, if any, on such Outstanding Securities on the Stated Maturity of such principal or installment of principal
or interest and (2) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on
the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities.

 

(ii)           Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or
any other material agreement or instrument to which the Company is a party or by which it is bound.

 

(iii)          No
Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit or,
insofar as Sections 5.01(a)(v) and 5.01(a)(vi) are concerned, at any time during the period ending on the 91st day after
the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period).

 

(iv)         In
the case of an election under Section 14.02, the Company shall have delivered to the Trustee an Opinion of Counsel stating
that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since
the date of execution 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 shall confirm that, the Holders of such Outstanding Securities will not recognize income,
gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred.

 

    60

     

    

 

(v)          In
the case of an election under Section 14.03, the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the Holders of such Outstanding Securities 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.

 

(vi)         The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to either the defeasance under Section 14.02 or the covenant defeasance under Section 14.03 (as the case may
be) have been complied with and an Opinion of Counsel to the effect that as a result of a deposit pursuant to subsection (a) above
and the related exercise of the Company’s option under Section 14.02 or Section 14.03 (as the case may be), registration
is not required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing
such deposit or by the trustee for such trust funds.

 

(vii)            Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance shall be effected in compliance with any additional
or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01.

 

Section 14.05.     Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.03, all money and Government Obligations (or other property as may be provided pursuant to Section 3.01)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 14.05,
the “Trustee”) pursuant to Section 14.04 in respect of any Outstanding Securities of any series shall be
held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Holders of such Securities of all sums due and to become due thereon in respect of principal (and premium, if any) and interest,
if any, but such money need not be segregated from other funds except to the extent required by law.

 

Unless otherwise specified with respect
to any Security pursuant to Section 3.01, if, after a deposit referred to in Section 14.04(a) has been made, (a) the
Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.12(b) or
the terms of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 14.04(a) has
been made in respect of such Security, or (b) a Conversion Event occurs as contemplated in Section 3.12(d) or 3.12(e) or
by the terms of any Security in respect of which the deposit pursuant to Section 14.04(a) has been made, the indebtedness
represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the
principal of (and premium, if any) and interest, if any, on such Security as the same becomes due out of the proceeds yielded by
converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect
of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based
on the applicable Market Exchange Rate for such Currency in effect on the second Business Day prior to each payment date, except,
with respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at the time of the Conversion Event.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the money or Government Obligations deposited pursuant
to Section 14.04 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 such Outstanding Securities.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in Section 14.04 which, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance,
as applicable, in accordance with this Article.

 

    61

     

    

 

If, after the Company has made a deposit
with the Trustee pursuant to Section 14.04, the Trustee is unable to apply any money in accordance with Section 14.05  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, then the Company’s obligations under this Indenture and the applicable Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section 14.04 until such time as the Trustee
is permitted to apply all such money in accordance with this Article Fourteen; provided, however, that if the Company has
made any payment of the principal of or interest on any series of Securities because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Securities to receive any such payment from the money held by
the Trustee.

 

Money deposited with the Trustee in trust
pursuant to this Section 14.05 shall not be subject to the subordination provisions of Article Sixteen.

 

ARTICLE FIFTEEN

 

MEETINGS OF HOLDERS OF SECURITIES

 

Section 15.01.     Purposes
for Which Meetings May Be Called.

 

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

 

Section 15.02.     Call,
Notice and Place of Meetings.

 

(a)           The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 15.01,
to be held at such time and at such place in the Borough of Manhattan, The City of New York or in London as the Trustee shall determine.  Notice
of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms
the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.06, not less than 21
nor more than 180 days prior to the date fixed for the meeting.

 

(b)           In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any
purpose specified in Section 15.01, by written request setting forth in reasonable detail the action proposed to be taken
at the meeting, and the Trustee shall not have made the first publication or mailing or sending of the notice of such meeting within
21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then
the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time
and the place in the Borough of Manhattan, The City of New York for such meeting and may call such meeting for such purposes by
giving notice thereof as provided in subsection (a) of this Section.

 

Section 15.03.     Persons
Entitled to Vote at Meetings.

 

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

 

    62

     

    

 

Section 15.04.     Quorum;
Action.

 

The Persons entitled to vote a majority
in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities
of such series; provided, however, that if any action is to be taken at such meeting with respect to a consent, waiver,
request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be made, given or
taken by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the
Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute
a quorum.  In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall,
if convened at the request of Holders of Securities of such series, be dissolved.  In any other case the meeting may
be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such
meeting.  In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for
a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting.  Notice
of the reconvening of any adjourned meeting shall be given as provided in Section 15.02(a), except that such notice need be
given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.  Notice
of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of
the Outstanding Securities of such series which shall constitute a quorum.

 

Except as limited by the proviso to Section 9.02,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided,
however, that, except as limited by the proviso to Section 9.02, any resolution with respect to any consent, waiver, request,
demand, notice, authorization, direction or other action which this Indenture expressly provides may be made, given or taken by
the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series
may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative
vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series.

 

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

 

Notwithstanding the foregoing provisions
of this Section 15.04, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any
consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be
made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby,
or of the Holders of such series and one or more additional series:

 

(i)           there
shall be no minimum quorum requirement for such meeting; and

 

(ii)          the
principal amount of the Outstanding Securities of such series that vote in favor of such consent, waiver, request, demand, notice,
authorization, direction or other action shall be taken into account in determining whether such request, demand, authorization,
direction, notice, consent, waiver or other action has been made, given or taken under this Indenture.

 

Section 15.05.     Determination
of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)           Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies
and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.  Except
as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in
Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04.  Such
regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Section 1.04 or other proof.

 

    63

     

    

 

(b)           The
Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Company or by Holders of Securities as provided in Section 15.02(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman.  A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal
amount of the Outstanding Securities of such series represented at the meeting.

 

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

 

(d)           Any
meeting of Holders of Securities of any series duly called pursuant to Section 15.02 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented
at the meeting, and the meeting may be held as so adjourned without further notice.

 

Section 15.06.     Counting
Votes and Recording Action of Meetings.

 

The vote upon any resolution submitted to
any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the
Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them.  The chairman of the meeting shall appoint at least one inspector
of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary
of the meeting a verified written report of all votes cast at the meeting.  A record, at least in duplicate, of the proceedings
of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspector of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was
given as provided in Section 15.02 and, if applicable, Section 15.04.  Each copy shall be signed and verified
by the affidavits of the chairman and secretary of the meeting and one such copy shall be delivered to the Company and another
to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.  Any
record so signed and verified shall be conclusive evidence of the matters therein stated.

 

ARTICLE SIXTEEN

 

SUBORDINATION OF SECURITIES

 

Section 16.01.     Agreement
to Subordinate.

 

The Company, for itself, its successors
and assigns, covenants and agrees, and each Holder of Senior Subordinated Securities by his acceptance thereof, likewise covenants
and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Senior Subordinated
Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the
prior payment in full of all Senior Indebtedness.

 

The Company, for itself, its successors
and assigns, covenants and agrees, and each Holder of Junior Subordinated Securities by his acceptance thereof, likewise covenants
and agrees, that the payment of the principal of (and premium, if any) and interest, if any, on each and all of the Junior Subordinated
Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the
prior payment in full of all Senior Indebtedness and Senior Subordinated Indebtedness.

 

    64

     

    

 

Section 16.02.     Distribution
on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities.

 

Upon any distribution of assets of the Company
upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization
or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities
of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting
the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the Securities and
the holders thereof by a lawful plan of reorganization under applicable bankruptcy law):

 

(i)           the
holders of all Senior Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium, if any)
and interest due thereon before the Holders of the Subordinated Securities are entitled to receive any payment upon the principal
(or premium, if any) or interest, if any, on indebtedness evidenced by the Subordinated Securities;

 

(ii)           the
holders of all Senior Subordinated Indebtedness shall be entitled to receive payment in full of the principal thereof (and premium,
if any) and interest due thereon before the Holders of the Junior Subordinated Securities are entitled to receive any payment upon
the principal (or premium, if any) or interest, if any, on indebtedness evidenced by the Junior Subordinated Securities;

 

(iii)         any
payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the
Holders of the Securities or the Trustee would be entitled except for the provisions of this Article Sixteen shall be paid
by the liquidating trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy, a receiver
or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives
or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have
been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of (and premium, if any) and
interest on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior
Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness;
and

 

(iv)         in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, shall be received by the Trustee or the Holders of the Subordinated Securities before all Senior
Indebtedness is paid in full, such payment or distribution shall be paid over, upon written notice to the Trustee, to the holder
of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under
which any instrument evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, for application to
payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving
effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.

 

    65

     

    

 

Subject to the payment in full of all Senior
Indebtedness, the Holders of the Subordinated Securities shall be subrogated to the rights of the holders of Senior Indebtedness
to receive payments or distributions of cash, property or securities of the Company applicable to Senior Indebtedness until the
principal of (and premium, if any) and interest, if any, on the Subordinated Securities shall be paid in full and no such payments
or distributions to the Holders of the Subordinated Securities of cash, property or securities otherwise distributable to the holders
of Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders
of the Subordinated Securities be deemed to be a payment by the Company to or on account of the Subordinated Securities.  It
is understood that the provisions of this Article Sixteen are and are intended solely for the purpose of defining the relative
rights of the Holders of the Subordinated Securities, on the one hand, and the holders of the Senior Indebtedness, on the other
hand.  Nothing contained in this Article Sixteen or elsewhere in this Indenture or in the Subordinated Securities
is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders
of the Subordinated Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the
Subordinated Securities the principal of (and premium, if any) and interest, if any, on the Subordinated Securities as and when
the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Holders of the Subordinated
Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or in the Subordinated
Securities prevent the Trustee or the Holder of any Subordinated Security from exercising all remedies otherwise permitted by applicable
law upon default under this Indenture, subject to the rights, if any, under this Article Sixteen of the holders of Senior
Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy.  Upon
any payment or distribution of assets of the Company referred to in this Article Sixteen, the Trustee, subject to the provisions
of Section 6.01, shall be entitled to rely upon a certificate of the liquidating trustee or agent or other person making any
distribution to the Trustee for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders
of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article Sixteen.

 

If the Trustee or any Holder of Subordinated
Securities does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior to 30 days
before the expiration of the time to file such claim in such proceeding, then the holder of any Senior Indebtedness is hereby authorized,
and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Subordinated Securities.

 

With respect to the holders of Senior Indebtedness,
the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this
Article and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be read into this Indenture
against the Trustee.  The Trustee does not owe any fiduciary duties to the holders of Senior Indebtedness, including
any holder of Securities other than Securities issued under this Indenture.

 

Section 16.03.     No
Payment on Subordinated Securities in Event of Default on Senior Indebtedness.

 

No payment by the Company on account of
principal (or premium, if any), sinking funds or interest, if any, on the Subordinated Securities shall be made unless full payment
of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or duly provided
for in money or money’s worth.

 

Section 16.04.     Payments
on Subordinated Securities Permitted.

 

Nothing contained in this Indenture or in
any of the Subordinated Securities shall (i) affect the obligation of the Company to make, or prevent the Company from making,
at any time except as provided in Sections 16.02 and 16.03, payments of principal of (or premium, if any) or interest, if any,
on the Subordinated Securities or (ii) prevent the application by the Trustee of any moneys deposited with it hereunder to
the payment of or on account of the principal of (or premium, if any) or interest, if any, on the Subordinated Securities, unless
the Trustee shall have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment
more than three Business Days prior to the date fixed for such payment.

 

Section 16.05.     Authorization
of Holders to Trustee to Effect Subordination.

 

Each Holder of Subordinated Securities by
his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article Sixteen and appoints the Trustee his attorney-in-fact for any
and all such purposes.

 

    66

     

    

 

Section 16.06.     Notices
to Trustee.

 

Notwithstanding the provisions of this Article or
any other provisions of this Indenture, neither the Trustee nor any Paying Agent (other than the Company) shall be charged with
knowledge of the existence of any Senior Indebtedness or of any event which would prohibit the making of any payment of moneys
to or by the Trustee or such Paying Agent, unless and until the Trustee or such Paying Agent shall have received (in the case of
the Trustee, at its Corporate Trust Office) written notice thereof from the Company or from the holder of any Senior Indebtedness
or from the trustee for any such holder, together with proof reasonably satisfactory to the Trustee of such holding of Senior Indebtedness
or of the authority of such trustee; provided, however, that if at least three Business Days prior to the date upon
which by the terms hereof any such moneys may become payable for any purpose (including, without limitation, the payment of either
the principal (or premium, if any) or interest, if any, on any Subordinated Security) the Trustee shall not have received with
respect to such moneys the notice provided for in this Section 16.06, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary, which may be received by it within three Business Days prior
to such date.  The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been
given by a holder of Senior Indebtedness or a trustee on behalf of any such holder.  In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate
in any payment or distribution pursuant to this Article Sixteen, the Trustee may request such Person to furnish evidence to
the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such
Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under
this Article Sixteen and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

 

Section 16.07.     Trustee
as Holder of Senior Indebtedness.

 

The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article Sixteen in respect of any Senior Indebtedness at any time held by
it to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall be construed to deprive the
Trustee of any of its rights as such holder.

 

Nothing in this Article Sixteen shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06.

 

Section 16.08.     Modifications
of Terms of Senior Indebtedness.

 

Any renewal or extension of the time of
payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under any instrument
creating or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done
all without notice to or assent from the Holders of the Subordinated Securities or the Trustee.

 

No compromise, alteration, amendment, modification,
extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in
respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Indebtedness
is outstanding or of such Senior Indebtedness, whether or not such release is in accordance with the provisions of any applicable
document, shall in any way alter or affect any of the provisions of this Article Sixteen or of the Subordinated Securities
relating to the subordination thereof.

 

    67

     

    

 

Section 16.09.     Reliance
on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or distribution of assets
of the Company referred to in this Article Sixteen, the Trustee and the Holders of the Securities shall be entitled to rely
upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy,
liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution,
delivered to the Trustee or to the Holders of Subordinated Securities, for the purpose of ascertaining the persons entitled to
participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article Sixteen.

 

* * * * *

 

This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same Indenture. For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder
or with respect to the Notes must be in writing (provided that any communication sent to Trustee hereunder must be in the form
of a document that is signed manually or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature
provider as specified in writing to Trustee by the authorized representative), in English.  The Company agrees to assume all
risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee, including
without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

    68

     

    

 

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

 

	 	GOLUB CAPITAL BDC, INC.
	 	 	 
	 	By:	/s/ David B. Golub
	 	 	Name: David B. Golub
	 	 	Title:   Chief Executive Officer
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	as Trustee
	 	 	 
	 	By:	/s/ Karen R. Beard
	 	 	Name: Karen R. Beard
	 	 	Title:   Vice President

 

[Signature Page to Indenture]Exhibit 4.2

 

FIRST SUPPLEMENTAL INDENTURE

 

between

 

GOLUB CAPITAL BDC, INC.

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of October 2, 2020

 

 

 

FIRST SUPPLEMENTAL INDENTURE

 

THIS FIRST SUPPLEMENTAL INDENTURE (this
 “First Supplemental Indenture”), dated as of October 2, 2020, is between Golub Capital BDC, Inc.,
a Delaware corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”).
All capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Base Indenture (as defined
below).

 

RECITALS OF THE COMPANY

 

The Company and the Trustee executed and
delivered an Indenture, dated as of October 2, 2020 (the “Base Indenture” and, as amended and supplemented
by this First Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time
to time of the Company’s secured or unsecured indebtedness (the “Securities”), to be issued in one or
more series as provided in the Indenture.

 

The Company desires to issue and sell $400,000,000
aggregate principal amount of the Company’s 3.375% Notes due 2024 (the “Notes”).

 

Sections 9.01(iv) and 9.01(vi) of
the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the
Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture
when there is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is entitled
to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01
and Section 3.01 of the Base Indenture.

 

The Company desires to establish the form
and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of
the Holders of the Notes (subject to amendment as may be provided in a future supplemental indenture to the Indenture (“Future
Supplemental Indenture”)).

 

The Company has duly authorized the execution
and delivery of this First Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary to
make this First Supplemental Indenture a valid, binding and legal obligation of the Company and to constitute a valid agreement
of the Company, in accordance with its terms, have been done and performed.

 

     

     

    

 

NOW, THEREFORE, for and in consideration
of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Notes, as follows:

 

ARTICLE I

TERMS OF THE NOTES

 

Section 1.01          Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

(a)            The
Notes shall constitute a series of Senior Securities having the title “3.375% Notes due 2024.” The Notes shall bear
a CUSIP number of 38173M AA0 and an ISIN number of US38173MAA09.

 

(b)            The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
3.04, 3.05, 3.06, 9.06, 11.07 or 13.05 of the Base Indenture, and except for any Securities that, pursuant to Section 3.03
of the Base Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be $400,000,000. Under
a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or Future Supplemental Indenture, the Company may
from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”)
having the same ranking and the same interest rate, maturity and other terms as the Notes provided that, if such Additional Notes
are not fungible with the Notes (or any other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional
Notes will have different CUSIP numbers from the Notes (and any such other tranche of Additional Notes). Any Additional Notes and
the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include
the Additional Notes unless the context otherwise requires.

 

(c)            The
entire outstanding principal of the Notes shall be payable on April 15, 2024, unless earlier redeemed or repurchased in accordance
with the provisions of this First Supplemental Indenture.

 

(d)            The
rate at which the Notes shall bear interest shall be 3.375% per annum. The date from which interest shall accrue on the Notes
shall be October 2, 2020, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest
Payment Dates for the Notes shall be April 15 and October 15 of each year, commencing April 15, 2021 (if an Interest
Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding
Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be
the period from and including October 2, 2020 (or the most recent Interest Payment Date to which interest has been paid or
provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from
and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may
be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person
in whose name the Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be April 1 and October 1 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made
at the Corporate Trust Office of the Trustee or at such other address as designated by the Trustee, 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; provided, however,
that at the option of the Company payment of interest may be made by (1) check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register or (2) transfer to an account maintained by the Person entitled
thereto located in the United States; provided, further, however, that so long as the Notes are registered to Cede &
Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company
and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.

 

    2

     

    

 

(e)            The
Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this First Supplemental Indenture.
Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent
the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall
be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture.

 

(f)             The
depository for such Global Notes (the “Depository”) shall be The Depository Trust Company. The Security Registrar with
respect to the Global Notes shall be the Trustee.

 

(g)            The
Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained
in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.08 and 10.09 of the Indenture.

 

(h)            The
Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:

 

(i)            (A)           The
Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:

 

(1)            100%
of the principal amount of the Notes to be redeemed, or

 

(2)            the
sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest
to the Redemption Date) on the Notes to be redeemed through the Par Call Date, discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points.

 

(B)            Notwithstanding
the foregoing, at any time on or after March 15, 2024, the Company may redeem some or all of the Notes at any time or from
time to time at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date.

 

For purposes of calculating the Redemption
Price in connection with the redemption of the Notes, on any Redemption Date, the following terms shall have the meanings set forth
below:

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Redemption Price and the Treasury Rate will be determined by the Company.

 

    3

     

    

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining
term of the Notes to be redeemed (assuming the Notes matured on the applicable Par Call Date) that would be utilized, at the time
of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes being redeemed.

 

“Comparable Treasury Price”
means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

 

“Par Call Date” means March 15,
2024, which is the date that is one month prior to the maturity date of the Notes.

 

“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.

 

“Reference Treasury Dealer”
means each of (1) J.P. Morgan Securities LLC or its affiliates which are primary U.S. government securities dealers and (2) a
primary U.S. government securities dealer selected by SMBC Nikko Securities America, Inc., and their respective successors;
provided, however, that if any of the foregoing or its affiliates shall cease to be a primary U.S. government securities dealer
in the United States (a “Primary Treasury Dealer”), the Company shall select another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third Business
Day preceding such Redemption Date.

 

All determinations made by any Reference
Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding absent
manifest error.

 

(ii)           Notice
of redemption shall be given in writing and mailed, first-class postage prepaid, by overnight courier guaranteeing next-day delivery,
by facsimile, or by electronic mail, provided that so long as the Notes are registered to Cede & Co., such notice shall
be given in accordance with the Trustee’s and the Depository’s standard practices and procedures, to each Holder of
the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s
address, facsimile number or email address appearing in the Security Register. All notices of redemption shall contain the information
set forth in Section 11.04 of the Base Indenture.

 

(iii)          Any
exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent
applicable.

 

(iv)          If
the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected in accordance with
the applicable procedures of the Depository so long as the Notes are registered to the Depository or its nominee and, if the Notes
to be redeemed are not then held by the Depository, the Trustee shall select the Notes to be redeemed (A) if the Notes are
listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange
on which the Notes are listed, (B) on a pro rata basis to the extent practicable or (C) to the extent that selection
on a pro rata basis is not practicable, by lot or such other similar method the Trustee deems to be fair and appropriate;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to
less than $2,000.

 

    4

     

    

 

(v)           Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Notes called for redemption hereunder.

 

(i)            The
Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.

 

(j)            The
Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(k)           Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article Thirteen
of the Indenture.

 

ARTICLE II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 2.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by
adding the following defined terms to Section 1.01 in appropriate alphabetical sequence, as follows:

 

“Adviser” means GC Advisors
LLC, a Delaware limited liability company.

 

“Below Investment Grade Rating
Event” means the Notes are downgraded below Investment Grade by both Rating Agencies on any date from the date of the
public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice
of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise
arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of
Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control
Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply
do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole
or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

    5

     

    

 

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

 

	 	(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition; 
	 	(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or 
	 	(3)	the approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company. 

 

“Change of Control Repurchase Event”
means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

“Controlled Subsidiary”
means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its
direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction
of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

 

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

 

“Fitch” means Fitch Ratings, Inc.,
also known as Fitch Ratings, or any successor thereto.

 

“GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight
Board and the 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 in the United States, which are in effect from
time to time.

 

“Investment Company Act”
means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to
the extent applicable, and any statute successor thereto.

 

“Investment Grade” means
a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P
(or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the
Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency
selected by the Company as a replacement Rating Agency).

 

    6

     

    

 

“Permitted Holders”
means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) the Adviser or
any affiliate of the Adviser that is organized under the laws of a jurisdiction located in the United States of America and is
in the business of managing or advising clients.

 

“Rating Agency” means:

 

		(1)	each of Fitch and S&P; and
	 	 	 

		(2)	if either of Fitch or S&P ceases to rate the Notes
or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by the Company
as a replacement agency for Fitch or S&P, or both, as the case may be.

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation
S-X under the Exchange Act, as such regulation is in effect on the date of this Indenture (but excluding any Subsidiary which is
(a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not
consolidated with the Company for purposes of GAAP).

 

“S&P” means S&P
Global Ratings, or any successor thereto.

 

“Voting Stock” as applied
to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person,
other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

Section 2.02         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by
amending the definition of “Subsidiary” in Section 1.01 to add the following sentence at the end of such definition:

 

“In addition, for purposes of this
definition, “Subsidiary” shall exclude any investments held by the Company in the ordinary course of business which
are not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries.”

 

ARTICLE III

SECURITIES FORMS

 

Section 3.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Two of the Base Indenture shall be amended by
adding the following new Section 2.04 thereto, as set forth below:

 

“Section 2.04.
Certificated Notes.

 

Notwithstanding anything to the contrary
in the Indenture, Notes in physical, certificated form will be issued and delivered to each person that the Depository identifies
as a beneficial owner of the related Notes only if:

 

(a)            the
Depository notifies the Company at any time that it is unwilling or unable to continue as depositary for the Notes in global form
and a successor depositary is not appointed within 90 days;

 

    7

     

    

 

(b)            the
Depository ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within
90 days; or

 

(c)            an
Event of Default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be
issued in physical, certificated form.”

 

ARTICLE IV

REMEDIES

 

Section 4.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01(a) of the Base Indenture shall be
amended by replacing clause (ii) thereof with the following:

 

“(ii)           default
in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity;”

 

Section 4.02         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01(a) of the Base Indenture shall be
amended by replacing clause (iv) thereof with the following:

 

“(iv)         default
in the performance, or breach, of any covenant or agreement of the Company in this Indenture or the Notes (other than a covenant
or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or that has
expressly been included in this Indenture solely for the benefit of a series of Securities other than the Notes), and continuance
of such default or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Notes 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;”

 

Section 4.03         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01(a) of the Base Indenture shall be
amended by replacing clause (vii) thereof with the following:

 

“(vii)        if,
pursuant to Section 18(a)(1)(c)(ii) and Section 61 of the Investment Company Act, or any successor provisions, on
the last Business Day of each of twenty-four consecutive calendar months any class of the Company’s securities shall have
an asset coverage (as such term is used in the Investment Company Act) of less than 100 per centum, giving effect to any amendments
to such provision of the Investment Company Act and any exemptive relief granted to the Company by the Commission;”

 

Section 4.04         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01(a) of the Base Indenture shall be
amended by adding the following language as clause (ix) thereof:

 

“(ix)          default
by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which
there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100
million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter
be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure
to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration
of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed
or annulled, within a period of 30 calendar days after written notice of such failure is given to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”

 

    8

     

    

 

Section 4.05         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended
by deleting Section 5.01(b).

 

Section 4.06         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended
by replacing the first paragraph of Section 5.02 with the following:

 

“If an Event of Default with respect
to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or
5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may (and the Trustee shall
at the request of such Holders) declare the principal of all the Outstanding Notes to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified
portion thereof shall become immediately due and payable; provided that 100% of the principal of, and accrued and unpaid interest
on, the Notes will automatically become due and payable in the case of an Event of Default specified in Section 5.01(v) or
5.01(vi) hereof.”

 

Section 4.07         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Five of the Base Indenture shall be amended
by replacing the clauses (iii) and (iv) of Section 5.07 with the following:

 

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

 

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

 

ARTICLE V

COVENANTS

 

Section 5.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by
adding the following new Sections 10.08 and 10.09 thereto, each as set forth below:

 

“Section 10.08.
Section 18(a)(1)(A) of the Investment Company Act.

 

The Company agrees that for the period
of time during which the Notes are Outstanding, the Company will not violate, whether or not it is subject to, Section 18(a)(1)(A) of
the Investment Company Act as modified by Section 61(a)(1) and (2) of the Investment Company Act or any successor
provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to the Company by
the Commission.”

 

    9

     

    

 

Section 10.09.
Commission Reports and Reports to Holders.

 

If, at any time, the Company is not subject
to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission,
the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding:
(i) within 90 days after the end of each fiscal year of the Company, audited annual consolidated financial statements of the
Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth
fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared,
in all material respects, in accordance with GAAP, as applicable.”

 

ARTICLE VI

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section 6.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Eight of the Base Indenture shall be amended
by replacing Section 8.01 thereof with the following:

 

“SECTION 8.01.         Company
May Consolidate, Etc., Only on Certain Terms.

 

The Company shall
not merge or consolidate with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the
Company), or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property (provided that, for
the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries
shall not be deemed to be any such sale, transfer, lease, conveyance or disposition) in any one transaction or series of related
transactions unless:

 

(i)             the
Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation
or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof;

 

(ii)            the
Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the
Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and
premium, if any, and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants
and conditions of this Indenture to be performed by the Company;

 

(iii)            immediately
after giving effect to such transaction or series of related transactions, no Default or Event of Default shall have occurred and
be continuing; and

 

(iv)           the
Company shall deliver, or cause to be delivered, to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each
stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this Section 8.01 and
that all conditions precedent in this Indenture relating to such transaction have been complied with.

 

For the purposes
of this Section 8.01, the sale, transfer, lease, conveyance or other disposition of all the property of one or more Subsidiaries
of the Company, which property, if held by the Company instead of such Subsidiaries, would constitute all or substantially all
the property of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all the property
of the Company.”

 

    10

     

    

 

ARTICLE VII

OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

Section 7.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall be amended
by replacing Sections 13.01 to 13.05 with the following:

 

“SECTION 13.01. Change of
Control.

 

If a Change of Control Repurchase Event
occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer to each
Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal
amount in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount
of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase.
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Company shall mail a notice to each Holder describing the transaction
or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the
payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice
is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The
Company shall comply with the requirements of Rule 14e-1 promulgated under the Exchange Act and any other securities laws
and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict
with this Section 13.01, the Company shall comply with the applicable securities laws and regulations and shall not be deemed
to have breached its obligations under this Section 13.01 by virtue of such conflict.

 

On the Change of Control Repurchase Event
payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the Company shall,
to the extent lawful:

 

(i)             accept
for payment all Notes or portions of Notes properly tendered pursuant to its offer;

 

(ii)            deposit
with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered;
and

 

(iii)           deliver
or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate
principal amount of Notes being purchased by the Company.

 

The Paying Agent will promptly remit to
each Holder of Notes properly tendered the purchase price for the Notes, and, upon written instruction from the Company, the Trustee
will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount
to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000
or an integral multiple of $1,000 in excess thereof.

 

    11

     

    

 

If any Repayment Date upon a Change of Control
Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on the next succeeding Business
Day and no additional interest will accrue as a result of such delayed payment.

 

The Company will not be required to make
an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes
in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and such third party
purchases all Notes properly tendered and not withdrawn under its offer.”

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.01         This
First Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.
This First Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture
and shall, to the extent applicable, be governed by such provisions.

 

Section 8.02         In
case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 8.03         This
First Supplemental Indenture may be executed in counterparts, each of which shall be an original, but such counterparts will together
constitute but one and the same First Supplemental Indenture. Counterparts may be delivered via facsimile, pdf, attachment, electronic
mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the
Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

Section 8.04         The
Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed, and
the Base Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument with
respect to the Notes. All provisions included in this First Supplemental Indenture supersede any conflicting provisions included
in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base
Indenture, as supplemented by this First Supplemental Indenture, and agrees to perform the same upon the terms and conditions of
the Base Indenture, as supplemented by this First Supplemental Indenture.

 

Section 8.05         The
provisions of this First Supplemental Indenture shall become effective as of the date hereof.

 

Section 8.06         Notwithstanding
anything else to the contrary herein, the terms and provisions of this First Supplemental Indenture shall apply only to the Notes
and shall not apply to any other series of Securities under the Indenture and this First Supplemental Indenture shall not and does
not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding.

 

    12

     

    

 

Section 8.07         The
recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture,
the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this First
Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall
not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. In
acting hereunder and with respect to the Notes, the rights, privileges, protections, immunities and benefits afforded to the Trustee
under the Base Indenture, including, without limitation, its right to be indemnified, are deemed to be incorporated herein, and
shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full.

 

Section 8.08         For
the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Notes
must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed
manually or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified
in writing to Trustee by the authorized representative), in English.  The Company agrees to assume all risks arising out
of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation
the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties

 

    13

     

    

 

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

 

	 	 	GOLUB CAPITAL BDC, INC.
	 	 	 
	 	 	 
	 	 	By:	/s/ David B. Golub                                       
	 	 	Name:  David B. Golub
	 	 	Title:    Chief Executive Officer
	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	 	By:	/s/ Karen R. Beard
	 	 	Name:  Karen R. Beard
	 	 	Title:    Vice President

 

[Signature page to First Supplemental
Indenture]

 

    

     

    

 

Exhibit A – Form of
Global Note

 

This
Security is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository
Trust Company or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer
of this Security in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a
nominee thereof, except in the limited circumstances described in the Indenture.

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange
or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such
other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof
for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein.

 

Golub Capital BDC, Inc.

 

	No.	 	$
	 	 	CUSIP No. 38173M AA0
	 	 	ISIN No. US38173MAA09

 

3.375% Notes due 2024

 

Golub Capital BDC, Inc., a corporation
duly organized and existing under the laws of Delaware (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of ________________ (U.S. $___) on April 15, 2024, and to pay interest thereon from October 2,
2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 15
and October 15 in each year, commencing April 15, 2021, at the rate of 3.375% 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 is registered at the close of business
on the Regular Record Date for such interest, which shall be April 1 and October 1 (whether or not a Business Day), as
the case may be, immediately 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 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. This Security may be issued as part of a series.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made 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 payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by (1) check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register or (2) transfer to an account maintained by
the Person entitled thereto located in the United States; provided, further, however, that so long as this Security is
registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by
The Depository Trust Company and the Trustee.

 

    

     

    

 

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.

 

    A-2

     

    

 

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

 

Dated:

 

	 	 	GOLUB CAPITAL BDC, INC.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	Attest	 	 
	 	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    A-3

     

    

 

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

 

Dated:

 

	 	 	U.S. Bank National
    Association, as Trustee
	 	 	 
	 	 	 
	 	 	By:	                          
	 	 	 	Authorized Signatory

 

    A-4

     

    

 

Golub Capital BDC, Inc.

3.375% Notes due 2024

 

This Security is one of a duly authorized
issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an Indenture, dated as of October 2, 2020 (herein called the “Base Indenture”, which term shall have
the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called
the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby made to
the Base 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, as amended and supplemented by the First Supplemental Indenture relating to the Securities, dated as of October 2,
2020, between the Company and the Trustee (herein called the “First Supplemental Indenture”; and the First Supplemental
Indenture and the Base Indenture together are herein called the “Indenture”). In the event of any conflict between
the Base Indenture and the First Supplemental Indenture, the First Supplemental Indenture shall govern and control.

 

This Security is one of the series designated
on the face hereof, initially limited in aggregate principal amount to $400,000,000. Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity and other terms as the Securities, provided that, if such Additional
Securities are not fungible with the Securities (or any other tranche of Additional Securities) for U.S. federal income tax purposes,
then such Additional Securities will have different CUSIP numbers from the Securities represented hereby (and any such other tranche
of Additional Securities). Any Additional Securities and the existing Securities will constitute a single series under the Indenture
and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires.
The aggregate amount of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate,
to reflect exchanges and redemptions.

 

The Securities of this series are subject
to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption Price equal to
the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption Date:

 

		(a)	100% of the principal amount of the Securities to be redeemed, or

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed thought the Par Call Date, discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury
Rate plus 50 basis points.

 

Notwithstanding the foregoing, at any time
on or after March 15, 2024, the Company may redeem some or all of the Securities at any time or from time to time at a Redemption
Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but
excluding, the Redemption Date.

 

For purposes of calculating the Redemption
Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the meanings set forth
below:

 

    A-5

     

    

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining
term of the Securities to be redeemed (assuming the Securities matured on the applicable Par Call Date) that would be utilized,
at the time of selection and in accordance with customary financing practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the Securities being redeemed.

 

“Comparable Treasury Price”
means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

 

“Par Call Date” means March 15,
2024, which is the date that is one month prior to the Maturity Date of the Securities.

 

“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.

 

“Reference Treasury Dealer”
means each of (1) J.P. Morgan Securities LLC or its affiliates which are primary U.S. government securities dealers and (2) a
primary U.S. government securities dealer selected by SMBC Nikko Securities America, Inc., and their respective successors;
provided, however, that if any of the foregoing or its affiliates shall cease to be a primary U.S. government securities dealer
in the United States (a “Primary Treasury Dealer”), the Company shall select another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third Business
Day preceding such Redemption Date.

 

All determinations made by any Reference
Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding absent
manifest error.

 

Notice of redemption shall be given in writing
and mailed, first-class postage prepaid, by overnight courier guaranteeing next-day delivery, by facsimile or by electronic mail
to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption
Date, at the Holder’s address, facsimile number or email address appearing in the Security Register. All notices of redemption
shall contain the information set forth in Section 11.04 of the Base Indenture.

 

Any exercise of the Company’s option
to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects to redeem only a portion
of the Securities, the particular Securities to be redeemed will be selected in accordance with the applicable procedures of the
Depository so long as the Notes are registered to the Depository or its nominee and, if the Securities to be redeemed are not then
held by the Depository or its nominee, the Trustee shall select the Securities to be redeemed (A) if the Securities are listed
on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which
the Securities are listed, (B) on a pro rata basis to the extent practicable or (C) to the extent that selection
on a pro rata basis is not practicable, by lot or such other similar method the Trustee deems to be fair and appropriate;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed
to less than $2,000.

 

    A-6

     

    

 

Unless the Company defaults in payment of
the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Holders will have the right to require the
Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set forth in the Indenture.

 

The Indenture contains provisions for 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.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing (other than Events of Default related to certain events of bankruptcy, insolvency
or reorganization as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy, insolvency or reorganization
described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities will automatically become
due and payable.

 

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 herefor 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 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 Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series 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 indemnity, security or both satisfactory
to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall
not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such
notice, request and offer of indemnity, security or both. The foregoing shall not apply to any suit instituted by the Holder of
this 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.

 

    A-7

     

    

 

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.

 

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 Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series 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 or Trustee may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith.

 

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.

 

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

 

To the extent any provision of this Security
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this Security shall be
governed by and construed in accordance with the laws of the State of New York.

 

    A-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]